Market Observations of the Week: How much longer will Grayscale sell? Can Ethereum still dance?
Last week, it was mentioned that Grayscale has been selling its Bitcoin holdings since the approval of the ETF. However, the amount of Bitcoin sold has decreased, from selling $500-600 million per day to just $187 million as of January 31st. Additionally, Bitcoin has risen by 5.48% this week, and the overall net inflow of ETF funds has turned from a loss to a gain. Fidelity Investments and BlackRock have seen the highest net inflows, suggesting that the strong selling pressure may have come to an end.
Currently, the ETH/BTC exchange rate has been continuously declining recently, with Bitcoin performing better. Aside from the delayed and limited Cancun 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 up again and increase the utilization of funds.
How crazy is it? One representative protocol, Eigenlayer, has a total locked value (TVL) of up to $2 billion, ranking 11th overall, and it has only officially allowed staking for less than two months.
Currently, it appears that Eigenlayer’s TVL will continue to grow regardless of the token price performance. It is evident that the market is still highly interested in this model, making Ethereum once again the golden shovel.
Recap of the Week’s Industry Highlights:
FTX is losing money! But it won’t restart.
The bankrupt cryptocurrency exchange, FTX, is expected to fully compensate its cryptocurrency customers during the bankruptcy liquidation process. Additionally, FTX’s lawyers have stated that due to the lack 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 has generated a trading volume of approximately $1.313 billion, accounting for 26.6% of the total DEX market trading volume, surpassing even Uniswap.
The Federal Reserve maintains interest rates.
The Federal Reserve has 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+”.
Proofreading Editor: Gao Jingyuan
