GBTC intensifies ETF "selling fact" effect, ARK reduces holdings of Coinbase stocks

Headlines

▌Deribit Insights: GBTC sell-off intensifies ETF "selling facts" Launch

Deribit Insights said on social media that the GBTC sell-off intensified the launch of the ETF "selling fact", but it has not yet met expectations. Initially, buyers of $50,000 January, $50,000-$60,000 call spreads x3K in February and March bought at the initial strength and lows. But then, the buying turned downward, and the January 40,000-42,000 put option was swept and paid off.  

Currently, BTC Dvol is 55% and ETH Dvol is 64%. Much of the focus will continue to be on BTC this week, but ETH is heading into a period where BlackRock and the U.S. SEC have pushed back against a potential ETH spot ETF, creating a two-sided nature of volatility in spot ETFs.

▌ARK Ark Fund has reduced its holdings of nearly $80 million in Coinbase stocks since January 1st

Data shows that as of press time, ARK Fund has reduced its holdings of 609,251 Coinbase shares (COIN) since January 1, which is worth approximately US$79.68 million based on current prices. As of Friday's close, COIN was trading at $130.78.

Quotes

As of press time, according to coinmarketcap data:

The recent transaction price of BTC was US$41,745, with fluctuations during the day. Frame-2.64%;

ETH Recent The transaction price was US$2,476.84, and the intraday increase or decrease-2.39%;< /p>

BNB’s recent transaction price was US$300.06, with an intraday increase or decrease of -1.54% strong>;

The recent transaction price of strong>%;

The recent transaction price of DOGE was US$0.0801, with intraday gains and losses-2.17%;

ADA’s recent transaction price was US$0.5267, with intraday gains and losses-3.36%;

SOL’s recent transaction price was US$94.72, with intraday changes< span style="color: rgb(255, 0, 0);">-4.77%.

Policy

▌Hong Kong Financial Secretary Paul Chan Mo-po: Hong Kong is still in a “net inflow of funds” "Status

The Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, said in the Secretary's Essay on January 14 that in the face of the global high interest rate environment and the superposition of multiple external adverse factors, Hong Kong's asset markets are under pressure. However, it is also true that investment opportunities have become more attractive, and many funds are waiting for opportunities to look for investment opportunities. In the first 11 months of last year, total deposits in Hong Kong reached approximately HK$16 trillion, an increase of 4.1% over the same period last year, of which Hong Kong dollar deposits accounted for HK$7.6 trillion, an increase of 1.7% over the same period last year. Together with preliminary December figures, total deposit growth for the year is estimated to be over 5%. Last year, approximately HK$250 billion of funds flowed into the Hong Kong stock market through the "Southbound Trading Link". Between incoming and outgoing, funds were still in a state of "net inflow".

Blockchain Applications

▌Axelar CEO: Rollup Development Kit “in 2024” One to watch in 2024

Axelar CEO Sergey Gorbunov said that it is no coincidence that the Rollup project is expected to be in high demand in 2024. He believes that the Rollup development kit "is one to watch in 2024" . We’re starting to see abstractions for Web3 developers similar to those enjoyed by consumer-facing developers in SaaS, and projects currently scaling in this space include DeFi innovators like Frax and Lido, as well as leading ones like dYdX, PancakeSwap, and Uniswap DEX.  

Decentralized infrastructure is another area expected to grow in the coming months, said Frank Hu, chief operating officer of ByteTrade Lab. Decentralizing front-end and back-end is a key issue, including decentralized web hosting and cloud storage systems.

▌Lugano, Switzerland is launching an incubation program based on DFINITY

Lugano, Switzerland, is launching an incubation program for regional entrepreneurs based on DFINITY's Internet computer network. DFINITY is headquartered in Zurich, and participants in the incubation program will work with DFINITY mentors at conferences in Lugano and Zurich. Team members can receive up to $85,000 in funding, but if they wish to receive more than $25,000 of the total, they must create a legal entity in Lugano.  

DFINITY Foundation founder Dominic Williams said in a statement that there is no more suitable place to launch this incubator program than the city of Lugano, which has been leading the way in the region for several years. The cutting edge of blockchain applications.

▌OpenSea CEO: OpenSea is developing an upgraded version called OpenSea 2.0< /p>

Global sales of NFTs, which are based on blockchain and represent unique ownership of assets such as images and even physical objects, plummeted 63% to $8.7 billion last year, according to CryptoSlam data. That’s even as volume more than tripled between October and November to $918 million. Meanwhile, Bitcoin surged nearly 160% in 2023.  

OpenSea CEO Devin Finzer said in an interview that it makes sense for the industry to no longer view NFTs as just collectible images. When it comes to defining success in the NFT industry and your own company, looking beyond just sales numbers, one of the things we're most excited about isn't necessarily how to drive the most sales, but how to build the most compelling use cases for NFTs.  

It is reported that OpenSea is developing an upgraded version of the platform called OpenSea 2.0. Finzer said that as more token use cases are developed, the platform will provide users with a better user experience and improve Differentiation between NFT categories. Currently, NFTs appear the same on OpenSea and other platforms, whether they are game tokens or event tickets. We would really like to have a market interface that can be better customized to suit every type of use case, OpenSea is working on displaying ticket NFTs on a calendar and sorting them by date.

Cryptocurrencies

▌Coinbase: BTC trades after spot Bitcoin ETF approved Significant surge in volume

According to a post on social media by Bitcoin News, Coinbase reported a significant surge in BTC trading volume after the spot Bitcoin ETF was approved. Trading volume tripled compared with the fourth quarter of 2023, the company said, while clarifying that it was difficult to say how much of that was directly attributable to the ETF.

▌The investment giant Vanguard’s cryptocurrency products, including the Bitcoin Futures ETF, will also be discontinued

Investment giant Vanguard has stepped up its anti-Bitcoin and anti-cryptocurrency stance this week after banning investors from buying spot Bitcoin ETFs. A Vanguard spokesperson said that in addition to being unable to purchase spot Bitcoin ETFs on the Vanguard platform, Vanguard will no longer accept purchases of cryptocurrency products, including Bitcoin futures ETFs. The spokesperson added: "This change allows us to focus on delivering a core set of products and services, consistent with our commitment to meeting the needs of long-term investors."

▌Morgan Stanley Digital Head: Stablecoins may become the “killer app” for cryptocurrencies

Investment Bank Andrew Peel, head of digital asset markets at Morgan Stanley, said in a note to investors that stablecoins could become the “killer app” for cryptocurrencies. Stablecoin trading volumes have reached levels comparable to established digital clearinghouses such as Visa and PayPal. Even Visa and PayPal themselves are getting into the stablecoin space, with Visa integrating USDC on Solana and PayPal launching the PYUSD stablecoin.

▌Franklin Templeton Release new spot Bitcoin ETF advertisement

Bitcoin Magazine stated that Franklin Templeton, which manages US$1.5 trillion, released a new spot Bitcoin ETF advertisement.

▌James Seyffart: BlackRock wants to add BTC to its balance sheet and will buy it on the open market

X user asked Bloomberg analyst James Seyffart on the platform that BlackRock holds 11,500 BTC for its clients. If clients sell their ETFs, BlackRock can keep the BTC and give them cash. Is this correct? Bloomberg analyst James Seyffart replied that this will not work and BlackRock must sell Bitcoin. They have to go to the open market and get the best execution possible. They don't just put Bitcoin on their balance sheet, so no. If BlackRock wanted to buy BTC for their balance sheet, they would buy it like everyone else. (I know they're not that fast)

▌Using NFTs as profile pictures for X users becomes a paid feature

X this week stopped supporting NFTs as profile pictures after first launching the feature in January 2022. Under crypto-friendly CEO Elon Musk, profile pictures became a paid feature, although Musk seemed unhappy with the concept. Users using the feature opened the app on Wednesday and found that their previous hexagonal profile pictures had become round again.

Important economic news

▌The first weekend of adjustment of housing purchase restrictions in two districts of Shanghai: single talents Start inquiring and looking at houses

Following the Lingang New Area and Jinshan District, on January 13, Qingpu District and Fengxian District in Shanghai successively introduced new housing policies for talents to optimize the threshold for talents to purchase houses. The new policy reduces the social security or individual income tax requirements for non-Shanghai talents from the past five years to three years, and adjusts the home purchase qualifications from household households to individuals. During the first weekend of the implementation of the new policy, reporters visited and consulted multiple new housing projects and second-hand housing agency stores. According to feedback, the talent policy has been reflected in the number of visits to new housing projects and the number of online inquiries for second-hand housing. However, as the Chinese New Year is approaching, the industry expects The policy is expected to continue to be effective after the year. (The Paper)

Golden Encyclopedia

▌Why Bitcoin spot ETFs are so important

ETFs legitimize Bitcoin and allow institutions to hold Bitcoin through their existing services currency. Financial advisors can now easily include Bitcoin in their investment portfolios. Since Bitcoin has little correlation to many traditional assets and is highly volatile, adding an ETF to your portfolio (say, 1%) will provide you with a better performing Sharpe Ratio. It doesn't take much thinking, adding ETFs to your long-term asset management strategy is a smart move.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.