According to Golden Finance, the cryptocurrency trading platform FTX has initiated a payment process totaling 5 billion US dollars. The funds will be distributed within three days through the two major platforms, Bitgo and Kraken. After this payment, creditors may face the choice of re-entering the market or completely withdrawing from it. Industry insiders point out that a large amount of funds flowing into wallets in the short term may trigger sharp fluctuations in the cryptocurrency market, and investors need to closely monitor market dynamics.
A former senior SEC official lashed out at the statement on the relaxation of cryptocurrency regulation
Golden Finance reported that John Reed Stark, a former senior official of the US Securities and Exchange Commission (SEC), posted on the X platform, strongly criticizing the SEC’s recent series of statements on easing cryptocurrency regulation. Stark believes that the SEC ‘s statements are neither innovative nor revolutionary. In particular, last week’s statement about Staking not only irresponsibly encouraged investors to take part in high-risk cryptocurrency products, but foolishly exacerbated systemic risks in global financial markets. He cited the dissenting opinion of Caroline Crenshaw, a member of the US Securities and Exchange Commission, pointing out that the conclusion of the SEC staff conflicted with many previous law enforcement actions, deviated from the relevant precedents of the Hawway Act, and was an improper practice of “false first and then true”. Such statements did more harm than good.
In May, the inflow of Bitcoin ETFs exceeded that of gold ETFs
According to Golden Finance, in May, the cryptocurrency market witnessed significant changes in capital flow. The net inflow of Bitcoin ETFs reached 5.25 billion US dollars, while the net outflow of gold ETFs was 1.58 billion US dollars. The inflow of funds into Bitcoin ETFs far exceeded that of gold ETFs. This data reflects that investors’ confidence in the cryptocurrency market has increased, and it also indicates a structural shift in the allocation of market funds.
CZ proposed to launch the dark pool perp DEX
Golden Finance News: CZ, the founder of Binance, expressed his views on the X platform, believing that it is a good time to launch a dark pool perpetual contract decentralized exchange (perp DEX) at present. He pointed out that the existing DEXs have the problem of excessively high transparency of order information, which is particularly serious in perpetual DEXs involving clearing. This can easily trigger preemptive trading and MEV attacks, leading to increased slippage and rising transaction costs. In traditional finance (TradFi), large traders often use dark pools for trading, which are usually ten times the size of an ordinary order book.
CZ suggests that new on-chain dark pool DEX + perpetual contract platforms can hide order books or smart contract deposit information through encryption technologies such as zero-knowledge proofs, providing traders with a more private trading environment.
470 million XRP have been locked to the Ripple escrow address
Golden Finance reported that according to the monitoring of the on-chain data tracking service Whale Alert, around 7:11 a.m. Beijing time, 470,000,000 XRP (worth approximately $1,026,611,790) was transferred to the Ripple escrow address for locking. This large-scale token lock-up operation has drawn market attention to the subsequent price trend of XRP and the ecosystem layout of Ripple.
A large number of tokens will be unlocked this week
According to Golden Finance, Token Unlocks data shows that this week, multiple tokens such as ENA, EIGEN, and TAIKO will undergo large-scale one-time unlocking. Among them, Ethena (ENA) will unlock approximately 40.63 million tokens (accounting for 0.70% of the current circulation, with a value of about 12.5 million US dollars) at 3 p.m. Beijing time on June 2nd. Eigenlayer (EIGEN) will unlock approximately 1.29 million tokens (accounting for 0.42% of the current circulation, with a value of about 1.7 million US dollars) at 3 a.m. on June 4th. Cetus Protocol (CETUS) and IOTA will unlock approximately 8.33 million tokens (accounting for 1.15% of the current circulation, valued at approximately 1.1 million US dollars) and approximately 8.63 million tokens (accounting for 0.23% of the current circulation, valued at approximately 1.6 million US dollars) respectively at 8 a.m. on June 4th. Taiko (TAIKO) will unlock approximately 81.55 million tokens (accounting for 69.37% of the current circulation, with a value of about 46.9 million US dollars) at 8 p.m. on June 5th. Spectral (SPEC) will unlock approximately 3.62 million tokens (accounting for 17.57% of the current circulation, with a value of about 3.7 million US dollars) at 8 a.m. on June 6th. Neon (NEON) will unlock approximately 53.91 million tokens (accounting for 22.51% of the current circulation, with a value of about 6.1 million US dollars) at 8 a.m. on June 7th.
The unlocking of large tokens may have an impact on the prices of related tokens and the market supply and demand relationship.
The SEC questioned the compliance of ETFs related to Ethereum and Solana
Golden Finance reported that the day after stating that most cryptocurrency staking is not covered by securities laws, the U.S. Securities and Exchange Commission (SEC) raised questions about two proposed ETFs related to Ethereum and Solana. Last Friday, the SEC warned that the two proposed ETFs linked to Ethereum and Solana might not meet the legal definition of an investment company, which raised concerns about their registration and potential listing qualifications.
In a letter to the legal counsel of ETF Opportunities Trust, the SEC stated that there are still doubts as to whether the REX-Osprey ETH and SOL ETFs (including staking components) mainly invest in securities as required by the Investment Company Act of 1940. ETF Opportunities Trust is an open-ended investment company located in Delaware, providing a legal vehicle for the initiation of multiple exchange-traded funds. According to US law, if a fund mainly engages in securities investment or trading, or if more than 40% of its total assets are invested in securities, it is recognized as an investment company.
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