Today's news tips:
YZi Labs invests in Tensorplex Labs to advance decentralized AI
SBF's crisis communications manager resigns after second prison interview
Binance imposes surveillance label on GoPlus Security (GPS)
Manus clarifies: Never involved in cryptocurrency projects, token issuance or blockchain initiatives
Grok Proposes "GrokCoin" as an AI-Themed Memecoin
Market News: CANARY SUI ETF Registered in Delaware
Regulatory/Macro
According to Tree News, citing Bloomberg, Trump will deliver a speech at the White House Digital Asset Summit at 3:00 pm Eastern Time on March 7 (04:00 Beijing Time on March 8). Earlier news said that the White House Crypto Summit will start at 2:30 am on March 8 Beijing Time.
Japan plans to classify cryptocurrencies as new assets rather than securities
Sota Watanabe, founder of Astar Network, revealed on the X platform: "In Japan, cryptocurrencies may not be considered securities, but rather regulated as a new asset class under the new framework of the Financial Instruments and Exchange Act. If the bill is passed, it will be a victory for the cryptocurrency industry. The Japanese government has been in consultation with industry leaders in Japan, and this is a positive outcome of the cooperation between the two sides." Earlier yesterday, Japan's ruling party proposed to lower the upper limit of the crypto tax rate to 20% against stock investments.
According to Jinshi.com, Trump established a Bitcoin war reserve as planned, but the White House cryptocurrency chief revealed that "the government will not purchase additional assets for the reserve other than those acquired through the asset forfeiture process." This has suppressed the price of Bitcoin. Previously, there were many expectations that the United States would purchase additional Bitcoin to supplement its reserves.
Viewpoint
According to OKG Research, XRP, SOL and ADA are not seen in the main holdings of the US government's marked wallet addresses. These three tokens were previously mentioned by Trump as key tokens for promoting the strategic reserve of cryptocurrencies. This indicates that the path to its inclusion in the reserve may be different from Bitcoin's direct conversion from confiscation to strategic reserve. At present, the balance of the US government wallet has increased by nearly $10 billion compared with last year, of which Bitcoin holdings are about $17.5 billion, dominating. In addition, there are still 4 tokens with holdings exceeding $10 million, including ETH (including WETH, a total of $133 million), USDT (US$122 million), BNB (including WBNB, a total of $37.55 million) and USDC (including AUSDC, a total of $24.96 million). There are also 6 tokens with holdings between $1 million and $10 million, namely DAI ($8.66M), TRX ($3.64M), UNI ($2.15M), LINK ($1.65M), RNDR ($1.02M) and SAND ($1.02M).
Solana co-founder Anatoly Yakovenko wrote on the X platform that the Bitcoin executive order is a "scalpel" and is not a rescue operation for cryptocurrencies by the US government, but further eliminates the regulatory uncertainty that has plagued the industry for the past four years. He pointed out that the industry still needs a stablecoin bill, guidelines allowing banks to deposit and access cryptocurrencies, and clear rules on token issuance and DeFi from the US Securities and Exchange Commission and the Commodity Futures Trading Commission. These measures will help further regulate and develop the cryptocurrency industry.
Alex Thorn, head of research at Galaxy Digital, said in a post on X: "The current balance of Bitcoin available for the US government to use as a strategic reserve is at most 88,000 BTC, which is only 43% of the current government holdings. This is because 112,000 BTC of the approximately 198,000 BTC currently held by the US government will be returned to Bitfinex."
Interpretation: Trump’s executive order establishes two types of digital asset holding mechanisms
Fox Business News reporter Eleanor Terrett wrote on the X platform that Trump's executive order established two different digital asset storage mechanisms: 1. Strategic Reserve, which only stores Bitcoin (BTC). The initial funding source is about 200,000 Bitcoins obtained by the government through criminal and civil forfeiture over the years. It authorizes Treasury Secretary Bessent and Commerce Secretary Lutnick to explore ways to obtain more Bitcoin without increasing the burden on taxpayers, and is positioned as a national digital value reserve. 2. Digital Asset Stockpile, which contains other digital assets besides Bitcoin - possibly including XRP, ADA, ETH and SOL and other assets. The Treasury Department is responsible for the "responsible management" of digital assets held by the government. The government will only explore the use of budget-neutral methods to purchase more Bitcoin, and will not actively seek to increase the number of other digital assets in the reserve. The executive order also requires a comprehensive audit of all digital assets currently held by the government to ensure transparency in asset management.
In response to "Trump signed an executive order to establish a strategic Bitcoin reserve", Coinbase director Conor Grogan posted on the X platform: "According to my estimate, the US government holds 198,109 bitcoins. This executive order will reduce selling pressure by about $18 billion."
SBF's crisis communications manager resigns after second prison interview
FTX founder Sam Bankman-Fried (SBF)'s crisis communications manager has resigned after his jailhouse interview with Tucker Carlson was released without notice on Thursday. Mark Botnick, who has represented SBF since the collapse of his cryptocurrency exchange FTX in November 2022, resigned on Thursday after learning of the interview. This is the second interview SBF has given since breaking his two-year public silence following his imprisonment. The interviews appear to be part of his attempt to obtain a presidential pardon. In both interviews, SBF praised President Trump, criticized the previous Biden administration, and argued that he began to take the Republican Party more seriously after his failed approach to former SEC Chairman Gary Gensler.
Project News
Binance imposes surveillance label on GoPlus Security (GPS)
According to the Binance announcement, Binance will impose a monitoring tag on GoPlus Security (GPS) on March 7, 2025. Previously, GPS experienced a significant price drop after spot listing and was involved in market making behavior.
According to Greeks.live data, a total of 26,000 BTC options and 215,000 ETH options expired on March 7, with Put Call Ratios of 0.72 and 0.73, respectively. The maximum pain points were $89,000 and $2,300, respectively, and the nominal values were $2.36 billion and $490 million, respectively. The market fluctuated violently this week, with BTC's short-term implied volatility (IV) remaining at 90%, and ETH breaking through 110%. The market's panic over the short-term trend of cryptocurrencies spread, with Trump's speech becoming the only hot spot, and other tracks performing flat. Option market makers have recently reduced their selling efforts, allowing IV to rise to avoid risks, while buyers have made considerable profits in the past two weeks.
Odin.fun developer Bob Bodily responded to rumors of an attack on the platform by posting on the X platform. He said that there was a bug in the Odin.fun deposit synchronization code, which caused some users' balances to be greater than the amount they deposited, which is why no one could find the 74 BTC deposit transaction on the chain. This problem was completely fixed about 12 hours ago, and all user funds are safe. No user suffered direct losses due to the vulnerability. The Odin.fun front end is currently being improved, adding deposit and withdrawal status (pending, confirmed, credited) and browser links so that the whereabouts of funds can be tracked.
Grok proposes to launch "GrokCoin" to create an AI-themed Memecoin
Musk's Grok said that if a Memecoin is launched, it will be named "GrokCoin", inspired by its AI identity, and is both interesting and attractive. Grok pointed out that Memecoins usually originate from Internet trends and humorous culture, such as the origin of Dogecoin's dog emojis, and quickly gain attention through community interaction on platforms such as X.
Manus clarifies: Never involved in cryptocurrency projects, token issuance or blockchain initiatives
According to Jinshi, Manus co-founder and chief scientist Yichao Peak Ji (Ji Yichao) issued a statement on X: "Our official X account (@ManusAI_HQ) was accidentally frozen yesterday. We are actively working with the X team to resolve this matter. Preliminary observations indicate that the freeze may be related to third-party references to cryptocurrency scams. To clarify: Manus has never been involved in cryptocurrency projects, token issuance or blockchain initiatives, and any cryptocurrency business with a similar name claiming to be associated with us is fraudulent. We are taking legal action against these impostors and encourage users to report suspicious accounts." It is reported that Manus is the world's first general-purpose Agent product released by China's startup Monica.
The "2030 Lock" proposal proposed by Jupiter co-founder Meow is now open for voting, and there will be 3 options for voting: 1. Agree, Meow pre-provides 280 million JUP and locks it until 2030 in exchange for 220 million JUP rewards. 2. Disagree, 280 million JUP comes from the team's strategic reserve, and Meow's JUP is scheduled to be unlocked in June 2026. 3. Abstain.
GoPlus Security posted on the X platform: "First, GoPlus has set up a special investigation team to conduct a comprehensive investigation into the abnormal price fluctuations. Binance also provided additional support to assist in investigating the cause of the incident. First, in response to community feedback that a leaker disclosed the launch information in advance and suspected that this person was a member of the GoPlus team or a community administrator, GoPlus immediately launched an internal investigation. The results of the investigation showed that this was not true. Because the GoPlus team did not know in advance about the launch plan of GPS on March 4. Everything happened very suddenly. Our team only learned about the launch after the announcement was released and immediately cooperated with Binance to meet any additional requirements from our side. In addition, it has been confirmed that the people who spread various rumors have nothing to do with the parties involved, and they have no way to obtain internal information about the launch through official internal channels. On the day of the launch, GoPlus transferred a total of 500 million GPS tokens to Binance. Among them, 300 million GPS tokens have been used as BNB The remaining 200 million GPS tokens will be used for future marketing activities. For the sake of transparency, Binance has transferred the remaining 200 million GPS tokens to a public wallet address. In response to the 50% plunge in GPS prices within 24 hours, GoPlus is conducting an internal investigation with multiple partners and will fully explain our findings to users. ”
Mint Blockchain: MINT airdrop will be unlocked in three months, with 50% unlocked in the first phase
Mint Blockchain said in a post on X that MINT will be available for claiming at 14:00 on March 7, Beijing time, and the airdrop will adopt a phased unlocking mechanism, which will be unlocked over 3 months. The specific unlocking time is as follows: March 7, 2025: 50% unlocked; April 15, 2025: 25% unlocked; May 31, 2025: 25% unlocked.
Market News: CANARY SUI ETF Registered in Delaware
According to market news, CANARY SUI ETF is registered in Delaware.
Bithumb to List AVL Token in Korean Won Market
According to an official announcement, South Korean crypto exchange Bithumb will list AVL tokens in the Korean won market.
Movement will launch mainnet on March 10
Movement released a video trailer on the X platform, and it will be launched on the mainnet on March 10.
Jito Foundation Contributors Propose New JTO Token Economic Model, Including Potential Buyback
Jito Foundation contributor Andrew Thurman proposed a new model simulation of JTO token economics on Thursday, including a potential token buyback plan. He suggested that the community should focus on how to best use the revenue rather than simply expand the size of the treasury. Thurman suggested that Jito could try a "recycling and rewards" strategy to find a balance between reinvesting in ecosystem growth and rewarding participants. In terms of "value recycling", Thurman believes there are two main options: buyback and flipping the fee switch. Both methods aim to return value directly to users. He mentioned that although the fee switch mechanism is simple and easy to implement, there are fewer successful cases, while buybacks are more popular due to successful applications in traditional markets. However, there is currently no risk-free or clearly successful buyback model. To this end, Thurman proposed two new reinvestment models: buyback and barter: Jito DAO can use part of its revenue to barter with the DAOs of other projects, and avoid increasing the circulation by removing the JTO tokens circulating in the market and "soft locking" the tokens. However, this plan may have counterparty risks. Actual yield indicator: The specific details have not yet been disclosed, but it aims to further optimize token economics through innovative ways. Thurman emphasized that whether it is the application layer or the infrastructure layer, how to find the best balance between value recovery and rewards is still a new design area that deserves further exploration.
Important data
DWF Labs deposits 3 million FETs into Bitget
According to Spot On Chain monitoring, DWF Labs deposited 3 million FET (worth $1.82 million) to Bitget for the first time in five months. These tokens came from the 10 million FET transferred by the Fetch.ai Foundation on September 3, 2024, when the price was $1.185. As of now, DWF Labs has deposited a total of 5 million FET to Binance and Bitget, with an average price of $0.987, a 16.7% drop from the initial price. In addition, it still holds 5 million FET, worth about $3.04 million.
The address on the GrokCoin list purchased 18 SOL of GrokCoin, with a return on investment of 7946%
According to @ai_9684xtpa, the Solana ecosystem has recently seen a Memecoin $GrokCoin with a market value of over $10 million. A top address (9hD5w...jn49o) purchased 17.69 million GrokCoins at a low price of 18 $SOL (about $2,560) at a price of $0.0001447. The address has sold tokens worth $18,000 in the past 6 minutes to recover its investment. The remaining 92.6% of the holdings still have a floating profit of $185,000, with a return on investment of up to 7946%.
According to SoSoValue data, yesterday (March 6, Eastern Time), the total net outflow of Bitcoin spot ETFs was $134 million. Yesterday, Grayscale ETF GBTC had a single-day net outflow of $34.5089 million, and the current historical net outflow of GBTC is $22.384 billion. Grayscale Bitcoin Mini Trust ETF BTC had a single-day net outflow of $0.00, and the current historical total net inflow of Grayscale Bitcoin Mini Trust BTC is $1.086 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $100.602 billion, and the ETF net asset ratio (market value to the total market value of Bitcoin) is 5.7%, and the historical cumulative net inflow has reached $36.552 billion.
A whale made a floating profit of about $26 million through multiple short positions on Hyperliquid
According to Onchain Lens, a whale has made a floating profit of about $26 million through multiple short positions on Hyperliquid. The whale holds a total of 48 perpetual contract positions on HyperLiquid: 47 of which are short and 1 is long. Among these positions, only 3 are in a loss, while the remaining 45 positions are highly profitable. In addition, the whale also holds 23,947 HYPE tokens (worth $386,000) and 361,250 other tokens (worth $31,800) in the spot market.
Financing/Acquisition
Base acquires Iron Fish team, no blockchain or IRON tokens involved
Base announced that it has acquired the development team of the Iron Fish blockchain to accelerate the development of privacy-preserving technology. The acquisition is limited to the team and does not involve the Iron Fish blockchain or its native token IRON. Base said that the Iron Fish team will develop "privacy-preserving primitives" for it, and the Iron Fish project will remain independent and not affiliated with Coinbase or Base. Iron Fish is a privacy-focused proof-of-work cryptographic project that achieves transaction privacy through zero-knowledge proofs (zk-SNARKs). Iron Fish confirmed on the social platform X that it will join Base to expand user privacy capabilities, and its founder Elena Nadolinski will continue to serve as a member of the foundation's board of directors to ensure that the project's governance structure remains unchanged.
According to Fortune magazine, Validation Cloud, a crypto infrastructure company using artificial intelligence, announced the completion of a $15 million Series A financing round, led by True Global Ventures, with participation from Cadenza, Blockchain Founders Fund, Side Door Ventures and AP Capital. The company's valuation in this round of financing was not disclosed. According to reports, this is the third round of financing for Validation Cloud, and its total financing has reached $30.8 million since its establishment in 2017. Validation Cloud offers three main products to support blockchains based on the Proof of Stake (PoS) consensus mechanism. Validation Cloud's products include token staking capabilities, software for connecting computers to proof-of-stake networks, and access to data analyzed by artificial intelligence. The company offers its products on multiple popular blockchains, including Solana, Ethereum, Base, Aptos, and Binance Chain. Validation Cloud's revenue comes from commissions on rewards for customers using its services to stake tokens, as well as subscription fees for using its software.
According to Fortune magazine, cryptocurrency broker August has completed a $10 million Series A financing round, led by Dragonfly Ventures, with participation from SCB Limited, 6th Man Ventures and Foresight Ventures. The valuation in this round of financing was not disclosed. August will use the latest funds raised to develop marketing strategies, recruit more employees and continue to develop new technologies. According to reports, August is a brokerage firm focusing on cryptocurrencies, working with large financial institutions such as hedge funds and family offices to help them obtain income and returns on cryptocurrency investments through lending and trading. Most of August's revenue comes from trading spreads, and it charges customers transaction fees on each transaction. The company previously raised $6 million in a seed round of financing in 2023.
YZi Labs invests in Tensorplex Labs to advance decentralized AI
YZi Labs announced that it has invested in Tensorplex Labs, a lab dedicated to building decentralized AI applications, infrastructure, and tools. This investment aims to accelerate the combination of AI development and decentralized technology. Tensorplex main products: • Tensorplex Dojo: decentralized AI core infrastructure, integrating human intelligence to train AI, and providing rewards for contributors. In the future, Dojo will promote real-time collaboration between humans and machines and create a "human API" in the AI era. • Backprop Finance: DeFi platform of the Bittensor ecosystem, supporting dTAO.
