This week’s market observation essay: How long will Grayscale continue to sell? Can the ether still dance?
Last week, it was mentioned that Grayscale has been selling its Bitcoins since the adoption of the ETF, but the number of sales has decreased, from selling 500 to 600 million US dollars per day, to now (1/31) only selling 187 million US dollars. Bitcoin also rose 5.48% this week, and the overall net inflow of ETF funds also turned from losses to profits, with Fidelity Investments and BlackRock having the highest net inflows. Perhaps we can expect that the strong selling pressure has come to an end.
The current ETH/BTC exchange rate has continued to fall recently, and Bitcoin has performed better recently. Apart from the repeatedly postponed Cancun upgrade (and it is also Layer 2 limited), what other stories can be told about Ethereum?
The most popular concept of Restaking recently has allowed Ethereum to once again stack up its foundations and increase the utilization rate of funds.
How crazy is it? Among them, Eigenlayer's locked-up amount is as high as 2 billion, ranking 11th overall, not to mention that it has only officially opened for staking less than two months ago.
At present, it seems that Eigenlayer TVL will continue to grow regardless of the currency price performance. Obviously the market is still quite willing to pay for such a model, and Ethereum has once again become a golden shovel.
Review of key industry news this week
FTX loses money! but won't restart
The bankrupt cryptocurrency exchange FTX expects to pay full compensation to cryptocurrency customers in bankruptcy liquidation. At the same time, FTX lawyers also said that because no buyer emerged, FTX will give up its plan to restart the cryptocurrency exchange.
Solana trading aggregator Jupiter issues airdrops
According to CoinGecko data, Jupiter’s trading volume was approximately US$1.313 billion 24 hours after receiving the airdrop, accounting for 26.6% of the total trading volume in the DEX market, even surpassing Uniswap
Fed keeps interest rates unchanged
The Federal Reserve announced its first interest rate resolution in 2024, keeping the benchmark interest rate unchanged at a range of 5.25%-5.50%, in line with market expectations.