The BTCSpot ETF has continued to see net inflows; Goldman Sachs plans to launch three tokenization funds; the Department of Energy is drafting a new BTCMiner investigation; Starknet stake is scheduled to launch on Mainnet in Q4; global stock markets are reaching new highs ahead of inflation tests

Daily Digest of the Crypto World: Goldman Sachs Plans to Launch Three Tokenization Funds; Department of Energy Drafts New BTC Miner Investigation; Starknet Stake to Launch on Mainnet in Q4

Looking at the trading activity of BTC ETFs, according to data from Farside Investor, on July 10th, Grayscale BTCSpot ETF (GBTC) experienced an outflow of $8.2 million; at the same time, Fidelity BTCSpot ETF (FBTC) had an inflow of $57.8 million, Bitwise BTCSpot ETF (BITB) had an inflow of $4.7 million, and ARK 21Shares BTCSpot ETF (ARKB) had an inflow of $11.3 million.

Goldman Sachs plans to launch three tokenization funds

Goldman Sachs plans to launch three tokenization projects by the end of this year to enter the Cryptocurrency field. According to Fortune magazine, Mathew McDermott, Global Head of Goldman Sachs digital assets, stated that one of these funds will target the U.S. fund industry, another will focus on the European debt market, and the third fund plans to create a tokenization asset market.

Compared with competitors such as BlackRock, Franklin Templeton, and Fidelity, Goldman Sachs chooses to primarily use permissioned networks rather than fully Decentralization blockchains, mainly due to regulatory concerns. As early as 2021, Goldman Sachs began to cooperate with permissioned blockchain networks and launched encryptionDerivatives trading products with cash Settlement.

Blackrock CEO believes Tokenization is the 'next generation' of the market, with the company's blockchain-driven financial product BUIDL recently surpassing a market cap of $500 million. Franklin Templeton has launched yield-bearing on-chain funds and related BENJI Tokens on Stellar and Polygon blockchains, while Fidelity International has tokenized stocks in its money market funds.

McDermott has long been an advocate of digital transformation, especially blockchain. He helped establish Goldman Sachs' digital asset division in 2021 and led efforts to launch encryption derivatives trading products with cash settlement. However, Sharmin Mossavar-Rahmani, Chief Investment Officer of Goldman Sachs Wealth Management, stated in an interview with The Wall Street Journal in April that she did not see a demand for Cryptocurrency from clients.

The Ministry of Energy has begun drafting a new investigation into BTCMiner.

The U.S. Department of Energy, after being sued in a Texas court for attempting to use an 'emergency data collection request', is refocusing on conducting an investigation aimed at obtaining information related to the use of Proof of Work encryption mining energy in the United States. The Energy Information Administration (EIA) of the Department of Energy held its first public discussion on Wednesday, hoping to design a better investigation plan through this.

Steve Harvey of EIA pointed out at the seminar that EIA hopes to address three key questions before designing a new survey: first, which specific factors are considered most important in terms of energy use in PoW encryption mining by industry participants or observers; second, what data should the agency collect; third, whether there is existing information that can replace the survey or drop costs. Harvey also pointed out that when formulating the first recall survey, after formulating a 'rough' preliminary estimate, EIA found that encryption mining accounted for 0.6% to 2.3% of total energy consumption in the United States.

After completion, the new survey will need approval from the Department of Energy and will be entered into the federal registry for a 60-day public comment period. Subsequently, the EIA will incorporate the comments, resubmit the survey results, and provide an additional 30 days for public review.

Most people believe that the EIA's investigation is an attack on the encryption industry, but there are also some industry insiders who support the EIA's investigation, worrying about the impact of Cryptocurrency on the environment. Lee Bracher, chairman of the Texas Blockchain Committee, suggested that the EIA should design a more comprehensive investigation, taking into account the rise of energy-intensive industries such as artificial intelligence and cloud computing. Some, including former Department of Energy official Tom Mepps, have pointed out that BTCMining may help incentivize the development of renewable energy and achieve 'load balancing' with utility providers.

The Starknet Tokenstake plan is scheduled to launch its mainnet in the fourth quarter of 2024

Starknet is expected to introduce native Token stake functionality in Q4 2024. The core developer, StarkWare, has submitted a Starknet Improvement Protocol (SNIP) to enable network stake. The SNIP proposal outlines StarkWare's Phase One stake plan, which is an important step in building a stake community and technology, providing new opportunities for users and developers. The Phase One stake plan will use an on-chain stake protocol and stake delegation that does not require permission.

If the proposal is approved, users will be able to delegate to a stakeholder or become a stakeholder themselves, and the rewards will be proportional to the stake amount, based on the changes in the proposed coin minting curve released in February. There will also be a 21-day lock-up period before funds can be withdrawn.

Market analysis: BTC Spot ETF continues to have net inflows, market awaits CPI data at 20:30 tonight

Market Trend:

BTC

After rising to $59,000, the BTC price has fallen and is currently consolidating around $57,500. It is worth noting that BTC Spot ETF has continued to have large net inflows, which may provide some support for the market.

ETH

Showing relative strength, currently consolidating around $3,100. The market's anticipation of ETH ETF approval is gradually strengthening, which could be an important factor driving the price of Ethereum.

Data Metrics

• AHR999 Index: today is 0.7, indicating that the market is suitable for Auto-Invest.
• Fear and Greed Index: 29, indicating that the market sentiment is still in fear. According to historical data, when the market sentiment remains fearful, the market is often at the bottom range.

Macroeconomics

• Three Major U.S. Stock Indexes: All rose more than 1%. Federal Reserve Chairman Powell stated that it is unlikely to lower to extremely low interest rate levels, which has had a certain impact on the risk market.
• U.S. CPI Inflation Data: The market is waiting for the release of the U.S. June CPI inflation data at 20:30 tonight, which will be an important factor affecting market sentiment and trends.

Market Hotspots

1. TON Ecology:
2. Meme Project Dogs: Announced an Airdrop to all Telegram users, with over 1 million people subscribing to its project subscription channel in a single day. Dogs is a pure Meme project with no games or other applications added, and its image is based on the pet dog of Telegram founder Durov.
3. Memezone:
4. PEIEPEI, RATS, MANEKI, PEW, MAGA and other meme coins have surged, becoming the main narrative of this round of the market. Due to its high virality and community engagement, meme projects often attract a large number of investors and follow in a short period of time.
5. BTC ecosystem:
6. STX, SATS, and other projects have experienced a significant rebound. Among them, SATS will serve as the GasToken for UnisatissuanceLayer2, adding practical use cases, with a 7-day increase of nearly 80%.

Summary

The current market has shown some strength driven by BTC and Ethereum, but the overall sentiment is still leaning towards fear. In terms of macroeconomics, the pump in the US stock market and the upcoming US CPI data will have a significant impact on the market. In terms of market hotspots, the Ton ecosystem and the Meme project have become the focus of attention. In the current market environment, investors need to remain cautious, follow the changes in macroeconomic data and market sentiment, and can also appropriately follow projects with practical use cases and strong community support.

Macro: Global stock markets hit new highs ahead of inflation test announcement

On July 10th, the Nasdaq and the S&P 500 closed pump, reaching a new historical high, mainly driven by Nvidia and other heavyweight stocks on Wall Street pump.

This is the seventh consecutive closing high for the Nasdaq Composite Index and the sixth consecutive closing high for the S&P 500 Index. Federal Reserve Chairman Jerome Powell's speech has triggered market expectations of a rate cut in September, and the S&P 500 Index has surpassed 5600 points for the first time.

Specifically, the three major indices: the S&P 500 index pump 1.02%; the Nasdaq index pump 1.18%; the Dow Jones index pump 1.09%

Technology stocks continue to perform strongly, with Micron Technology pumping 4%, Nvidia pumping 2.7%, Advanced Micro Devices pumping 3.9%. Apple pumped 1.9%, reaching a new all-time high, with a Market Cap of $36 trillion.

This week's U.S. inflation data to be released include the Consumer Price Index on Thursday and the Producer Price Index on Friday. According to the Federal Reserve Watch of the Chicago Mercantile Exchange, the probability of a 25 basis point interest rate cut by the Fed in September has risen from 70% on Tuesday and 45% a month ago to 74%.

The second quarter financial reporting season will kick off this week, with major banks announcing their performance on Friday, which will test whether those large-cap companies that have been performing well can sustain their strong momentum and prove their valuation reasonable.

On July 11, stock markets from Tokyo to New York hit record highs, and traders are waiting for U.S. economic data, which is expected to show a moderation in inflation and pave the way for a rate cut in September.

Bonds and the US dollar remained stable, with the yen against the US dollar maintaining a weak position at an Exchange Rate of 161, close to its lowest level in decades.

The MSCI Asia-Pacific ex-Japan stock index pumped 1%, reaching its highest level in two years; the Japanese Nikkei index pumped 1% to 42,426 points, reaching a new all-time high; the Taiwan stock market pumped 1.25%, setting a new historical high; the Australian ASX 200 index pumped 0.89%, approaching the all-time high.

The Chinese stock market is in line with the market momentum, and GDP data will be released on Monday. The Hang Seng Index pumped 1%, while mainland Blue-Chip Stocks pumped 0.4%. The RMB to USD Exchange Rate is stable at 7.2738, showing some recovery from the low point set on Wednesday.

In terms of commodities, driven by strong signals of US gasoline demand, oil prices rose slightly. Brent crude oil futures rose 35 cents, or 0.4%, to $85.43 per barrel. US crude oil futures rose 36 cents, or 0.5%, to $82.47 per barrel.

Gold pump 0.2%, to $2,373 per ounce.

Author: Sherry S. & Icing. This article represents only the author's point of view and does not constitute any trading advice. This article is original, and the copyright belongs to Gate.io. If you need to reprint, please indicate the author and source, otherwise legal responsibility will be pursued.