Daily Report ｜ Aave community initiates proposal on "Deploying Aave V3 on Scroll Mainnet"; Hong Kong Securities and Futures Commission: If referencing traditional ETF experience, the approval process for Bitcoin spot ETF may take several weeks to months

Organizer: Luan Peng, ChainCatcher

"What Important Events Happened in the Last 24 Hours"

1. Aave Community Proposes "Deploying Aave V3 on the Scroll Mainnet"
According to ChainCatcher, the Aave community has initiated an ARFC proposal for "Deploying Aave V3 on the Scroll Mainnet," as shown on the Snapshot governance page. The proposal suggests deploying Aave v3 MVP on the Scroll mainnet with limited assets and conservative risk parameters to establish a strategic position for Aave in the Scroll ecosystem while limiting risk exposure. Voting will end on January 22, 2024. (Source link)

2. Grayscale CEO: Most of the 11 Approved Bitcoin ETFs Will Not Survive
According to ChainCatcher, Grayscale CEO Michael Sonnenshein stated that most of the 11 approved Bitcoin ETFs will not survive. Additionally, Sonnenshein defended the 1.5% fee for the Grayscale Bitcoin Trust ETF. It is reported that several ETF issuers charge 0% fees for a limited time and then slightly increase the fees. Most ETFs charge between 0.2% and 0.4%.

Sonnenshein listed several reasons, including that GBTC is the largest Bitcoin fund, has a 10-year "successful operation" record, and has a diversified investor base. The lower fees of other ETFs are attributed to the fact that these products "lack a track record," and issuers are trying to attract investors through fee incentives. He believes that two to three spot Bitcoin ETFs "may achieve some critical mass" of managed assets, but other ETFs may exit the market. (Source link)

3. Hong Kong SFC: If Referencing Traditional ETF Experience, Approval Process for Bitcoin Spot ETFs May Take Weeks to Months
According to ChainCatcher, Samsung Asset Management stated that it does not rule out exploring the possibility of launching a spot Bitcoin ETF in Hong Kong. Aegis Custody CEO Serra Wei mentioned that the company is negotiating with four asset management firms regarding the listing of spot crypto products in Hong Kong.

Compared to the low management fees of many new U.S. spot Bitcoin ETFs, regulatory requirements in Hong Kong may lead issuers to charge higher fees. The Hong Kong SFC stated that it would not comment beyond the guidelines released last December. If referencing past experiences with traditional ETFs, the approval process for such products may take weeks to months. (Source link)

4. Data: U.S. Spot Bitcoin ETF Issuers Net Added 10,667 Bitcoins on the 5th Trading Day
According to ChainCatcher, Cointelegraph reported that with increasing trading volume, U.S. spot Bitcoin ETF issuers net added 10,667 Bitcoins on the 5th trading day. Data compiled by CC15Capital on January 17 shows that their net Bitcoin holdings increased by $440 million by the end of that day. BlackRock's ETF accounted for the majority, net adding 8,700 BTC, worth nearly $358 million.

Data also shows that nine ETFs (excluding Grayscale) have purchased nearly 68,500 BTC since their launch, currently valued at about $2.8 billion. Bitcoin purchases related to ETFs were offset by outflows from the Grayscale Bitcoin Trust (GBTC), which sold 10,824 BTC, worth about $445 million. Since GBTC converted to a spot ETF on January 11, nearly 38,000 BTC have flowed out.

Meanwhile, data shared by Bloomberg ETF analyst Eric Balchunas shows that as of the fifth trading day, the daily trading volume of spot Bitcoin ETFs, excluding GBTC, surged by 34%. (Source link)

"What Exciting Articles Are Worth Reading in the Last 24 Hours"

1. “Metrics Ventures Market Observation: The Crypto Bull Market Has Arrived”

This market observation was published relatively late because the author only started writing after the ETF was approved.

Before the dust settled on the ETF, even though we all knew the ETF was likely to be approved, the market expectations were quite chaotic before the actual results came out. Some expected a large sell-off triggered by positive news, while others anticipated new funds rushing in. There were many opinions, and we did not want to predict what would happen before the ETF was officially launched, as anything was possible. We also did not want to write a report only to have to tear it up and rewrite it (haha). It was better to wait for the dust to settle and respond based on the market's real reactions.

This report focuses on market trends and trading aspects, so it will not evaluate the significant implications of the ETF approval but will highlight our general assessment of the market trends in the coming period.

2. “Musk Praises Bitcoin Maniac”

The Bitcoin maniac, self-proclaimed anarcho-capitalist "Argentinian President Milei," drew global attention with his latest speech in Davos yesterday. Many entrepreneurs praised Milei's speech on social media.

On January 15, the 54th World Economic Forum opened in Davos, Switzerland, attended by leaders from about 60 countries and multinational companies. One world-class entrepreneur, Elon Musk, founder of Tesla and SpaceX, did not appear at this year's Davos Forum. However, he did not stop paying attention to the speeches at the forum.

Musk has been a regular at the Davos Forum in the past, and last year he posted on X that he declined the invitation to attend Davos. However, the organizers stated that he has not received an invitation since 2015.

3. “Decoding ZK L2 Newcomer ZKFair's Breakthrough Strategy and Future Blueprint”

As we celebrate the one-month anniversary of ZKFair's mainnet launch, we are excited to share the achievements ZKFair has made over the past month: the mainnet has launched and is running smoothly, the Gas fee Airdrop has successfully concluded, TVL has soared to $324 million, ZKF tokens were listed on over 10 exchanges in one day, total staking of ZKF has exceeded 2.6 billion, and 75% of Gas fee profits have been shared among over 30,000 ZKF stakers. The .zkf domain service is about to be launched…

Behind the prosperity, many community users are very concerned about ZKFair's future prospects. Here, we will sincerely share the journey of ZKFair so far and also timely share ZKFair's future plans with the community.