What to know: By Omkar Godbole (All times ET unless indicated otherwise) As the crypto rally gathers pace ether has widened its lead over bitcoin in terms of volatility expectations, signaling relatively greater action not just in the second-largest cryptocurrency, but in the broader digital asset market as a whole. |
Deribit's ether implied volatility index (ETH DVOL), which represents the 30-day expected price turbulence, has shot up 11% to an annualized 7% this week while the bitcoin equivalent, BTC DVOL, held steady near multimonth lows around 45%, according to data source TradingView.
The divergence has widened the spread between the two to 27%, the most in at least two years. Clearly, traders are anticipating greater volatility in ETH and the broader altcoin market.
According to some observers, ETH has turned deflationary because the Pectra upgrade implemented this week has boosted on-chain activity and led to over 38,000 ETH burned or destroyed in the past 24 hours. Some market participants are buying higher strike ETH calls on Deribit in anticipation of continued price gains.
We could be on the verge of an altcoin season, as the BTC dominance rate looks to end its five-month-long uptrend. (Check out Technical Analysis). In key news, American fast-food chain Steak ‘n Shake said Thursday it will begin accepting BTC as a payment mode at all U.S. locations starting May 16, allowing its 100 million customers to shop with the world's biggest digital-asset token.
T-Rex, the Web3 consumer entertainment platform, which is backed by Portal Ventures, North Island Ventures, Framework Ventures and Arbitrum Gaming Ventures, raised $17 million in pre-seed financing.
Finally, just in case you missed it, cryptocurrency exchange Coinbase agreed to buy the world's largest crypto options exchange, Deribit, for $2.9 billion in cash and shares in the crypto industry's largest ever M&A deal. Deribit controls over 80% of the activity, meaning Coinbase will be able to offer a full suite of spot and derivative products, boosting liquidity on the platform. Stay alert! |
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Grayscale’s New Income-Focused ETFs Grayscale, the world’s largest crypto-native asset manager, now offers two new income-focused ETFs: Through two different approaches to systematic covered call writing on Bitcoin, these two products deliver an alternative income stream for investors that’s less correlated to traditional income-oriented investments.
BTCC and BPI both offer monthly distributions for investors.* See the latest distribution amount on their respective product pages at etfs.grayscale.com Important Disclosures
*The Funds intend to pay out dividends from net investment income, if any, and distribute any net unrealized capital gains to their shareholders at least annually.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (866)-775-0313 or visit our websites at etfs.grayscale.com/btcc and etfs.grayscale.com/bpi. Read the prospectuses or summary prospectuses carefully before investing.
Investing involves risk and possible loss of principal. There is no guarantee the investment strategy will be successful. The Fund is considered to be non-diversified. The Fund is actively managed and its performance reflects the investment decisions that the Adviser makes for the Fund.
Grayscale Bitcoin Covered Call ETF (“BTCC”) and Grayscale premium Income ETF ("BPI") (collectively, the "Funds") will not invest in digital assets directly. The Funds also will not invest in initial coin offerings. The Funds will, however, have indirect exposure to digital assets by virtue of its investments in derivatives on exchange-traded vehicles that hold digital assets as investments. Because the Funds will not invest directly in any digital assets, they may not track price movements of any digital assets.
BTCC and BPI are distributed by Foreside Fund Services, LLC and Grayscale Advisors, LLC is the adviser. Foreside is not related to GSA or its affiliates. |
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Crypto: Macro May 9, 8 a.m.: The Brazilian Institute of Geography and Statistics (IBGE) releases April consumer price inflation data. May 9, 8:30 a.m.: Statistics Canada releases April employment data. May 9-12: Chinese Vice Premier He Lifeng will hold trade talks with U.S. -
Treasury Secretary Scott Bessent during his visit to Switzerland.
Earnings (Estimates based on FactSet data)
May 9: TeraWulf (WULF), pre-market
May 12: Exodus Movement (EXOD), post-market
May 13: Semler Scientific (SMLR), post-market May 14: Bitfarms (BITF), pre-market May 14: IREN (IREN), post-market May 15: Bit Digital (BTBT), post-market May 15: Bitdeer Technologies Group (BTDR), pre-market
May 15: KULR Technology Group (KULR), post-market
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- A Sei Network developer proposed ending support for Cosmos to simplify the blockchain and align more closely with Ethereum to reduce complexity and infrastructure overhead and boost Sei's adoption.
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May 15, 10 a.m.: Moca Network to host a Discord townhall session discussing network updates.
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- May 9: Movement (MOVE) to unlock 2.04% of its circulating supply worth $8.08 million.
- May 11: Solayer (LAYER) to unlock 12.87% of its circulating supply worth $35.66 million.
- May 12: Aptos (APT) to unlock 1.82% of its circulating supply worth $57.45 million.
- May 13: WhiteBIT Coin (WBT) to unlock 27.41% of its circulating supply worth $1.14 billion.
- May 15: Starknet (STRK) to unlock 4.09% of its circulating supply worth $17.7 million.
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- May 9: OKX lists Jito with JITOSOL/USDT pair.
- May 9: BitMart lists Minutes Network Token with MNTX/USDT pair.
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May 16: Galxe (GAL), Litentry (LIT), Mines of Dalarnia (DAR), Orion Protocol (ORN), and PARSIQ (PRQ) to be delisted from Coinbase.
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