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Fidelity Submits Updated S-1 Filing for Ethereum Spot ETF; Vitalik: ENS is the Most Successful Non-Financial Application in the Ethereum Ecosystem; Data: Currently, 90% of ETH Holders are in Profit

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ChaincatcherChaincatcher2024/05/21 12:16
By:整理:栾鹏, ChainCatcher

Overview of Major News on May 21

Compiled by: Luan Peng, ChainCatcher

 

Important News:

  • Fidelity Submits Updated S-1 Filing for Ethereum Spot ETF
  • Matrixport Co-Founder: If Ethereum ETF is Approved, the Best Trading Strategy is "Buy SOL/ETH"
  • Bitget Appoints Gracy Chen as CEO
  • Data: Currently, 90% of ETH Holders are Profitable
  • Su Zhu: If Ethereum Spot ETF is Approved, Ethereum Will Rise to $5400
  • Vitalik: ENS is the Most Successful Non-Financial Application in the Ethereum Ecosystem
  • Dragonfly Partner: Biden May Soften Cryptocurrency Policies Before the Election

"What Important Events Happened in the Past 24 Hours"

Fidelity Submits Updated S-1 Filing for Ethereum Spot ETF

Fidelity has submitted an updated version of its S-1 filing for the Ethereum spot ETF application.

Vitalik: ENS is the Most Successful Non-Financial Application in the Ethereum Ecosystem

Ethereum co-founder Vitalik Buterin stated on social media: "ENS is our most successful non-financial application, I don't know why more people aren't paying attention to it!"

Geometry Capital HK Approved for Hong Kong SFC Type 4 and 9 Licenses

According to the Hong Kong SFC website, Geometry Capital (Hong Kong) Limited, a wholly-owned subsidiary of Geometry Capital, was approved by the Hong Kong Securities and Futures Commission (SFC) on May 20, 2024, to engage in regulated activities focusing on virtual assets under Type 4 and 9 licenses. Geometry Capital can manage portfolios investing 100% in virtual assets under the Type 9 license and provide investment advice on virtual assets under the Type 4 license in Hong Kong.

Data: Currently, 90% of ETH Holders are Profitable

According to IntoTheBlock data, with Ethereum rising above $3600, currently, 90% of ETH holders are in a profitable state.

Bitget Appoints Gracy Chen as CEO

Bitget has appointed Gracy Chen as Chief Executive Officer (CEO), effective this May. The former CEO, Sandra Lou, will leave the company to focus on personal ventures.

Matrixport Co-Founder: If Ethereum ETF is Approved, the Best Trading Strategy is "Buy SOL/ETH"

Matrixport co-founder Daniel Yan stated on the X platform that if the Ethereum ETF is approved within two days, the best trading strategy is "buy SOL/ETH." The reasons are as follows: ETH has risen nearly 20% in the past 24 hours; SOL will be the next beneficiary after the ETH ETF approval; ETH/BTC rose 12% within a week after the BTC spot ETF approval as people anticipated the ETH ETF approval; this strategy has low market participation and is not a popular trade. He also reminded that BTC prices fell 15% within weeks after the spot ETF approval on January 10.

Data: U.S. Bitcoin Spot ETF Net Inflow of $235 Million Yesterday

According to HODL15Capital monitoring, the U.S. Bitcoin spot ETF had a net inflow of $235 million (3518 BTC) yesterday.

Su Zhu: If Ethereum Spot ETF is Approved, Ethereum Will Rise to $5400

Su Zhu stated that if the Ethereum spot ETF is approved, ETH will rise 80% from $3,000 to $5,400, and Bitcoin will rise to $80,000 (ETH/BTC exchange rate reaching 0.0675), marking a new high for ETH prices.

Dragonfly Partner: Biden May Soften Cryptocurrency Policies Before the Election

Dragonfly partner Haseeb Qureshi stated that Biden may soften cryptocurrency policies before the election to avoid losing votes in a fierce campaign. The approval of the ETF is the first sign of this change, and other institutions are expected to relax policies in the coming months.

Data: Ethereum Market Cap Surpasses Mastercard and LVMH, Ranks 26th Globally

According to Infinite Market Cap data, Ethereum's current market cap is $443 billion, surpassing companies like Mastercard and LVMH, ranking 26th in global asset market cap.

"What Are the Must-Read Articles from the Past 24 Hours"

U.S. SEC Makes 180-Degree Turn, Key Moment for Ethereum Spot ETF Approval

This morning, it was revealed that the U.S. Securities and Exchange Commission asked exchanges to expedite the update of 19b-4 applications. Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the probability of spot ETH ETF approval from 25% to 75% following related rumors, later clarifying that 75% specifically refers to the approval probability of 19b-4.

As a result of this news, ETH prices quickly broke through $3600, reaching a high of $3693, with a 24-hour increase of over 19%.

Is the "Buy New, Not Old" Crypto Investment Theory Still Valid?

Recently, the market has been hotly debating the pressure from VC and CEX monopoly groups, where project teams provide ample exit liquidity for early investment institutions and insiders by launching on top CEXs with the highest possible FDV, leaving small and medium investors as "bag holders."

Dragonfly Managing Partner Haseeb Qureshi responded in "VC Perspective: What is the Root Cause of the Decline in High FDV, Low Circulation Tokens?" with supporting data. His core view is that the poor performance of low circulation/high FDV tokens is a process of market self-correction. Meanwhile, Ambient's founder presented a viewpoint from the "ETH Standard" perspective: the FDV of newly issued tokens priced in ETH is not significantly different from the past.

Internal and External Challenges of the Ethereum Foundation: Researchers and Engineers Clash, Conflict of Interest as Advisors to EigenLayer

Recently, some members of the Ethereum Foundation have been embroiled in controversy. On May 16, Ethereum Foundation member and Geth lead developer Péter Szilágyi tweeted his views on some current Ethereum problem-solving solutions, stating that they do not fundamentally solve the issues but rather democratize them, using interest distribution to quell dissenting voices. This view sparked heated debate, especially with Ethereum Foundation researcher Dankrad Feist, leading to a fierce argument.

Then, on May 21, Dankrad Feist announced that he and Ethereum Foundation researcher Justin Drake had become advisors to EigenLayer, receiving millions of dollars in token incentives, once again raising community concerns and discussions. As members of the Ethereum Foundation, their involvement in external projects with potential conflicts of interest with Ethereum and accepting project token incentives inevitably led the community to question their neutrality and stance.

HashKey Global: SEC Accelerates Decision Process, 5 Things You Need to Know About the Ethereum Spot ETF

With the approval of the Bitcoin spot ETF earlier this year, traditional financial funds have been continuously flowing into the cryptocurrency field over the past few months. The Bitcoin spot ETF currently holds about 830,000 BTC, approximately $52 billion. The market has been looking for new narratives, with April focusing on the Bitcoin halving and May on the Ethereum spot ETF. As the critical date of May 23 for the Ethereum spot ETF approaches, the outlook seems to have shifted from pessimistic to optimistic based on comments from well-known figures and market trends. On the morning of the 21st, Bloomberg analysts stated that the probability of Ethereum spot ETF approval had significantly increased to 75%, triggering a rapid rise in the crypto market, with Ethereum surging over 20% in a single day. Here are 5 things you need to know about the Ethereum spot ETF:

ChainCatcher Daily brings you important news and selected articles every day. Special
Associated Tags
Fidelity Ethereum Spot ETF S-1 Document Vitalik ENS Ethereum Ecosystem Geometry Capital HK Su Zhu Dragonfly
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