Data tracked by Bitfinex analysts shows that since the Bitcoin blockchain implemented mining reward halving on April 20th, the monthly VRP (volatility risk premium) has dropped from 15% to 2.5%. It is reported that the VRP calculation is based on the difference between the Bitcoin 30-day implied volatility index (BVIV) and the 1-month realized volatility (VBRV) of Volmex. Analysts said: "The significant narrowing of VRP indicates that market expectations are being readjusted to adapt to a more stable and predictable environment after the halving. The market consensus seems to be that future volatility after the halving may be lower than previously expected. In other words, uncertainty has been reduced and market participants expect the market conditions to be more predictable."

The volatility risk premium (VRP) for BTC has decreased since the halving, indicating a more stable market ahead. The VRP for ETH remains higher than that of BTC, suggesting a relatively uncertain future for ETH. The VRP measures the difference between an asset's option-induced implied volatility and its realized volatility, reflecting expectations for price turbulence. The narrowing of the VRP for BTC suggests a realignment of market expectations towards a more predictable environment post-halving. However, the VRP for ETH may be influenced by the SEC's ETF decision in 2024, which adds an additional layer of uncertainty.

The latest court documents filed by the US SEC against Ripple seem to be targeting the company's proposed stablecoin. In a remedial response filed on May 7th, the regulatory agency described the proposed stablecoin as an "unregistered crypto asset" and further demonstrated that without a permanent injunction against the company, it will continue to engage in unregulated activities. Ripple revealed plans to issue a stablecoin in April, but has since not provided further details on the token.

FOX reporter Eleanor Terrett wrote on X platform that Grayscale never submitted an S-1 application for its Ethereum futures ETF, so the application is incomplete. Before considering its spot application, the SEC may want to see a completed futures application. It also stated that since its launch last year, demand from investors for existing ETH futures ETFs has been relatively low.

Earlier today, Grayscale submitted a notice to the US SEC on May 7 to withdraw its 19b-4 application for its Ethereum futures ETF, leaving the SEC with only three weeks to make a decision on its application.

The SEC originally planned to make a final decision on Grayscale's Ethereum futures ETF on May 30. Grayscale initially submitted the 19b-4 application on September 19, 2023, hoping to list its Ethereum futures ETF on the New York Stock Exchange.

Bloomberg ETF analyst James Seyffart initially believed that Grayscale planned to strategically use its Ethereum futures ETF as a "Trojan horse" to force the SEC to approve its Ethereum spot ETF. But he is confused about why Grayscale is now withdrawing its application, as the SEC will be forced to decide on at least one Ethereum spot ETF application by May 23.

Messari recently released the Fantom 2024 Q1 status report, with the following highlights:

·Fantom has achieved QoQ growth in multiple key indicators, including market capitalization (+101%), daily active addresses (+24%), USD-denominated DeFi TVL (+59%), stablecoin market capitalization (+39%), and daily DEX trading volume (+64%);

·FTM's total staked amount has increased by 17% QoQ to reach 1.3 billion tokens, and the proportion of qualified supply staked has also increased by 16% QoQ to 44.6%;

·In March of this year, Fantom's monthly DEX trading volume exceeded $1 billion for the first time in the past year, with a daily average trading volume of $37.9 million in March, nearly 7 times higher than February ($5.7 million) and 6 times higher than January ($6.6 million);

·On March 25th, Michael Kong, CEO of the Fantom Foundation, announced the preliminary release plan for Sonic (planned to be released in Q3 2024), including standardized bridging, simplified staking system, builder grants, incentive programs, and standardized stablecoins;

·Five winners of the Sonic Labs incubator project were selected in Q1. Each project will receive 200,000 FTM tokens and development support before launching on the Sonic mainnet.

Morgan Stanley economists have postponed their expectations for the first interest rate cut by the Federal Reserve from July to September, citing a "lack of progress" in inflation. They still expect three interest rate cuts this year, each by 25 basis points. Economists such as Ellen Zentner, Sam Coffin, and Diego Anzoategui stated in their report that the lack of progress since the beginning of the year means that Federal Reserve policymakers need more time to be confident that inflation is consistently falling towards their 2% target. They expect that the core PCE, which is equivalent to three and six months' annual rates, will be "close to or below" 2% by the end of the year. In this case, waiting until after September to cut interest rates "will be too late." (Finance Associated Press)

According to reports, US Republicans who support cryptocurrencies are preparing to fiercely criticize the US SEC this week and demand that the agency revoke its current guidance. They believe that this guidance hinders banks from providing cryptocurrency custody services.

On Wednesday, the US House of Representatives will vote on a joint resolution proposed by Congressman Mike Flood, which aims to reject Staff Accounting Bulletin No. 121 (SAB 121) to Congress. The Senate also proposed a complementary resolution.

SAB 121 outlines the SEC staff's views on the risks that cryptocurrency custodians should consider and lists the relevant disclosure requirements under federal securities laws.

Although the SEC positions SAB as guidance rather than formal rules, Flood stated on Monday that SAB 121 represents both a policy change and a controversial change. The SEC also bypassed the traditional SAB development process, which usually involves consultation with federal banking agencies. (Decrypt)

UOB Bank stated that in the absence of catalysts to trigger a reversal, the current theme of a strong US dollar and arbitrage operations may continue to further extend. "As other G10 central banks cut interest rates before the Fed takes action in September, the expanded interest rate differential may further support the US dollar," said Chidu Narayanan, the bank's chief Asia-Pacific strategist based in Singapore. Narayanan added that next week's CPI inflation data will be key, and given the absence of overall economic recession risks, he still sees short-term arbitrage prospects and expects further upside potential for USD/JPY.

According to reports, Grayscale submitted a file to withdraw its Ethereum futures ETF 19b-4 application on May 7th, and there are only three weeks left for the SEC to make a decision on its application.

In response, Bloomberg ETF analyst James Seyffart commented that if you don't want to annoy the SEC, withdrawing and re-filing requires less effort for the SEC. However, at the same time, this means that Grayscale or anyone else can't file a lawsuit now.

According to CNBC, Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC), stated in an interview that the SEC oversees $110 trillion in capital markets, with approximately half in the stock market and half in the bond and other markets. Cryptocurrency is only a small part of the entire market. However, it is a huge part of fraud, deception, and problems in the market, as most of the content in this field does not comply with securities law protection.The SEC cannot talk to any company, but in the field of crypto assets, without prejudging any of them, according to the US Supreme Court's interpretation, many tokens are securities under local law, so we comply with this law, and investors do not receive the necessary information disclosure about these assets.