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Market Updates
Weekly Market Insight: January week 3
15 Jan 2024
Headline News
- One day after fake announcement from SEC, Bitcoin Spot ETF indeed approved and started trading on Thursday, marking a historical moment in Bitcoin history. The total net inflow of the BTC spot ETFs was $818.9 million and $1.4 billion AUM excluding GBTC in the two days. Grayscale GBTC was the only fund that had an net outflow of $579 million due to a high annual fee of 1.5%.
- The market interpreted selling pressure from Grayscale led to the BTC price drop, followed by muted short-term catalyst for Bitcoin before the halving event in April. At the same time, Celsius had actively transferred more than $125 million worth of ETH to exchanges in the past week.
- Market attention has been transiting to Ethereum as increasing optimism on ETH Spot ETF in May, Dencun Upgrade in Q1, the restaking economy that potentially reintroduces fund flow back to Ethereum and increasing Layer 2s activity.
Macro-Outlook
The market reacted negatively last week after releasing the December monthly core CPI increased from 0.1% to 0.3%, higher than the estimated 0.2%. However, the monthly PPI painted a different picture of -0.1% compared to 0.1% market expectation. Overnight Reverse Repurchase Agreement continues to be drained and potentially be questioned in the upcoming FOMC press conference on 1st February.
Upcoming Economic Calendar including,
Wednesday, 17th January 9:30pm: US December Retail Sales
Cryptos-Outlook
Layer 1 and Layer 2
- The highly anticipated Berachain is now live on Artio Testnet.
- EigenLayer announced to expand its security model to Cosmos consumer chain via Lay3r and Ethos.
- Movement Labs introduced native USDC transfer via Union, enabling Cosmos IBC assets compatibility.
- Libre, institution RWA platform launched by WebN and LaserDigital (part of Nomura Group) announced built with Polygon CDK.
Dapps
- Injective Volan upgrade was successfully launched featuring the RWA module for easy permissioned assets listing, direct interaction with Cosmos IBC and more.
- Radiant introduced v3, which enables easy long or short assets with "money market looping", listing of 100s new assets, cross chain loan repayments and auto convert mechanism for fees and dual emissions.
- Osmosis launched v1 staking for OSMO and plans for multichain staking in v2, entering into the staking market. It passed its burn mechanism via OSMO revenue.
- Ondo Finance, the third largest on-chain Treasury issuer announced the Ondo Points program which is potentially eligible for future airdrop.
- Pendle introduced limit order for its onchain yield trading.
Upcoming Alpha: Token Unlock, Governance
- Bithumb announced to add MAGIC to its KRW market.
- Metis started its community testing for decentralized sequencers.
- Cosmos is voting to reduce the minimum inflation rate to 0%, offering flexibility to fine-tune incentive based on total bonded/staked tokens. Currently, 48.8% voted against compared to 39% voted yes. The voting is closing on 23rd January.
- Arbitrum is voting on the Long-Term Incentives Pilot Program, which closes on 17th January. The voting is likely passed, with funding amount of either 45.815 million ARB or 35.815 million ARB.
- AXS token unlocked on 18th January, amount representing 2.53% of the token supply.
- INJ token unlocked on 21st January, amount representing 4.33% of the token supply.
- ID token unlocked on 22nd January, amount representing 12.37% of the token supply.
- YGG token unlocked on 27th January, amount representing 5.94% of the token supply.
- OP token unlocked on 30th January, amount representing 2.52% of the token supply.
Disclaimer
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