Grayscale Investments has introduced a new investment fund designed for affluent clients seeking to diversify their portfolios with income derived from staking cryptocurrency tokens.
Named the Grayscale Dynamic Income Fund, it targets individuals with assets exceeding $1.1 million or a net worth above $2.2 million.
The fund’s strategy involves converting staking rewards into U.S. dollars on a weekly basis, with plans to distribute these earnings to investors quarterly.
Grayscale emphasizes the thorough vetting process for selecting proof-of-stake (PoS) tokens to include in the fund, aiming to manage the intricacies of staking and unstaking various tokens, each with unique requirements.
The firm prioritizes maximizing staking income, viewing capital growth as a secondary goal.
Staking, a process that contributes to the security and efficiency of blockchain networks, involves holding cryptocurrency tokens to earn rewards.
Grayscale has disclosed that its fund will comprise three specific PoS tokens: Osmosis (OSMO), Solana (SOL), and Polkadot (DOT), with respective shares of 24%, 20%, and 14%.
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The remaining 43% of the fund is allocated to other tokens.
According to Staking Rewards data, the staking reward rates for OSMO, SOL, and DOT are 11.09%, 7.42%, and 11.9%, respectively, with only SOL ranking in the top 10 PoS tokens by market capitalization on CoinMarketCap.
In related news, Grayscale’s venture into a spot Bitcoin exchange-traded fund (ETF) on January 11 has faced challenges, with over $14 billion in outflows since its inception, as reported by Cointelegraph on March 26.
The Bitcoin ETF, which incurs a 1.5% management fee annually—significantly higher than the 0.30% average of other Bitcoin ETFs—has not met the firm’s expectations.
Additionally, Grayscale’s application for an Ethereum Futures ETF has been met with delays by the United States Securities and Exchange Commission, further complicating the company’s ambitious cryptocurrency investment endeavors.
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In the week leading up to March 29, BNB’s value saw a 12% increase, reaching a high of $620, marking a notable upturn and closing the valuation gap with its rival, Ether, which saw a 5% rise in the same period.
Despite this growth, the BNB Chain’s on-chain data sends mixed signals, indicating that the rally might be overextended.
This recent surge in cryptocurrency value has been linked to inflows into spot Bitcoin BTC exchange-traded funds (ETFs).
However, a setback was observed in the week ending March 23, with a net outflow of $890 million from these ETFs, marking their first net outflow since their introduction in January.
Yet, there was a silver lining with a significant decrease in outflows from the Grayscale GBTC fund, which only saw $104 million leave on March 28.
BNB’s momentum in the first half of March, with a 61.7% increase, was dampened after peaking at $645.
This peak brought BNB’s market capitalization to $96.4 billion, down from its all-time high of $116 billion in November 2021.
The total value locked (TVL) in BNB Chain also saw a decline, from $15.7 billion at its peak to $7.1 billion, a 55% reduction.
The crypto market, especially decentralized finance (DeFi), has seen significant contractions since late 2021.
READ MORE: Bitcoin Braces for Supply Crunch as Demand Skyrockets, Warns CryptoQuant
This downturn isn’t unique to BNB Chain, as the total market data for blockchains tracked by DefiLlama decreased by 25%, from nearly $205 billion to $155 billion.
Despite these challenges, BNB Chain remains a key player in the crypto market, rivaling Ethereum’s layer-2 networks in activity levels.
Nearly 2 million active addresses engaged with DApps on BNB Chain in the past week.
The blockchain also stood out for its trading volume, which, unlike Solana and Ethereum, saw an 11% increase, reaching $12.4 billion.
Looking ahead, the future of the cryptocurrency sector is difficult to predict, but derivative metrics like the demand for leverage in BNB perpetual futures contracts offer insights.
The steady 8-hour funding rate of around 0.03%, equivalent to about 0.6% weekly, suggests a cautiously optimistic market sentiment, despite the price challenges at the $620 level.
This careful optimism is bolstered by the enduring interest in leveraged long positions, despite the uncertain market trajectory.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin has experienced unprecedented success in 2024, setting a new record high of $73,679 on March 13, maintaining its value around $70,000 since then.
This surge represents an impressive growth of over 140% compared to the previous year.
During its peak this year, Bitcoin momentarily eclipsed silver, becoming the eighth most valuable commodity worldwide by market capitalization.
Looking ahead, projecting similar growth rates into the future suggests that by April 2025, Bitcoin could potentially hit $170,574.
This forecast not only positions it above silver but also surpasses major corporations like Amazon, Alphabet (Google), Saudi Aramco, Nvidia, and Microsoft in CompaniesMarketcap’s rankings of top commodities by capitalization.
This speculative growth assumes a static market environment, using current market caps as a baseline for comparison.
Currently, Bitcoin’s market cap closely trails that of silver, which stands at $1.412 trillion.
To edge past silver again, Bitcoin would need to increase its value to $71,732, reaching a market cap of around $1.413 trillion.
READ MORE: Ripple Launches Groundbreaking Automated Market Maker on XRPL, Revolutionizing DeFi Landscape
Moreover, Bitcoin is poised to leapfrog other major entities.
For instance, surpassing Google’s $1.885 trillion market cap requires Bitcoin to reach approximately $95,642.
To dethrone Microsoft from the second spot, Bitcoin would need to surpass a market cap of $3.126 trillion, achievable at a price of roughly $165,608 per BTC.
These projections are grounded in Bitcoin’s recent yearly growth of about 144.82%.
If this trend continues, Bitcoin could see its price soar to $170,574 by next year, boosting its market cap to approximately $3.224 trillion, thereby overtaking Microsoft.
Ultimately, for Bitcoin to claim the top position and surpass gold’s market cap of $15.141 trillion, its value would need to skyrocket to $800,476 per BTC, achieving a market cap of $15.15 trillion.
This scenario underscores Bitcoin’s potential trajectory as the leading commodity by capitalization, highlighting the cryptocurrency’s remarkable growth and its increasingly significant role in the global financial landscape.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In the documentary 5 Months with Logan Paul, the YouTuber Logan Paul addressed the controversy surrounding his CryptoZoo NFT gaming project, which has been criticized for causing financial losses to investors.
Speaking with journalist Graham Bensinger, Paul faced questions about the allegations against him, particularly the accusation that his involvement led to monetary losses for people.
Paul conceded that there was some truth to these claims but firmly rejected the notion that CryptoZoo was a scam.
He explained, “Everything you just said has an element of truth to it. Here’s the problem. What you just described isn’t a scam.
“I took on a project that I was simply incapable of handling at the time.”
Despite the backlash, Paul revealed he did not profit from the venture, instead losing $500,000 himself, which led him to question, “Where is the scam?”
The project’s failure had a profound impact on Paul’s mental health, driving him to consider suicide due to the ensuing backlash and personal spiraling.
Paul also indicated his intention to address the narrative that paints him as the primary architect behind what some have deemed a fraudulent scheme.
He suggested the criticism, particularly from YouTube journalist Stephen Findeisen, also known as Coffeezilla, was biased, asserting, “The CryptoZoo saga is far from over because it was a one-sided story.
“He [Coffeezilla] told it how he wanted to tell it and told it a certain way that made me look like the captain of the ship.”
Previously, Paul had threatened legal action against Findeisen for his coverage but later apologized and retracted his threats.
Furthermore, Paul discussed his efforts to ameliorate the situation for those impacted by the project’s failure, mentioning a $1.5 million recovery plan launched after a year and following a class-action lawsuit.
However, the plan came with a stipulation that participants waive any potential legal claims against him.
The documentary and Paul’s comments arrive amidst ongoing legal challenges, including a class-action lawsuit filed by investors in February 2023.
These investors accused CryptoZoo and Paul of executing a “rug pull,” alleging that they were defrauded out of millions.
In response to these allegations, Paul announced the commencement of a buyback program on Jan. 5, conditioned upon participants forgoing any legal actions against him, an attempt to provide restitution while navigating the complex aftermath of the project’s downfall.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Goldman Sachs has seen a significant resurgence in client interest in cryptocurrencies this year, largely fueled by the U.S. approval of spot Bitcoin exchange-traded funds (ETFs).
According to Max Minton, the head of digital assets for Goldman Asia Pacific, a notable shift has occurred among the firm’s clientele, ranging from renewed activity to explorations into the crypto space.
This shift was detailed in a Bloomberg report dated March 24, highlighting the influence of the recent approval of ten Bitcoin ETFs in January on the traditional market’s embrace of cryptocurrencies.
Minton attributes this revived enthusiasm directly to the ETF approvals, stating, “The recent ETF approval has triggered a resurgence of interest and activities from our clients.”
He observed that the primary interest comes from existing Goldman clients, particularly through options and futures in the crypto domain, with hedge funds being the most engaged segment.
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Despite not offering spot crypto products and focusing on crypto derivatives like Bitcoin and Ether options and futures since launching its first crypto trading desk in 2021, Goldman Sachs reported a record $2.8 trillion in assets under management by the end of 2023.
Minton noted a quiet previous year but mentioned an uptick in client interest and activities, including onboarding and transactions, from the beginning of the year.
Clients of Goldman Sachs are leveraging derivatives to tap into the volatility of the cryptocurrency market and to speculate on future price movements.
Bitcoin-related derivatives have emerged as particularly popular among the firm’s active investors.
Furthermore, Minton speculated on the potential impact that the approval of a spot Ether ETF in the U.S. could have, potentially drawing institutional clients towards Ether, although Bloomberg ETF analysts currently estimate only a 35% chance of such an approval by May.
Despite regulatory challenges, Minton emphasized Goldman’s intention to broaden its client base to include asset management funds, banks, and specialized crypto asset firms, signaling a strategic expansion into the crypto market irrespective of immediate ETF developments.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin is on the verge of a supply crunch, according to recent insights from CryptoQuant’s “Weekly Crypto Report” dated March 26.
The analysis highlights a looming “sell-side liquidity crisis” as demand for Bitcoin surges, particularly influenced by the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States.
This increased demand, coupled with a dwindling supply, signals a pivotal shift in Bitcoin’s market dynamics, potentially altering its supply landscape irreversibly by the early months of 2025.
CryptoQuant’s report illuminates the stark reality of Bitcoin’s dwindling sell-side liquidity.
“Record Bitcoin demand paired with declining sell-side liquidity has resulted in the liquid inventory of Bitcoin plunging to the lowest ever in terms of months of demand,” the platform notes, estimating the current sell-side liquidity inventory can only satisfy the burgeoning demand for about twelve months.
The analysis focuses solely on “accumulating addresses,” which are wallets that have not made any outbound transactions, suggesting the actual demand could be even greater.
“This is only considering demand from accumulating addresses, which may be considered as the lower-end of Bitcoin demand,” CryptoQuant elaborates.
When examining Bitcoin’s availability strictly on United States exchanges, the timeframe during which supply can meet demand halves.
“The Bitcoin liquid inventory drops to six months of demand if we exclude the Bitcoin on exchanges outside the US.
“We exclude these exchanges considering that US spot Bitcoin ETFs will only source Bitcoin from US entities,” the report details.
Ki Young Ju, CEO of CryptoQuant, took to X (formerly Twitter) to discuss the emerging sell-side liquidity crisis.
He commented on the surprising activity of Bitcoins mined in 2010 and dormant since then, now moving to new wallet addresses.
Ju has been a vocal proponent of the ETF supply squeeze theory, previously forecasting a six-month window in mid-March as ETF inflows surged to record highs.
Although there was a brief period of net outflows from these products, recent trends suggest a reversal, with the latest figures from Farside, a UK investment firm, indicating significant net inflows of $400 million on March 25—the largest in two weeks.
This data underscores the growing investor interest in Bitcoin, even as the supply tightens, heralding a potentially transformative period for its market dynamics.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In an astonishing venture into the digital asset world, Sultan Gustaf Al Ghozali, an Indonesian college student, has once again captured the attention of the cryptocurrency community by securing $1.8 million from a memecoin presale.
This achievement follows his initial success in 2022 when he earned a million dollars by selling non-fungible tokens (NFTs) of his daily selfies over five years, a project dubbed “Ghozali Everyday.”
Ghozali, who had recently graduated, humorously remarked on X that his fortune came from the “stupidest idea” he ever had, signaling his exit from the selfie NFT scene.
However, with the resurgence of interest in memecoins, Ghozali reentered the spotlight by announcing a novel project on March 24 that combines memecoins with NFTs, hosted on the Base blockchain.
This venture quickly exceeded its funding goal, amassing 527 ETH (approximately $1.8 million), though Ghozali promised refunds to contributors who exceeded the presale’s 400 ETH cap.
The broader crypto market has shown a renewed fascination with memecoins, particularly among Solana traders, leading to a staggering $100 million raised in just three days for various presale projects from March 15 to 18.
The Solana memecoin boom has been met with both excitement and skepticism, the latter due to the lack of assurances for investors in these high-risk ventures.
Meanwhile, the Base blockchain, backed by crypto exchange Coinbase, has seen its total value locked double, suggesting a growing interest in it as a potential hub for memecoin activity following Solana’s lead.
On March 23, Base reported a TVL of $2.13 billion, hinting at the possible shift of memecoin enthusiasm to its platform.
Despite the speculative nature of memecoins, highlighted by asset manager Franklin Templeton’s cautionary note on their lack of “inherent value or utility,” the trend continues.
The asset manager conceded that these meme-based tokens could nonetheless yield swift returns for investors, encapsulating the volatile but potentially lucrative allure of cryptocurrency investments.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
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The Securities and Futures Commission of Hong Kong (SFC) has issued a warning about a dubious trading platform known as HKCEXP.
This platform has been misleading investors by claiming affiliation with the regulatory body, despite not being registered with the SFC.
The alert comes in the wake of the SFC’s announcement that cryptocurrency exchanges operating in Hong Kong had until February 29 to file for a mandatory operational license or cease operations by May 31.
In response to this directive, the SFC received applications from 22 crypto trading platforms, which included four that had previously applied under a voluntary regime.
However, the challenge of counterfeit entities posing as credible exchanges persists in Hong Kong, with HKCEXP being the latest to deceive investors by falsely proclaiming itself as an “SFC-registered business.”
Further accusations against HKCEXP include providing a fraudulent address in Hong Kong and imposing hefty withdrawal fees, as reported by one of the victims to the SFC.
To combat these fraudulent activities and enhance investor safety, the SFC plans to keep and publicly share a list of crypto platforms awarded operational licenses.
READ MORE: SEC Delays Decision on Grayscale Ethereum ETF, Citing Need for Further Review Amid Industry Scrutiny
Exchanges that missed the application deadline are now restricted in their operational capabilities and are prohibited from conducting marketing activities within the region.
The issue of impersonation extends beyond HKCEXP.
The SFC recently uncovered several fake websites mimicking prominent local cryptocurrency exchanges.
These counterfeit sites aimed to deceive investors by emulating the domains of OSL Digital Securities and Hash Blockchain Limited (also known as HashKey), two of the licensed exchanges in Hong Kong.
To protect investors and uphold the integrity of the crypto trading environment, the SFC encourages the public to consult its official register.
This includes a list of licensed persons and registered institutions, along with a specific directory for licensed virtual asset trading platforms.
By doing so, investors can access accurate information on licensed entities and their official websites, ensuring they engage with legitimate platforms.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
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