Bybit: GBTC Discount Reaches Record Low; Walmart Enters Metaverse With Roblox Experiences
Chart of the Day
The broader crypto market has staged a comeback in the early hours of Tuesday (Asian trading hours) despite the equity markets continuing to falter amid deteriorating global macroeconomic conditions. BTC gained pace above the $19.5k resistance in a matter of hours. As of the time of writing, it has climbed back above the $20k threshold after posting a 6.9% jump in the last 24 hours. A firm foothold above $20k may buoy the price further into a bullish zone before lifting it off to the $21k level. On-chain metrics reveal that coins that aged at least three months account for 86.3% of USD wealth held by BTC supply, which is at an all-time high. This indicates that HODLers seem to be demonstrating unwavering conviction despite macro uncertainties. Bybit blog reports.
However, things seem to be taking a turn for the worse for Grayscale investors. The Grayscale Bitcoin Trust (GBTC), which has been trading at a discount to the underlying assets since the beginning of 2021, hit a record low of 36% on Monday. One possible solution to resolve the current predicament is to convert GBTC into a BTC spot ETF, a request that was repeatedly shot down by the U.S. Securities and Exchange Commission (SEC).
Similarly, ETH is inching towards the $1,400 handle after jumping by 7.2% in the same period. The second-largest cryptocurrency by market cap will likely experience a sustained rally if it manages to clear the key resistance zone near $1,400. Meanwhile, the impact of The Merge continues to be reflected in the dramatic change in block revenue. Miner subsidy, which has been between $15 million and $30 million on a 7-day moving average basis prior to The Merge, dropped immediately to zero on Sept. 15. Staker revenue, on the other hand, remains at a consistent $2 million level, and has become the bulk of block validators’ revenue.
Mid-to-large-cap altcoins have largely flipped green, with UNI and LINK leading the pack on double digit-percentage gains, and LUNC skyrocketing 60% on the back of the impending burn mechanism.
Talk of the Town
Retail giant Walmart is entering the metaverse with two new immersive experiences that premiered Monday on the online gaming platform Roblox. The retailer’s foray into the virtual world will feature an array of online experiences and a store of virtual merchandise, which parallels the goods one may find in Walmart’s physical and online stores. The two experiences, dubbed Walmart Land and Walmart’s Universe of Play, are part of the retail giant’s experimentation to reach out to younger and more tech-savvy consumers. Walmart’s marketing chief, William White, says that the company’s virtual debut on Roblox is a testing ground for more innovative moves in the metaverse and beyond.
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