It reads the Bitcoin Core LevelDB index (block/index) and uses the Blockstatus flag to determine if the block is valid and part of the active chain.

Currently using the following checks:

if ((BlockStatus & BLOCK_VALID_MASK) >= BLOCK_VALID_CHAIN)

This seems to work for most blocks, but fails at block 0. 11.
As a result, the condition is evaluated error.

I think this is because block 0 is hardcoded and is probably handled differently by core.
So my question is:

1. Is this a reasonable proxy that assumes that the block is fully validated based solely on LevelDB metadata? Or is this check essentially unreliable for that purpose?
2. How does Bitcoin Core handle block status internally for block 0?
3. You must skip block 0 and apply this check only to blocks
   height > 0?

Arthur Hayes, Chief Investment Officer at Maelstrom and former BitMEX CEO, has shared a highly optimistic outlook for Ethereum (ETH), predicting that the digital asset could reach a new all-time high of $10,000 by the end of the year.

In a July 23 blog post, Hayes described ETH as “the most hated large-cap crypto,” likening its current sentiment to Solana following FTX’s collapse in 2022 before its meteoric rise from $7 to $280.

Hayes believes momentum is now shifting. He points to Ethereum’s growing use in corporate treasury strategies and support from major Western institutional players, including Fundstrat’s Tom Lee, as signs of an impending rally.

He suggested that mounting institutional confidence could trigger a market breakout, saying investors should be proactive.

According to him:

“Buy first, ask questions later.”

CryptoPunks could outshine ETH

While bullish on Ethereum, Hayes also argued that CryptoPunks NFTs could outperform ETH in terms of dollar value.

He reasoned that Ethereum holders will likely channel their profits into NFTs as status symbols, reflecting broader societal behaviors around wealth and prestige.

Hayes questioned:

“[NFTs are] an internet status game. The whole world economy outside of food and energy production is a giant status game, why would the internet society be any different?”

This perspective echoes comments from Yat Siu, chairman of Animoca Brands, who compares NFTs to luxury items like Rolex watches or Birkin bags. According to Siu, people purchase these items mainly due to their cultural symbols of identity and belonging rather than their functionality.

CryptoPunks, launched in 2017 as one of the first NFT projects on Ethereum, have gained legendary status in the digital art world.

At the peak of the market in 2021, the collection’s floor price was worth an average of 125 ETH, but its value fell significantly during the market winter to a low of 21 ETH.

However, with the NFT space enjoying some form of renaissance lately, CryptoPunks’ value has surged in the past week by over 20% to 48 ETH, which equates to $177,000.

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Today, the Southern District of New York (SDNY) held a final status meeting hearing in the tornado cash case, a trial that begins this Monday, July 14th.

The hearing was essentially held, with attendees including Judge Katherine Polk Failla (the judge who presides the trial), Roman Storm, co-founder of Tornado Cash, and members of the defense and prosecutors.

Storm faces three accusations. It is a conspiracy to commit money laundering, a conspiracy to run an unlicensed remittance business, or a conspiracy to commit a sanction.

The main topics discussed at the hearing include:

• The basis for the New York State Court to become the venue for the trial
• The impact of the storm Bloomberg Reporter who reported Tornado Cash in March 2020
• Whether or not all actions by Tornado Cash Cofounders and developers continue to carry out Tornado Cash has facilitated the conspiracy in the prosecution of Storm
• Tolerance of data extracted from phones by Alexey Pertsev, co-founder of Tornado Cash
• How Judge Fila plans to focus more on how Storm runs his for-profit business than on details of Tornado Cache’s encryption mixing software.

Before engaged in these topics, Judge Phila shared some important details regarding the minutes of the trial.

Trial details

The trial begins at 9:30am EST on Monday morning, with one of the first items on the docket being a ju apprentice’s choice.

Judge Phila noted that the trial will not be recorded, broadcast or rebroadcast. (I’m there to cover most, if not all, of it!)

She also hopes to see the trial close within three weeks, but she doesn’t think it will, and she may need to take a little break from trial to celebrate her sick mother’s birthday.

Additionally, Judge Phila said no opening statement would be made until Tuesday, July 15th.

Why Tornado Cash Trials are being held in SDNY

Prosecutors say the trial is underway in SDNY as Storm operated a website that promotes tornado cash transactions from New York City for a period of time.

Prosecutors alleged that Storm also funded tornado cash and frequently communicated with one of the then-New York City-based venture capital (VC) principals.

Prosecutors added that Storm frequently requests from the VC principal, and that the requests are not merely related to fundraising.

Storm “fix” a Bloomberg Reporter

Prosecutors explained how Storm contacted him in March 2020. Bloomberg The reporter who wrote a story about Tornado cash would have the reporter change the story so that the authorities would not recognize Tornado cash from a negative standpoint.

They allegedly said that Storm spoke to reporters and that the persuasive reporter described the story as “inaccurate the story.”

The defense retreated and Storm said he had contacted reporters only to ensure that “appropriate modifications” had been made to the story.

Storm did not discuss the issue at the hearing.

Promote all the recharged plots?

Prosecutors have brought to the notion that all the efforts Storm and his co-founders made in running a for-profit organization that utilized tornado cash technology further promoted all the conspiracy that Storm was indicted.

One of the efforts cited by the prosecutors was Storm and his co-founder, encouraging US-based Tornado Cash users to use the service, which led to North Korean hackers creating a larger pool of capital for money mixed with software (which makes it easier to anonymize funds).

When the prosecutors made this argument, the judge pushed back and asked the prosecutor to clarify whether he believed the tornado cash co-founder to lift the business and promoted the accused conspiracy.

This put the prosecutors on pause, and at this moment one of the defense counsels moved to dismiss the charges against Arashi due to a lack of venue.

The judge quickly denied the move before claiming that such a request had made her very annoyed, which made her “run off in a hive.”

Graykey Progress Report

Throughout the hearing, Judge Phila raised a Graykey Data extraction from Alexey Pertsev’s phone. (Peltsev was sentenced to five years in the Netherlands for his involvement in tornado cash.)

Heading into the second half of the hearing, she asked both the prosecutor and the defense if they had any questions about Pertsev’s phone, then raised questions about whether the data extracted from Pertsev’s phone was acceptable. She decided to postpone the decision on the matter until trial.

She then requested that both the prosecutor and the defense review the data in question and the process it was obtained and be prepared to address the issue during trial.

Focus on the front end

It was clear that Judge Phila would at least focus on tornado cash as a mixing service, not on the front-end interface, a website created by Storm to facilitate transactions through Tornado Cash software.

“(We’re not going to think about a mix of encryption,” the judge said.

However, she said she was waiting for a response from the defense to what she wrote.

Witness and movement In Limin

Aside from the above issues, attendees at the hearing discussed the case’s witnesses and supplementary movements. In Limin (Not publicly disclosed before or during trial because it is irrelevant, prejudiced or unacceptable).

However, the witness’s name was not disclosed at the hearing, but prosecutors said “Withdate #1” had recently been identified and interviewed the witness.

The judge granted the request for defense to rule out certain material related to Witness #1.

Multiple movements In Limin It was discussed. During this part of the hearing, the judge told the prosecutor that he should not do anything like discussing the emotional stress that witnesses endured from having funds that frozen tornado cash.

Instead, she said she prefers witnesses who are victims who freeze funds, whether they reach out to the tornado cash team or not to have their funds frozen.

It was not discussed

During today’s hearing, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) has not removed tornado cash from the sanctions list, nor the court recently deleted a Coincenter’s appeal to OFAC on the issue.

Circle applied to charter First National Digital Currency Bank to become a federally regulated trust that would manage USDC reserves and expand custody services for institutional clients.

According to a June 30 announcement, Circle applied to the Office of the Comptroller of the Currency (OCC), seeking authority to operate as a national trust bank subject to full OCC supervision. 

Approval would permit the new entity to hold and safeguard the assets backing USDC for Circle’s US issuer and to offer crypto custody to pension funds, asset managers, and corporate treasurers. 

Circle added that a national charter would align its structure with the GENIUS Act, a bill moving through Congress that would require payment stablecoin issuers to hold segregated reserves in federally regulated institutions.

CEO Jeremy Allaire said the charter “marks a significant milestone in our goal to build an internet financial system that is transparent, efficient, and accessible.” 

He noted that the firm aims to “enhance the reach and resilience of the US dollar” by operating market-neutral infrastructure open to global institutions. 

Circle trades on the New York Stock Exchange under the symbol CRCL and reported more than $32 billion in USDC circulation at the end of May.

Expanding licensing movement

Circle issued the first New York Department of Financial Services BitLicense in 2015, which gave it a head start in complying with the European Union’s Markets in Crypto-Assets framework last year. 

In April, the Abu Dhabi Global Market granted the company in principle approval to operate as a money services provider. Circle said the OCC filing extends that licensing strategy to the US at the federal tier rather than the state level.

The trust bank will act as a wholly owned subsidiary of Circle Internet Group. It will maintain capital and liquidity according to OCC rules and submit to regular examinations. Circle did not provide a launch timeline. OCC evaluations of trust charter applications typically span several quarters.

In its announcement, Circle noted that institutional clients have pressed stablecoin issuers for federally regulated custody options as US lawmakers debate reserve mandates and disclosure standards. 

By holding reserves at a national trust, Circle aims to streamline compliance ahead of the potential passage of the GENIUS Act while reducing counterparty risk for large depositors.

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Grayscale filed an S-3 Form with the US Securities and Exchange Commission (SEC) on April 1 to register its multi-asset Grayscale Digital Large Cap Fund (GDLC) as an exchange-traded fund (ETF).

Under the Securities Act of 1933, the S-3 form is used by issuers that meet specific reporting requirements to register securities for public sale, either immediately or on a delayed basis.

According to the filing, NYSE Arca submitted a separate 19b-4 application on Oct. 15, 2024, to list GDLC shares. That application remains under SEC review. 

Grayscale said that it would not seek the effectiveness of the registration statement or proceed with any offer unless and until SEC approval is obtained for the NYSE Arca listing.

Notably, the clock for an SEC decision has been running since the 19b-4 filing. The second deadline is May 3, and the final is July 2.

Furthermore, a potential approval for converting GDLC into an ETF could also benefit Bitwise, which has a conversion filing for its Bitwise 10 Crypto Index Fund awaiting regulatory action, and these often happen in batches.

Aligned with the digital asset stockpile

The GDLC is currently composed of the five cryptos mentioned by President Donald Trump when he floated the idea of a digital asset stockpile: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). 

However, the fund’s composition is periodically rebalanced, though the manager retains discretion to exclude assets when appropriate. 

Moreover, according to White House “Crypto Czar” David Sacks, the mention of these cryptos has no ulterior motives.

In an interview with Bloomberg Technology, Sacks said the market was reading “a little bit too much” into Trump’s remarks and that the cryptos mentioned by the President were chosen because they are among the largest by market cap.

The Digital Asset Stockpile, consisting of all the altcoins retained by US authorities, was formalized through an executive order signed by Trump on March 7.

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