Hashdex Proposes a Hybrid Bitcoin and Ethereum ETF

Hashdex Proposes a Hybrid Bitcoin and Ethereum ETF

Hashdex has filed a 19b-4 with the SEC to create a combined Bitcoin (BTC) and Ether (ETH) exchange-traded fund (ETF) on the Nasdaq, aiming to balance investments based on market capitalizations—approximately 70.54% BTC and 29.46% ETH as of May 27. If the SEC approves, the filing will eventually allow for the inclusion of other crypto assets.

The ETF, which will follow a passive investment strategy tracking the Nasdaq Crypto US Settlement Price Index, will use Coinbase and BitGo as custodians. This initiative follows the SEC's recent approval of spot Bitcoin ETFs and pending decisions on Ethereum ETFs. The SEC has 90 days to respond to Hashdex's proposal, while Hashdex is still required to file an S-1 application.

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Uphold to Delist Six Stablecoins by July 1 Due to MiCA

Cryptocurrency exchange Uphold has notified its European users that it will delist six popular stablecoins—Tether (USDT), Dai (DAI), Frax Protocol (FRAX), Gemini dollar (GUSD), Pax dollar (USDP), and TrueUSD (TUSD)—starting July 1 to comply with the EU's Markets in Crypto-Assets Regulation (MiCA). Users must convert these stablecoins to other assets by June 28.

After the delisting, all remaining stablecoins from the list will be automatically converted to USD Coin (USDC). MiCA, enacted in May 2023, began partial implementation in June 2023 and will be fully effective by the end of 2024. Apart from Uphold, other major crypto exchanges, including Binance, also tweaked their stablecoin listing policies earlier in June to comply with MiCA.

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41% of the Top ZK Airdrop Wallets Sold Out on First Day

Following the June 17 airdrop of ZKsync (ZK) tokens, nearly half of the top wallets sold their entire allocation, leading to a 34.5% drop in the token's price. Blockchain analytics firm Nansen reported that 41% of tracked addresses sold all their tokens, and 29.2% sold some, totaling over 486 million ZK sold. Only 30% of the top wallets retained their tokens.

The data analyzed represents the top 10,000 addresses, or just 1.4% of the 695,232 eligible wallets. Over 491,000 wallets had claimed 75% of the airdropped ZK after only two hours of the tokens being available, which caused network issues. The top ZKsync airdrop claims range from 52,816 ZK ($11,600) to 5,644,020 ZK ($1.2 million).

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Ronin to Scale Web3 Games With New zkEVM Layer 2 Kit

Ronin has announced the upcoming launch of Ronin zkEVM, a zero-knowledge Ethereum Virtual Machine Layer 2 chain built with a modified version of the Polygon Chain Development Kit. This initiative aims to accommodate more users and support game studio partners by enhancing the network's permissionless environment and integrating more gaming experiences.

The Ronin blockchain, originally developed for Axie Infinity, now supports a broader gaming ecosystem with 1.4 million daily active addresses. Jeff Zirlin, co-founder of Sky Mavis, stated that the network is preparing to handle billions of transactions, with zkEVM being crucial for scalability. The new zkEVM chain will allow game studios to build their own blockchains.

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Data of the day

According to DefiLlama data Ethereum remains the leading network for stablecoin yield farming, with 7 of the top 8 pools totaling more than $50 million in total value locked (TVL) on ETH. Pendle and Morpho Blue have two pools, and the average 30-day APY yield ranges from 14.78% to 44.69%. Ethena's SUSDE pool has the highest TVL on the list at $1.52 billion.

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More breaking news

• CleanSpark has purchased five turnkey Bitcoin mining facilities, with the total operating hashrate expected to exceed 3.7 EH/s for $25.6 million.
• Long-term Bitcoin holders and whales are gradually selling, indicating a potential consolidation phase for BTC, according to the latest Bitfinex analysis.
• Renzo, an Ethereum restaking protocol, raised $17 million in two funding rounds led by Galaxy Ventures and Brevan Howard Digital Nova Fund.
• Nvidia has become the largest company by market cap in TradFi after monthly highs following extraordinary Q1 2024 performance.
• Spot Ethereum ETF issuers received comments from the SEC last week regarding their S-1 forms, with a deadline of this Friday to get them handed.

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