Crypto Morning Brief: Pump.fun internally testing Swap feature, Arthur Hayes says institutional arbitrage trades could drive Bitcoin toward $70,000
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Crypto Morning Brief: Pump.fun internally testing Swap feature, Arthur Hayes says institutional arbitrage trades could drive Bitcoin toward $70,000
Ethereum Pectra upgrade goes live on Holesky testnet but fails to achieve finalization.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Arthur Hayes: Institutional arbitrage trades could push Bitcoin toward $70,000
Arthur Hayes, co-founder of BitMEX, posted on social media that Bitcoin may be entering a downturn. A large number of hedge funds holding iShares Bitcoin ETF (IBIT) are going long on the ETF while shorting CME futures to earn returns above their funding costs and short-term U.S. Treasury yields.
Hayes pointed out that if falling Bitcoin prices cause the basis to narrow, these funds might sell IBIT and cover their CME futures positions during U.S. trading hours. Since these funds are currently profitable and the basis is approaching U.S. Treasury yields, they are likely to close positions to realize profits during U.S. trading hours. Bitcoin’s price could potentially drop to $70,000.
Ethereum Pectra upgrade goes live on Holesky testnet but fails finalization
According to CoinDesk, Ethereum's latest Pectra upgrade activated on the Holesky testnet late on February 24 but failed to achieve finalization as expected. The upgrade includes 11 key improvement proposals (EIPs), with core proposal EIP-7702 aiming to enhance cryptocurrency wallet user experience, and EIP-7251 increasing the maximum validator staking limit from 32 ETH to 2,048 ETH.
Ethereum developers are currently investigating the cause of the failed finalization via the Eth R&D Discord channel. The next round of testing was originally scheduled for March 5 on the Sepolia testnet, but Galaxy Research Vice President Christine Kim stated that depending on the severity of this issue, the development team might delay the timeline.
Notably, this isn't the first time Ethereum testnets have encountered similar issues. In January 2024, the Dencun upgrade also experienced failed finalization on the Goerli testnet. The team will determine the mainnet upgrade date after completing tests on both testnets.
Infini contract hacked, losing approximately $49.5 million
According to a CertiK Alert, suspicious fund transfers were detected from an unverified smart contract on the Ethereum network (address: 0x9A7...E1DC). A receiving wallet (address: 0x3ac...5ed0) received about $49.5 million and is converting the funds into DAI stablecoins. The community suspects this involves the stablecoin digital bank Infini.
Pump.fun internally testing Swap feature, possibly replacing Raydium
Market sources indicate Pump.fun is internally testing its self-developed AMM (automated market maker) liquidity pools, leading the community to speculate it may launch its own Swap platform to replace Raydium.
Bybit CEO: Ethereum reserve shortfall fully covered, new audit proof coming
Bybit CEO Ben Zhou announced that Bybit has fully covered its previous Ethereum reserve shortfall. A new Proof of Reserves (PoR) audit report will soon be released, using Merkle trees to demonstrate that Bybit has restored full 1:1 customer asset reserves.
Sky Co-founder: Starting daily burn of approximately $1 million worth of SKY tokens
Sky co-founder Rune announced on X that the "SKY Smart Burn Engine" has just launched, purchasing and burning SKY tokens at a rate of about $1 million USDS per day.
Georgia proposes new bill allowing state treasury unlimited Bitcoin investment
According to Cointelegraph, the Georgia State Senate introduced Bill 228 (SB 228), proposing amendments to Chapter 17, Section 3 of Title 50 of the state code regarding state depositories. It would authorize the state depository board to allow the state treasury to invest in Bitcoin.
The bill requires the state treasury to establish policies and procedures for receiving, storing, and trading Bitcoin, mandating that all state-held Bitcoin must comply with these policies. Introduced by Senator Esteves of District 35 and four other senators, the bill is currently awaiting review by the Georgia General Assembly.
Nasdaq has filed Form 19b-4 for Canary's HBAR ETF
Market sources report that Nasdaq has filed Form 19b-4 for Canary's HBAR ETF.
Michael Saylor: Strategy adds 20,356 Bitcoins at average price of $97,514
Strategy founder and CEO Michael Saylor announced on X that the company has acquired 20,356 additional Bitcoins, totaling approximately $1.99 billion, at an average purchase price of $97,514 per BTC.
CZ reveals personal portfolio: BNB accounts for over 98%
Binance co-founder Changpeng Zhao revealed his personal investment portfolio distribution, showing BNB at 98.51%, BTC at 1.32%, and Eurite at 0.17%.
In a reply on X, CZ said he doesn't recall where Eurite came from, speculating it might be related to the Binance Card.
Market Trends
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