The reason for the surge in ETH has been found! Is breaking 4000 inevitable?
Everyone says it’s because of the stablecoin bill passing, and that is indeed a factor.
However, there is another great piece of news this week that many people have overlooked!
That is, the Nasdaq Stock Exchange, representing BlackRock, submitted an application to the SEC, requesting that this asset management company’s Bitcoin ETF also include staking services. Isn’t the SEC, under Trump's leadership, supportive of cryptocurrencies?
In May of this year, the SEC issued guidance classifying staking rewards obtained from the validation services of proof-of-stake blockchain networks as labor income, rather than securities transactions subject to capital gains tax. This is great! If the previous application is approved, the ETF will give investors the opportunity to earn staking rewards accumulated by using underlying Bitcoin as collateral for the proof-of-stake consensus algorithm, and they won’t even have to pay capital gains tax. How great is that? This certainly opens the door for institutional investors to earn profits by holding Bitcoin, doesn’t it? No wonder it’s going up!
Let me share the latest data: The number of staked Bitcoins reached over 36 million in July, a historical high of over 29% of the circulating supply. The funds flowing into Bitcoin ETFs in the past two weeks have also reached a historical high, so breaking 4000 is inevitable.
Everyone says it’s because of the stablecoin bill passing, and that is indeed a factor.
However, there is another great piece of news this week that many people have overlooked!
That is, the Nasdaq Stock Exchange, representing BlackRock, submitted an application to the SEC, requesting that this asset management company’s Bitcoin ETF also include staking services. Isn’t the SEC, under Trump's leadership, supportive of cryptocurrencies?
In May of this year, the SEC issued guidance classifying staking rewards obtained from the validation services of proof-of-stake blockchain networks as labor income, rather than securities transactions subject to capital gains tax. This is great! If the previous application is approved, the ETF will give investors the opportunity to earn staking rewards accumulated by using underlying Bitcoin as collateral for the proof-of-stake consensus algorithm, and they won’t even have to pay capital gains tax. How great is that? This certainly opens the door for institutional investors to earn profits by holding Bitcoin, doesn’t it? No wonder it’s going up!
Let me share the latest data: The number of staked Bitcoins reached over 36 million in July, a historical high of over 29% of the circulating supply. The funds flowing into Bitcoin ETFs in the past two weeks have also reached a historical high, so breaking 4000 is inevitable.
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ETH
3,630.87
-4.89%
