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- Bitcoin, Ethereum, Cosmos and more Week 47 2024
Bitcoin, Ethereum, Cosmos and more Week 47 2024
Keeping you updated on crypto, web3 and blockchain
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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
Injective Launches iAgent SDK
KYVE Expansion Unveiled
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.
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.
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.
Cosmos Highlights of the Week
Side Protocol has unveiled the tokenomics of its $SIDE token, marking a key step in its Bitcoin-compatible blockchain ecosystem. The $SIDE token serves four primary functions: value accrual via protocol revenue, payments for on-chain transaction fees, staking for network security, and decentralized governance.
The total supply is capped at 1 billion, with an initial circulating supply of 229 million. A Genesis Drop accounts for 10% of the total supply. Token emissions will occur over four years, with $SIDE launching initially on Solana as SPL tokens, engaging active users. In January, holders will be able to swap for native mainnet tokens and begin staking.
Injective has launched the iAgent SDK, allowing users to create on-chain AI agents using large language models like OpenAI’s ChatGPT. This SDK simplifies blockchain tasks, enabling users to execute transactions, place trades, and manage funds via natural language commands.
iAgent is highly customizable, letting users create and configure multiple agents for different functions, such as market tracking and trade execution. It also features machine learning-powered predictive analytics and automated trade execution. The tool is designed to make blockchain more accessible by offering intuitive, AI-driven solutions to users of all technical backgrounds.
The $ELYS token powers Elys Network's ecosystem, supporting long-term growth through fee sharing, staking rewards, liquidity mining, and governance. Stakers earn real yield in USDC, while liquidity providers benefit from rewards. ELYS also unlocks exclusive benefits like discounts and NFTs for members.
With a total supply of 200 million tokens, the allocation includes strategic reserves, liquidity mining, and funds for marketing, growth, and community development. The token’s emission schedule includes specific vesting periods, ensuring fair distribution and encouraging active participation.
KYVE is expanding its reach with updates designed to make its platform more accessible to a broader audience. Initially focused on technical users, the new enhancements simplify interaction with the KYVE web app, opening it up to all Web3 participants.
The platform now includes a user-friendly in-app guide, a mainnet faucet for testing, and multi-coin funding options for integrations, such as $DYDX and $SOURCE. These steps mark the beginning of KYVE's broader mission to manage blockchain data efficiently and ensure support for all chains, creating opportunities for users across the Web3 ecosystem.
Witness Chain bridges the cyber-physical divide by introducing a verifiable observation layer to blockchain technology. It ensures accurate real-world data verification through Watchtowers—nodes that authenticate attributes like location and connectivity using protocols such as Proof of Location (PoL).
PoL relies on a network of watchtower nodes to measure internet delay and confirm an asset’s location. Integrating with Akash's decentralized cloud enhances this system by providing scalable, cost-effective infrastructure for deploying these nodes. This collaboration strengthens both platforms' decentralization efforts, ensuring transparency and trustless applications in industries such as logistics and finance.
Other Highlights of the Week
Gary Gensler, the SEC Chair known for his strict approach to cryptocurrency regulation, will step down on January 20, 2025, coinciding with President-elect Donald Trump's second term. Under Gensler's leadership since 2021, the SEC took aggressive actions against the crypto industry, initiating over 100 enforcement cases.
Gensler advocated for crypto companies to register and disclose information while approving Bitcoin spot ETFs. Trump, aiming to make the U.S. a crypto hub, has pledged to replace Gensler with a more industry-friendly appointee and may create a new White House position dedicated to crypto policy.
President-elect Donald Trump is reportedly considering Teresa Goody Guillén for the position of SEC Chair. With experience in SEC operations and current involvement with blockchain companies, Guillén could shift the agency’s policies to be more favorable to cryptocurrency and blockchain technologies.
This potential appointment comes amid ongoing discussions about regulatory changes in the financial sector, highlighting Trump’s intention to adjust policies in favor of the crypto industry.
FTX co-founder Gary Wang, who pleaded guilty to fraud charges in December 2022, will not serve prison time for his role in the exchange's collapse. Wang was a key cooperator in the investigation, providing crucial information about Sam Bankman-Fried’s mismanagement of customer funds, which supported the prosecution's case.
Other FTX executives, including Nishad Singh and Caroline Ellison, also cooperated, receiving varying leniencies. Despite the damage to the crypto industry’s reputation, trust is slowly being restored, signaling resilience in the space as it works to regain global confidence.
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