摩根大通Q2增持比特币、以太坊ETF：IBIT持仓增加25%，ETHA持仓增幅超3倍
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XRP Ledger v3.2.0 launched: Node upgrade rate only 43%, and voting on the accompanying security amendment is lagging.
PANews reported on July 8th that, according to CoinDesk, the new version of XRP Ledger server software, v3.2.0, has been launched, aiming to reduce operating costs, improve stability, and enhance its appeal to institutional users. Currently, of the approximately 833 active nodes, 43% are running the new version, while 51% are still using the older v3.1.3. However, about 89% of the 35 validators with default UNL have upgraded, reaching the 80% threshold required for activation. The accompanying security amendment, fixCleanup3_2_0, is still under separate voting. It covers fixes and improvements to single-asset vaults, permissioned DEXs, multi-purpose tokens, and lending protocols, and its current support rate is far lower than the software adoption rate. Ripple has voted in favor of the amendment, and validators who do not upgrade before the amendment's activation may face the risk of having their Ledger connection severed.
Data: BlackRock ETF addresses have recorded net outflows of Bitcoin for 10 consecutive trading days, totaling approximately $2.24 billion.
According to ChainCatcher, Lookonchain monitoring shows that BlackRock ETF addresses have recorded net outflows of Bitcoin for 10 consecutive trading days, totaling 35,980 BTC (approximately $2.24 billion).
US SEC official: Admits regulatory failures in crypto ETFs, will establish a more orderly approval mechanism.
PANews reported on July 2nd that Brian Daly, head of the SEC's Investment Management Division, stated on the program "Trillions" that the SEC acknowledges its past "poor handling" of cryptocurrency ETF approvals, which damaged industry trust. The SEC is currently pushing for a more orderly, asset-neutral approval process to handle approximately 200 ETF applications per month, including innovative products such as prediction markets. Daly emphasized that the SEC supports financial innovation while protecting investors and is considering introducing a confidential reporting mechanism to prevent the rapid replication of product ideas.
Data: Bitcoin spot ETFs saw a total net outflow of $295 million yesterday, marking the 10th consecutive day of net outflows.
According to data from SoSoValue, as reported by Mars Finance, Bitcoin spot ETFs saw a total net outflow of $295 million yesterday (July 1st, Eastern Time). The Bitcoin spot ETF with the largest single-day net inflow was the Grayscale Bitcoin Mini Trust ETF (BTC), with a net inflow of $36.3308 million, bringing its historical total net inflow to $2.398 billion. This was followed by the Morgan Stanley ETF (MSBT), with a net inflow of $29.8139 million, bringing its historical total net inflow to $364 million. The Bitcoin spot ETF with the largest single-day net outflow was the BlackRock ETF (IBIT), with a net outflow of $219 million, bringing its historical total net inflow to $60.034 billion. As of press time, the total net asset value of Bitcoin spot ETFs is $72.46 billion, with an ETF net asset ratio (market capitalization as a percentage of Bitcoin's total market capitalization) of 6.01%, and a cumulative net inflow of $50.858 billion.
Goldman Sachs injects a strong boost into South Korean stocks: another 20% rise in the second half of the year! Market leverage risk is overestimated, and opportunities will spread to six main themes.
According to BlockBeats, on July 6th, Goldman Sachs released its second-half strategy framework for the South Korean stock market, maintaining its 12-month target of 12,000 points for the KOSPI index, representing over 20% upside from current levels. The core support comes from a 320% year-on-year earnings growth forecast and a forward P/E ratio of only 6.65. This indicator is 2.7 standard deviations below its historical average, the lowest since 2009. In the first half of the year, South Korean stocks led Asia with a 92% gain, but this growth was primarily driven by upward revisions to earnings rather than valuation expansion: forward EPS was revised upwards by nearly 200%, while the forward P/E ratio actually compressed slightly. Samsung Electronics and SK Hynix contributed nearly 90% of the index's gains, with their combined market capitalization weight rising to 56% and their earnings weight reaching 72%. Goldman Sachs believes this concentration reflects earnings more accurately than a bubble, but market breadth has fallen to its lowest level since the pandemic, and continued gains in the second half of the year will likely lead to increased volatility. Regarding retail investor concerns, Goldman Sachs points out that leverage levels are overvalued. The growth in leveraged ETF size is primarily driven by asset appreciation rather than new leveraged funds. The margin loan-to-deposit ratio is actually declining, indicating that retail investors still hold substantial cash reserves and their asset allocation remains heavily focused on real estate. Goldman Sachs believes that opportunities in the Korean stock market in the second half of the year will expand from memory chips to six main themes: the industrial sector (accelerated defense orders, unmet demand for VLCC replacements), robotics and physical AI (Korea's auto parts ecosystem is expected to become a core supplier of humanoid robots), batteries and power infrastructure (driven by data center energy storage demand), beneficiaries of corporate governance reforms (multiple regulations implemented since July, with over 70% of listed companies having a PBR below 1), reflation trading (semiconductor profit spillover effects driving upward revisions to GDP and extending the interest rate hike cycle), and the semiconductor capital expenditure supply chain (the government plans to invest 800 trillion won in three major projects). Goldman Sachs also warns of three risks: seasonal weakness in the third quarter, technical correction pressure from a significant deviation of the index from the moving average, and amplified volatility due to hedging operations by leveraged ETF market makers. The combination of earnings growth and low valuations makes South Korea the market with the lowest PEG ratio in Asia, and the current valuation misalignment provides significant room for stock selection in the second half of the year.
Ethereum spot ETFs saw a net outflow of $13.67 million this week, marking the eighth consecutive week of net outflows.
PANews reported on July 6th that, according to SoSoValue data, Ethereum spot ETFs saw a net outflow of $13.67 million this week (June 29th to July 3rd, Eastern Time). The Ethereum spot ETF with the largest net outflow this week was BlackRock ETF ETHB, with a weekly net outflow of $39.216 million. ETHB's historical total net inflow has reached $519 million. This was followed by Grayscale Ethereum Mini Trust ETH, with a weekly net outflow of $24.1797 million. ETH's historical total net inflow has reached $1.81 billion.