Grayscale Investments has filed a registration statement on Form S-3 with the SEC to register shares of its Grayscale Ethereum Trust (ETHE) as part of efforts to uplist the trust to a spot Ethereum ETF on the NYSE Arca.

Daily Top Performer — Automata Network (ATA)

The SPX index is up 0.02%, investor focus on earnings and U.S. interest rates continues. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 3.78% and 2.41%, respectively in the past 24 hours.

Today’s outperformer is ATA, which jumped 8.9% after Automata launched Multi-Prover AVS on Eigenlayer Holesky Testnet to boost decentralized security.

Automata Network (ATA), founded in 2019, is a Web3 platform providing private web services for decentralized applications, focusing on secure, anonymous transactions and governance. Key features include a private voting system and MEV minimization to enhance user privacy and security. Automata's Multi-Prover AVS, which utilizes TEE Coprocessors to enhance security, is now available on the Eigenlayer Holesky testnet. This system employs the TEE Prover as a secondary security measure in decentralized systems. Operators, restakers, and developers are encouraged to learn more about this advancement on their website.

Check Out the Latest Prices, Charts, and Data of 

Grayscale Investments, the world's largest crypto asset manager, has filed a registration statement on Form S-3 with the SEC to register shares of its Grayscale Ethereum Trust (ETHE) as part of efforts to uplist the trust to a spot Ethereum ETF on the NYSE Arca. This filing follows NYSE Arca’s application and is a crucial step in the regulatory process required for offering shares continuously upon approval. The shares will not be sold until the registration is declared effective, and this offering is subject to the Securities Act of 1933. Grayscale emphasizes that the trust, not registered under the 1940 Act, involves high risk and volatility, is focused solely on Ethereum, and does not offer direct investment in Ethereum.

BlackRock's spot bitcoin ETF, IBIT, has significantly impacted the firm's overall ETF flows, comprising 24% of its total. Eric Balchunas, Bloomberg's Senior ETF Analyst, highlighted the fund's success during a panel on Hong Kong's newly approved spot crypto ETFs. Since its launch in January, IBIT has attracted consistent inflows for over 70 days, accumulating more than $18 billion in assets under management and becoming one of the most successful ETFs in history. The IBIT fund is second only to Grayscale's ETF in terms of assets but has seen remarkable trading volume along with other spot bitcoin ETFs, totaling nearly $230 billion.

Gamium, supported by Parachain Ventures, DAO Maker, and Mr. Beast among others, has its token $GMM listed on major exchanges with a fully diluted valuation of around $43M. The platform is promoting a beta points airdrop to reward early users, where participants can sign up and earn points through various activities like launching an MST, trading, daily logins, and referrals. Details on point earning and distribution are available in a dedicated blog post. However, potential users are cautioned to research due to the inherent risks associated with DeFi protocols and trading.

Beginner

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Grayscale Files for SEC Registration to Convert Ethereum Trust into a Spot ETF on NYSE Arca

Bybit Dual Asset Mining is a non-principal protected investment product with floating returns. Users who deposited crypto can earn an enhanced yield. Learn more.

Dual Asset is a short-term speculation vehicle that lets you capitalize on small price movements in the market. All you have to do is predict the direction of a given crypto asset, such as BTC, ETH or MNT, within a preset time frame. Upon maturity, your returns will be in the form of either USDT or your chosen crypto asset, depending on the outcome of your trade.

Bybit Dual Asset 2.0 is an enhanced version of the predecessor focusing on higher returns on capital for traders with better investment flexibility. Traders could customize their orders by entering different directions of the market trend based on their predictions to enjoy high-interest yields even if the predicted asset price did not trigger.  

Understanding Buy Low, Sell High on Bybit Dual Asset 2.0

 function on Bybit Dual Asset 2.0 refers to a product subscription in which traders anticipate the chosen digital asset to settle at a low targeted price at a predetermined time range. Here’s a user case scenario to help to visualize the product function: 

Alex chooses to buy BTC/USDT Dual Asset, and he will be using USDT as an underlying asset for the subscription to buy BTC at his desired lower crypto price. The yields vary depending on the settlement date, which ranges from 1 to 5 days. Assuming Alex opts for a 1-day subscription with 110% yields in APY, he is entitled to claim rewards in two different scenarios: 

 When the asset target price is reached  

, he will successfully purchase BTC at his desired price with his subscribed USDT and interest income.

His returns will be calculated with the formula provided below: 

 (Subscription Amount + Interest) / Target Price 

 Subscription Amount x APY x Subscription Period (in days)/365 

1,000 + ( 1,000 × 110% × 1/365) / 21,000 = 0.04776 BTC

Assuming the BTC price is $23,000 when cash out, Alex’s gross return on investment for the chosen Dual Asset subscription would be $1,098.48. 

 When the asset target price fails to reach  

, the target crypto will fail to be purchased, and you’ll receive your subscription amount and interest income in USDT.

Assuming the settlement price is higher than the target asset price, settling at $21,500. Alex’s return on investment will be calculated as below: 

1,000 + (1,000 × 110% × 1/365) = 1,003.0137 USDT

Even though Alex failed to purchase BTC at his desired price, he still earned rewards on his contributed USDT in the Dual Asset pool. It is still a win-win situation for Alex, as he did not lose any money for opportunity costs. 

: In both cases, Alex will still earn interest on his investment in the form of USDT. 

, in which traders anticipate selling the chosen digital assets at a higher targeted price within a predetermined date. Here’s a user case scenario to help to visualize the product function: 

Alex chooses to sell BTC/USDT Dual Asset, and he will be using USDT as an underlying asset for the subscription to sell BTC at his desired crypto price at a higher anticipated price. The yields vary depending on the settlement date, which ranges from 1 to 7 days. Assuming Alex opts for a 1-day subscription with 150% yields in APY, he is entitled to claim rewards in two different scenarios: 

 When the asset target price of $24,000 is reached  

, he will successfully sell his BTC at his desired price and receive USDT in return.

 (Subscription Amount + Interest) x Target Price

Assuming the settlement price is higher than the target asset price, settling at $24,000. Alex’s return on investment will be calculated as below: 

1 + (1 × 150% × 1/365) × 24,000 = $98.6301

Alex’s return on investment would be a total of 24,098.6301 USDT, including his capital of 24,000 USDT and the yields. 

 When the asset target price failed to reach, settling at $23,000. 

, he fails to sell his crypto at the target price and will receive yields in BTC as a return. 

When converting 1.0041 BTC to USDT at $23,00 per BTC, Alex will receive 23,094.30 USDT, including the yields. 

Why Should You Invest in Bybit Dual Asset?

Dual Asset might be a good fit for you if:

Bybit VIP users can unlock additional perks when investing in Bybit Dual Asset 2.0. These benefits include 

Bybit Dual Asset 2.0 leverage on sophisticated trading mechanics to allow product participants to earn high yields with greater flexibility. The subscribed assets will be deployed to Bybit Derivatives for hedging via a trusted third-party entity affiliated with Bybit. The yield generation process will not involve any on-chain activity. 

Participants will earn yields by capitalizing on the asset’s price movements by predicting the price direction of a crypto asset within a predetermined time frame. 

Bybit Dual Asset vs. Dual Asset 2.0: The Differences

Advanced

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What Is Bybit Dual Asset? (Updated 2024)

In the inaugural session of Learn Live ICYMI, we gathered an esteemed panel of crypto experts to share insights on the current crypto market. Learn more here.

As we progress into 2024, the cryptocurrency market has witnessed a vibrant resurgence, heralding what many are calling a new 

. Key drivers of this resurgence include the January 2024 

, which has increased institutional participation, and the anticipation of 

, expected to further reduce coin issuance and potentially boost prices. 

With these developments setting the stage, our new series, 

livestreams, providing you with comprehensive expertise and insights from leading figures in the crypto industry in case you missed the livestream.

, we gathered an esteemed panel of crypto experts: 

, Director of BD and Partnerships at Wintermute; and Hao Yang, Global Head of Derivatives and Financial Products at Bybit. Nathan Thompson, Lead Tech Writer at Bybit, skillfully moderated the 

. The discussion focused on the implications of recent regulatory and economic developments, and nuances of the current market.

YouTube video player

Understanding the Post-ETF & Post-Halving Landscape: Challenges and Opportunities

 in early 2024, along with the April 11, 2024 

 have painted a complex canvas for 2024. Lennix Lai highlighted the new post-ETF market dynamics in his introduction, emphasizing the influx of traditional capital and varied market participants. The uncertainty of post-halving effects, as well as their interplay with broader economic factors, also present a complex scenario. Lai noted, "Halving was more impactful in the early stages. Now, we must consider macroeconomics as well."

Hao delved into the specifics of market supply-and-demand influences, stating that the introduction of a Bitcoin Spot ETF has certainly “opened up the floodgates to institutional money,” which traditionally hasn’t been as involved in crypto. This new demand has driven up prices. However, the halving also cuts supply significantly, even though its impact lessens with each cycle (due to the finite nature of Bitcoin). He further explained that we're seeing a convergence of the total circulating supply toward the 

, which will naturally diminish the supply-side impact over time.

Croft commented on the strategic implications of these events, sharing that both the Bitcoin Spot ETFs and halving narratives have been major topics. While their immediate impacts might not stir significant volatility, BTC price action tends to follow a pattern over months following a halving in what is essentially a sophisticated market that likely has these factors priced in already. Croft emphasized the market's evolving sophistication: "Immediate impacts might be muted, but the long-term effects are worth noting. Historically, the period from halving to peak has extended, showing that the real impact unfolds over months."

Thompson synthesized their insights, concluding that while immediate market reaction may be subdued, underlying shifts in market fundamentals will likely drive significant change over the medium-to-long term.

Market Trends and Predictions: Insights Into the Current Bull Run

The panel then moved on to discuss the current bull run, emphasizing the reduced market volatility, which suggests a maturing market. Hao observed the trend toward market maturity: "As we witness diminishing volatility, it's indicative of a maturing market. This maturity suggests that cryptocurrencies are moving toward mainstream acceptance, making the market less volatile but still rich with opportunities for both retail and institutional investors."

Lai discussed the evolving demographics and behaviors of market participants. As the market matures, the correlation with traditional macroeconomic factors becomes more pronounced. This bull run isn’t just about speculative interest, as it’s being driven by more foundational changes in the market structure that include the effects of the halving and the influx of new institutional players.

"In the short term, Bitcoin behaves like a risky asset class, influenced by positive sentiments pre-halving," Lai said.

Thompson added, "It appears that market participants are reacting preemptively to these events, a behavior akin to front-running, which has historically proven to influence Bitcoin's price trajectory well before the halving actually occurs."

Croft added that the narrative around these market events often precedes actual price action: by the time we see movement, the market has already digested the news. What's compelling is how these narratives develop and run their course over time, shaping market behavior in less direct but profound ways.

Maximizing Market Performance for Crypto Users

Leveraging Derivatives and Options Markets for Enhanced Performance

The next segment discussed ways in which 

 might offer a viable dynamic to certain traders, and how that could impact the market.

, averring that options and derivatives are being used more strategically than ever. They're not just being used for hedging, but are integral to the investment strategies of various institutional players. This is a testament to the market's maturation and the sophistication of the products available. Croft noted, “We’re seeing lots of these guys come into our CFD products” [CFD products are similar to 

] … and these investors “look to go long or short in a particular basket or individual tokens and try to pick out the performers and underperformers.” 

When asked about his usage of the phrase “[basket of] tokens,” Croft clarified that he wasn’t talking about indexes, but rather about how “someone could come in and get ten tokens they want to go short on, and ten tokens they want to go long on, and we can execute that. So it’s those clients choosing those baskets themselves rather than the products being preset.” Croft shared that Wintermute recently launched a new index provider, 

, and is looking toward working with other exchanges to help provide comprehensive, reliable and accessible indices.

The Rise of Meme Coins in the Crypto Market

Lai then discussed the evolution of market products, commenting that as the market evolves, so too must our products. Derivatives and options markets are crucial for providing the flexibility and tools users need to navigate this complex environment.

Hao focused on the technical aspects, maintaining that the real challenges and opportunities lie in enhancing the robustness of these tools. As we develop more sophisticated trading derivatives and options, we're not just creating new investment opportunities — we're also setting the stage for a more resilient market.

Thompson concluded this segment: "Clearly, the role of advanced financial instruments like derivatives and options is becoming more central as the market grows in complexity and scale."

When asked to comment on meme coins, Hao said it’s a “social movement starting from Wall Street and GameStop” and that it’s a “way to get people together … It can be a force for good instead of a tool for speculation.” Hao then shared about Bybit’s new initiative, the 

, explaining that it could be used for a charity or fundraising, linking it to a meme coin that’s “naturally inspiring and easy for people to understand.” In this way, meme coins can “be a force for good, to raise a charity fund for cancer treatment” or other causes.

Croft agreed, sharing his perspective that as long as meme coins are “fully transparent” and the projects make it clear that they’re part of a social movement whose participants who believe in and buy in to the cause, he’s “all for crypto facilitating that.”

Lai commented that memes are a sort of collective, and that not all meme coins are going to be successful. While they may be easy to create, it’s difficult to collectively get consensus from any large group of people. 

, expressing support for it and emphasizing that RWAs are “the link between traditional finance and crypto. That’s the last mile before crypto can be a real financial system, a link to the real-world economy.” He concluded that it’s certainly something he would “bet big on,” especially with more RWAs now on-chain.

How Exchanges and Institutions Adapt to Changing Market Dynamics

Innovation in Exchange Offerings: New Products, Services and Trading Pairs

Lai discussed the continuous need for innovation in the crypto exchange space, saying that as market dynamics evolve, so too must our platforms, focusing not just on expanding product offerings but also on enhancing underlying technology. Decreasing system latency and improving resilience and the sophistication of 

 systems is critical to staying ahead in the fast-paced environment.

Hao emphasized the importance of reliability and scalability, asserting that the foundation of any successful exchange lies in the robustness of its trading systems. As Bybit introduces more complex products and services, our priority remains ensuring that our matching engine and order processing systems can handle increased volumes without compromise. This is crucial for maintaining trust and efficiency in our operations.

Croft highlighted the strategic role of liquidity in product innovation, elaborating that Wintermute is closely involved in the initial stages of product launches by providing liquidity. This collaboration is essential for the successful rollout of new offerings. The ability to support exchanges from day one with robust liquidity helps ensure that new products can find a stable market footing.

Thompson summed up the discussion, observing that the adaptation of exchanges to market changes isn’t just about technological advancements, but also about understanding and integrating the needs of diverse market participants. This approach helps in crafting services that truly meet the evolving demands of the crypto market.

Global Market Integration: Collaborations and Partnerships for Sustainable Growth

Hao envisions a future of deeper integration between crypto and traditional financial systems. He referred to his comment during the segment on real-world assets, elaborating that the last frontier for a mature crypto ecosystem is its integration with the real economy. Tokenizing RWAs and streamlining processes such as clearing and settlement through blockchain technologies are steps toward this integration. These innovations will make many traditional roles obsolete, dramatically improving efficiency.

Lai projects the mainstreaming of crypto in traditional finance: we’re at a turning point, in which cryptocurrency is being woven into the fabric of TradFi services. The integration of trading infrastructure, exchange products and custody solutions between crypto and TradFi is accelerating. This convergence suggests that crypto will soon be an indistinguishable part of the broader financial ecosystem.

 as a critical bridge between fiat and crypto economies. Their growth into yield-bearing and basis-trading instruments shows their potential to transform financial services. These instruments thus play a pivotal role in the integration of crypto markets with TradFi, ensuring liquidity and stability.

Thompson highlighted the importance of collaboration, pointing out that the future of crypto isn't just about technological innovation but also about strategic partnerships. Collaborations between liquidity providers, exchanges and possibly even decentralized platforms are key to creating a seamless, integrated market experience.

 session has laid a comprehensive groundwork for understanding the significant changes and opportunities in the cryptocurrency market. As we continue to explore similar themes in upcoming episodes, our focus will remain on providing in-depth insights and actionable strategies. 

As part of the livestream, Bybit is holding 

 that offers you a chance to participate in our pop quiz and earn a share of the 10,000 

 prize pool. The event period is through Apr 26, 2024, 2PM UTC.

Stay tuned for our upcoming livestream held on May 2, 8AM UTC where we will discuss the meme coin craze! 

Intermediate

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Learn Live ICYMI: Riding the Bull Run

Uncover the potential of Rare Sats, Bitcoin's smallest units, with our comprehensive guide to classifications and exotic sats, including epic, legendary, and more!

The name of blockchain developer Casey Rodarmor was largely unknown in the 

 (BTC) community before 2023. That all changed in the space of several months when Rodarmor introduced two groundbreaking innovations. First, in January 2023, he debuted his Bitcoin 

 theory, which allowed the identification and tracking of individual satoshis, the smallest units in a BTC coin. The Ordinals protocol made it possible to inscribe pieces of custom data into satoshis, ushering in the era of Bitcoin NFTs. Then, in September 2023, Rodarmor introduced the concept of 

 — a technology that facilitates the efficient issuance and management of fungible cryptocurrencies on the Bitcoin blockchain. The Runes protocol was launched right after the 

By now, Rodarmor's ideas have attracted keen interest within the Bitcoin community. Hence, it's no wonder that another innovation of the ingenious developer — the rarity classification and index of satoshis on the Bitcoin network — has been the talk of the town in recent months.

 is the smallest unit of Bitcoin, with each BTC consisting of 100 million satoshis. The unit is named after Bitcoin's mysterious founder, 

. In the Bitcoin community's jargon, “satoshis” is often shortened to “sats.” In early 2023, developer Casey Rodarmor introduced his Ordinals theory and protocol, which allowed the precise identification and tracking of all individual sats mined on the Bitcoin network.

The Ordinals theory introduced a way of creating native Bitcoin NFTs by inscribing custom data into individual sats. However, ordinal inscriptions are just some of the groundbreaking innovations stemming from Ordinals theory. The fact that each satoshi mined on Bitcoin can now be identified allowed Rodarmor to create a peculiar classification system of satoshis that’s based on their rarity within the Bitcoin ecosystem.

Rodarmor's classification system divides all satoshis on the network into different categories, based on each satoshi's rarity. For instance, the first satoshi in each 

 block on Bitcoin is called "uncommon," while any sat that isn't the first or last in a block is considered "common," i.e., lacking any notable rarity features.

There are further rarity categories beyond common and uncommon, which we’ll cover in the next section. In Rodarmor's original classification, these categories are rare, epic, legendary and mythic. “Rare sats” refers to satoshis that belong to any of the above categories, except for the common category.

The emergence of the rare sats concept has led to active speculation and trade, with the most in-demand items on the market worth hundreds of thousands or potentially millions of dollars.

Rodarmor Rarity Index (Sats Rarity Checker)

Rodarmor's rarity index initially described six rarity categories — common, uncommon, rare, epic, legendary and mythic. Later on, Bitcoin enthusiasts and marketplaces derived more rarity categories, such as black sats and pizza sats. Rodarmor himself describes these additional, "custom" sat categories as “exotic sats,” or exotics.

“Common sats” refers to satoshis that aren't the first or last within a block. These represent the vast majority of satoshis mined so far, as well as those still to be mined. Well over 99.99% of all Bitcoin sats belong to the common category and, therefore, possess no rarity characteristics.

An uncommon sat is the first satoshi in a mined block. A new block of transactions is generated approximately every ten minutes on the Bitcoin network. Thus, one new uncommon sat emerges every ten minutes on the Bitcoin blockchain.

As of this time of writing (Apr 24, 2024), there are 

 in existence (i.e., within the BTC supply that’s already been mined). With a maximum supply of 6,929,999, this amount is still a tiny fraction of the existing supply of all satoshis, which is estimated at around 1.9 quadrillion. The potential value of an uncommon sat, as estimated by the 

 portal, is over $500 ($548 as of the time of writing).

In order to maintain the 10-minute interval between mined blocks, Bitcoin software adjusts its operational schedule after every 2,016th block. This happens approximately once every two weeks. The first sat in a block mined after this adjustment is classified by Rodarmor as “rare.” To clarify the terminology, the term "rare sats" is generally used to refer to all of the categories rarer than “common.” Still, within the rarity classification, there's also a specific category — “rare sats” — that includes the first satoshis of the blocks mined right after the fortnightly adjustment.

Rare sats are indeed exceedingly rare, with a maximum supply of 3,437 and only 416 currently in circulation. The estimated value of rare sats is close to half a million dollars ($460,485).

An “epic” sat is the first sat of a block mined right after the Bitcoin reward halving event, which happens approximately once every four years. As of the Apr 19, 2024 halving, Bitcoin has gone through four such events. Thus, only four epic sats are in circulation, though the supply is capped at 32. None are currently listed for sale, which makes any estimates of their potential price extremely hypothetical. Many industry observers believe that an epic sat might be worth millions of dollars.

It's estimated that the fortnightly interval adjustment and the reward halving coincide after exactly six halvings. The first satoshi of the first block mined right after this co-occurrence is classified as “legendary.” There’s an estimated total of five legendary sats.

It must be noted that the co-occurrence of these two events as described above is extremely rare, taking place only once every 24 years. It's forecast to first occur on the network in 2032. This is when the very first legendary sat will become available.

The mythic sat is the first satoshi of the first block ever mined on Bitcoin. It was mined by Satoshi Nakamoto himself (or should we say themselves, as the true identity of this creator is unknown) on Jan 3, 2009.

Exotic sats are custom categories of rare satoshis created outside of Rodarmor's original rarity index. These include a variety of rare sat types, such as: 

Two intriguing types of exotic sats are black sats and pizza sats, as detailed below.

The concept of “black sats” can be described as the reversal of the standard “rare sats” classification. A “black uncommon sat” is the last satoshi in a block, a “black rare sat” is the last satoshi of the previous block before the block time adjustment, and so on. While rare sats signify the beginning of pivotal events on the Bitcoin blockchain, black rare sats mark the conclusion of such events.

Pizza sats are satoshis from the legendary 

 for 10,000 BTC on May 22, 2010 — the first ever real-world Bitcoin transaction.

To find out if you possess any rare sats, you can usethe 

 provided by the Magic Eden NFT marketplace. This tool allows you to enter your Bitcoin wallet address, and then provides a detailed classification of your satoshis by rarity categories.

Currently, the best sources for finding rare sats are the Magic Eden and 

 marketplaces. The latter specializes precisely in rare sats, along with Ordinal 

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What Are Rare Sats? (The Ultimate Guide to Rare Satoshis)

Glossary

Buy walls and sell walls refer to the act of trying to manipulate market prices by placing a massive buy or sell order. This is usually done by “whales” (large shareholders) who want to ensure that prices don’t fall below what they consider acceptable.

Cryptocurrency trading has become increasingly popular, with concepts like buy walls and sell walls playing a crucial role in market dynamics. This comprehensive guide will delve into these concepts, helping both new and seasoned traders understand and navigate the crypto market more effectively.

In the world of cryptocurrency, buy walls and sell walls are terms used to describe large orders placed on the order book of a trading platform. These walls can significantly impact the price and liquidity of a cryptocurrency.

A buy wall occurs when a large quantity of buy orders for a cryptocurrency is placed at a specific price point. This creates a "wall" on the order book, indicating strong buying interest at that price. It often acts as a short-term support level, as the price tends to not fall below this point unless the buy orders are fulfilled or withdrawn.

Conversely, a sell wall is formed when there's a large number of sell orders at a certain price level. This can act as a resistance level, preventing the price from rising above this point unless these orders are executed or removed.

Investors and traders use buy and sell walls strategically. For example, a trader might place a large sell order at a higher price to create a sell wall, giving the impression of a strong resistance level. This can lead to other traders selling their holdings at lower prices, allowing the wall creator to buy more at a lower price.

Traders can spot buy and sell walls by looking at an exchange’s order book or using trading tools that visualize these walls. Recognizing and understanding the reasons behind these walls can be crucial in making informed trading decisions.

Buy and sell walls are pivotal in cryptocurrency trading, influencing price movement and trader behavior. Understanding these concepts is essential for any trader looking to navigate the crypto markets effectively. As the cryptocurrency landscape continues to evolve, staying informed and adaptable is key to successful trading. For more insights into the dynamic world of cryptocurrency, visit 

Buy Walls and Sell Walls

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards