Headlines
Bosera International, China Asset Management (Hong Kong) and Harvest Asset Management, Hong Kong companies under the mutual fund, successively disclosed on April 15, 2024 that the issuance of virtual asset spot ETF products has been approved in principle by the Hong Kong Securities Regulatory Commission. After approval for inclusion, the issued products will include not only Bitcoin, but also Ethereum, which has not yet been approved by the US SEC.
Reliable sources revealed that the above-mentioned virtual asset spot ETF product is expected to be listed as early as the end of April. After successful issuance, it will also become the first batch of Bitcoin spot ETF and Ethereum spot ETF in Asia.
Ethereum lending market liquidation amount from April to now hits a new high since June 2022
Data from The Block shows that the amount of loan liquidations in the Ethereum lending market in the first two weeks of April was the highest since June 2022. Among them, the liquidation amount of the lending protocol Aave was close to US$80 million, and the liquidation amount of Compound was close to US$50 million.
The last month with a large amount of liquidations was June 2022, a month after the collapse of the $40 billion Terra ecosystem.
The market crash in the past few days has exacerbated loan liquidations. Coinglass data shows that in the past three days, the total liquidation of cryptocurrencies has reached nearly $1.7 billion, most of which are long orders.
Feds Williams: Rate cuts could start this year
Feds Williams said that he does not think the recent inflation data is a turning point. The market is taking into account the slowdown in the pace of inflation. The latest CPI data is important information that affects forecasts. Monetary policy is in good shape. I personally think that interest rate cuts may start this year. Monetary policy is restrictive. Fed policy has always been an important driving force for rebalancing. It is more optimistic about potential growth. Everything about the Feds balance sheet is going according to plan.
ETF Related
Bloomberg ETF analyst Eric Balchunas posted on the X platform that the Hong Kong spot Bitcoin ETF has been approved to exist, but has not yet been launched. There are rumors that it will be launched next week. It is expected that there will not be a lot of flow in the Hong Kong spot Bitcoin ETF (some people estimate $25 billion, which is crazy), and the estimated scale of capital inflow may be $500 million for the following reasons:
1. The Hong Kong ETF market is very small, with only US$50 billion, and mainland users are still unable to purchase it, at least officially.
2. The three approved spot Bitcoin ETF issuers (Bosera, Hua Xia, and Harvest) are relatively small in scale, and no large institutions like BlackRock are involved yet.
3. Lower liquidity/efficiency of the underlying ecosystem = these ETFs may see larger spreads and prem discounts.
4. Transaction fees may be 1-2%, which is higher than the US spot Bitcoin ETF.
In response to the previous claim that Hong Kong spot Bitcoin ETF is not expected to have much flow and the Hong Kong ETF market is small, and the estimated capital inflow may be US$500 million, Bloomberg ETF analyst Eric Balchunas once again posted a clarification on the X platform. He said that Hong Kongs approval of ETFs is good for Bitcoin because it opens up more investment avenues, saying that its small size is only compared with the United States. In the long run, some of these problems may disappear, such as more liquidity, smaller spreads, lower fees and greater issuer participation.
China Asset Management (Hong Kong) has obtained approval from the Hong Kong Securities and Futures Commission to provide virtual asset management services to investors, and now plans to issue ETF products that can invest in Bitcoin spot and Ethereum spot.
China Asset Management (Hong Kong), together with its partners OSL Digital Securities Co., Ltd. and custodian BOC International Prudential Trustee Limited, are conducting research and deployment on this.
Harvest Global Investments announced today that the Hong Kong Securities and Futures Commission has approved in principle Harvest’s investment in two major digital asset spot ETF products.
Harvest Investments products in two major digital asset spot ETFs will be used through OSL Digital Securities Co., Ltd., a digital asset platform licensed and insured by the Hong Kong Securities and Futures Commission, to effectively solve problems such as excessive margin requirements, price premiums caused by missing short positions, and rolling losses, thereby more accurately reflecting the real-time value of Bitcoin.
Industry News
SlowMist CISO: Dark Web Intelligence Says Android and iOS RCE 0-day Vulnerabilities Are Being Sold
SlowMist Chief Information Security Officer (CISO) 23pds posted on the X platform that dark web intelligence said that RCE 0-day vulnerabilities for Android and iOS are being sold.
Attack type: 0 click/1 Click;
Attack method: Image/SMS, thereby controlling the device.
RCE (remote code execution) zero-day vulnerabilities are when hackers exploit newly discovered software vulnerabilities to access user information or computers before developers can patch them.
Currently awaiting verification, cryptocurrency users please pay attention to update reminders from mobile phone manufacturers.
Bim Afolami, economic secretary of the U.K. Treasury, said at the Innovate Finance Global Summit on Monday that the British government will propose legislation for stablecoins and crypto asset staking, exchanges and custody by June or July.
“We are now working to pass legislation to put our final recommendations to the regime into place,” Afolami said. Once live, a range of crypto-asset activities, including operating an exchange, custody of client assets, etc., will come under regulatory purview for the first time.
Market changes
According to Spot On Chain monitoring, 19 hours ago, the largest ENA pledger withdrew 6.954 million ENA (approximately US$7.99 million) from Binance at an average price of approximately US$1.15.
In the past 4 days, the whale withdrew 18.12 million ENA (about 23.9 million US dollars) from Binance and pledged all tokens through 2 wallets (addresses starting with 0x bba and 0x 886).
Maker multi-signature address sold 6,605 MKR in the past 28 days through Wintermute
According to on-chain analyst Ember’s monitoring, the multi-signature address (0x bba...5 d 8) marked by Nansen as belonging to Maker may have sold 6,605 MKR (approximately US$21.81 million) through Wintermute in the past 28 days.
This address received 30,971 MKR from multiple wallet addresses marked as belonging to Maker, including Maker: MultiSig, between 2020 and 2023, and then continued to transfer MKR to the Wintermute address in batches starting 28 days ago (March 18). Wintermute will then transfer these MKR to Binance/Coinbase, etc.
-Since the transfer started 28 days ago, a total of 6,605 MKR (about 21.81 million US dollars) has been transferred out, with an average price of about 3,303 US dollars.
-MKR has risen by as much as 154% since 2024, from $1,600 to $4,074.
-The address still holds 24,366 MKR (about $73.96 million).
According to Spot On Chain monitoring, shortly after Hong Kong approved the application for spot Bitcoin and Ethereum ETFs, eight whales who had previously profited from ETH increased their holdings of ETH again.
In the past 1.5 hours, they spent a total of 31.88 million USDT and USDC to purchase 9,787 ETH, with an average price of approximately US$3,257.
Project News
SafeDAO has voted to enable transferability of SAFE tokens
The Snapshot page shows that the SafeDAO community has voted to enable the transferability of SAFE tokens. Due to the safeguards set, the earliest date SAFE tokens can be transferred is the eighth day after the voting period ends, tentatively set for April 23.
According to the proposal, SAFE tokens are intended to call the unpause method of the token contract (using the SafeSnap module) to make the tokens transferable. Unlocked SAFE tokens will remain in the lock contract and will not be transferable after enabling SAFE token transferability.
Jupiter LFG Launchpad will launch NFT lending protocol Sharky
According to official news, Jupiter announced that it will launch the first batch of Metropolis upgrades this week, and carry out short-term fixes and long-term upgrades for some key issues of limit orders and perpetual contract products.
Swell: Delegating $500 million in ETH to NEAR
Swell posted on the X platform that it is entrusting $500 million in re-pledged ETH to NEAR.
This re-staked ETH will be used to secure NEAR Protocol’s Super Fast Finality Layer, which is expected to significantly reduce transaction times and costs.
