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- Crypto Alpha - Week 47 2024
Crypto Alpha - Week 47 2024
All things Crypto, Web3 and Blockchain to keep you updated
TL;DR
BlackRock Bitcoin ETF Options Go Live on Nasdaq
Poland’s Presidential Candidate Proposes BTC Reserve Strategy
Grayscale Completes BTC and Ether ETF Reverse Splits
Monad Testnet Goes Live Amid L1 Competition
SEC Reviews Solana ETF Applications
Sky Launches USDS Stablecoin on Solana
Injective Launches iAgent SDK
KYVE Expansion Unveiled
Kima Integrates Avalanche for Cross-Chain Support
deUSD Brings Institutional-Grade Liquidity to Avalanche
Gary Gensler Steps Down as SEC Chair
Trump Considers Guillén for SEC Chair
And much more!
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Bitcoin Highlights of the Week
BlackRock’s iShares Bitcoin ETF (IBIT) options have officially launched on Nasdaq, following approval from the Options Clearing Corporation (OCC). This debut has already seen significant trading volumes, signaling strong investor interest. The new options enable U.S. investors to hedge Bitcoin positions or leverage exposure, broadening Bitcoin’s utility beyond mere holding.
This marks a pivotal step toward integrating Bitcoin into traditional financial markets, further cementing its role in global finance. As the derivatives market expands, it could potentially surpass Bitcoin's market cap, highlighting the growing confidence in institutional adoption of cryptocurrency.
Japanese investment firm Metaplanet Inc. saw its shares rise by 15.1% on Tuesday after acquiring an additional 124.1 BTC for $11.3 million, raising its total Bitcoin holdings to 1,142.2 BTC worth $104.8 million. Purchased at an average price of $91,266 per Bitcoin, this move aligns with the firm’s strategy to use Bitcoin as a treasury reserve asset.
Metaplanet’s stock turnover hit 21.9 billion yen ($141.7 million), marking a 1,334% year-to-date increase. The company also issued one-year bonds worth 1.75 billion yen to fund Bitcoin purchases, as its BTC yield reached 186.9% for October to mid-November.
Biopharmaceutical firm Hoth Therapeutics is investing $1 million in Bitcoin (BTC) as a treasury reserve, aligning with a growing trend among companies seeking inflation-resistant assets. Approved by its Board of Directors, the move underscores Bitcoin's rising status as a hedge and store of value, with CEO Robb Knie citing its appeal amid growing institutional adoption and economic uncertainty.
This decision mirrors actions by peers like Acurx Pharmaceuticals and follows examples set by industry leaders such as MicroStrategy. Hoth’s adoption signals Bitcoin’s integration into corporate treasury strategies, highlighting its evolution from a speculative asset to a mainstream financial instrument.
MicroStrategy has acquired 51,780 BTC for $4.6 billion, boosting its total holdings to 331,200 BTC, now worth over $30 billion. The purchase, made at an average price of $88,627 per BTC, marks the company's largest acquisition to date, representing 16% of its total holdings. This acquisition was funded through the sale of 13.6 million shares.
Despite facing some criticism for its leveraged position, the company continues to drive institutional Bitcoin adoption. MicroStrategy remains committed to its "21/21 Plan," aiming to raise $42 billion for future Bitcoin purchases, solidifying its position as a major Bitcoin holder.
Sławomir Mentzen, a candidate in Poland's May 2025 presidential elections, has outlined an ambitious plan to establish a Strategic Bitcoin Reserve. If elected, Mentzen aims to position Poland as a global Bitcoin hub by fostering crypto-friendly regulations, low taxes, and supportive banking policies.
Inspired by global trends, such as U.S. and Bhutan's strategic Bitcoin initiatives, Mentzen’s proposal reflects growing recognition of Bitcoin’s potential as a hedge against inflation and economic instability. His personal investment in Bitcoin since 2013 adds weight to his advocacy, signaling a shift in integrating digital assets into national financial strategies.
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Ethereum Highlights of the Week
Monad, an Ethereum-compatible Layer 1 blockchain, has launched its testnet, marking a significant milestone since its devnet debut in March. With up to 10,000 transactions per second (TPS) and 1-second block times, Monad aims to redefine blockchain performance.
Supported by a $225M funding round led by Paradigm in April, the project is gearing up to compete with other emerging Layer 1 networks like Sui Network and Berachain. While Monad's promise of high throughput and low fees is compelling, its success will hinge on execution as it vies for prominence in a competitive and rapidly evolving market.
Grayscale Investments has executed reverse share splits for its Bitcoin Mini Trust ETF and Ethereum Mini Trust ETF to enhance trading cost efficiency. Effective Nov. 19, the Bitcoin ETF saw a 5x price increase per share, while Ethereum ETF shares rose 10x. Investors will experience proportionate reductions in share quantities, excluding fractional shares, which will be sold and distributed as cash proceeds.
Grayscale assures investors their holdings remain unchanged and no action is required. This adjustment aligns with Grayscale's commitment to refining its product offerings based on client feedback, aiming to better meet investor needs.
Ethereum’s EIP 7805 introduces FOCIL (Fork-choice Enforced Inclusion Lists) to counter transaction censorship caused by block production centralization. Currently, 95% of Ethereum blocks are controlled by two entities, exposing the network to MEV (Maximum Extractable Value) manipulation.
With this upgrade, validators will enforce inclusion lists for mempool transactions, reducing block builders’ ability to exclude transactions. Blocks not adhering to these lists will be invalid. While not solving all centralization issues, this upgrade significantly bolsters Ethereum’s censorship resistance.
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An Ethereum wallet dormant since 2016 became active on November 7, 2024, selling 73,356 ETH for $224 million. The whale, who initially acquired 398,889 ETH at $6 per token, still holds a significant amount, sparking fears of further market disruption. Despite this, Ethereum showed resilience, hitting $3,429 intraday before stabilizing at $3,337.
Futures open interest grew 10% to $70.79 billion, and options trading surged 81.7% to $1.15 billion, indicating strong market interest. However, reports of 20.8M ETH moving to Coinbase have heightened fears of another major dump, keeping traders on edge as Ethereum faces resistance at $3,400.
Ethereum futures open interest has reached an all-time high of $20.8 billion, reflecting bullish sentiment among traders. Positive funding rates and a record 0.40 leverage ratio highlight increased risk-taking, with many betting on rising ETH prices. Ethereum’s open interest has surged 40% over four months, fueled by renewed investor confidence and institutional interest.
On-chain trading volume has also spiked, doubling in November amid crypto market optimism. However, analysts warn that high leverage could trigger a long squeeze in volatile conditions. Ethereum’s price climbed to $3,365, supported by strong market catalysts, including Bitcoin’s rally and favorable macroeconomic developments.
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Solana Highlights of the Week
The SEC is engaging with issuers of spot Solana ETF applications, including prominent firms like VanEck, 21Shares, and Bitwise. These companies have substantial ETF experience, which raises optimism for potential approval. This marks a shift toward expanding crypto ETFs beyond Bitcoin and Ethereum, although the timeline for approval remains unclear.
The upcoming 2025 administration could play a pivotal role in accelerating the process. A Solana ETF would further cement Solana’s position as a leading crypto asset, potentially opening doors for additional crypto ETFs to launch and enhancing the overall diversity of the crypto market.
Sky, formerly known as Maker, has deployed its USDS stablecoin on Solana, marking the first multichain expansion in its seven-year history. USDS, previously exclusive to Ethereum, is the third-largest stablecoin by market cap after USDT and USDC. This move aligns with Sky co-founder Rune Christensen’s long-term “endgame” vision.
Leveraging Wormhole’s token transfer framework, USDS will be incentivized through partnerships with Solana-based DeFi platforms like Jupiter and Orca, offering over 300,000 USDS weekly in liquidity rewards. The deployment benefits both parties: Solana gains a top stablecoin, while Sky taps into Solana's growth momentum to strengthen its community and market presence.
Digital asset manager Bitwise has taken a significant step toward launching a spot Solana ETF, registering a statutory trust in Delaware on Nov. 20. This move suggests an imminent filing with the SEC to join the competitive ETF race alongside VanEck and Canary Capital. If approved, the ETF would track Solana’s price movements, with a listing likely on the NYSE Arca.
Industry experts predict favorable regulatory changes under the incoming U.S. administration could boost approval odds. Despite Solana’s strong performance this cycle, concerns remain due to its past bear-market underperformance. SEC decisions on similar ETFs remain pending into 2025.
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