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- Crypto Alpha, Week 23 2024
Crypto Alpha, Week 23 2024
All things Crypto, Web3 and Blockchain to keep you updated
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TL;DR
Australia’s First Spot Bitcoin ETF with Direct Holdings Now Trading
Bitcoin Startup Embraces New Layer 2 Scaling Protocol
Spot Ether ETF Approvals Will ‘Take Time’, Says Gary Gensler
Vitalik Buterin on What Celebrity Tokens Miss
TabiChain Announces Details of $TABI Token Public Sale
Sei and Gitcoin Launch the Sei x Gitcoin Creator Fund
Wormhole Introduces Governance Functionality, W Token Rises by 4.44%
Solana Becomes Institutional Favorite After PayPal USD Launch
Enhanced Wallet Security: Avalanche Partners with Blockaid
Garanti BBVA Embraces Avalanche C-Chain Integration
Binance Unveils 55th Launchpool Project: IONET (IO)
US Lawmakers Urge Biden to Bring Back Binance Executive from Nigeria
And much more!
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Bitcoin Highlights of the Week
Australia now has its first spot Bitcoin ETF that directly holds BTC. The Monochrome Asset Management's Bitcoin ETF (IBTC) started trading as the Cboe Australia exchange opened. With a management fee of 0.98%, the ETF trades under the ticker IBTC.
This milestone makes IBTC the first fund in the country to offer direct Bitcoin holdings, giving investors straightforward access to BTC. Unlike the two existing spot Bitcoin ETFs in Australia, which offer exposure to spot Bitcoin without directly holding it, Monochrome's ETF fills this gap by actually holding Bitcoin.
A year after its proposal, Ark Labs has announced its commitment to making the Ark concept a reality. The company is developing a Bitcoin layer-two network to meet the rising demand for scalable, low-cost Bitcoin payment solutions.
In an interview with Bitcoin Magazine, Ark Labs CEO Marco Argentieri discussed the protocol's progress since its initial release.
"After months of prototyping and creating proofs-of-concept, we believe Ark is ready for the next stage of development, and we are excited to share this opportunity with the industry," Argentieri said.
Thailand has approved its first spot Bitcoin exchange-traded fund (ETF), joining other countries in offering regulated Bitcoin investment options.
The Thai Securities and Exchange Commission (SEC) has authorized asset manager One Asset Management (ONEAM) to launch the ONE Bitcoin ETF Fund, set to be available from May 31 to June 6, according to the Bangkok Post.
Under Thai SEC regulations, the ETF will be available only to wealthy and institutional investors. This follows recent amendments allowing Bitcoin ETFs aimed at professional investors.
ONEAM will invest the fund in 11 major global Bitcoin funds to ensure liquidity and security. The company states that the ETF provides regulated exposure to Bitcoin, mitigating risks like theft associated with direct ownership.
The team behind StarkNet is initiating plans to bring ZK (zero-knowledge) scaling to Bitcoin, aiming to enhance the network alongside Ethereum.
What's happening?
Using OP_CAT: StarkWare plans to implement ZK scaling on Bitcoin by building on the OP_CAT proposal, a potential upgrade that could enable smart contracts and ZK scaling.
Simultaneous Settlement: If OP_CAT is approved, StarkWare aims to enable scaling within six months, allowing settlements on both Bitcoin and Ethereum using the same StarkNet network, governance, and tokenomics.
Unlocking Potential: StarkWare CEO Eli Ben-Sasson believes this move will help Bitcoin realize its full potential, fostering complex financial instruments and applications. To support this, StarkWare is launching a $1M fund for Bitcoin researchers to explore and demonstrate the benefits of OP_CAT.
This announcement marks StarkWare's first major step in expanding its scaling solutions to Bitcoin. If OP_CAT passes, it could significantly enhance Bitcoin's functionality.
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Bitdeer, a prominent Bitcoin mining company, has unveiled its groundbreaking "SEAL04" chip as part of its technology roadmap for the Sealminer rig. This chip promises to significantly enhance Bitcoin mining performance while simultaneously minimizing power consumption, reducing costs, and shrinking its environmental impact.
Scheduled for release in the second quarter of 2025, the SEAL04 chip is expected to achieve remarkable energy efficiency, with levels as low as 5 joules per terahash (J/TH). This innovation marks a significant step towards eco-friendly Bitcoin mining practices.
Bitdeer's roadmap not only aims to enhance transparency in the mining industry but also manages miners' expectations regarding technological advancements and equipment delivery. Additionally, it provides valuable data analytics on machine capabilities, inventory, and purchasing behavior.
Daily Alphas of the Week
Ethereum Highlights of the Week
SEC Chair Gary Gensler suggested that the commission might delay approving spot Ether (ETH) ETFs during a June 5 CNBC interview. He indicated that the next steps for SEC approval would "take some time," implying a slow process for finalizing S-1 registration statements. While the SEC recently approved 19b-4 filings from several major asset managers, including VanEck and BlackRock, final approvals for listing and trading these ETFs on U.S. exchanges could take months.
Gensler also noted that cryptocurrency firms were engaging in activities not permitted for traditional exchanges, hinting that the SEC's strict enforcement stance would continue. The SEC has filed lawsuits against Ripple, Coinbase, Binance, and Kraken, but has faced setbacks, including being ordered to pay $1.8 million over "bad faith conduct" by a Utah judge.
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