Hong Kong May Look To Allow Spot ETH ETF to Have Staking As Early As This Year

Daily Top Performer — Mantra (OM)

The SPX index was down by 0.11% last Friday. This flat market behavior comes as investors look toward the latest Federal Reserve interest rate decisions and May inflation data. The broader cryptocurrency market is also down, with Bitcoin and Ether dropping by 0.04% and 0.61%, respectively, in the past 24 hours.

Today’s outperformer is OM, which jumped 19.08% and has hit all-time highs due to bullish sentiments about tokenizing real-world assets.

Mantra (OM), a blockchain project launched in 2020 focused on tokenizing real-world assets (RWA) and bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi), has seen its native token hit an all-time high. The bullish sentiment surrounding Mantra is driven by several key catalysts, including the integration of ONDO's USDY vault on the platform, a high circulating supply of 90% of the $OM tokens, alignment with the growing interest in the real-world asset (RWA) narrative, and Mantra's efforts to connect the worlds of decentralized and traditional finance. 

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Talk of the Town:

Hong Kong asset managers are working to include staking within their spot ether exchange-traded funds (ETFs) in the hope of getting the staking reward feature approved this year, according to Animoca Brands Chairman Yat Siu. The possibility of staking rewards could serve as a competitive advantage for Hong Kong spot ether ETFs compared to their U.S. counterparts, as the U.S. Securities and Exchange Commission has made it clear that it won't allow such a feature for the time being. HashKey, which co-manages two spot bitcoin and ether ETFs in Hong Kong with Bosera, is formulating a proposal to introduce ether staking, while Blockdaemon, a blockchain infrastructure provider, is in talks with Hong Kong ETF issuers and custodians to explore the possibility of offering staking services for the ETFs. Industry participants aim to have the staking feature approved as soon as this year, as it is seen as the biggest missing piece in the current offerings.

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Spot Bitcoin ETF Flows:

Net flows to spot bitcoin exchange-traded funds (ETFs) reached $880 million on Tuesday, the second-highest daily level in their five-month history, as momentum accelerates for the 11 fledgling products. The Fidelity Wise Origin Bitcoin Fund (FBTC) led Tuesday's surge with nearly $379 million in inflows, followed by BlackRock's iShares Bitcoin Trust (IBIT)'s $274.4 million and the ARK 21Shares Bitcoin ETF (ARKB)'s $139 million in inflows. The products have generated about $3.3 billion in inflows the past month, reaching nearly $15 billion in total flows amid a rapidly growing appetite for cryptocurrency-focused investments. Even the Grayscale Bitcoin Trust (GBTC) finished in positive territory on Tuesday, with $28 million in inflows, one of the few times it has done so since converting from a trust. The surge in ETF activity is attributed to growing judicial and legislative support for bitcoin, as well as a strong macro set-up for the cryptocurrency, with yields falling and expectations for rate cuts increasing.

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Airdrop to Watch:

Wormhole, a cross-chain messaging protocol, recently airdropped its $W tokens to the Monad community in Discord, leading to speculation that Monad, which raised $225 million, could reciprocate by airdropping tokens to users who have the "Steakorr" role in Wormhole's Discord. To be eligible for the potential airdrop, $W holders need to "stake" their tokens (a governance delegation that does not require the tokens to leave the wallet) and connect their wallet to the Galxe official link from Wormhole to receive the Discord role. While this airdrop is purely speculative, the process takes only a few minutes and could potentially be considered in other snapshots. The deadline to obtain the role is June 10, 2023. Some users have reported delays with the Galxe requirement "Sybil prevention credential," so patience may be required.

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