The deployment meeting for the pilot application of Digital Renminbi in Shanghai has been held, formulating a new round of action plans, with the goal of establishing a widespread Digital Renminbi ecosystem by the end of 2025.
Grayscale's digital blue-chip fund has applied for listing as an ETP, managing assets exceeding 530 million USD, with Bitcoin accounting for 76.53% of the portfolio.
OpenAI is in talks with regulators to become a profit-making company, while NVIDIA is negotiating to participate in xAI financing.
The new version of OpenSea will be launched in December, with Vitalik Buterin emphasizing the importance of open-source collaboration.
Standard Chartered's Zodia Custody is in talks to raise 50 million USD, and Deutsche Telekom is collaborating with Metzer Bank on Bitcoin mining.
Coatue Management has raised 1 billion USD to invest in AI, and the Michigan pension fund holds 10 million USD in Ethereum ETFs.
The UK pension fund is allocating 3% of its assets to Bitcoin, and Vlayer has completed a 10 million USD financing round to develop Solidity 2.0.
Paxos has launched the USDG stablecoin, returning profits to partners, while a16z has donated 23 million USD to support cryptocurrency industry regulations.
Bitcoin mining difficulty has surpassed 100 trillion, and Mt. Gox addresses have transferred out Bitcoin worth approximately 2.20 billion USD.
In October, crypto market indicators grew, with total on-chain transaction volume rising to 420 billion USD and BTC miner revenue increasing to 1.02 billion USD.

Shanghai's Digital Renminbi Pilot Application Deployment Meeting Held
According to Jin Ten’s report citing Shanghai Financial WeChat, to implement the overall requirements of the 20th National Congress's third plenary session regarding the "steady advancement of digital renminbi research and application," and based on the People’s Bank of China’s deployment of digital renminbi pilot work, Shanghai has formulated a new round of action plan for the digital renminbi pilot application, and a work deployment meeting was held on November 4. The action plan clearly states that efforts should be made to further steadily promote the innovation of digital renminbi applications and services, aiming to basically form a digital renminbi ecosystem by the end of 2025, which is characterized by broad scenario coverage, good payment service experience, rich innovative applications, and active participation from all parties.
Grayscale Digital Large Cap Fund's ETP Listing Application Now Published in the Federal Register
According to official news, Grayscale announced that the 19b-4 form proposed by NYSE Arca, Inc. to list and trade the Grayscale Digital Large Cap Fund (GDLC) as an ETP has been published in the Federal Register, officially starting the review process, which may take up to 240 days. As part of the 19b-4 form submission, the proposed rule change by NYSE Arca aims to revise the exchange's definition of ETPs holding commodities and digital assets other than Bitcoin and Ethereum.
As of November 1, 2024, GDLC’s managed assets have exceeded $530 million, with Bitcoin accounting for 76.53%, Ethereum for 16.92%, Solana for 4.36%, XRP for 1.63%, and Avalanche for 0.56%.
OpenAI in Talks to Become a For-Profit Company
NVIDIA in Talks to Participate in Elon Musk's Startup xAI's Current Round of Financing
Elon Musk's "Million Dollar Lottery" Approved to Continue
OpenSea's New Version Set to Launch in December, Waitlist Registration Now Open
According to official news, NFT trading platform OpenSea announced that a new version will be launched in December, and waitlist registration is now open.
Vitalik: Open Source is Humanity's Common Wealth and Should Be a Space for Free International Cooperation
In response to discussions about the removal of Russian developers related to the Linux kernel, Ethereum co-founder Vitalik Buterin expressed on X platform: "Very concerning. Open source is humanity's common wealth and should be a space for free international cooperation. If such actions become normalized, the consequences look very grim."
Standard Chartered's Crypto Custody Firm Zodia is in Talks to Raise $50 Million
According to Bloomberg, Julian Sawyer, CEO of Standard Chartered's crypto custody firm Zodia Custody, stated in an interview that the company is seeking to raise $50 million from investors to support its plans to enter new regions and expand its product range. Sawyer added that while Zodia currently has support from several wholesale financial firms, it now aims to attract a wider variety of investors, including payment and tokenization companies; cryptocurrency consulting firm Architect Partners is assisting with this effort that started last month.
Deutsche Telekom Partners with Metzler Bank to Pilot Bitcoin Mining Infrastructure Using Surplus Energy
According to official news, Deutsche Telekom’s subsidiary MMS has partnered with Bankhaus Metzler to launch a pilot project aimed at utilizing surplus energy to operate Bitcoin mining infrastructure. The mining will use electricity from renewable sources, which was originally unusable due to insufficient grid input capacity and/or lack of storage options. The pilot project aims to provide effective onsite data and insights for planning subsequent projects.
Coatue Management Seeks to Raise $1 Billion to Double Down on AI and Tech Innovation Investments
According to Bloomberg, tech investment firm Coatue Management is seeking to raise $1 billion to double down on investments in AI and tech innovation, marking the first fundraising for its flagship fund in several years. It is reported that this round of funding will primarily come from institutional investors, with some capital raised through Raymond James and Associates targeting high-net-worth individual clients. This is also the first time Coatue has raised funds through banks or brokerage clients since 2017.
Coatue was founded by Philippe Laffont, who currently manages approximately $50 billion in assets. Laffont has long been optimistic about the prospects of AI, predicting that AI technology will drive demand in the energy and infrastructure sectors in the future. He believes that despite some companies being overvalued, there are still huge investment opportunities in AI.
Michigan Pension Fund Holds $10 Million in Ethereum ETF, Becomes First State Pension Fund to Invest in ETH ETF
According to The Block, the Michigan Retirement System disclosed it holds approximately $10 million in Grayscale’s spot Ethereum ETF (ETHE), becoming the first state pension fund to invest in this product since the ETF launched in July this year. It also holds about $1.1 million in Grayscale's Ethereum mini ETF. The system had previously disclosed holding about $7 million in a spot Bitcoin ETF.
A UK Pension Fund Has Officially Allocated 3% of Its Assets to Bitcoin
According to CoinDesk, the first pension fund in the UK has officially allocated 3% of its assets to Bitcoin, becoming the country's first pension fund to invest directly in cryptocurrency. This investment was guided by pension expert Cartwright, and the total assets of the fund amount to £50 million (approximately $65 million), with the investment held directly rather than through alternative means like spot ETFs, and employing five independent institutions to manage the private keys for asset security.
Cartwright has also launched a Bitcoin employee benefits program, allowing companies to pay Bitcoin directly into employees' digital wallets, with five companies already expressing interest in the product.Cartwright's Digital Asset Director Glenn Cameron pointed out that this investment was made after thorough ESG and security assessments, reflecting the trustees' forward-looking recognition of crypto assets.

"Solidity 2.0" development company Vlayer completes $10 million pre-seed funding round.

According to The Block, crypto startup Vlayer has completed a $10 million pre-seed funding round, with investors including a16z Crypto Startup Accelerator (CSX), Credo Ventures, and BlockTower Capital. The company is dedicated to developing "Solidity 2.0," a new version of Ethereum smart contracts, aimed at introducing verifiable data infrastructure.

Vlayer plans to introduce four major new features in the Solidity language: time travel (executing contracts based on historical on-chain data), teleportation (running contracts across EVM-compatible networks), Web proofs, and email proofs (validating and integrating web and email content). Co-founder and CEO Hubert Rachwalski von Rejchwald stated that this move will make zero-knowledge proofs (ZK) easier for Solidity developers to use. Vlayer is currently in the public testing phase, with the mainnet and tokens expected to launch in 2025.

Paxos stablecoin USDG returns reserve-generated profits to network partners.

According to CoinDesk, Paxos, in collaboration with crypto giants such as Robinhood, Kraken, and Galaxy Digital, has launched a new stablecoin called "Global Dollar" (USDG), aiming to promote widespread adoption of the stablecoin through profit sharing. USDG is issued by Paxos in Singapore and complies with the upcoming stablecoin framework requirements set by the Monetary Authority of Singapore.

The project is known as the "Global Dollar Network," with original partners including Anchorage Digital, Bullish, Nuvei, and Paxos. Unlike other stablecoins that retain all reserve interest, USDG will return the profits generated from reserves to network partners, incentivizing them to enhance the network's liquidity and connectivity. DBS Bank will serve as the primary banking partner, responsible for cash management and custody of USDG reserves.

Paxos CEO Charles Cascarilla stated, "This is essentially a community token. Anyone can join the Global Dollar Network and earn rewards through activities. We have allocated about 97% of the economic benefits. This is quite different from how other stablecoins have been established and created so far."

a16z donates over $23 million to political activities for the U.S. crypto industry.

a16z partner Chris Dixon stated on the X platform, "Today we donated over $23 million in additional funding to Fairshake and its associated political action committees (PACs) for the 2026 midterm election cycle. Regardless of what happens on election day, we are taking a long-term strategy regarding policy efforts. Our contribution to Fairshake is just one important component in achieving our ultimate goal of establishing clear laws to regulate the crypto industry while protecting consumers and allowing entrepreneurs to innovate with peace of mind. Many industries come to Washington asking for regulatory cuts, while we are here asking for regulations to be established."

Bitcoin mining difficulty exceeds 100 T, reaching a new historical high.

Data from CloverPool (formerly BTC.com) shows that Bitcoin mining difficulty experienced an adjustment at block height 868,896 (2024-11-05 06:28:08), with a 6.24% increase to 101.65 T. The current average network hash rate is 831.56 EH/s.

Data: Mt. Gox address transfers out Bitcoin worth approximately $2.2 billion.

According to Arkham data, a Mt. Gox cold wallet address (starting with 12Gws) transferred 32,371 Bitcoins (worth nearly $2.2 billion) to an unmarked wallet address (1FG2CvCnJAsb48Y1r3R43WwHwFJhXRveoy) today at 7:38.

Subsequently, the Mt. Gox cold wallet address transferred out another 2,000 Bitcoins.

According to Arkham data, a Mt. Gox cold wallet address (starting with 1Jbez) transferred 2,000 Bitcoins (worth approximately $136 million) to an unmarked wallet address (15gNRVceULY553Mx5vw1KgDgr83MCa8Aok) today at 8:58.

U.S. listed company Semler Scientific increases its holdings by 47 BTC, bringing the total to 1,058 BTC.

Data: Most indicators in the crypto market increased in October, with total on-chain transaction volume growing by 28.1%.

According to a post by The Block's research director @lars0x, most indicators in the crypto market increased in October, with adjusted total on-chain transaction volume rising by 28.1% to $420 billion (BTC: +32.1%, ETH: +20.9%). Adjusted on-chain transaction volume for stablecoins increased by 8% to $899 billion, while issuance supply decreased by 0.7% to $149.3 billion, with USDT accounting for 79.5% and USDC for 16.9%.

In October, BTC miner revenue grew by 25.4% to $1.02 billion, while ETH staker revenue increased by 5.8% to $221.5 million. A total of 41,648 ETH were burned in October, equivalent to $105 million. Since the implementation of EIP-1559 in early August 2021, a total of 4.43 million ETH have been burned, amounting to $12.5 billion.The monthly NFT market trading volume on Ethereum grew by 26.5% to $121.60 million. In October, the legitimate CEX spot trading volume increased by 16.3% to $843 billion, with a monthly net inflow of +$5.30 billion for all BTC spot ETFs. On October 30, IBIT's net inflow reached a record high of $872 million. Bitcoin futures open interest rose by 22.9%, while Ethereum futures open interest increased by 14.6%. BTC monthly futures trading volume grew by 12.1% to $1.25 trillion. CME Bitcoin futures open interest surged by 21.5% to a new high of $12.50 billion (with average daily trading volume increasing by 9.6% to $5.30 billion). Bitcoin options open interest increased by 35.7%, while Ethereum options open interest remained flat compared to last month. BTC monthly options trading volume rose by 39.8% to $54 billion, and ETH monthly options trading volume grew by 4.7% to $10.20 billion.

Important News from Last Night and This Morning (November 4 - November 5)