Daily Report Suspected Jump Crypto is Liquidating Meeting for Democrats to Repair Cryptocurrency Industry Relations Postponed August 6

Headline
BitMEX co-founder claims rumors of a certain “big player” being liquidated and selling all crypto assets, community speculates it refers to Jump Crypto
Odaily Planet Daily reports that BitMEX co-founder Arthur Hayes posted on X, stating that he learned through traditional financial channels that a certain “big player” has been liquidated and sold all its crypto assets. He added that he is unsure of the veracity of the information but will not disclose the specific name. The majority of the community speculates that he is referring to Jump Crypto.
Meeting to mend relations between US Democrats and the crypto industry, led by Harris, postponed
Odaily Planet Daily reports that Forbes journalist Eleanor Terrett posted on X that a meeting led by California Congressman Ro Khanna to assist US Vice President Harris in mending relations with the crypto industry has been postponed from this Monday to later this week, with the specific date yet to be determined.
Trump: The US government should not sell cryptocurrencies but should build them
Odaily Planet Daily reports that in an interview, Trump was asked about the recent sale of cryptocurrencies by the US government and whether he would still support cryptocurrencies if he wins the November election. He stated that the US government should not sell cryptocurrencies but should focus on building them. Additionally, Trump referred to cryptocurrencies as a “very modern currency” and compared them to artificial intelligence. He previously expressed a desire for the US to become a major Bitcoin mining country. According to monitoring by Arkham Intelligence, a wallet labeled as belonging to the US government transferred $2 billion worth of Bitcoin to an unknown wallet address last week. The US government currently holds approximately $11.1 billion worth of cryptocurrencies. (The Block)
Market begins to price in unexpected Fed rate cut
Odaily Planet Daily reports that traders estimate a 60% likelihood of a 25 basis point rate cut by the Fed within a week. (Jin Shi)
Industry News
F2 Pool: ASIC miners with a unit power consumption of 23 W/T or higher have dropped to shut-down price
Odaily Planet Daily reports that Shen Yu and F2 Pool posted on X that, based on a BTC price of $54,000 and an electricity price of $0.07 per kilowatt-hour, ASIC miners with a unit power consumption of 23 W/T or higher would be operating at a loss.
Ethereum DeFi protocol liquidation amount exceeds $350 million today, setting a historical record
Odaily Planet Daily reports that according to Parsec Finance data, the liquidation amount of Ethereum DeFi protocols has exceeded $350 million, setting a new record.
Since August 3, top 5 market makers have transferred over 130,000 ETH to CEX
Odaily Planet Daily reports that according to Scopescan monitoring, five top market makers have cumulatively transferred over 130,000 ETH directly or indirectly to CEX since August 3. Among them: Wintermute: directly transferred 47,088 ETH to CEX and 51,972.19 ETH to other addresses on the mainnet; Jump Crypto: directly transferred 36,461.51 ETH to CEX and 28,232.79 ETH to other addresses on the mainnet; Flow Traders: directly transferred 3,620 ETH to CEX and 2,325.52 ETH to other addresses on the mainnet; GSR Markets: directly transferred 292.1 ETH to CEX and 233.63 ETH to other addresses on the mainnet; Amber Group: directly transferred 65.47 ETH to CEX and 15,444.48 ETH to other addresses on the mainnet.
Jump Trading has sold 83,000 wstETH since July 24, approximately $377 million
Odaily Planet Daily reports that according to Lookonchain monitoring, Jump Trading is selling 120,695 wstETH (worth $481 million) and has sold 83,000 wstETH (worth $377 million) since July 24, with 37,604 wstETH (worth $104 million) remaining. The 120,695 wstETH (worth $481 million) is the stolen funds that Jump successfully recovered from the Wormhole attackers.
On August 5, US Ethereum ETFs saw a net outflow of 22,779 ETH and Bitcoin ETFs saw a net outflow of 1,205 BTC
Odaily Planet Daily reports that Lookonchain monitored the US Ethereum and Bitcoin ETF data on August 5, showing: 1. Nine US Ethereum ETFs saw a total net outflow of 22,779 ETH, approximately $54.94 million, with Grayscale seeing an outflow of 25,045 ETH, approximately $60.41 million, and current Grayscale holdings amounting to 2,004,828 ETH, valued at approximately $4.84 billion; 2. Ten US Bitcoin ETFs saw a total net outflow of 1,205 BTC, approximately $65.49 million, with Fidelity seeing an outflow of 1,661 BTC, approximately $90.26 million, and current Fidelity holdings amounting to 178,088 BTC, valued at approximately $9.68 billion.
Binance: Projects that issue false listing statements will not be considered for listing in the future
Odaily Planet Daily reports that Binance issued a reminder on the X platform to only trust partnership and listing information released by Binance’s official channels and to be wary of false statements. Projects that issue false listing statements will not be considered for listing in the future.
Sun Yuchen denies rumors of leveraged positions being liquidated
Odaily Planet Daily reports that Sun Yuchen posted on X stating: “The rumors regarding our positions being liquidated are false. We rarely engage in leveraged trading strategies, as we believe such trading does not benefit the industry significantly. Instead, we prefer to engage in activities that provide greater support for the industry and entrepreneurs, such as staking, operating nodes, project development, liquidity provision, and providing TVL.”
Market news: Elon Musk restarts lawsuit against OpenAI and its CEO Sam Altman
Odaily Planet Daily reports that market news indicates The New York Times disclosed Elon Musk has restarted his lawsuit against OpenAI and its CEO Sam Altman, claiming that OpenAI prioritizes profit and commercial interests over public welfare. (Jin Shi)
Coinbase International achieves over $38 billion in perpetual futures trading volume in July
Odaily Planet Daily reports that Coinbase International posted on X that as of the end of July, its monthly perpetual futures trading volume exceeded $38 billion.
In July, Bitcoin miner Argo mined 48 BTC, with a mining profit margin of approximately 20%
Odaily Planet Daily reports that Bitcoin miner Argo Blockchain PLC released its operational update for July 2024, reporting that it mined 48 BTC, averaging 1.5 BTC per day, consistent with June 2024. The company generated $3 million in mining revenue, with a mining profit margin of around 20%, slightly lower than the previous month due to lower hash prices achieved in July. (Bitcoin.com)
Project News
Binance Pay will gradually stop supporting Pay ID
Odaily Planet Daily reports that according to an official announcement, Binance Pay will gradually stop supporting Pay ID starting from August 6, 2024 (UTC). Users can continue to make cryptocurrency transfers or payments through Binance ID, email, or phone. Binance encourages users to switch to the available payment methods mentioned above. The decision to gradually stop supporting Pay ID aims to simplify Binance Pay processes and provide a better user experience. Note: Affected Binance Pay products include: transfers, transfers to multiple recipients, single payments on the merchant platform, and bulk payments on the merchant platform; historical transaction records for transfers or payments via Pay ID will be retained; the merchant payment API (Payout API) will continue to support Pay ID until further notice. Users are advised to switch to other available options as soon as possible.
Aave founder: Aave treasury earned $6 million through liquidation revenue
Odaily Planet Daily reports that Aave founder Stani Kulechov posted on X stating that the Aave treasury earned $6 million in revenue overnight through decentralized liquidation for market security.
Ethena founder: USDe collateral ratio consistently maintained above 101%, proof of custodial assets will be released this week
Odaily Planet Daily reports that Ethena founder Guy Young posted on X stating that USDe processed over $50 million in redemptions overnight, marking the largest redemption to date without any issues. The collateral assets and reserves for USDe have consistently maintained a ratio above 101% relative to the USDe supply. The next monthly proof of custodial assets was originally scheduled for the end of the month but will be released earlier this week to provide greater transparency to the community.
Jupiter co-founder: Core improvements and new product launches will occur over the next few months, while expanding the team
Odaily Planet Daily reports that Jupiter co-founder Meow posted on X stating”In the coming months, we will implement core improvements, launch new social experiments, products, and spiritual movements, and double down on investments in teams and talent. Our goal is not only to enhance Jupiter but also to improve the entire industry.”
Founder of Whales Market: GM release may be delayed again, monitoring market conditions
Odaily Planet Daily reports that Dexter, the founder of Whales Market, stated on the X platform that he has been in discussions with both primary and secondary market CEXs over the past two days. They all advised against launching this month, especially if using methods such as launchpool. Currently, they are still monitoring market conditions, and if the current market trend continues, the GM release may be delayed again.
Zircuit: Total supply of ZRC tokens is 10 billion, with 7% allocated for first season airdrop
Odaily Planet Daily reports that Zircuit, which features AI-enhanced sorting level security and is EVM-compatible ZK rollup, has officially announced a total supply of 10,000,000,000 ZRC tokens. The airdrop arrangement for the first season allocates 7% of the total supply to first season points, with 262,200 unique addresses eligible to claim. The snapshot for the first season airdrop will take place on July 7, 2024, at 16:00:00 UTC.
Solana on-chain mining project ORE will resume mining on August 6 at 8:00
Odaily Planet Daily reports that the Solana on-chain mining project ORE announced via X that it will resume mining on August 6 at 8:00, marking the final stage of the ORE v2 rollout.
Bubblemaps: Insiders have sold $6.5 million in NEIRO
Odaily Planet Daily reports that according to monitoring by Bubblemaps, insiders have sold $6.5 million worth of NEIRO. Snipers targeting NEIRO on the Ethereum chain are continuously selling through hundreds of addresses to decentralize holdings, with an average daily sales volume reaching $500,000. Previously, Bubblemaps reported that 78% of the supply of NEIRO tokens on Ethereum was sniped at launch and dispersed across 80 addresses, which later expanded to 400 addresses, with individual sales rarely exceeding $3,000. This group of addresses still holds 66% of the total supply.
MATR1X burns 200 million MAX tokens, accounting for 20% of total supply
Odaily Planet Daily reports that MATR1X officially announced the burning of 200 million MAX tokens, which accounts for 20% of the total supply. Among these, 50 million tokens came from the team and investors, 80 million from the community portion, and 70 million from the platform portion. MAX will start trading today at 18:00 on exchanges including OKX, BingX, Bitget, HashKey Global, Kucoin, Gate, and Backpack.
Regulatory Trends
Traders bet the European Central Bank will follow the Federal Reserve and cut rates by 50 basis points
Odaily Planet Daily reports that the money market has increased its bets on the Federal Reserve relaxing its monetary policy, significantly exceeding policymakers’ expectations. Shortly thereafter, the market also intensified bets that the European Central Bank would follow suit with a rate cut. Traders currently believe there is a 60% chance of the European Central Bank cutting rates by 50 basis points in September, having fully priced in expectations of a 50 basis point cut by the Federal Reserve in the same month. Meanwhile, the likelihood of a 25 basis point cut by the Bank of England is rising. These bets may persist as the market generally retreats from risk assets, increasing safe-haven buying of bonds. (Jin Shi)
Federal Reserve’s Goolsbee: Options for rate hikes and cuts are always on the table, will respond to economic conditions
Odaily Planet Daily reports that Federal Reserve’s Goolsbee, when asked about emergency rate cuts, stated that options including rate hikes and cuts are always on the table. If the economy deteriorates, the Federal Reserve will take measures to address it. The constraints on real interest rates are at their highest in decades, and the Fed will respond according to economic conditions. The Federal Reserve maintains a balanced risk posture, must pay attention to the weakness in the labor market, and should adjust based on the overall situation; inflation has significantly decreased, and employment conditions are relatively good. Ahead of the September meeting, the Federal Reserve may wait for more data, as its responsibility is not to react to a month’s worth of employment data. (Jin Shi)
Several U.S. senators urge the CFTC to ban betting on the presidential election
Odaily Planet Daily reports that five U.S. senators and three representatives have once again called on the CFTC to prohibit betting on the 2024 presidential election. In a letter to CFTC Chairman Rostin Benham dated August 5, they stated that such markets “could influence and interfere with elections, further undermining public trust in democracy,” urging the swift finalization and implementation of this regulation to prevent the commodification of U.S. elections. The letter was signed by Senators Jeff Merkley, Richard Blumenthal, Chris Van Hollen, Elizabeth Warren, Sheldon Whitehouse, and Representatives Jamie Raskin, John Sarbanes, and Eleanor Holmes Norton. (Cointelegraph)
Japan’s Finance Minister: Will make every effort to manage the economy and finance and collaborate with the Bank of Japan, calmly assessing the current situation
Odaily Planet Daily reports that Japan’s Finance Minister Shunichi Suzuki stated that he will make every effort to manage the economy and finance while collaborating with the Bank of Japan and calmly assessing the current situation. Positive signs are observed in terms of wages and investment in the Japanese economy. (Jin Shi)
Investment and Financing
Game infrastructure provider Cartridge completes $7.5 million Series A financing, led by Bitkraft Ventures
Odaily Planet Daily reports that game infrastructure provider Cartridge has completed $7.5 million in Series A financing, led by Bitkraft Ventures, with participation from Fabric, Dune, StarkWare, Primitive, and Ergodic. Following the completion of this financing round, Cartridge announced the launch of Dojo 1.0, an open-source development toolkit and framework for building verifiable games. (VentureBeat)
Voices
Vitalik: Solving cross-L2 interoperability issues will bring a smooth user experience to Ethereum
Odaily Planet Daily reports that Vitalik Buterin, co-founder of Ethereum, stated on the X platform that people will be surprised at how quickly the “cross-L2 interoperability issue” is no longer a problem, as we achieve a smooth user experience across the entire Ethereum ecosystem (including L1, rollups, validiums, and even sidechains). At the same time, there is a lot of energy and willingness to achieve this goal.
Ethereum Foundation member: People just want to extract value from the crypto industry without building anything useful
Odaily Planet Daily reports that Péter Szilágyi, head of Geth development and a member of the Ethereum Foundation, expressed on social media that he often questions whether he chose the wrong industry. He compared it to SpaceX, asserting that the crypto industry seems like a “casino for fools,” contributing nothing to humanity. Everyone wants to be the next Vitalik, but no one wants to build something useful; everyone is just thinking about how to extract value. Only Bitcoin has attempted (though unsuccessfully) to become a safe-haven asset, while others are simply selling shovels without any signs of a gold rush.
Binance CEO: Declines in cryptocurrency and stock prices do not indicate a long-term negative trend
Odaily Planet Daily reports that Richard Teng, CEO of Binance, stated on the X platform that the recent significant declines in cryptocurrency and stock prices are influenced by macroeconomic factors. We believe this does not indicate a long-term negative trend. Market volatility remains high due to the potential for the Federal Reserve to cut rates and geopolitical fluctuations.
Circle CEO: Remains bullish, should focus on technology, industry, and adoption rather than price amid global macro fluctuations
Odaily Planet Daily reports that Jeremy Allaire, co-founder and CEO of Circle, stated on X: “I am as bullish (on the crypto industry) as I was six weeks ago. Focus on technology, industry, and adoption. When facing global macro fluctuations, do not focus on the prices of digital goods unless you are just there to trade.”
Andrew Kang: Expects ETH to not continue to decline, while the overall market may further decline
Odaily Planet Daily reports that Andrew Kang, co-founder and partner of Mechanism Capital, stated on X: “I will no longer bet that ETH will decline further. The overall market may continue to decline, but it is best to focus on finding future buying opportunities.”