Rhythm Morning News｜A list of important news from last night and this morning on July 9

ETC Group Analyst: Bitcoin Volatility Term Structure Inversion Indicates Extremely Bearish Signals in Options Market

BlockBeats News, July 8, according to The Block, analysts said that with the recent price correction of Bitcoin, traders' demand for downside protection has increased, which is reflected in the increase in the number of put options.

According to Deribit data, the put/call ratio of open interest in Bitcoin options expiring on Friday has risen above 1, which is seen as a bearish signal in the market. A ratio of more than 1 means that the number of put options traded is significantly greater than that of call options. This suggests that more investors are betting or hedging against falling prices rather than rising prices.

“The increase in Bitcoin options open interest was primarily driven by an increase in relative put options open interest, consistent with the asset’s recent price pullback as Bitcoin options traders increased their downside bets and hedges. The surge in the put/call volume ratio and the one-month 25-Delta options skew suggest a significant increase in demand for downside protection,” ETC Group wrote in the report.

The report also noted that Bitcoin options implied volatility has increased during the recent decline, with the implied volatility of one-month at-the-money Bitcoin options currently around 50.5%. “The term structure of volatility is also now inverted, with short-dated options offering significantly higher implied volatility than longer-dated options, which is often a sign of extreme bearishness in the options market,” ETC Group analysts added.

Bloomberg analyst: The final deadline for the approval of the Solana ETF is mid-March next year

BlockBeats news, on July 9, Bloomberg analyst Eric Balchunas said on his social platform that the final deadline for the Solana ETF is mid-March 2025. "But in the meantime, the most important date is November. If Biden wins, these ETFs are likely to be rejected. If Trump wins, everything is possible."

Analysis: Under pessimistic assumptions, the sell-off of Mentougou and the German government can trigger a rapid decline of 10.5% in Bitcoin

BlockBeats news, on July 9, crypto analyst Alex Krüger analyzed and calculated the decline that could be caused by the sale of Bitcoin by Mt. Gox and the German government on his social platform.

Based on the current market liquidity and the market decline caused by several previous large-scale transfers of Bitcoin, Krüger concluded based on a pessimistic assumption (assuming that Germany sells the remaining Bitcoin at one time and 30% of the 85,000 Bitcoins held by Mt. Gox will be sold): The sale by Mt. Gox and the German government could trigger a rapid decline of 10.5% in Bitcoin.

But in general, the market can fully absorb the above selling pressure.

AI startup Hebbia completes $130 million in financing, led by a16z

BlockBeats news, July 9, according to Bloomberg, AI startup Hebbia completed $130 million in financing, led by a16z, with participation from Index Ventures, Google Ventures and billionaire Peter Thiel. According to a person familiar with the matter, the New York-based company is currently valued at approximately $700 million. Hebbia plans to use the new funds for research and to hire more software engineers.

Founded in 2020, Hebbia uses artificial intelligence technology to help companies screen various documents to answer complex questions. Its clients include the U.S. Air Force, asset management companies and legal services companies.

Analysis: CEX transfers Bitcoin back to the German government address because it "cannot be sold within the target price range"

BlockBeats news, July 9, according to Steven Zheng, head of research at The Block, Coinbase, Kraken and Bitstamp transferred 2,898 bitcoins back to the German government address early this morning because they "cannot be sold within the target price range", which is part of the sales agreement between CEX and the German government.

Five Ethereum spot ETF applicants, including BlackRock, have submitted S-1 document updates

BlockBeats news, on July 9, following VanEck's submission of an amended S-1 registration statement, 21Shares, BlackRock, Fidelity, Franklin Templeton and Grayscale also submitted amended S-1 registration statements before the deadline.

VanEck said it would waive fees for its spot Ethereum ETF at the outset, while Franklin Templeton set its fees at 0.19%. Some issuers, such as BlackRock, have not yet set fees. (The Block)

DeBank has opened the initial DeBank XP airdrop application, which will last for one month

BlockBeats news, on July 8, according to official news, DeBank announced that the DeBank XP snapshot was taken at 8:00 Beijing time on July 4. All active addresses have the opportunity to claim the initial XP airdrop.

DeBank has distributed XP to addresses holding assets greater than 0 and meeting any of the following conditions:

1. Active on the chain in 2024 (initiated at least one transaction)

2. Active on DeBank in 2024

The initial XP of each address will be confirmed by its on-chain assets, credit, and Web3 social ranking on DeBank.

The XP claiming page is already available on DeBank, and the claiming will last for one month. Stay active on the chain and participate in DeBank activities to continue to earn more XP.

Coinbase International will launch BLAST, ZRO and ZK perpetual contract transactions

BlockBeats news, on July 9, according to the official announcement, Coinbase International Exchange and Coinbase Advanced will launch BLAST, ZRO and ZK perpetual contract transactions.

BLAST-PERP, ZRO-PERP and ZK-PERP markets will open on or after 17:30, July 11, 2024, Beijing time.

The Republican Party of the United States supports a number of policies that are favorable to cryptocurrencies in its 2024 party platform

BlockBeats news, July 9, according to The Block, the Republican National Committee of the United States expressed support for a number of policy measures that are favorable to cryptocurrencies in its official party platform for the 2024 US election.

According to the official document released by the campaign team of Republican presidential candidate Trump on Monday, the Republican Party platform vowed to end the "illegal and un-American crackdown" on the US encryption industry. In addition to opposing the creation of a CBDC, the platform also promises to "defend the right to mine Bitcoin" and allow cryptocurrency holders to self-custody their tokens. "We will defend the right to trade free from government oversight and control," the document reads.

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