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Web3 Industry News: White House Encryption Report to be Released, FTX Announces Next Round of Compensation, Ethereum ETF Continues to Experience Net Inflows.
Web3 Industry News Brief
Regulation and Policy
The White House's first crypto policy report is set to be released, expected to be made public on July 30. The report was completed by the President's Working Group on Digital Assets, taking 180 days.
The Bank of Ghana plans to submit a new cryptocurrency regulatory framework to Parliament for review in September. This framework aims to regulate digital assets, promote cross-border trade, and attract investment.
The U.S. Court of Appeals for the Ninth Circuit ruled that NFTs can be considered "goods" eligible for trademark protection. This ruling stems from the case where Yuga Labs sued artist Ryder Ripps, and the court upheld Yuga Labs' claim to trademark rights over the Bored Ape Yacht Club NFTs.
Market Dynamics
The 90-day correlation coefficient between the Bitcoin Volatility Index and the S&P 500 VIX reached a historic high of 0.88, indicating a significant increase in the correlation between the cryptocurrency market and the volatility of the US stock market.
FTX announced that the next round of compensation will be executed on September 30, releasing $1.9 billion in disputed creditor reserve funds. Creditors must complete the relevant procedures by August 15.
The Ethereum spot ETF saw a total net inflow of $332 million yesterday, continuing a net inflow for 14 days. In contrast, the Bitcoin spot ETF experienced a net outflow of $85.96 million, marking three consecutive days of net outflows.
Data shows that recently, 7 new wallets have collectively increased their holdings by 466,253 ETH, worth approximately 1.7 billion yuan.
Project Progress
Tron Inc. will hold a bell ringing ceremony at Nasdaq on July 24, marking its official transformation into a technology company focused on blockchain and digital asset innovation.
GoPlus has launched a 500 million GPS token security fund, aimed at transforming Web3 security from a cost into shared value by rewarding users, developers, and project parties for their security contributions.
Solana is preparing to increase the block limit from 6000 CUs to 100 million CUs through SIMD-0286, a significant enhancement of 66%.
Institutional Dynamics
Tesla's Q2 financial report shows that its Bitcoin holdings are currently valued at approximately $1.2 billion, making it the tenth largest publicly traded company holding Bitcoin on its balance sheet.
Japanese AI company Quantum Solutions announced it will invest up to 3,000 bitcoins in the next 12 months, approximately 53.85 billion yen.
Satsuma( has completed over £100 million in financing for the advancement of Bitcoin and decentralized AI infrastructure.
The newly established Solana treasury company Accelerate plans to raise $1.5 billion in funding and aims to go public through a SPAC merger.