Weekly Market Insight: January week 4

English

Market Updates

23 Jan 2024

Headline News

BTC volatility dropped to the lowest level since November 2023, while funds flowed into airdrop eligible tokens such as TIA and PYTH.
The market was muted and patiently monitoring the unravel of 2021 Widowmaker Trade, as GBTC is facing an average $468 million daily redemption from FTX and traders who arbitraged the discount, the high annual fee from Grayscale further motivated the process. GBTC AUM was at $22.95 billion as of 19th January.
48.7% TIA is staked, while PYTH's stake amount increased from 7.09K on 14th January to 82.62K on 21st January.

Macro-Outlook

After Fed's Bostic expressed his view on rate cuts to happen in Q3 on Thursday, 10-Year US Treasury yield regained 4bps on the day and closed the week 18.5bps higher. June Fed Fund Futures unravelled its aggressive 3-rate cuts probability from 53.5% to 32.4% in a week. The market expects 97% probability of the upcoming FOMC meeting to keep the rate unchanged.

Upcoming Economic Calendar including,

Thursday, 25th January 9:30pm: US Advance Q4 GDP Estimate
Friday, 26th January 9:30pm: US Core PCE Price Index

Cryptos-Outlook

Ethereum correlation to Bitcoin dropped to the lowest level since 2021 according to Kaiko.
Ethereum Georli Dencun fork has been finalised.
XPayments's X account was created last Saturday. Dogecoin price increased 11.7% on the day.

Layer 1 and Layer 2

- SatoshiVM, an EVM-compatible Bitcoin ZK-Rollup, has launched its token with 20% allocated to Uniswap liquidity, and 10.5% allocated to early contributors and IDO participants fully unlocked at launch. The team related wallet and early contributors were seen selling their holding on-chain. The protocol is currently testnet live.
- Conflux announced to launch an EVM-compatible Bitcoin L2. Mainnet is expected in May.
- Manta Network, a modular ZK-Rollup, launched its MANTA token. The network faced DDoS attacks and caused congestion to transactions. The team announced to reimburse users the high gas fees impacted by the attacks.
- AltLayer listed in Binance Launchpool with 5% allocation, and token airdrop to EigenLayer restakers and TIA stakers.
- Monad announced integration with LayerZero for cross-chain asset transfer.
- Hypr Network, a ZK-Gaming-Focused-Rollup, announced tapped into Polygon CDK, and Celestia as its DA layer.
- NearDA is now supported in PolygonCDK.

Dapps

- Livepeer introduced AI Video Compute capabilities, allowing video developers to deploy their own models on the network.
- Kujira to introduce a new high-leverage forex trading platform with SDK 50.
- Flashloans are now live on Marginfi.
- Chainlink CCIP now supports USDC transfers with Circle's CCTP.

Upcoming Alpha: Token Unlock, Governance

- Jupiter will launch its JUP token on 31st January with 40% airdrop allocated to users.
- Frax Bonds module is live. Its L2 Fraxtal is expected to launch in early February.
- Ribbon is expected to announce rebrand and roadmap development in February.
- 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

The content prepared by ChainUp Investment Limited (the “Company”) is not and shall not be construed as an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product, including but not limited to the funds or investment products that may be offered by the Company. It is for general purposes only and does not take into account your particular objectives, financial situation, or needs. Investment involves risk and you should be aware that the value of digital assets/tokens may fluctuate greatly if such investment involves digital assets/ token. You should invest only if you are prepared to accept the risk of losing all of the money you put into such investment.The content of this email is confidential and proprietary to the Company, and no part of it or its subject matter may be reproduced, redistributed, passed on, or divulged to any other person or published in whole or in part for any purpose without the Company's prior written consent. If received in error, please inform the Company immediately. The content of the email may be restricted by law and not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to local law or regulation. The Company shall have no liability for any misuse or unauthorised distribution of the content of this email. The content of the email may contain forward looking statements that involve known and unknown risks, uncertainties, and other important factors that may cause actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such statements. Past performance is not indicative of future performance.The Company does not guarantee the accuracy or completeness of any information in the email and makes no representation or warranty, express or implied, as to its fairness, accuracy, or completeness. None of the Company, its advisers, connected persons, or any other person accepts any liability whatsoever for any direct or consequential loss arising from the use of the presentation or its contents. Nothing in this email excludes any liability for fraudulent misrepresentation. Any investor or prospective investor should consult its own counsel and advisers as to all legal, tax, regulatory, financial, and related matters concerning an investment and as to their suitability for the investor or prospective investor.The content of this email has not been reviewed by the Monetary Authority of Cayman Islands or Singapore. If there is any inconsistency between the English and Chinese versions of this disclaimer, the English version shall prevail.

Disclaimer

Contact ChainUp Investment

* First Name

* Last Name

* Email Address

* Your Mobile Phone Number

+65

no data

* Company Name

* Job Title

Remarks

0/200