Market Observations This Week: How Long Will Grayscale Keep Selling? 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 being sold 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 inflow of funds into ETFs has turned from deficit to surplus. 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. Besides the delayed Constantinople upgrade (and it is still Layer 2 limited), what other stories can Ethereum tell?
The hottest concept recently is Restaking, which allows Ethereum to stack its bed again and increase the utilization of funds.
How crazy is it? The protocol Eigenlayer alone has a total locked value (TVL) of up to $2 billion, ranking 11th overall, and it has only been open for staking for less than two months.
Currently, it seems that Eigenlayer’s TVL will continue to grow regardless of the price performance. Obviously, the market is still very bullish on this model, and Ethereum has once again become the golden shovel.
Recap of Industry Highlights This Week
FTX Loses Money! But Won’t Restart
Bankrupt cryptocurrency exchange FTX is expected to fully compensate its cryptocurrency customers in the bankruptcy liquidation. FTX’s lawyers also stated that due to the absence of buyers, FTX will abandon its plan to restart the cryptocurrency exchange.
Solana’s trading aggregator, Jupiter, distributes airdrops
According to CoinGecko data, after 24 hours of airdrop distribution, Jupiter has a trading volume of approximately $1.313 billion, accounting for 26.6% of the total DEX market trading volume, even surpassing Uniswap.
The Federal Reserve maintains interest rates
The Federal Reserve announced its first interest rate decision for 2024, keeping the benchmark interest rate unchanged at 5.25% – 5.50%, in line with market expectations.
Opinion articles present diverse views and do not represent the stance of “WEB3+.”
Proofread by: Gao Jingyuan