This Week’s Market Observations: 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 of sales has decreased, from $500-600 million per day to just $187 million as of January 31st. Meanwhile, Bitcoin has risen by 5.48% this week, and overall ETF fund inflows have turned from losses to gains, with Fidelity Investments and BlackRock having the highest net inflows. Perhaps we can expect the strong selling pressure to have come to an end.
Currently, the ETH/BTC exchange rate has been continuously declining in the recent period, with Bitcoin outperforming Ethereum. Other than the delayed and limited upgrade to Constantinople (which is also limited to Layer 2), what other stories can Ethereum tell?
The recent hottest concept of Restaking has once again revitalized Ethereum, increasing the utilization of funds.
How crazy is it? The locked amount of the protocol Eigenlayer alone has reached 2 billion, ranking 11th overall, and it has only officially opened staking for less than two months.
It seems that Eigenlayer’s Total Value Locked (TVL) will continue to grow regardless of price performance, indicating that the market is still very supportive of this model, making Ethereum the golden shovel once again.
This Week’s Industry News Highlights
FTX Is Losing Money! But Won’t Restart
The bankrupt cryptocurrency exchange FTX plans to fully compensate its cryptocurrency customers in the bankruptcy liquidation. Meanwhile, FTX’s lawyers have stated that due to the lack of buyers, FTX will abandon the plan to restart the cryptocurrency exchange.
Solana’s Trading Aggregator Jupiter Distributes Airdrops
According to CoinGecko data, within 24 hours of the airdrop distribution, Jupiter had a trading volume of approximately $1.313 billion, accounting for 26.6% of the total DEX market trading volume, surpassing even Uniswap.
Federal Reserve Keeps Interest Rates Unchanged
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+”.
Proofreading Editor: Gao Jingyuan