JP Morgan evaluates that the influence of Bitcoin ETF is limited Arbitrum DAO locks up 700 million ARB tokens | Summary of important breaking news on the morning of the 8th

Summary of important bulletins on the morning of the 8th

This is a summary of notable news related to virtual currency until the morning of Japan time.

JP Morgan “Limited influence of Bitcoin ETF” (Attention: ★★★☆☆)

US megabank JP Morgan said in a report that the impact of physical bitcoin ETFs would be “limited.”

According to a report by JP Morgan strategist Nikolaos Panigirtzoglou and others, “SEC approval of a physical Bitcoin ETF will not be a game-changer for the cryptocurrency market.” He cited the fact that there are already Bitcoin ETFs in Canada and Europe as well as the limited inflow of funds from gold ETFs to Bitcoin funds.

He also pointed out that physical bitcoin ETFs have some advantages over futures ETFs, but if approved, it could shift liquidity away from futures ETFs and reduce futures ETF trading volumes.

In the United States, there is currently another rush of applications for Bitcoin ETFs. Fink, CEO of one of the applicants, BlackRock, recently said that the purpose of the current Bitcoin ETF application is to “make cryptocurrencies more democratic and cheaper for investors.”

connection: BlackRock CEO “Bitcoin is an international asset”, highly appreciates its role as digital gold

Added grayscale DeFi fund Lido (Attention: ★★★☆☆)

The “DeFi Fund” provided by Grayscale in the United States has newly added Lido (LDO) to its portfolio.

The rebalancing of investment trust stock weightings is adjusted quarterly, and the new weightings in the third quarter (3Q) were UNI 45.46%, LDO 19.04%, AAVE 11.53%, MKR 10.82%, CRV 7.03%, SNX was 6.12%.

4/ At the end of the day on July 6, 2023, Grayscale DeFi Fund’s Fund Components were a basket of the assets and weightings shown below.

For details and disclosures, visit: https://t.co/PA8iZYgreg$UNI $LDOs $AAVE $MKR $CRV $SNX pic.twitter.com/n7f11z2Kua

— Grayscale (@Grayscale) July 7, 2023

The weighting in the second quarter was UNI 59.61%, AAVE 13.92%, MKR 8.44%, SNX 8.61%, CRV 9.42%.

Lido is the largest protocol for Ethereum (ETH) staking, with over $14 billion in ETH assets under management.

connection: The market size of DeFi “LSDfi” for liquid staking has doubled from the previous month

Arbitrum DAO locks 700 million ARB tokens (Attention: ★★★☆☆)

Arbitrum’s Decentralized Autonomous Organization (DAO) has revealed that it has locked up 700 million ARB tokens worth $770 million in vesting contracts.

The token lockup came after the Arbitrum Foundation sold 50 million ARBs without community vote after the token launch in March. This 700 million ARB is what was left in the foundation’s wallet.

The proposal (AIP-1.1) voted for by the community this time provides a mechanism for phasing tokens to the foundation over a four-year period to provide transparency in the use of funds and reduce selling pressure on ARB.

Shardeum raises $5.4 million (Attention: ★★★☆☆)

EVM-based Layer 1 blockchain Shardeum has raised $5.4 million in a strategic round.

Amber Group, Galxe, J17 Capital, TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group, Luganodes and others participated in the round. The company plans to use the new funds to strengthen its ecosystem in preparation for its mainnet launch by the end of the year.

Shardeum also raised a $5 million strategic round in March of this year.

According to The Block, Shardeum is valued at around $250 million.

connection: “GM Radio” Next time, EVM-based L1 blockchain “Shardeum” will participate

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