Market Updates
Weekly Market Insight: January week 4
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.
 
 
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