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Bitcoin (BTC) and Ethereum (ETH) price volatility has declined and options traders have turned bearish on the two largest assets in the crypto space. Ethereum price is battling resistance to stay above $1,800 with an increasing bearish outlook from ETH traders.

Also read: CFTC Chair says DeFi crypto exchanges can be regulated, heres the good, the bad and the ugly of regulation

The Implied Volatility (IV) is the metric that forecasts the range in which traders expect an assets price to likely move. IV is low for both Bitcoin and Ethereum. Greeks Live, a cryptocurrency options trading firm, notes that BTC and ETH options traders are bearish and Ethereum's implied volatility has declined to a record low.

Bitcoin and Ethereum options trading data

Greeks Live reported that 29,000 Bitcoin options with a notional value of $780 million are about to expire on Friday and the Put Call Ratio (PCR) for BTC is 0.81. The maximum pain point is $27,500.

BTC is trading at $26,900 at press time. For Ether, the PCR is 0.96, and the maximum pain point is $1,800. Ether is trading at $1,808 at press time.

Typically, a PCR between 0.7 and 1, signals that traders are buying more puts than calls and the overall outlook on the asset is bearish. This also signals an opportunity for traders to buy cheaper calls as market participants are unable to pick a direction in which Bitcoin and Ethereum prices are most likely to move. After the continuous sideways trading in BTC and ETH over the past week, the number of bearish trades has gradually increased.

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Bitcoin and Ethereum struggle with declining price volatility as options traders turn bearish - FXStreet

Solana saw an influx of new users as high transaction fees onEthereum [ETH] and Bitcoin[BTC] drove new demand to the Layer 1 (L1) network, data from The Block showed.

ReadSolanas [SOL] Price Prediction2023-24

On the Ethereum network, the meme coin craze led by the unprecedented rally in the price, trading volume, and market capitalization of frog-themed Pepe (PEPE) situated a spike in transaction fees on the chain.

According to data from Messari, average transaction fees rallied to a high of $27.61 on 9 May, its highest level since May 2022.

As for the Bitcoin network, the introduction of Ordinals and BRC-20 tokens led to a significant increase in network activity and fees on the chain.

Data from Messari further showed that the average transaction fees on the chain went as high as $30 on 8 May, its highest since April 2021.

Intending to find blockchain networks that offer lower transaction fees, users have been moving away from Ethereum and Bitcoin.

Solana emerged as a top contender in this quest, garnering increased attention and leading to a rise in the number of active addresses on its network. Data from The Block revealed a 113% increment in the count of daily active addresses on the chain.

Assessed on a month-over-month (MoM) basis, Solana recorded a total of 7.72 million active addresses in April. Interestingly, with about two weeks left to go in May, the chain has already seen 7 million active addresses.

Additionally, data from The Block showed that new address count on the chain has grown significantly since the end of April.

In May, Solana witnessed the creation of 4.19 million new addresses, surpassing the count of 3.76 million new addresses that joined the network in April.

This surge in new address creation on the L1 network highlights the growing adoption of the platform amid high transaction fees on the Ethereum and Bitcoin networks.

However, while Solanas network activity has experienced growth since the end of April, data from Artemis revealed a decline in other ecosystem metrics.

For example, according to the on-chain data, the networks total value locked (TVL) was on a downtrend since 19 April. At $269.78 million at press time, it has since fallen by 8%.

Realistic or not, heresSOLs market cap in BTCterms

Likewise, the decentralized exchanges (DEXes) housed within the L1 network suffered a drop in transaction volume since the month started. Per data from Artemis, DEX volume on Solana has plummeted by 66% since the beginning of May.

Regarding the chains native coin SOL, trading at $20.73 at press time, its value declined by double digits (17%) in the last month.

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Ethereum, Bitcoin users rush to Solana [SOL] as they seek - AMBCrypto News

Catecoin is a new cryptocurrency that is quickly gaining popularity. Launched in 2021, Catecoin is the worlds first cat-themed meme coin. The coin has offered outsized returns during the crypto winter, and it is now poised to take off on the Ethereum blockchain. Catecoin will be available on the Ethereum blockchain tomorrow at 9:30 AM GMT.

Catecoin was launched in 2021 by a team of developers who were inspired by the success of other meme coins, such as Dogecoin and Shiba Inu. The developers of Catecoin wanted to create a coin that was more than just a joke. They wanted to create a coin that had real-world utility and that could be used to make a positive impact on the world.

For the past two years, Catecoin has been one of the top meme coins on the BNB blockchain. Now Catecoin is expanding its utility with its availability on the Ethereum blockchain

There are several reasons why Catecoin is poised to be successful on the Ethereum blockchain. First, the Ethereum blockchain is more secure and decentralized than other blockchains. This makes it a more attractive platform for investors who are looking for a safe and secure place to store their cryptocurrency.

Second, the Ethereum blockchain has a larger user base than other blockchains. This means that there are more potential buyers and sellers for Catecoin, which will help to drive up the price of the coin.

Third, the Ethereum blockchain has a more robust ecosystem of decentralized applications (dApps). This means that there are more potential use cases for Catecoin, which will also help to drive up the price of the coin.

We predict that Catrecoin will become as popular as Pepe Coin and Shina Inu on the Ethereum block chain. Thats because Pepe Coin and Shiba Inu has only proven itself on the Ethereum blockchain which attracts many meme coin whales. Catecoin has been able to attract lots of whate interest on the BNB blockchain which usually doesnt attract long term holders.

Also consider that Catecoin outperformed during the crypto winter. It is quite possible that Catecoins new multiple chain availability could deliver returns that far outperform both Pepe Coin and Shiba Inu.

The future of Catecoin is bright. The coin has a strong team of developers, a loyal community of users, and a number of unique benefits. Catecoin is poised to be a major player in the cryptocurrency market in the years to come.

Catecoin is a new cryptocurrency that is quickly gaining popularity. The coin has offered outsized returns during the crypto winter, and it is now poised to take off on the Ethereum blockchain. Catecoin has a number of advantages over other meme coins, including its security, transparency, and community. The future of Catecoin is bright, and the coin is poised to be a major player in the cryptocurrency market in the years to come. Learn more at the projects official website.

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Catecoin Launches on ETHEREUM Chain: Why It Will Be a Success - Analytics Insight

Arman Shirinyan

Two digital asset giants are dropping their fundamental plans as no regulatory clarity provided since 2021

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Surprisingly, two leading asset managers, Grayscale Investments and Bitwise, have seemingly backpedaled on their plans to launch Ether-futures Exchange Traded Funds (ETFs), Bloomberg reports.

Grayscale has expunged the mention of the Ethereum Futures ETF from its filing, retaining only two separate funds, while Bitwise has formally withdrawn its application for its Ethereum Strategy fund, according to documents submitted to the U.S. Securities and Exchange Commission. These unexpected alterations were first reported by Blockworks. As of now, Grayscale, Bitwise and the SEC have remained tight-lipped about these changes.

These developments could be attributed to a combination of factors. First and foremost, the overarching regulatory environment could have played a crucial role. The SEC has repeatedly denied approvals for Bitcoin and Ethereum ETFs from various financial institutions, raising the regulatory bar for such products.

Despite the potential of these ETFs to catapult these asset management giants back to market prominence, the risk associated with regulatory uncertainties may have been a deterrent effect. Grayscale and Bitwise might have decided to sidestep potential regulatory hurdles by abandoning their Ether-futures ETF plans.

Furthermore, the recent liquidity crisis faced by Glassnode might have induced a cautionary stance in these asset managers. Faced with the prospect of similar liquidity issues, both Grayscale and Bitwise could have deemed it prudent to pull back on their Ether-futures ETFs.

While the precise reasons for these shifts remain speculative, the recent developments underscore the complexity and challenges of navigating the crypto asset management space amid regulatory uncertainties and market volatility. As the landscape continues to evolve, firms will need to remain flexible and responsive to shifting trends and regulations.

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Grayscale Decided to Drop Ethereum ETF Plans: Here's Why - U.Today

Craving both '90s nostalgia and ice-cold crypto storage? A small team of developers at crypto startup Keyp is revamping original Nintendo Game Boy handheld consoles and optimizing them to store cryptocurrency offline, transforming the popular handheld of yore into a crypto hardware wallet called the Game Wallet.

But the Game Wallet isnt just a newfangled hardware wallet with a Game Boy console cover. In fact, the Game Wallet is far from a gimmickits a brand new Game Boy game cartridge that actually uses gamification to generate users seed phrases through random quests and interactions with non-playable characters (NPCs).

Once set up, the Game Wallet will be able to store any cryptocurrency that uses BIP-32 seed phrases, which means it can store coins like Bitcoin and Ethereum at launch. Its software will also be open source and available for anyone to create their own implementation, if desired.

Keyp founder Joseph Schiarizzi told Decrypt that the wallets game experience will be Pokmon-like.

Our primary focus at Keyp is making Web3 accessible and safe for everyone with tools like social logins and extra security layers for wallets," Schiarizzi said. "Game Wallet is a fun project [and] extension of that."

While the Game Wallet has been in development since January, Keyp's nine-person team believes the recent controversy surrounding Ledgers new recovery service means a truly offline storage solution is needed. Game Wallet is marketing itself as an offline storage option that promises no firmware updatesever.

With all the drama around the recent Ledger hardware wallet update, we realized the need for truly offline cold storage that minimizes trust, Keyp co-founder Sascha Mombartz wrote on a Game Wallet product page.

What started as a fun idea now seems to be a really important product," Mombartz added. "Trusting the supply chain for new security devices can be scary because we dont know who has messed with a device, but I know exactly where the Game Boy on my shelf has been for the last 20 years."

The Game Wallet doesnt yet have an official release date, but Schiarizzi toldDecrypt that the company plans to open pre-orders soon and is targeting a summer rollout, barring supply chain and/or technical hurdles.

This isnt the first time crypto enthusiasts have cryptified the Game Boy, however. Two years ago, a pseudonymous IT security researcher turned the handheld into a Bitcoin mining devicealbeit a very slow one.

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Your Old Game Boy Can Now Be Turned Into a Bitcoin and Ethereum Hardware Wallet - Decrypt