Market Observations This Week: How much longer will Grayscale sell? Can Ethereum still dance?
Last week, we mentioned that Grayscale has been selling its Bitcoin holdings since the approval of the ETF. However, the amount of selling has decreased from selling $500-600 million per day to only $187 million as of January 31st. Meanwhile, Bitcoin has risen by 5.48% this week, and the overall net fund flow of ETFs has turned from negative to positive. Fidelity Investments and BlackRock have seen the highest net inflows. Perhaps we can expect that the strong selling pressure has come to an end.
Currently, the ETH/BTC exchange rate has been continuously declining in the recent period, with Bitcoin performing better. Other than the delayed Constantinople upgrade (which is also limited to Layer 2), what other stories can Ethereum tell?
The hottest concept recently is Restaking, which allows Ethereum to stack more, increasing the utilization of funds.
How crazy is it? Eigenlayer, a representative protocol, has locked up as much as $2 billion, ranking 11th overall, not to mention that it has only officially opened staking for less than two months.
It seems that the Eigenlayer TVL will continue to grow regardless of the price performance, indicating that the market is still very bullish on this model. Ethereum has once again become a gold digger.
Recap of Industry Highlights This Week:
FTX is losing money! But there will be no restart.
The bankrupt cryptocurrency exchange FTX plans to fully compensate its cryptocurrency customers in the bankruptcy liquidation. Additionally, FTX’s lawyers stated that due to the absence of buyers, FTX will abandon its plans to restart the cryptocurrency exchange.
Solana’s trading aggregator, Jupiter, distributes airdrops.
According to CoinGecko data, after 24 hours of airdrop distribution, Jupiter’s trading volume is approximately $1.313 billion, accounting for 26.6% of the total DEX market trading volume, surpassing even Uniswap.
Federal Reserve keeps interest rates unchanged.
The Federal Reserve announced its first interest rate decision for 2024, maintaining the benchmark interest rate at a range of 5.25%-5.50%, in line with market expectations.
Opinion articles present diverse opinions and do not represent the position of “WEB3+.”
Proofreading Editor: Gao Jingyuan