Bitwise Asset Management is making significant moves in the world of cryptocurrency investment, with revisions to its spot Bitcoin (BTC) exchange-traded fund (ETF) application and the confirmation of trading commencement for two Ether (ETH) futures ETFs set for October 2nd.
The company’s forthcoming offerings include the Bitwise Ethereum Strategy ETF and the Bitwise Bitcoin and Ether Equal Weight Strategy ETF, aimed at providing investors access to the Chicago Mercantile Exchange Ether futures.
Matt Hougan, the firm’s Chief Investment Officer, emphasized Ethereum’s broader investment potential compared to Bitcoin, describing it as an asset that appeals to both alternative and traditional growth investors due to its versatile attributes.
Interestingly, Bitwise is not alone in its pursuit of Ethereum-based ETFs. Invesco, another asset management giant, is exploring the introduction of the Invesco Galaxy Ethereum ETF, indicating the growing interest in Ethereum-focused investment products.
However, a cloud of uncertainty looms over the approval of spot Bitcoin ETF applications from Bitwise, BlackRock, Invesco, and Valkyrie by the United States Securities and Exchange Commission (SEC).
The SEC has yet to make a decision, partly due to the threat of a U.S. government shutdown.
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Moreover, the outcome of the Grayscale lawsuit adds another layer of complexity.
This lawsuit involves the transformation of the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. A U.S. court’s decision on August 29th paved the way for the approval of the Grayscale spot Bitcoin ETF by dismissing the SEC’s objections.
This development could influence the SEC’s decision regarding spot Bitcoin ETF applications.
In parallel, Bloomberg analyst James Seyffart has unveiled a roster of nine Ethereum Futures ETFs that are poised to receive expedited approval from the SEC, with a launch date set for October 2, 2023.
This signals a growing interest in Ethereum futures as an investment avenue.
In conclusion, Bitwise’s strategic moves in the cryptocurrency ETF space, coupled with Invesco’s foray into Ethereum ETFs, underscore the evolving landscape of crypto investments.
The fate of spot Bitcoin ETFs remains uncertain, hinging on regulatory decisions and legal developments.
Meanwhile, Ethereum’s prominence continues to rise, attracting investors seeking diversified opportunities in the cryptocurrency market.
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Popular cryptocurrency influencer Ben Armstrong, previously known as “BitBoy,” made headlines when he was reportedly arrested during a live YouTube stream outside the residence of a former business associate.
Armstrong believed that his Lamborghini was in the possession of this former associate and decided to confront the situation publicly.
Before initiating the livestream, Armstrong cryptically announced his intentions, stating that he would be going live from a “very special location.”
Less than an hour later, he was streaming from the home of Carlos Diaz, a consultant and nonfungible token investor with alleged connections to the Hit Network.
During the livestream, Armstrong launched into a tirade, accusing Diaz of wanting to harm him and asserting that Diaz had ties to the Houston mafia.
He boldly declared, “I’m not scared of you, Carlos.” Approximately 19 minutes into the stream, local police officers arrived at the scene, prompting them to inquire if Armstrong was carrying a weapon.
Armstrong denied having any weapons and was subsequently instructed to set down his phone.
The livestream abruptly went offline for the remaining 17 minutes, but audio continued to capture the conversation between Armstrong and the police.
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According to records from the Gwinnett County, Georgia, Sheriff’s Office, Benjamin Charles Armstrong was booked on September 25 at 9:11 pm local time and remains in custody.
Carlos Diaz confirmed Armstrong’s visit to his home on September 26, further escalating the drama surrounding the incident.
Blockchain investigator “ZachXBT,” not a supporter of Armstrong, celebrated what he considered to be karma catching up with one of the most notorious figures in the crypto world.
This arrest follows recent events in late August when the Hit Network severed ties with Ben Armstrong, the public face of “BitBoy Crypto.”
The network cited concerns related to substance abuse and financial harm inflicted on its employees as the reasons behind their decision.
In the aftermath, several lawsuits were initiated and subsequently withdrawn by various parties involved.
Armstrong even appealed for donations on September 20 to fund his legal battles, sparking controversy within the crypto community.
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Bybit, globally recognized as the third most frequented crypto exchange, has unveiled a groundbreaking risk management tool unique to the crypto exchange realm, dubbed “Perp Protect.”
This pioneering tool procures options contracts automatically, providing a convenient hedge for both long and short positions, thus ensuring uncomplicated downside protection.
Developed exclusively by Bybit, Perp Protect is unparalleled and unavailable on other leading crypto platforms. It assures traders a semblance of serenity by proposing options contracts that shield investments from unfavorable price movements, without hampering the underlying investment strategy.
This innovative tool is crucial for traders who foresee market fluctuations, allowing them to fortify their positions amidst volatile market conditions.
Perp Protect distinguishes itself with its automatic options acquisition, delivering intelligent recommendations and allowing traders to proficiently traverse market vicissitudes.
Perp Protect serves as a dependable protection layer for novice perpetual traders, instilling confidence and allowing them to delve into perpetual trading with minimized risk of losses. This tool is notable for its user-friendly design, necessitating just a couple of clicks to activate, thus making its myriad of benefits seamlessly accessible.
Furthermore, it employs a smart algorithm which incessantly assesses market situations, providing optimal protection at minimal costs, starting at 2% of a user’s initial margin.
Ben Zhou, Bybit’s CEO and co-founder, emphasized the importance of providing traders with tools that augment their trading experience and reduce inherent market risks. “In the evolving crypto landscape, it’s imperative for traders to have access to instruments that not only enrich their experience but also lessen the risks intrinsic to this vibrant market,” Zhou stated. “We are elated to present Perp Protect, a revolutionary solution ensuring tranquility and security to traders across the spectrum.”
Established in 2018, Bybit stands as a top-tier cryptocurrency exchange offering a professional environment replete with an ultra-fast matching engine, round-the-clock customer service, and multilingual community support.
Bybit, having etched a partnership with the eminent Oracle Red Bull Racing team of Formula One, continues to stride forth in the crypto domain, offering state-of-the-art services and solutions like Perp Protect, signifying a monumental stride in facilitating secure and informed trading for users ranging from novice to experienced, ensuring protection and peace of mind amidst the dynamic crypto market.
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In the world of decentralized finance (DeFi), the past week has been marked by significant developments and debates.
Brian Armstrong, the CEO of Coinbase, stepped up to defend the fledgling DeFi ecosystem in the face of mounting calls for regulatory enforcement.
He suggested that DeFi protocols should consider resorting to legal proceedings in court to establish a precedent, citing the legal system’s commitment to upholding the rule of law.
He expressed concerns that the current approach may inadvertently drive this critical industry to offshore jurisdictions.
Armstrong’s comments also touched upon the role of regulatory bodies like the United States Commodities Futures Trading Commission (CFTC).
He argued against enforcement actions targeting DeFi protocols, pointing out that they operate differently from conventional financial service businesses, and it’s debatable whether the Commodity Exchange Act even applies to them.
Meanwhile, Rune Christensen, the co-founder of MakerDAO, expressed optimism about the future dominance of decentralized stablecoins, such as Dai, in the crypto market.
He believes this potential can be realized if the crypto industry lives up to its full potential. Christensen shared his views on the future of these stablecoins and their role in the broader crypto economy at the Token2049 conference in Singapore.
Polygon, a layer-2 blockchain firm, has been making substantial strides in the world of DeFi. Sandeep Nailwal, one of Polygon’s co-founders, highlighted the success of their $1 billion investment in zero-knowledge proof (ZK) technology for scaling solutions within the Ethereum ecosystem.
Nailwal discussed the development of “Polygon 2.0” scaling efforts and the promise of recursive ZK-proof technology for creating a seamless, interoperable blockchain ecosystem.
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In contrast to these positive developments, a report by market surveillance firm Solidus Labs revealed concerning statistics about decentralized exchanges (DEXs).
Over the last three years, more than 20,000 crypto tokens have been manipulated through wash trading on DEXs.
The report found that nearly 70% of a sample of 30,000 Ethereum-based DEX liquidity pools engaged in wash trades, amounting to approximately $2 billion worth of crypto.
Additionally, the DeFi Education Fund launched a petition aimed at reviewing a patent owned by True Return Systems, which they accuse of being a “patent troll.”
This term refers to companies that profit from patent lawsuits.
The DeFi Education Fund submitted a comprehensive petition to the Patent Trial and Appeal Board in an effort to cancel the contentious patent.
Despite these mixed developments and debates in the DeFi space, data from Cointelegraph Markets Pro and TradingView indicated that DeFi’s top 100 tokens faced a mixed week, with most of them trading in the red on weekly charts.
Nonetheless, the total value locked into DeFi protocols remained consistently above $49 billion, underscoring the continued interest and participation in the DeFi ecosystem.
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One year after Ethereum’s momentous shift to a proof-of-stake (PoS) consensus mechanism, the network has undergone a profound transformation.
On September 15, 2022, Ethereum executed “The Merge,” an event where the Ethereum mainnet merged with the Beacon Chain, a separate PoS blockchain.
The most striking change post-Merge was the reduction in energy consumption.
Data from The Cambridge Centre for Alternative Finance reveals that Ethereum’s energy use plummeted by over 99.9%, dropping from approximately 21 terawatt hours under proof-of-work (PoW) to a fraction of that.
Beyond energy efficiency, The Merge introduced an economically deflationary aspect to Ethereum.
The amount of Ether (ETH) issued to secure the network has been surpassed by the ETH removed from circulation.
Ultrasound.money data indicates that over 300,000 ETH (valued at $488 million) has been burned since The Merge, reducing the total ETH supply at a rate of 0.25% annually.
Despite expectations of a price surge due to this deflationary trend, Ethereum faced challenges in the form of macroeconomic factors, including banking crises and rising inflation.
While ETH’s growth lagged behind Bitcoin’s in the first quarter of the year, Bitcoin appeared to benefit from traditional financial instability.
The essence of the PoS upgrade was the shift from miners to stakers for network security.
The subsequent Shapella upgrade in April 2023 drove a significant portion of ETH towards staking. Liquid staking providers like Lido and Rocket Pool became key players in this ecosystem.
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Currently, these providers hold over $19.5 billion worth of ETH, with Lido accounting for 72% of all staked ETH.
However, the rise of liquid staking raised concerns about the level of control granted to providers like Lido Finance.
Some providers sought to impose a 22% limit rule to ensure network decentralization, but Lido voted against this measure, raising worries about centralization of validation on Ethereum.
Beyond staking, Ethereum grappled with regulatory pressures, especially in the United States.
Regulatory bodies in the U.S. appeared to be targeting blockchain companies, posing potential threats to Ethereum and the global blockchain community.
Additionally, client diversity remained a central issue for Ethereum.
The majority of active Ethereum nodes were run through centralized web providers like Amazon Web Services, leaving the network exposed to centralized points of failure.
Vitalik Buterin suggested statelessness as a solution to promote decentralization by reducing data requirements for node operators.
However, he acknowledged that these challenges might take another 10 to 20 years to fully address.
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The Terra Classic community is currently engaged in a series of crucial votes on various proposals, all amidst concerns about a noticeable surge in spam activity following a decline in Luna Classic (LUNC) prices.
In response to this pressing issue, a novel proposal, known as Proposal 11780 or the “Initiative to Address Spam Proposals by Raising Minimum Deposit to 5M LUNC,” has emerged as a potential solution.
This initiative aims to bolster the existing minimum deposit requirement from 1 million LUNC to 5 million LUNC, effectively creating a more formidable barrier to deter scam proposals from advancing beyond the initial deposit phase.
The primary goal here is to counteract the influx of spam and irrelevant proposals that have inundated the Terra Classic community’s voting system.
Validator consensus within the community is that the existing 1 million LUNC threshold is no longer adequate in discouraging these detrimental proposals.
Hexxagon, a developer team responsible for the community-owned Station wallet, has been closely monitoring the situation and has observed a substantial uptick in spam proposals, which has prompted the need for this proposed adjustment.
As of the latest update, Proposal 11780 has garnered support from 34% of the community votes in favor, while 64% have cast their votes against it, and a small fraction of 2% has opted for “No with veto.”
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Notably, nine validators, including prominent entities such as Hexxagon, Lunanauts, and Coinpayu, have endorsed the proposal, signaling their belief in its potential effectiveness.
In parallel to these developments, Terra Classic developers are actively preparing for the upcoming v2.2.1 core upgrade, scheduled for September 12 at 9:57 am UTC.
Simultaneously, the TerraUSD Classic (USTC) quant team is taking proactive steps by initiating contact with centralized exchanges in an effort to reestablish the peg of USTC.
Furthermore, both LUNC and Terra have recently experienced a significant surge in trading volumes, driven by a series of pivotal community-approved proposals.
LUNA, under the leadership of Terraform Labs, has witnessed a remarkable growth rate of over 5% in the past week, while LUNC is also exhibiting upward momentum in anticipation of the impending core upgrade, spearheaded by its developer team.
These developments underscore the dynamic nature of the Terra Classic ecosystem as it strives to address its evolving challenges and embrace opportunities for growth and improvement.
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Arkham Intelligence, a crypto analytics platform, has unveiled Robinhood, a financial services firm and crypto trading platform, as a significant holder of Ether (ETH) and the proprietor of the fifth-largest ETH wallet.
This wallet boasts a substantial sum of approximately $2.54 billion in cryptocurrency.
The announcement made on Arkham’s X (formerly Twitter) account highlighted that while the recognition of Robinhood’s possession of the third-largest Bitcoin wallet had garnered notable attention, its identification as the owner of the fifth-largest ETH wallet had received comparatively less recognition.
It is important to note that these funds are designated as user balances under Robinhood’s custody.
As per the data from BitInfoCharts, the most substantial Bitcoin wallets globally belong to Binance and Bitfinex, indicating their significant holdings in the crypto sphere.
Arkham Intelligence’s findings further disclosed that Robinhood’s associated wallet also contains various other cryptocurrencies, including 122,076 BTC (equivalent to $3.3 billion), a staggering 34.1 trillion Shiba Inu tokens (approximated at $277.8 million), 4.9 million Chainlink tokens (approximately $29.7 million), and 2.6 million Avalanche tokens (about $29.6 million).
Despite Robinhood’s prominence in traditional stock trading, its involvement in cryptocurrency trading has experienced a decline.
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In the second quarter, its crypto revenue dwindled to $31 million from the preceding quarter’s $38 million.
Recently, on August 30th, Robinhood disclosed the expansion of its wallet product offerings.
This extension incorporates features such as custodial services, as well as sending and receiving capabilities for Bitcoin and Dogecoin.
This augmentation is a direct response to the growing demand from users for enhanced support, as explicitly stated by the company.
During its initial launch in March, Robinhood Wallet rolled out self-custody services, catering to the Polygon and Ethereum networks.
The wallet also provided a selection of various tokens, including Compound, Polygon, SHIB, Solana, Uniswap, and the USD Coin stablecoin.
In conclusion, Arkham Intelligence’s revelations about Robinhood’s considerable holdings of Ethereum and other cryptocurrencies, coupled with the expansion of Robinhood’s wallet functionalities, signify the company’s continuous efforts to address user needs and diversify its offerings in the dynamic crypto landscape.
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The Grayscale Bitcoin Trust (GBTC) might see its BTC price “discount” eliminated by 2024, according to CoinGlass, a monitoring resource.
After Grayscale secured a legal victory over US regulators on August 29th, the declining performance of GBTC could potentially be addressed.
With a holding of over 600,000 BTC, the fund has been trading below the Bitcoin spot price, known as net asset value, since February 2021.
The once-positive “GBTC premium” has been negative for more than two and a half years, but this trend might be reversing soon.
The US Securities and Exchange Commission’s requirement to consider GBTC’s conversion into a Bitcoin spot price exchange-traded fund under the same terms as other applicants pushed the “discount” to its lowest point since December 2021, now standing at just -17%, less than half of its peak around 50%.
CoinGlass expressed optimism in a future recovery: “Expect Grayscale $GBTC premium to close the discount next year.”
Dylan LeClair, senior analyst at digital asset fund UTXO Management, emphasized GBTC’s significance in influencing Bitcoin’s journey to record highs in 2021 due to its vast assets under management.
He noted, “Today’s discount move from -26% to -17% is the equivalent of 56,000 BTC returning to the AUM of $GBTC if shares are marked to market.”
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The recent Grayscale development might also impact Bitcoin’s price action by reintroducing key moving averages (MAs).
The 200-week and 200-day trend lines, which failed to provide support during Bitcoin’s previous drop in August, could potentially regain their importance.
Despite BTC/USD struggling to maintain these levels, Rekt Capital, a prominent trader and analyst, highlighted the significance of these MAs in reclaiming bullish momentum.
Rekt Capital noted, “This is great initial momentum from ~$26K support which never broke down to fully confirm the Double Top.”
He also stressed the importance of Bitcoin reclaiming Bull Market moving averages as support to confirm a bullish outlook.
In summary, the Grayscale Bitcoin Trust (GBTC) could reverse its negative price “discount” in 2024, supported by recent legal developments and positive sentiments.
The fund’s large BTC holdings and its potential impact on Bitcoin’s price movement were highlighted, along with the significance of reclaiming key moving averages for sustained bullish momentum.
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Hashdex, a crypto asset management firm, has entered the race to establish a Bitcoin exchange-traded fund (ETF) in the United States.
To secure its spot, the company has filed an application with the U.S. Securities and Exchange Commission (SEC) for a Bitcoin futures ETF that will encompass actual spot Bitcoin holdings.
ETFs are investment vehicles traded on stock markets, deriving their value from an underlying assortment of assets like stocks, bonds, and commodities.
Similarly, Bitcoin ETFs mirror the value of BTC and are traded on traditional stock exchanges, distinguishing them from crypto exchanges.
Notably, Hashdex’s approach diverges from recent filings by sidestepping the Coinbase surveillance sharing agreement.
Instead, it plans to acquire spot Bitcoin from physical exchanges within the CME market.
As disclosed in a 19b-4 filing by NYSE Arca with the SEC, Hashdex aims to incorporate spot Bitcoin into its Bitcoin futures ETF and intends to rename it as the Hashdex Bitcoin ETF.
Industry experts have reacted to Hashdex’s novel Bitcoin ETF proposal. James Seyffart, an analyst at Bloomberg, highlighted the strategy’s exclusive reliance on exchange-for-related-positions transactions.
This technique involves exchanging futures contracts for an equivalent exposure to the spot market, bypassing direct cash purchases from exchanges.
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Seyffart speculates that Hashdex’s approach might enhance its chances of SEC approval.
This outlook is informed by the regulatory pressure faced by Gary Gensler, influenced by the Grayscale lawsuit, Ethereum futures submissions, and BlackRock’s implementation of the Coinbase surveillance sharing agreement.
Other specialists, such as Nate Geraci, President of The ETF Store, investor Alistair Milne, and finance attorney Scott Johnsson, have also commented on Hashdex’s distinct ETF submission.
They posit that Hashdex’s approach could address certain SEC concerns related to market manipulation and liquidity issues associated with the Bitcoin market.
As of now, the SEC, led by Chair Gary Gensler, has refrained from commenting on the status of spot Bitcoin ETF applications, the influx of Ethereum ETFs, and the potential approval timeline for a spot Bitcoin ETF within the current year.
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Bitcoin’s influence in West Africa is particularly prominent in Nigeria, a key player in the region’s economic landscape.
Yet, amid growing anti-French sentiment, French-speaking West African nations are also witnessing a surge in Bitcoin-related activities.
Senegal has inaugurated Bitique, its inaugural physical Bitcoin exchange and educational hub. Additionally, a Bitcoin Forum is scheduled for December in Dakar, Senegal’s capital.
Notably, a local Bitcoin advocate, Nourou, manages an autonomous Bitcoin node via satellite technology.
Meanwhile, Benin, located west of Nigeria, is preparing for its first exclusive Bitcoin Mastermind conference.
This pioneering event will unite local crypto enthusiasts and entrepreneurs from groups like Izichange, GoesPay, and Flash, fostering a space for Bitcoin education.
Nourou, founder of Dakar Bitcoin Days and Bitcoin Senegal, and Loïc Kassamoto, creator of Bitcoin Mastermind, offer insight into West Africa’s crypto evolution.
These French-speaking countries are beholden to the West African CFA franc currency, a remnant of colonialism.
Dissatisfaction with this currency has amplified anti-French sentiment, evidenced by recent public demonstrations and actions like Mali’s abandonment of the French language.
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The region is witnessing a surge in alternative currency initiatives, with Bitcoin gaining traction as a savings mechanism and medium of exchange.
In contrast to online discussions in the West, West African countries prioritize in-person meetups for financial discourse.
Although the pandemic temporarily shifted discussions to virtual platforms, a post-pandemic resurgence of physical spaces is underway.
Kassamoto highlights the significance of real-world interactions in advancing financial literacy and demonstrating Bitcoin’s potential in West Africa. He emphasizes the role of conferences, meetups, and stores in educating and engaging the community.
Nourou has established Bitique as Dakar’s inaugural physical Bitcoin store, not only facilitating cryptocurrency transactions but also offering in-person educational programs. Moreover, Bitcoin Senegal’s “Baol Digital Kids” initiative imparts Bitcoin and Lightning Network usage to children.
Across borders in Benin, Kassamoto and his peers maintain one of the country’s first Bitcoin nodes.
While Bitcoin adoption grows, Kassamoto acknowledges associated risks due to the broader crypto space’s challenges.
He distinguishes Bitcoin from other cryptocurrencies and underscores the importance of the West African community’s grasp of this distinction.
Bitcoin meetups continue to expand, providing platforms to differentiate Bitcoin from the broader crypto market.
Notably, the Central African Republic’s adoption of Bitcoin as legal tender garnered attention, though its subsequent development of Sango Coin and experimentation with asset tokenization diverted focus.
Ghana will also host a significant Bitcoin and educational conference this year, contributing to the ongoing Bitcoin education drive in West Africa.
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