(XQ CAMP INVESTMENT CAMP Insight & Research TECHNOLOGIES insight & Researe! CAMP Weekly Soundbites 1 Jul 2024 Edition Uncertainty Pervades Bitcoin and Wider Crypto Market ‘Camp Investment Technologies Pte Lid, 7 Temasek Boulevard #12.07, Suntec Tower One, Singapore 038967 ‘www.campinvestment.comUK CAMP INVESTMENT cat ieht & h TECHNOLOGIES MP Insight & Researcl Weekly News Wrap Up ‘The U.S. core PCE Index increased just 0.1% for May and was up 2.6% from a year ago, slowing to its lowest annual rate in more than three years. Market participants continue to closely monitor inflation data to predict the Fed’s next course of action. According to the CME Group FedWatch Tool, traders currently see a 59.5% chance of a rate cut by the central bank at September's FOMC meeting. It was a muted week for U.S. equities as tech reversed a correction early in the week to close flat. SPX -0.08%, DJIA 0.08%, NASDAQ +0.24%. BTC -5.85% last week, defending the 60k level a few times over the week in light of potential sell news regarding Mt. Gox, government transfers and further SEC action. Defunct bitcoin exchange Mt. Gox is set to begin distributing bitcoin and bitcoin cash repayments from July, according to a notice sent by Rehabilitation Trustee Nobuaki Kobayashi last Monday. While the exact amount of Mt. Gox funds to be distributed in July was not specified, it is part of a larger reimbursement plan that includes 142,000 Bitcoin and 143,000 Bitcoin Cash, as well as fiat currency totaling JPY 69bn (USD 432mm). As a recap, Mt. Gox was founded in 2010 and became the largest bitcoin exchange globally until the platform suffered a security breach in 2014, resulting in the loss of 850,000 bitcoin. The weakness in crypto prices is largely due to investors contemplating the potential impact of more than 140,000 bitcoin hitting the market in less than one month, BTC took a bigger hit than smaller tokens, leading to a marked slide of 1.7% in its market dominance from 56.3% earlier last month. BTC faced further pressure as German government-labelled addresses appeared to send another 650 BTC ($40mm) to centralised exchanges last week, according to Arkham, indicating a potential intention to sell the assets. This is in addition to $130mm and $65mm BTC sent to exchanges on 19 and 20 June respectively. The German government currently holds 46,359 BTC, worth around $2.8bn at current prices, after seizing 50,000 BTC from the film-piracy site Movieak in January. Germany is among the largest known nation state holders of bitcoin behind the United States, China and the UK with 213,246 BTC, 190,000 BTC and 61,000 BTC, respectively, according to Bitcoin Treasuries. The US government wallets also deposited 3,940 BTC($241mm) into Coinbase Prime last week as well. The last movement by the government— which in late 2022 seized roughly 50,000 bitcoin related to the Silk Road website—was $2bn stment Tech 1a, 7 Temasek Boulevard #1207, Suntec Tow One, Singapore 098987 ‘www.campinvestment.comOKQ CAMP INVESTME CAMP Insight & R h TECHNOLOGIES mee =“ worth of bitcoin on 2 Apr, which at the time also put pressure on digital market The last confirmed sale by the government was in March 2023, when it unloaded 9,861 coins for $216mm. ETH -4.09% for the week. According to Bernstein as reported by CoinDesk, ETH spot ETFs, once approved for trading, will likely see the same sources of demand as the BTC spot ETFs but on a lower scale. “ETH should not see as much spot ETH conversion due to the lack of an ETH staking feature in the ETF,” analysts Gautam Chhugani and Mahika Sapra wrote, adding that the basis trade will likely find takers over time and this should contribute to healthy liquidity in the ETF market. SEC Chairman Gensler said in an interview at the Bloomberg Investment Summit that the review of plans for a U.S. spot Ethereum ETF is progressing smoothly. Late last week, the SEC had returned the S-1 forms to prospective Ethereum ETF issuers with light comments, asking them to fix the issues and refile. This would mean going through at least one more round of review before going effective. Late in the week, the U.S. SEC sued Consensys, saying that the firm has failed to register as a broker through its MetaMask swaps service and violated the law through its MetaMask staking service. Consensys said it expected the SEC's move on Friday. Just in May 2024, Consensys sued the SEC over its approach to regulating Ethereum and said at the time that the SEC "trained its sights" on the firm's MetaMask software. Solana, ranked fifth in terms of market capitalization, outperformed its peers on a couple of positive updates. Early in the week, the Solana Foundation announced an update that will allow users to share on-chain actions as shareable links around the internet. The bigger news was the Solana spot ETF applications by VanEck and 21Shares. VanEck announced its application first for Solana spot ETF in the U.S., saying that Solana is a commodity that provides a better user experience than Ethereum. In 2021, Grayscale launched the Solana Trust Fund, which is aimed at institutional investors and high net worth investors. However, SOL faces some difficulties in applying for a spot ETF. For example, it does not have a futures ETF like Bitcoin and Ethereum. In addition, the SEC once ruled that SOL is a security, causing Robinhood to delist SOL. Camp investment Te fe Ltd, 7 Temasek Boulevard #12-07, Suntec jer One, Singapore 038987 ‘www.campinvestment.comUK CAMP INVESTMENT cat hte h TECHNOLOGIES MP Insight & Researcl Cryptocurrency News © The Hong Kong parliament has recently set up a subcommittee on Web3 and virtual asset development. The key focuses for the new subcommittee include enhancing the protection of crypto investors, ensuring financial stability without stifling stablecoin innovation, and exploring regulatory measures for professional crypto custody services. © Taurus, the digital asset infrastructure provider to financial institutions such as Deutsche Bank, Credit Suisse and Santander, has expanded to the Stellar network. The integration allows banks and issuers to issue and manage any tokenized asset on the Stellar network, fully customizing and automating payment flows using programmable wallet behaviors and banking-grade access controls. « Tether will discontinue support for EOS and Algorand. It has stopped the minting of USDT on both blockchains last week. Tether specifically preceded the news by explaining that it constantly assesses current transport layers and aims "to strike a balance between maintainability, usage, and community interest.” * Bitcoin mining firm Hut 8 announced that it has entered into a definitive agreement with a fund operated by Coatue Management to invest $150mm into the company through a convertible note. Hut 8 aims to leverage its ability to develop and operate complex energy infrastructure to address unmet demand and emerge as a leader in the artificial intelligence infrastructure market. * Zodia Custody has partnered with 21Shares to provide custody services for physically backed crypto ETPs in Switzerland and the wider European market. The partnership aims to give 21Shares investors an additional layer of security and regulatory compliance for its physically-backed ETPs. Additionally, institutions using 21Shares for ETP investments will gain access to cold-storage wallets with 24/7 instant access. * VanEck filed a Form 8-A on Tuesday morning for its Ethereum product — a move that signifies registration that allows issuers to trade on an exchange once the product has been approved. VanEck will initially waive fees for its Ethereum ETF until an unspecified time in 2025, or until the Camp investment Te fe Ltd, 7 Temasek Boulevard #12-07, Suntec jer One, Singapore 038987 ‘www.campinvestment.comUK CAMP INVESTMENT cat ieht & h TECHNOLOGIES MP Insight & Researcl fund reaches $1.5bn in assets. Once either condition is met, the fund will charge a 0.2% fee. Florida Republican Matt Gaetz introduced a bill on Tuesday that would allow people to use bitcoin to pay their federal income taxes. The bill would require the U.S. Secretary of the Treasury to put in place a programme to allow for federal income taxes to be paid via bitcoin. © The supply of USDT stablecoin on the TON network crossed 500mm after two months of rollout. This comes around two months after Tether launched the U.S. dollar-backed stablecoin on TON, along with the company’s gold-backed stablecoin, XAUT. The Telegram-linked blockchain network has recently soared in popularity alongside in-app mini-games. Investment manager Investcorp and Securitize have launched a partnership to tokenize funds. The two firms will initially develop tokenized funds within Investcorp's Strategic Capital Group (ISCG), which has $1.5bn in assets under management and was launched in 2019. This partnership allows qualified investors to tap into GP staking strategies via Securitize’s tokenization tech, boosting access to burgeoning private markets with the efficiency of blockchain. * State Street Global Advisors has partnered with Galaxy Asset Management to launch ETFs that provide exposure to crypto companies. The new fund is named the SSGA Active Trust and is still pending approval from the regulator. The fund plans to invest in crypto companies’ equity securities, crypto futures ETFs and contracts and spot crypto ETPs, according to the registration filing. Its scope of crypto companies include blockchain software developers, bitcoin miners, exchanges and crypto payment processors. © Crypto exchange Coinbase filed two lawsuits against the U.S. SEC and the FDIC for not complying with Freedom of Information Act requests and has asked a court to force those agencies to comply. The crypto exchange accused federal financial regulators of trying to cut off the crypto industry from the banking sector in the complaints. © Coinbase has announced a partnership with Stripe. Stripe is adding USDC to its crypto payment products and adding USDC on Base to its stment Tech 1a, 7 Temasek Boulevard #1207, Suntec Tow One, Singapore 098987 ‘www.campinvestment.comUK CAMP INVESTMENT cat ieht & h TECHNOLOGIES MP Insight & Researcl fiat-to-crypto onramp. Coinbase will add Stripe's fiat-to-crypto onramp to Coinbase Wallet to allow users to instantly buy cryptocurrencies with credit cards and Apple Pay. * The Aptos Foundation, in collaboration with Alibaba Cloud, China's largest cloud service provider, has launched Alcove. Alcove is Asia's first co-branded Move developer community, to promote smart contract programming languages in the Asia-Pacific region. Alcove’s mission is to amplify the impact and proliferation of the Move smart contract programming language among talented developers. * Marathon Digital, the largest public Bitcoin miner by market cap, announced late Wednesday that it had expanded into altcoin mining to diversify its revenue streams following Bitcoin's latest halving event. Marathon said it deployed its first Kaspa miner in Sep 2023 and has since mined 93mm KAS worth around $15mm. * Animoca is considering a potential public listing in the second half of 2025 after having delisted from the Australian Securities Exchange in 2020. ‘The firm is weighing options to list in crypto-friendly jurisdictions such as Hong Kong and the Middle East. * Tidal Investments and Quantify Chaos Advisors have filed a prospectus for a proposed STKD Bitcoin & Gold ETF, which seeks to give traders and investors exposure to both bitcoin and gold without having to buy either asset. The strategy is based on the idea that a combination of investing in a Bitcoin strategy and a gold strategy may provide complementary benefits. «T-Rex Group, the ETFs issuer, has filed for an ETF that will take a 2x long position in bitcoin-heavy Microstrategy. T-Rex also filed for an ETF that would take a 2x inverted position in MSTR. Effectively, both of these listed products would be leveraged long or short on bitcoin. * The stablecoin rules from the European Union's Markets in Crypto Assets legislation will take effect on 30 Jun. The rules ban stablecoins from having over 1mm daily transactions that pay for goods or services settled off- and on-chain. The regulations mean that some of the biggest stablecoin issuers including Tether and Circle, responsible for USDT and USDC respectively, may not be able to operate in the EU. stment Tech 1a, 7 Temasek Boulevard #1207, Suntec Tow One, Singapore 098987 ‘www.campinvestment.com& CAMP INVESTMENT - CAMP Insight & Research TECHNOLOGIES * The U.S, Internal Revenue Service released late Friday the final version of its controversial “broker rule” guidance, delaying a decision that could later affect non-custodial platforms. Crypto lobbyists had feared ambiguous language in earlier drafts would harmfully impact many parts of the crypto industry from wallet providers to decentralised exchanges. Rules pertaining to “unhosted wallets” and related non-custodial software are still under review. Investment Consideration Our best strategy for the moment is to take at least 1-3 years in Moderate Portfolio because it has a good defense with 50% Fixed Deposit , 30% In DCI and 20% in Staking. After all, we still have potential returns in DCI and Staking, especially in BTC. Accumulator structured product can also be considered for those that are more risk averse in an attempt to outperform DCA strategy. stment Tech 1a, 7 Temasek Boulevard #1207, Suntec Tow One, Singapore 098987 ‘www.campinvestment.comCAMP INVESTMENT TECHNOLOGIES CAMP Insight & Research Sources: 1. https://x.com/Johnny nkc/status/180438854832769434: 2. htt /www.theblock.co/post/301491/deutsche-bank-taurus-stellar 3. https://tether.io/news/tether-announces-strategic-transition-to-prioritize-commu nity-driven-blockchain-support/ https tment-from-coatue-to-advance-ai-infrastructure-market 5. https://www.theblock.co/post/301752/zodia-custody-partners-with-2ishares-for- crypto-etp-custody-services-in-europe 6. https://www.sec.gov/Archives/edgar/data/1860788/000003041324001929/e109196 8 /pitcoin-miner-hut-8-gets-150-million-inves 8. https://gaetz.house.gov/media/press-releases/congressman-matt-gaetz-introduce s-legislation-require-irs-accept-bitcoin-o 9. i s7/usdt-ton-! e 500 10. https://www.coindesk.com /markets/2024/06/26/investcorp-and-securitize-launch 11, https c.gov/Archi 1 /data/1516212/00011931252416901: sSapos.htm 12. https://www.theblock.co/post/202145/coinbase-sues-sec-fdic-over-foia-requests- says-federal-regulators-trying-to-cut-out-crypto 13. https://www.coinbase.com/zh-s al-adoption-of-crypto? cf chi rt tk=GtREIYp bOZ85y 6Q0Trs83aFicUZvuVZeFu BUSc#iv0-1719533256-0.0.1.1-4564 14, https://aptosfoundation.org /currents/aptos-foundation-and-alibaba-cloud-unite- to-boost-web3-in-japan 15. https://ir.mara.com/news-events/press-releases/detail/1360/marathon--digital-hol dings-announces-kaspa-mining-operations 16, https://www.theinformation.com/articles/animoca-brands-looks-to-crypto-friend ly-markets-for-potential-2025-listing 17, https://www.sec.gov/Archives/edgar/data/1924868/000199937124007814/stkd-485a ‘pos_062624,htm#stkdassbposa001 18, https://www.sec.gov/Archives/edgar/data/1771146/000199937124007880/mstr-485a ‘Camp Investment Technologies Pte Lid, 7 Temasek Boulevard #12-07, Suntec Tower One, Singapore 038987 ‘www.campinvestment.comKN CAMP INVESTMENT TECHNOLOGIES CAMP Insight & Research Disclaimers The above information and views provided by Camp Investment Technologies Pte Ltd are for general informational purposes only and do not constitute an opinion nor offer or recommend, by or on behalf of Camp Investment, that any person enter into or buy or sell any particular security, investment product, or token, or participate in any other transactions. 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