Planet Daily | The annualized quarterly rate of real GDP in the second quarter of the United States exceeded expectation

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Headlines

The initial value of the annualized quarterly rate of real GDP in the second quarter of the United States was 2.8%, the expected value was 2.00%, and the previous value was 1.40%

The initial value of the annualized quarterly rate of real GDP in the second quarter of the United States was 2.8%, the expected value was 2.00%, and the previous value was 1.40%;
The initial value of the annualized quarterly rate of the core PCE price index in the second quarter of the United States was 2.9%, the expected value was 2.70%, and the previous value was 3.70%;
The initial quarterly rate of real personal consumption expenditure in the United States in the second quarter was 2.3%, in line with expectations of 2% and the previous value of 1.5%.

Grayscale ETHE currently holds 2.4 million ETH, and 9% has been outflowed in the past two days

Trader T data shows that Grayscale ETHE currently still holds about 2.4 million ETH, and 9% has flowed out in the past two days. If the final outflow ratio of ETHE is assumed to be 50%, it will take another 9 trading days to calculate at the current outflow rate.

The third trading day of the US spot Ethereum ETF has a turnover of about US$850 million

The US spot Ethereum ETF had a turnover of about $850 million on the third trading day, compared with $951 million on the second trading day and $1.054 billion on the first day. According to Soso Value data, the net outflow on the third trading day was $133.16 million, a reversal of the net inflow of $106.78 million on the previous trading day. Among them, Grayscale Ethereum Trust (ETHE) had a net outflow of $326.86 million.

Industry News

The number of initial jobless claims in the United States for the week ending July 20 was 235,000, compared with expectations of 238,000 and a previous value of 243,000.

The number of initial jobless claims in the United States for the week ending July 20 was 235,000, compared with expectations of 238,000 and a previous value of 243,000.
The four-week average of initial jobless claims in the United States for the week ending July 20 was 235,500, compared with 234,750 in the previous week.
The number of people continuing to apply for unemployment benefits in the United States for the week ending July 13 was 1.851 million, compared with expectations of 1.86 million and the previous value of 1.867 million.

Bitcoin 2024 Conference Releases Security Update, Bans Guns and Strongly Advises Against Luggage

Nashville Bitcoin 2024 will release security updates, mainly including:
1. It is strongly recommended not to bring luggage, as it will increase the delay in entering the secure area of the building;
2. The conference room can accommodate up to 8,000 seats, and it is impossible to ensure that everyone has a seat;
3. Prohibited items include: outside food and drinks, alcoholic beverages, electronic cigarettes and steam cigarettes, any kind of explosives, guns, weapons, etc.
According to previous news, former US President Trump still plans to deliver a speech at the 2024 Bitcoin Conference after the attack.

US GDP data exceeded expectations, the US dollar index DXY rose in the short term and is now at 104.39 by 18 points

The US second quarter GDP exceeded expectations, and the US dollar index DXY rose 18 points in the short term and is now at 104.39.

Telegram CEO predicts mass blockchain adoption this year and will crack down on crypto scams

Telegram CEO Pavel Durov recently said that 2024 is expected to be a key year for blockchain adoption. 2024 will go down in history as the year when hundreds of millions of people become familiar with blockchain. We are proud that Telegram is at the center of this social change.
Durov further revealed: “We will also increase our efforts to combat scammers who target new users in the crypto space. Soon, Telegram will start showing the month and top country of registration for public accounts (similar to Instagram). We will also allow organizations to post tags for channels using their applets, creating a decentralized marketplace for third-party verification.”

Data from Farside Investors showed that Grayscale Ethereum Trust (ETHE) had a net outflow of US$346.2 million yesterday, Grayscale Ethereum Mini Trust (ETH) had a net inflow of US$58.1 million yesterday, VanEck Ethereum spot ETF ETHV had a net inflow of US$8 million yesterday, and Bitwise Ethereum spot ETF ETHW had a net inflow of US$16.3 million yesterday.

On July 25, nine US Bitcoin ETFs increased their holdings by a total of 960 Bitcoins

Lookonchain monitors the US spot Bitcoin ETF data on July 25 and shows:
1. BlackRock increased its holdings by about 1,000 bitcoins, worth about $64.69 million, and currently holds 337,036 bitcoins, worth about $21.81 billion;
2. Grayscale sold 428 bitcoins, worth about $27.7 million, and currently holds 271,623 bitcoins, worth about $17.58 billion;
3. Nine Bitcoin ETFs increased their holdings by a total of 960 Bitcoins, worth approximately US$62.14 million.

CoinShares Research Director: Ethereum spot ETF had an overall net outflow of $19 million two days after listing

James Butterfill, head of research at CoinShares, said in a post on X: The Ethereum spot ETF had an inflow of $801 million within two days of its launch, excluding the seed funds transferred from Grayscale ETHE to its mini-trust ETH ETF. This is a very positive start. However, we observed a large outflow of funds from Grayscale ETHE, totaling $820 million, resulting in an overall net outflow of $19 million from the Ethereum spot ETF.

Market Forecast

Wintermute: Stablecoin market value exceeds $164 billion, supporting the bullish outlook of the market

According to data from DefiLlama and Wintermute, the total stablecoin market capitalization rose above $164 billion for the first time since the Terra crash in May 2022. The indicator has been hovering around the $160 billion mark.
Wintermute said in a report that the growth “indicates growing investor optimism, supporting a bullish outlook. The increase in stablecoin supply suggests that funds are being deposited into the on-chain ecosystem to generate economic activity, either through direct on-chain purchases that can catalyze price increases or through yield-generating strategies that can improve (market) liquidity. This activity ultimately fosters positive on-chain growth.”
Blockchain analytics firm Nansen expressed a similar sentiment, calling the growth in stablecoin market capitalization a bullish development.

10x Research: The crypto market is entering a period of seasonal weakness, and potential pressures such as Mt. Gox may cause the market to further decline

The launch of the Ethereum spot ETF brought optimism to the market, but it was soon followed by an ETH sell-off and subsequent price drop. According to the latest 10x Research report, this sell-off trend closely follows the familiar pattern of previously launched crypto ETFs, including Bitcoin.
Markus Thielen, founder of 10x Research, explained in an interview that many traders expect the Ethereum ETF to capture 20% of the Bitcoin ETF inflows. However, they overlook the billions of dollars that could potentially flow out of Grayscale and the trend of exchange listings triggering a sell the news reaction. In addition, the crypto market is entering a period of seasonal weakness.
The report expressed a bearish view on ETH, indicating that it was overbought ahead of the launch of the much-anticipated ETF, and also highlighted the investor rotation from ETH to SOL as Meme coin issuance flocked to the Solanan blockchain rather than Ethereum.
The report warned investors that the market could fall further due to potential pressure from Mt. Gox, the upcoming U.S. earnings season, and seasonally weak August and September.

Project News

Jupiter releases ecosystem token API and standards, plans to deprecate old API by the end of August

Jupiter released the ecosystem token API and standards on the X platform. The new API enhances trading functions and can immediately display tokens from new markets. The relevant tokens are verified every day, enter the trusted list, and undergo rigorous testing by the Jupiter community and users. It is reported that the new API is built on the Metropolis infrastructure.
Jupiter said that it will identify counterfeit tokens that impersonate the names and symbols of popular tokens and remove them from the API. It will also ban certain tokens based on community reports. The symbols of the top ecosystem tokens are protected and will continue to improve over time to ensure community safety.
Jupiter said that the old API will be deprecated within a month before the end of August 2024, and the new API responses will be roughly similar to the old API, so it is hoped that it will be an easy migration.

Curve founder responds to liquidation: Unless UwULend buys CRV and repays bad debts, liquidators will not be able to withdraw CRV

Regarding the issue that 2.67 million CRV of Curve founder Michael Egorovs address has been liquidated in UwULend, Egorov himself responded on X that because UwULend had been attacked by hackers before, there is currently no CRV in the UwULend protocol to support uCRV (UwULends CRV deposit certificate token). Although the liquidator obtained uCRV through liquidation, the liquidator can only withdraw CRV from the protocol after UwULend purchases CRV and repays bad debts. In this way, Egorov will also be able to withdraw the remaining deposits.
Egorov added that the current situation is that no one can withdraw funds from the hacked platform (UwULend) until the hacked platform (CRV, etc.) buys back the funds.

WazirX releases preliminary findings on the attack: No malicious transactions were signed before July 18

WazirX published the preliminary investigation results of the attack on the X platform, mainly including:
1. There is no evidence that the WazirX signer’s machine was compromised;
2. The attack may have originated from Liminal’s infrastructure, bypassing his final verification step;
3. Contrary to some reports, no hostile transactions were signed before July 18, 2024;
4. This attack involves contract upgrades.
WazirX believes that the attack was most likely caused by a vulnerability in Liminal’s infrastructure that enabled malicious transactions.

This article is sourced from the internet: Planet Daily | The annualized quarterly rate of real GDP in the second quarter of the United States exceeded expectations; Grayscale ETHE has outflowed 216,000 ETH (07.26)

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