Grayscale Expands Crypto Portfolio with New Bittensor and Sui Investment Trusts

Daily Top Performer — Celestia (TIA)

The SPX index was up by 2.3%, key drivers of the rebound included significant advances in major tech stocks like Nvidia, Meta Platforms, and Tesla. The broader cryptocurrency market was up, with Bitcoin and Ether rising by 8.49% and 9.51%, respectively in the past 24 hours.

Today's top performer is TIA, which surged 17.6% following Celestia's preparations for the Lemongrass Upgrade, aimed at enhancing efficiency and interoperability.

Celestia (TIA), launched in May 2017, is a modular blockchain network that functions as a data availability and consensus layer for other blockchains, allowing them to securely publish transactions and maintain efficient nodes. Celestia is preparing for its first major upgrade, Lemongrass, which will introduce significant changes including Interchain Accounts, Packet Forward Middleware, and a new coordinated upgrade mechanism, CIP-10. The upgrade is scheduled to begin on the Arabica Devnet in August, followed by the Mocha Testnet, and aims for a Mainnet Beta release in early to mid-September. Lemongrass will enhance network efficiency, reduce spam through enforced gas pricing, and improve interoperability with IBC-enabled chains, leading to a more streamlined and performant network.

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Talk of the Town:

Grayscale has introduced two new cryptocurrency investment trusts, the Grayscale Bittensor Trust and the Grayscale Sui Trust. These trusts focus on investing in the native tokens of the Bittensor and Sui protocols, TAO and SUI respectively. With these additions, Grayscale now offers 18 different crypto investment products. The company aims to provide investors access to emerging tokens like TAO and SUI, which are pivotal in decentralized AI and smart contract blockchain innovations.

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Bitcoin Spot ETF Flows:

Yesterday, the BTC ETF flow data indicated investment flows in millions, revealing that GBTC experienced an outflow of $182.9 million, while non-GBTC investments saw an inflow of $219.9 million. Overall, the total net flow across all categories amounted to $37.0 million.

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Airdrop to Watch:

Shuffle, a rapidly expanding crypto casino and sportsbook, will release the second airdrop of its native token, SHFL, on December 14, 2024, distributing 90 million tokens to active users. This follows the platform's significant growth, including reaching over $5 billion in wagered volume and listing SHFL on regulated exchanges. Eligibility for the airdrop includes users with post-Airdrop 1 wager volume, VIP members, and affiliates who attract quality users. Additional features such as purchasing SHFL with credit cards and a SHFL Perpetual Lottery are set to enhance user engagement. Since launching in February 2023, Shuffle has consistently surpassed $1 billion in monthly wager volume, aiming to hit a cumulative $10 billion soon.