🙌 SUI Sets an All-Time High

Last night, “America’s Bitcoin Miner,” CleanSpark, shocked the Street with a Q1 earnings beat. 

The company unexpectedly posted a profit as revenues grew 165% YoY, and its current hash rate eclipsed 12.5 EH/s (exahashes per second).

CleanSpark CEO, Zach Bradford commented on the impressive results, 

“Our eyes are set on harnessing our momentum to further accelerate our growth and continue delivering unmatched value to our stakeholders as we work to execute on our commitment of 20 exahashes per second in the first half of this year.”

Prior to its earnings beat, CleanSpark announced it acquired two new bitcoin mining facilities in Mississippi and Georgia in an effort to increase its hash rate to 20EH/s.

$CLSK surged to its best day since May 5th, 2020, and closed at its highest price since December 2021. 

Here’s a chart shared on Stocktwits by Thelonius_Stonk. He writes, 

“Massive move on most daily volume in its history tagged the downtrend line from Jan ’21 and will print highest weekly close since Nov ’21. Impressive. Whether it takes time to get through this key level is yet to be seen.”

The Sui smart contract platform’s token, $SUI.X, surged 17% and set an all-time high. 

The Layer-1 protocol uses the Move programming language to define assets as objects that an address may own. Move programs define operations on these objects, including rules for their creation and the transfer of assets to new owners. 

On February 4th, the company announced that the network secured $500M in Total Value Locked.

See the SUI whitepaper here, and check out the wild weekly chart below. 

Bitcoin broke to its highest price since the launch of the spot bitcoin ETF on January 11th as Sentiment and Message Volume on Stocktwits soared.

As bitcoin breaks higher, the spot ETFs continue to attract capital inflows. 

As of today’s close, BlackRock’s $IBIT and Fidelity’s $FBTC both amassed a combined $7B in assets under management. Meanwhile, Grayscale continues to experience net outflows, albeit at a reduced rate. 

And here’s a spot bitcoin ETF overview,

Freshly funded game studio Great Big Beautiful Tomorrow launched its beta of “The Mystery Society.”

The Mystery Society is a web-based game similar to the online hit ” Among Us,” which tasks players with unmasking a killer in their midst.

Great Big Beautiful Tomorrow CEO and industry vet Chris Heartherly looks to leverage blockchain technology by allowing players to customize their avatars with apparel and accessories offered as tradeable NFTs minted on Polygon, an Ethereum layer-2 protocol. 

Chris commented on his vision for the company, 

“What I felt was missing was that there just wasn’t enough focus in the Web3 space on casual social games that you can play with your friends. It has enormous potential for scale that we can use to introduce normies to some of these Web3 ideas like ownership and trading and tokens and things like that.”

The game studio secured a $3M seed round led by Shima Capital, and Polygon Labs also issued a grant to assist development. 

Here’s Decrypt with additional details.

Optimism, a layer-2 blockchain built on Ethereum, announced that it will temporarily halt ETH withdrawals for an hour on February 15, 2024, to test a new and improved incident response system. 

The goal of the upgrade is to enhance the network’s ability to respond to security incidents across chains in the Optimism ecosystem. 

Deposits from ETH.X to OP.X will not be affected. 

Read the press release here.

Due to high demand, crypto derivatives exchange, Deribit announced that it will offer linear options for Solana, XRP, and Polygon.

Luuk Strijers, Deribit Chief Commerical Officer commented, 

“Based on demand from our clients, we chose to expand our offerings with some key altcoins: SOL, MATIC, and XRP.”

Unlike traditional options that require calculations related to deltas and implied volatility to determine an option’s price, linear options have a linear payout structure. This means the payout to the option holder is directly proportional to the price fluctuations of the underlying asset. 

In January, Deribit experienced a tremendous surge in activity, recording its highest turnover since May 2021, the most retail traders since December 2021, and an all-time high in corporate accounts.