Market Updates
Weekly Market Insight: January week 5
29 Jan 2024

Headline News

- Last week, Grayscale GBTC Bitcoin daily outflow decreased from approximately 14,292 to 10,932, daily AUM changes decreased from $641 million to $255 million, and the daily trading volume decreased from $867 million to $652 million.
- GBTC's AUM decreased by 2.234 billion last week, while other Bitcoin ETFs' AUM increased by $1.819 billion during the same period, the overall Bitcoin ETF AUM decreased by $415 million last week. GBTC's outflows and slowing trading volume are seen by the market as signs of weakness in GBTC's profit-takers. BTC slowly rose from $38,524 on Tuesday (the lowest level in 2024) to a high of $42,819 on Sunday.
 

Macro-Outlook

  • - US Q4 GDP was 3.3% well above the estimated 2% growth and core PCE price index increased 0.2% in December, aligned with market expectation. The first FOMC in 2024, expecting questions to be asked regarding the Fed balance sheet, alternative plans after BTFP ending on 11th March, and rate-cut consideration. The market is placing 96.9% probability the rate will remain unchanged.
  • - Furthermore, US Treasury will be facing an increased volatility in the upcoming Treasury Quarterly Refunding. Earnings from big techs such as Microsoft, Google, Qualcomm, Apple and Amazon will be released this week. This week will be a big week.
 
Upcoming Economic Calendar including,
  • - Tuesday, 30th January 11:00pm: US JOLTs Job Openings in December
  • - Thursday, 1st February 3:00am: FOMC Meeting
  • - Thursday, 1st February 11:00pm: US ISM Manufacturing PMI in January
  • - Friday, 2nd February 9:30pm: US Non Farm Payrolls and Unemployment Rate in January
 

Cryptos-Outlook

Layer 1 and Layer 2

  • - Sui's Mysten Labs partnered with Alibaba Cloud to launch a series of new services to support Move developers.
  • - Solana introduced token extensions, an easy implementation of advanced token functionality on Solana, such as confidential transfers, transfer fees, non-transferibility, required memo on transfer etc.
  • - Sei introduced SeiDB, a v2 designed to scale the network performance throughput by 2x.
 

Dapps

  • - Struct was granted $1 million in AVAX by Avalanche Rush incentives, aiming to deepen its structured finance products liquidity.
  • - Uma introduced Oval, empowered lending protocols to capture Oracle Extracable Value by auctioning the right to liquidate positions.
  • - Synapse RFQ bridging is live, turning bridge transactions into auctions, making them faster and cheaper.
  • - Picasso restaking vaults is live. The launch will be conducted in 3 rounds with 50K, 150K and 500K SOL caps.
  • - Magpie introduced Eigenpie, the isolated liquid restaking platform, joining the liquid restaking war.
  • - GammaSwap introduced DeltaSwap, a zero fee spot decentralised exchange.
  • - Helium announced a partnership with Telefonica to launch Helium Mobile Hotspots in Mexico.
  • - Perpetual Protocol introduced v3, featuring better UI and Smart Liquidity Framework, creating a modular system to integrate multiple models like XYK-style AMMs, RFQs, CLOBS and oracle-based strategies.
  • - CowSwap has passed its testing fee models for the next 6 months, which includes improvement fees, surplus fees, transaction volume-based fees, and fixed fees. The fees will cap at 1% of total trade volume.
  • - Umani has launched GMX v2 single-sided LP vaults.
  • - Lyra-chain has been integrated with Celestia.
  • - Aevo migrated to Celestia.
 

Upcoming Alpha: Token Unlock, Governance

  • - SuperVerse major announcement is expected on 30th January.
  • - MultiversX CEO to make a key announcement on 31st January.
  • - Jupiter Exchange is expected to launch JUP token on 31st January.
  • - Frame, Arbitrum Nitro powered NFT platform L2 is expected to launch on 31st January.
  • - Magic Eden has announced its airdrop in coming months and launched a reward program.
  • - Cosmos proposed ATOM wars, enabling stakers to lock up to a year in exchange for boosted governance power.
  • - Hundreds of thousands of RON were transferred to Binance hot wallet. The action was speculated for potential listing in Binance. Some stated its likely collection of customers mistaken deposits of RON.
  • - Io.net team confirmed airdrop to its partners. Io.net partners including Render, Filecoin and Solana.
  • - OP token unlocked on 30th January, amount representing 2.52% of the token supply.
  • - SUI token unlocked on 30th January, amount representing 4.02% of the token supply.
  • - DYDX token unlocked on 1st February, amount representing 10.63% of the token supply.
  • - ACA token unlocked on 1st February, amount representing 3.10% of the token supply.
  • - GAL token unlocked on 5th February, amount representing 5.76% 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.
Contact ChainUp Investment
First Name
Last Name
Email Address
Your Mobile Phone Number
+65
no data
Company Name
Job Title
Remarks
0/200