Market Observation Commentary of the Week: How much longer will Grayscale sell? Can Ethereum still dance?
Last week, we mentioned that Grayscale has been continuously 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 31. Meanwhile, Bitcoin has risen by 5.48% this week, and the overall net flow of funds into ETFs has turned from losses to gains. Fidelity Investments and BlackRock had the highest net inflows, suggesting that we can expect the strong selling pressure to be coming to an end.
Currently, the ETH/BTC exchange rate has been continuously declining in recent times, with Bitcoin outperforming Ethereum. Besides the delayed Constantinople upgrade (which is also limited to Layer 2), what other stories can Ethereum tell?
One of the hottest concepts recently is Restaking, which allows Ethereum to stack even more, increasing the utilization of funds.
How crazy is it? The staking amount of the protocol Eigenlayer alone has reached 2 billion, ranking 11th overall, and it has only been open for staking for less than two months.
It seems that Eigenlayer’s Total Value Locked (TVL) will continue to grow regardless of the performance of the coin price. Clearly, the market is still very interested in this model, making Ethereum once again a gold mine.
This Week’s Industry Highlights Recap
FTX is losing money! But it won’t restart.
The bankrupt cryptocurrency exchange FTX plans to fully compensate its cryptocurrency customers in the bankruptcy liquidation process. However, FTX’s lawyers have stated that due to the lack of buyers, they will abandon their plans to restart the cryptocurrency exchange.
Solana’s trading aggregator Jupiter distributes airdrops.
According to CoinGecko data, within 24 hours of airdrop distribution, Jupiter’s trading volume reached 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 announced its first interest rate decision for 2024, maintaining the benchmark interest rate at 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