Rhythm Morning News | Grayscale ETHE negative premium rate expands to 24.78%; the view is that the Ethereum network gas fee fell to a 6-month low, wh

Featured News:

1. Bitcoin fell below $63,000, down 0.86% in 24 hours

2. This week's unlocking data at a glance: Memecoin will unlock more than $140 million worth of MEME at one time

3. Santiment: Ethereum network gas fees fell to a 6-month low, which may indicate that altcoins are about to rebound

4. Grayscale ETHE negative premium rate widened to 24.78%

5. Hong Kong virtual asset spot ETF ushered in its first issuance today and will be officially listed on the Hong Kong Stock Exchange tomorrow

Price Observation

Prometheans floor price fell below after the rune airdrop snapshot 0.022 BTC

On April 29, according to Magic Eden market data, the floor price of Prometheans fell to 0.0218 BTC (about $1,377) after the Bitcoin Rune 2 airdrop snapshot, a 24-hour drop of 73%.

BlockBeats previously reported that the NFT project CyberKongz published a statement that the Prometheans snapshot will be conducted at block height 841,269. Users must hold their Prometheans before the block is mined to be eligible for the DECENTRALIZED airdrop.

Bitcoin fell below $63,000, down 0.86% in 24 hours

On April 29, according to OKX market data, Bitcoin fell below $63,000 and is now quoted at $62,912, down 0.86% in 24 hours.

Transaction tracking

The UNI address that opened a position two weeks ago transferred 476,000 UNI to Binance 8 hours ago, about $3.9 million

On April 29, according to @ai_9684xtpa’s monitoring, the address that opened a UNI position two weeks ago deposited 476,000 UNI into Binance 8 hours ago (about 3.9 million US dollars).

The opening price of its UNI position was about 7.38 US dollars. If all of it is sold this time, it will make a profit of 385,000 US dollars.

The open interest of Bitcoin contracts on the entire network reached 30.62 billion US dollars

On April 28, according to Coinglass data, the open interest of Bitcoin futures contracts on the entire network was 480,870 BTC (about 30.62 billion US dollars).

Among them, the open interest of CME Bitcoin contracts is 139,600 BTC (about 8.87 billion US dollars), ranking first;

The open interest of Binance Bitcoin contracts is 107,980 BTC (about 6.89 billion US dollars), ranking second.

The Ethereum Foundation-associated address has been silent for 6 years and transferred 2,000 ETH to a new address 2 hours ago

On April 28, according to @ai_9684xtpa monitoring, the Ethereum Foundation-associated address, which had been silent for six years, transferred 2,000 ETH to the new address 0x9d2 two hours ago, worth 6.56 million US dollars.

This address received 2,000 ETH from the Ethereum Foundation 9 years ago (September 2015), when the price was only $0.8917. It has now made a profit of $6.11 million. This address may belong to an early participant or foundation of Ethereum.

An address spent 344 SOLs to buy 261.4 million TORI, currently worth $2.05 million

On April 28, according to Lookonchain monitoring, a certain address withdrew 345.6 SOL (49,000 US dollars) from Binance through 2 new wallets, and spent 344 SOL to buy 261.4 million TORI. And transferred 261.4 million TORI to multiple wallets, but did not sell TORI. Currently, 261.4 million TORI is worth 2.05 million US dollars.

Project Dynamics

Renzo announced plans to launch ezETH withdrawal function in May

On April 29, Renzo officials posted on social media that the next major Renzo upgrade is scheduled for May 2024, which will enable the ezETH withdrawal function. Once online, the code will be successfully reviewed by three auditing companies.

This week's unlocking data: Memecoin will unlock more than $140 million worth of MEME at one time

On April 29, according to Token Unlocks data, Memecoin will usher in a one-time large-scale unlocking of tokens this week, including:

Optimism will unlock 24.16 million OP on April 29, worth approximately $63.54 million, accounting for 2.31% of the circulating supply;

dydx will unlock 33.33 million DYDX on May 1, worth approximately $70.67 million, accounting for 10.72% of the circulating supply;

Ethena will unlock 53.6 million ENA on May 2, worth approximately $45.37 million.

Memecoin will unlock 5.31 billion MEME on May 3, worth about $141 million, accounting for 31.94% of the circulating supply.

io.net founder: apologize to the community for the attack, and will still launch IO tokens as planned

On April 29, Ahmad Shadid, founder and CEO of Solana ecosystem DePIN protocol io.net, released a post-mortem analysis of the April 27 incident report on social media and said, "In the past 120 hours, io.net has worked hard to expel the witch attacker from the network, launched multiple security patches, and established a new security model to prevent future accidents. The network infrastructure is now fully operational and operating normally."

In addition, Ahmad Shadid said, "io.net is a team of more than 100 people who are cleaning up fake GPUs and making the indicators displayed in the user interface clearer. io.net puts security and stability first, and io.net operates in a transparent manner. Our business team is currently coordinating the restart of the network, prioritizing supplier relationships, and restoring the supply of the network as soon as possible. We will still launch IO Cloud v2 and IO tokens as planned. This attack was a painful lesson for me, and I apologize to the community.io.net Most of the criticism received is reasonable, and the network will continue to be improved based on community feedback. ”

io.net will launch the second season of Ignition Rewards

On April 28, Husky.io, Chief Security Officer of Solana Ecosystem DePIN Protocol Io.net, released an update on the io.net metadata API attack this morning, which requires all nodes to restart and update to the latest client. This conflicts with the snapshot time of the reward program. In response to this incident, Ignition Rewards Season 2 will be launched in May to encourage supply-side participation. We are working directly with suppliers to upgrade, restart, and reconnect to the network.

Fixed security issues and re-enabled self-service clusters, and are now working hard to develop self-service large clusters. The browser is being updated to more clearly show recently connected but unverified devices, devices verified by proof of work, and devices that are both verified and sending active heartbeats.

Simple DVT module for Lido mainnet is now live

On April 28, according to official news, the Simple DVT module of the Lido mainnet has been launched, and 72 new node operators have been added through 12 DVT clusters run by Obol. In the future, all new ETH deposited in Lido will automatically flow to the Simple DVT module. At present, the upper limit of the Simple DVT module is set at 0.5% of Lido's total stake, and each DVT cluster will undergo rigorous testing before going online, and the DVT module will receive a higher module fee to incentivize the promotion of new technologies.

With the completion of SSV testing in the future, it is expected that Lido will be able to add 250+ new node operators through the Simple DVT module, increasing Lido's decentralization and node robustness.

UniSat: Rune Market has reopened

On April 28, UniSat posted on social media that the Rune Market has now reopened.

As previously reported, UniSat posted on social media that it had detected abnormal activity in the Rune Market and was currently undergoing emergency maintenance. The team is actively investigating and resolving the issue.

CeFi News

BlackRock hires MoonPay Chief Legal Officer Lindsey Haswell to join the board of directors of IBIT ETF issuer

On April 29, according to The Block, Lindsey Haswell, chief legal and administrative officer of Web3 payment infrastructure company MoonPay, was appointed to the board of directors of iShares Delaware Trust Sponsor LLC by BlackRock Asset Management International Inc. She will replace Kimun Lee, who will resign on November 6, 2024.

Prior to joining MoonPay, Haswell held the same position at Blockchain.com. Haswell is also a founding member of the Core blockchain and a contributor to Core Dao.

Bitfinex: Maintenance completed and trading resumed

On April 28, cryptocurrency trading platform Bitfinex announced on social media that maintenance work will be successfully completed. The Bitfinex platform will resume read-only mode at 8:45 pm Beijing time and provide the option to cancel orders. Trading will start at 8:50 pm Beijing time.

Previously, Bitfinex said it was investigating the performance degradation of the platform and had temporarily suspended trading.

Bitfinex: Investigating platform performance degradation and temporarily suspending trading

On April 28, the cryptocurrency trading platform Bitfinex announced on the social platform that it was investigating platform performance degradation and had temporarily suspended trading.

Opinion Data

Santiment: Ethereum network gas fees fall to 6-month lows may indicate that altcoins are about to rebound

On April 29, crypto analysis company Santiment said that the average fee level of the Ethereum network has dropped to only $1.12 per transaction, the lowest daily average cost since October 18, 2023.

Traders switch between emotional cycles, sometimes feeling that cryptocurrency will "fly to the moon" and sometimes feeling that it "is dead", which can be observed through transaction fees. These fees tend to peak at the top of the price (sometimes diverge) and return to a static state at the bottom of the price.

With the past 6 weeks being primarily a market retracement, the lack of demand and network stress could help turn things around for ETH and related altcoins more quickly than many might expect.

Bitcoin Volatility Index rebounded slightly to 59.04 yesterday, up 1.72% on the day

On April 29, the BitVol (Bitcoin Volatility) Index, launched by financial index company T3 Index and Bitcoin options trading platform LedgerX, rebounded slightly to 59.04 yesterday, up 1.72% on the day.

BlockBeats Note: The BitVol Index measures the 30-day expected implied volatility derived from the price of tradable Bitcoin options. Implied volatility refers to the volatility implied by the actual option price. It is the volatility inferred by substituting the actual option price and other parameters except volatility σ into the B-S option pricing formula.

The actual price of an option is formed by the competition of many option traders. Therefore, the implied volatility represents the market participants' views and expectations on the future of the market, and is therefore considered to be the closest to the actual volatility at the time.

CME Fed Watch: The probability of the Fed keeping interest rates unchanged in May is 97.5%

On April 29, according to CME Fed Watch data, the probability of the Fed keeping interest rates unchanged in May was 97.5%, and the probability of a cumulative interest rate cut of 25 basis points was 2.5%.

ConsenSys: If the U.S. SEC successfully defines ETH as a security, it may lead to large-scale unemployment of American workers

On April 29, Ethereum infrastructure development company ConsenSys posted on social media, "If the U.S. Securities and Exchange Commission (SEC) successfully defines Ethereum as a security, then companies and developers will see years of work go to waste and billions of dollars of economic value destroyed, which may lead to large-scale unemployment of American workers."

In addition, it stated in the article "ConsenSys sues the US SEC to protect the US Ethereum community", "Ethereum is a global computing platform, not an investment plan. Ether is not a security, but a commodity, which has been confirmed many times by the US Commodity Futures Trading Commission (CFTC). Applications that allow people to trade using Ethereum are not securities brokers and therefore cannot be regulated by the US SEC. The illegal expansion of the US SEC's power threatens the United States' position as the leader of the next generation of the Internet."

Informed sources: The Australian Stock Exchange is expected to approve the listing of the Bitcoin spot ETF main board before the end of this year

On April 29, Bloomberg reported that Australia is about to launch a wave of Bitcoin exchange-traded funds (ETFs), following the pace of the United States and Hong Kong. Issuers such as Van Eck Associates Corp. and BetaShares Holdings Pty are preparing for the listing of Bitcoin ETFs.

The Australian Securities Exchange Ltd., which handles about four-fifths of the country’s stock trades, is expected to approve the first spot bitcoin ETFs for listing on its main board by the end of 2024, according to people familiar with the matter. The people asked not to be identified because the information is private.

Previously, U.S. bitcoin ETFs have attracted $53 billion this year, including products from BlackRock and Fidelity. Funds that invest directly in bitcoin and Ethereum will also begin trading in Hong Kong on Tuesday.

Australia’s $2.3 trillion pension market could drive inflows. Jamie Hannah, deputy head of investments and capital markets at VanEck Australia, said about a quarter of the country’s pension assets are stored in so-called self-managed retirement plans, which allow individuals to choose investment projects. These people could become buyers of spot cryptocurrency funds.

Data: ether.fi TVL exceeds 4 billion US dollars

On April 28, according to DefiLlama data, the non-custodial liquidity pledge agreement ether.fi TVL exceeded 4 billion US dollars and has now reached 4.055 billion US dollars.

Federal Reserve Megaphone: Speculations of rising neutral interest rates may delay the Fed's rate cuts

On April 28, Nick Timiraos, the "Federal Reserve Megaphone", wrote in his latest article that in the debate over whether and when the Fed will cut interest rates, another important debate is unfolding: where will interest rates go in the long run? The key to the problem lies in the neutral interest rate: the interest rate that can balance the supply and demand of savings while ensuring stable economic growth and inflation. The neutral interest rate is sometimes called "r*" or "r-star" and cannot be directly observed but can only be inferred. Every quarter, Federal Reserve officials predict long-term interest rates, which is actually their estimate of the neutral interest rate. Now some people believe that the neutral interest rate has reason to rise and has the potential to change a wide range of asset prices. Because the economy is strong and inflation is "weak".

But the current debate about the neutral rate may not have any short-term impact on the Fed, because the current interest rate is higher than almost all estimates of the neutral rate. This means that the current interest rate suppresses economic growth and price increases, and nominal interest rates are more likely to fall than rise in the future. If the US economy continues to remain strong and inflation is stubborn, it may trigger market speculation that the neutral rate will rise, thus believing that the current interest rate is not so tight. From this perspective, the Fed has even less reason to cut interest rates.

Another scenario is that if inflation resumes its downward trend, the discussion about the neutral rate will focus on the extent of the Fed's subsequent rate cuts. Nick said that there is no doubt that the Fed wants to "normalize policy", but where will it "normalize"? They will not stay at the 5% level, but they will not go all the way down to 2.5%. They (may) feel more comfortable stopping in the 3% or 4% range, but it is not yet determined. Interest rate futures show that the Fed funds rate will stabilize at around 4% in the next few years. (Jinshi)

Grayscale ETHE negative premium rate expanded to 24.78%

On April 28, according to Coinglass data, the current Grayscale ETH Trust Fund (ETHE) negative premium rate is 24.78%; the ETC Trust negative premium rate is 38.72%.

BlockBeats previously reported that Grayscale ETHE's negative premium rate narrowed to 8.17% on March 9.

Financing Express

Web3 RPG game Astra Nova completed $1 million in financing

On April 28, Web3 RPG game Astra Nova completed $1 million in financing, with Hashgraph Ventures, Oxbull, MoonEdge, Vision, Kanga, Spicy Capital, Equinox, BTS Labs, Sensei Capital and others participating.

Astra Nova is powered by Immutable and Hedera Hashgraph and built on the Unreal Engine 5 game engine. It is currently focused on the Middle East and North Africa and Asian markets. It is reported that its token generation event (TGE) is planned for the second quarter of 2024.

Regulatory News

Hong Kong virtual asset spot ETF ushered in its first issuance today and will be officially listed on the Hong Kong Stock Exchange tomorrow

On April 29, according to China Fund News, the Hong Kong Securities Regulatory Commission approved 6 virtual asset spot ETFs under China Asset Management Hong Kong, Bosera International and Harvest International. They ushered in their first issuance on April 29 and were officially listed on the Hong Kong Stock Exchange on April 30.

In terms of issue price, the issue price of products under Harvest Global and China Asset Management (Hong Kong) is US$1 per share. The initial issue prices of Bose Bitcoin ETF and Ethereum ETF are basically consistent with 1/10000 and 1/1000 of the tracking index on April 26, 2024, respectively. That is, the converted net value of fund shares corresponds to the price of approximately 0.0001 Bitcoin and 0.001 Ethereum, which means that holding 10,000 shares is approximately equal to 1 Bitcoin, and 1,000 shares is approximately equal to 1 Ethereum.

It is understood that Hong Kong spot cryptocurrency ETFs are open to professional and retail investors in Hong Kong. For Hong Kong investors, on the basis of basic KYC (real-name authentication), as long as they pass the cryptocurrency knowledge test, they can purchase Hong Kong's spot Bitcoin and Ethereum ETFs. Hong Kong investors must be professional investors to purchase the corresponding ETFs in the United States, and there are high investment threshold restrictions.

Mainland Chinese investors are currently not allowed to participate in buying and selling. The joint circular issued by the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority on December 22, 2023 regarding the virtual asset-related activities of intermediaries shows that both the virtual asset futures ETFs currently available in the Hong Kong market and the virtual asset spot ETFs to be issued in the future cannot be sold to retail investors in mainland China and other places where the sale of virtual asset-related products is prohibited.

Welcome to join the BlockBeats official community

Telegram subscription group: https://t.me/theblockbeats

Telegram communication group: https://t.me/theblockbeatsApp

Twitter official account: https://twitter.com/BlockBeatsAsia

欢迎加入律动 BlockBeats 官方社群：

Telegram 订阅群： https://t.me/theblockbeats

Telegram 交流群： https://t.me/BlockBeats_App

Twitter 官方账号： https://twitter.com/BlockBeatsAsia