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First Mover Americas: Ether Steals the Show, Alts Follow Suit

The latest price moves in crypto markets in context for April 14, 2023.

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Ether (ETH) continues to outperform bitcoin (BTC) following the Ethereum network’s Shanghai upgrade, which has proven to be bullish for much of the cryptocurrency market, with many altcoins following suit. Ether is up 6% on the day vs. bitcoin which gained 1%. Bitcoin did briefly cross $31,000 on Friday for the first time since June 2022, marking a 10% gain over the last 7 days. Ether rose 13% over the same time frame. Arbitrum (ARB) an Ethereum scaling solution, led gains this week, rising almost 30%. According to Sheraz Ahmed, STORM’s managing partner, ARB is bouncing back from the overselling caused by its airdrop in March, which saw the Ethereum layer 2 distribute its long-awaited governance token to community members. The airdrop, however, was plagued with bugs and phishing scams. “The crypto markets are heavily emotionally driven, and we often see overbought/sold tokens based on over-reactions,” said Ahmed.

The tokenization of real-world assets gathers pace, Bank of America (BAC) said in a research report Thursday, which noted that the tokenized gold market surpassed $1 billion in value last month. Tokenization is the process of putting ownership of tangible assets – precious metals being one example – on the blockchain, and thus offering the convenience of buying and selling these assets around the clock as the involvement of traditional brokers is not necessary. Bank of America sees this tokenization – which could also include commodities, currencies and equities –as a “key driver of digital asset adoption.”

Solana Labs’ crypto-forward smartphone Saga will go on public sale May 8, the company behind the Solana blockchain said Thursday. Pre-ordered devices are shipping now. The Android smartphone is a gamble on mobile being imperative to the future of crypto, employees at Solana-focused companies told CoinDesk. It was nearly 10 months ago that Solana first teased the radical potential of a cellphone that doubled as a dedicated crypto hardware wallet, and the possibilities such a product could hold for its entire ecosystem. The new device from Solana Mobile costs $1,000 and is built on hardware from Bay Area smartphone company OSOM. Phonemaker names both big and small – HTC and Sirin Labs among them – have previously failed in their efforts to create a crypto-forward smartphone, setting an ominous precedent for Solana, a device built for and marketed to a single crypto ecosystem.

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Edited by Stephen Alpher.

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Chia Network Submits Registration to U.S. SEC For Proposed IPO

The size and price range for the offering has yet to be determined

Blockchain and smart-contract platform Chia Network – founded by Bram Cohen, inventor of BitTorrent – has submitted a confidential draft registration to the U.S. Securities and Exchange Commission for a proposed initial public offering (IPO).

The size and price range for the offering has yet to be determined, Chia said in a press release on Friday.

Chia’s aspirations for a public listing go back to bull run of 2021, when Bloomberg reported the blockchain raised $61 million in a Series D funding round, led by Andreessen Horowitz (a16z) and Richmond Global Ventures, at $500 million valuation. At the time, then chief operating officer (now CEO) Gene Hoffman was reported to have said that it was on “an accelerated timeline” to an IPO.

Native token XCH has shown little response to the news, currently up around 2.59% on the day, though showing no upward movement since Chia’s announcement at around 13:30 UTC, according to CoinMarketCap data.

Edited by Aoyon Ashraf.

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Elon Musk Tweet Spurs 7% Aptos Price Surge

APT quickly retraced the entire move after Musk deleted a tweet saying, “AI APT OTT!”

Aptos (APT) rallied by 7.4% in less than a minute on Friday after Twitter CEO Elon Musk tweeted, “AI APT OTT!”

“APT,” in this context, however, was an acronym for Advanced Persistent Threats, not the Aptos token, and APT retraced the entire move higher after Musk deleted the tweet one hour later.

This is not the first time Elon Musk or companies he’s associated with have moved crypto markets. Only days ago, Twitter changed its logo from the blue bird to the Shina Inu dog that represents dogecoin, sending that memecoin surging as much as 35%. The logo has since been switched back.

Even with the retracement, Aptos, which is the native token of the Aptos blockchain, remains up by 8.2% over the past 24-hours alongside gains for much of the altcoin market following Ethereum’s successful Shanghai upgrade.

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APT has now rallied by more than 89% since its debut in October 2022.

Edited by Stephen Alpher.

Onramp Launches First Spot Bitcoin Trust With Multi-Party Custody

The company, based in Austin, Texas, says the new offering is the first bitcoin trust that takes advantage of Bitcoin’s multi-signature capability.

Bitcoin financial services firm Onramp has launched a spot bitcoin (BTC) trust for high net worth investors, that takes advantage of the cryptocurrency’s multi-signature (multisig) capability to enable what Onramp calls multi-party custody – where a group of separate custodians each hold a private key in a multisig arrangement.

Onramp has recruited qualified custodian Kingdom Trust and bitcoin financial services firm Unchained Capital to create a 2-of-3 multisig model, meaning two of those three entities will need to sign a transaction in order to move client funds. The goal is to give clients direct exposure to bitcoin without the hassle of self-custody or the risk of trusting a single custodian.

Each unit of the trust will be equivalent to one BTC and clients will be able to process in-kind redemptions, where they redeem the underlying asset (bitcoin) without triggering a taxable event.

Bitcoin exchange traded funds (ETFs) in the U.S. are currently not allowed to hold bitcoin directly and typically hold bitcoin futures contracts instead. Other investment funds like the $18.7 billion Grayscale bitcoin trust (GBTC) – the world’s largest bitcoin investment fund – do hold BTC but don’t allow in-kind redemptions.

Grayscale ceased redemptions in 2014, citing compliance with Securities and Exchange Commission regulations, although some, including Onramp and hedge funds like Fir Tree Capital Management, argue Grayscale’s stopping redemption was self-imposed.

“GBTC did do redemptions,” Michael Tanguma, CEO and co-founder of Onramp told CoinDesk. “They stopped doing them back in 2014/2015 as they wanted to accumulate AUM [assets under management].”

The inability to redeem has been a source of disgruntlement for institutional investors like Fir Tree, which has sued GBTC over the matter. Tanguma says Onramp’s in-kind redemptions (which can be processed after an initial 12-month lockup period) and multi-party custody arrangement sets it apart from Grayscale and offers a new model for bitcoin custody.

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“It’s essentially the product GBTC should have been,” Michael Tanguma, CEO and co-founder of Onramp told CoinDesk. “And I believe it will be the future of how bitcoin is custodied.”

When asked whether Onramp would need SEC approval to start the redemptions and if so why the regulator would approve the plan, Tanguma responded: “It does not require formal approval because bitcoin is a commodity as per the CFTC, not a security. With that, Onramp does plan to work with securities lawyers to get opinion letters in place to reduce the 12-month lock-up period for redemptions, and will work with all regulators to make sure Onramp stays compliant in all jurisdictions where it offers its services.”

Bitcoin Miner Bitdeer Stock Slumps Nearly 30% at Trading Debut

The Singapore firm is one of the largest bitcoin miners in the world with 16.2 EH/s of hashrate.

Bitcoin miner Bitdeer listed today on the Nasdaq after several delays, to lukewarm reception, as the shares of the miner, under the ticker BTDR , lost almost 30% of their value, trading around $6.81 at the time of publication.

The stock was halted shortly after market open, several times, for volatility. Other crypto mining stocks saw single-digit upticks in their share value at the same time frame.

Its merger with a special-purpose acquisition vehicle (SPAC), called Blue Safari Group Acquisition Corp, was approved on Tuesday.

The Singapore-based firm is one of the largest miners in the world, shows a March prospectus filed with the U.S. Securities and Exchange Commission. It has six mining sites across Washington state, Texas, Tennessee and Norway, with a total energy capacity of 775 megawatts (MW) as of the end of 2022, about less than what it had estimated in February 2022. Its hashrate or computing power at the end of January stood at a total of 16.2 exahash per second (EH/s), second only to bankrupt Core Scientific (CORZ) and higher than Riot Platforms (RIOT) and Marathon Digital Holdings (MARA).

About one quarter of that is used for self-mining, meaning it keeps the bitcoin rewards, whereas the rest is given out for cloud mining, meaning customers rents its machines and reap the rewards.

Bitdeer was born out of the world’s largest rig manufacturer, Bitmain, when after a spat between the two co-founders, one of them left and took Bitdeer. Another cloud mining firm also affiliated with Bitmain, BitFuFu, is also in the process of going public via SPAC, but has delayed the listing.

Bitdeer’s, along with other bitcoin miners, financial performance deteriorated in 2022, in part due to worsening market conditions. The firm reported revenues of $330.3 million, and a loss of $62.4 million for 2022, compared with $394.7 million in revenue and a profit of $82.6 million the year before, according to the prospectus filing.

The miner is going public at a better time than last year as market conditions have improved, with bitcoin passing the $30,000 mark and mining equities in many cases outperforming the digital asset in percentage growth. In the future the “market will begin to shift from not only focusing on operators with the biggest scale, but also operators with the best unit economics,” said investment bank Stifel Nicolaus’s analyst Bill Papanastasiou.

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UK’s New Technology Department to Tackle Country’s Metaverse, Web3 Strategy

The department will explore economic growth, investment and business opportunities in these areas, as well as implications on regulation.

The U.K.’s newly formed Department of Science, Innovation and Technology will advance the country’s metaverse and Web3 strategy, an individual familiar with the matter not authorized to speak publicly told CoinDesk.

The country’s 2023 Spring Budget, released in March, said the government wanted to “lead on the future of web technology, sometimes known as Web3 or the metaverse.” The new tech department, set up in February, will lead the charge in this work. The department’s work will not focus on specific technologies like blockchain and virtual reality but will instead look at potential economic growth opportunities, investment and business models associated with concepts including the Metaverse and Web3, along with implications for regulation, according to the source.

The metaverse, which is a collection of virtual worlds where people can buy and sell things, was described as a $13 trillion dollar opportunity by investment bank Citigroup. Meta – formerly known as Facebook – dove into the sector, shifting much of its operations to focus on building the metaverse, though the recent crypto winter has put a damper on its growth.

The U.K. government has said its science and technology framework will be supported by more than 370 million British pounds ($463 million) in new funding “to boost infrastructure, investment and skills for the U.K.’s most exciting growing technologies, from quantum and supercomputing through to artificial intelligence.”

It’s not clear how much of that money has been dedicated to the tech department and its metaverse work. Prime Minister Rishi Sunak, who had previously vowed to turn the country into a crypto hub, said the department was put in place to turn scientific and technical innovations into “practical solutions to the challenges we face.”

CoinDesk has reached out to the Department of Science, Innovation and Technology for comment.

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Edited by Sandali Handagama and Nikhilesh De.

Crypto Derivative Volumes Rose in March for Third Straight Month

A report noted an increase in spot DEXs offering derivatives trading on their platforms.

Crypto derivatives trading volumes across both centralized and decentralized exchanges rose for a third consecutive month in March, the first three-month streak since at least January 2022, according to figures from CCData.

Crypto derivatives are financial contracts such as futures and options that relate to cryptocurrencies. They are popular because they allow market participants to hedge their positions or to speculate on market direction.

Derivatives trading accounted for about 74% of the roughly $4 trillion crypto market volume last month, the data show. While the bulk of derivatives trading took place on centralized exchanges, decentralized exchanges accounted for $68.7 billion, with dYdX taking a 62.6% share.

“We expect decentralized derivatives protocols to continue performing well and gain market share in the next quarter,” said CCData in a report.

There has been an increasing trend of spot DEXs adding derivatives trading to their platforms as they notice the potential of derivative DEXs, according to CCData.

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In March, DEX PancakeSwap announced it was partnering with ApolloX to introduce trading of perpetual swaps. Quickswap, a decentralized exchange built on Polygon, is also launching perpetual products soon, CCData said.

Edited by Sheldon Reback.

Avalanche Surges to 6-Month High in Daily Active Addresses

The spike coincided with a bevy of financial institutions joining Avalanche’s Evergreen subnet “Spruce.”

Layer 1 blockchain protocol Avalanche is picking up steam, reaching a six-month high in daily active addresses earlier this week.

According to blockchain data firm Artemis.xyz, Avalanche’s daily active addresses hit nearly 80,000 on April 12. Its daily active user base grew 85% in the past 90 days, making it one of fastest growing protocols, ahead of BNB Chain, Tron, Ethereum, Aptos and Bitcoin. Only four protocols grew faster, per Artemis: StarkNet, Arbitrum, Stacks and Canto.

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The high watermark coincided with Avalanche’s April 12 partnership with a bevy of financial institutions that will contribute to its network infrastructure, signaling traditional finance companies’ increased interest in the Avalanche ecosystem.

The price of Avalanche’s native token AVAX stands at $18.53 at press time, down 1.34% in the past 24 hours, per CoinDesk data. Avalanche is the seventh largest blockchain by total value locked, which currently sits at $878.7 million, according to crypto stats website DefiLlama.

Edited by Danny Nelson.

Olympus DAO Votes to Buy More ETH for Treasury Backing OHM Token

The rebalancing comes as ether rallies off a successful Shapella upgrade.

Decentralized reserve crypto project Olympus will increase holdings of “volatile assets” such as ether (ETH) in the treasury backing its OHM token after member approval Friday of a new Treasury Framework.

“We’re targeting 75% stablecoins and 25% directional exposure,” said an analyst on the Olympus treasury team who goes by the screen name Relwyn. That’s a change from the 79%-21% breakdown comprising Olympus’ $200 million treasury of stablecoins, volatile assets and protocol-owned liquidity.

The tweaking will give Olympus more exposure to ether, which at $8.4 million Friday was already the largest “volatile asset” in the reserve treasury backing OHM. Ether rallied hard this week after the much-anticipated Shapella upgrade failed to trigger the mass sell-off many traders had feared would come from a flood of newly unlocked ETH.

This shift is unlikely to be as “aggressive” on ETH that the framework’s authors said many community members called for. It will, however, result in a decrease in Olympus’ exposure to so-called stablecoins such as DAI that faltered during the March banking crisis.

“Treasury team recognizes the need for Olympus to decrease reliance on stablecoins with centralized backing,” the proposal read. “Increasing ETH exposure marginally is one step in that direction while not undermining the relative stability of OHM’s backing in the near term.”

Relwyn said the treasury operations team “agrees” with community members’ bullishness, but cautioned the protocol can’t just YOLO everything into ETH without incurring a hearty dose of risk. Number may go up right now, but “number can go down, too,” said Relwyn,

Another reason for the measured approach is operational, Relwyn said, noting Olympus’ mechanisms for rebalancing OHM’s backing could get wonky if the treasury’s ether holdings grow too large. Those mechanics currently price OHM in DAI, by far the treasury’s largest crypto holding at nearly $80 million.

“If it priced itself in ETH, it could have more heavy ETH backing,” Relwyn said. “Mixing the two can be dangerous” for how Olympus manages its so-called range-bound stability.

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The vote passed with nearly unanimous approval midday Friday. Seventy-six wallets that together held 23,000 OHM tokens participated in the vote.

Edited by Stephen Alpher.

Bitcoin, Ether Turn Upward in a Busy Week of Ethereum and Inflation News

Ether has risen more than 9% since the Ethereum Shanghai upgrade, which held center stage in crypto markets for much of the week. Bitcoin held fast above $30,000.

Major digital assets surged in an eventful week that included encouraging inflation veri and the much anticipated Ethereum Shanghai upgrade. Once-shaken confidence in crypto markets rose, along with valuations and trading volumes.

Bitcoin (BTC) and ether (ETH) have risen about 9% and 11%, respectively, over the past seven days, with much of the gains occurring over the latter few days.

In recent economic reports inflation was lower than expected and jobless claims were higher than expected. The Fed may have been hoping for such signs as reason to justify not raising interest rates again when the Federal Open Market Committee (FOMC) next meets in May.

Bond markets have begun to respond. The spread between two- and 10-year Treasury bonds, while still negative, has narrowed since early March.

Crypto markets’ biggest news was the completion of the Shanghai update, allowing ETH stakers to withdraw their ETH deposits. Ether has responded positively, increasing about 9% in price since the upgrade was completed.

One of investors’ prevailing fears was that the potential unlocking of 18.2 million ETH would lead to selling pressure on the asset. However, markets have so far viewed the de- risking of ETH staking positively.

ETH’s price upswing has led to the asset chipping away at bitcoin dominance by market capitalization. Crypto market trading volume also rose, as ETH’s daily volume spiked to more than twice its 20-day moving average on Thursday. BTC volume breached its 20-day moving average each day this week, with the exception of Thursday

Both BTC and ETH breached the upper range of their Bollinger Bands this week, an indication of increased bullishness. The Bollinger Bands indicator is a technical tool that plots an asset’s moving average and two standard deviations above and below. A breach of Bollinger Bands in either direction is considered to be a significant event, in this case a bullish one.

Some altcoins had a push higher this week as well. ARB, the native token for Ethereum layer 2 system Arbitrum, led the way – up 28% over the past seven days. Solana (SOL) and Immutable X’s IMX also had strong weeks, rising 20% and 17%, respectively.

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