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Performance of Bitcoin ETFs, although the rebound of BTC has been strong these days, the fund performance in the ETF market is still poor. The outflow amount of Grayscale GBTC yesterday remained high at $386 million, while the buy orders from other major ETF institutions remained weak. The buy-in volume of FBTC was still pitifully only $12.9 million last night, even the leading institution BlackRock also lagged behind, with the inflow volume reduced again to $49.3 million from over $70 million the day before yesterday, completely unable to fill the gap of Grayscale. Therefore, the overall net outflow of funds reached $260 million last night, marking the third consecutive day of net outflow. If the ETF funds cannot achieve a balance between inflow and outflow in the short term, the rebound may not last long, which is considered the biggest risk in the market recently.
Returning to the market, despite the negative news surrounding ETH, this rebound is still quite strong. The exchange rate of BTC also follows the rule that it rebounds every time it hits 0.05. Personally, I think these negative news may have contributed to the continuous poor performance of ETH in the past few days. When they were announced last night, they unexpectedly had the effect of ending the bearish sentiment. Additionally, last night finally saw a new play in the ETH ecosystem, namely the new protocol simpliferc, which is a new asset issuance model that allows buying and selling assets directly by sending them to a contract address, without the need for Uniswap or other DEX platforms. Although everyone discovered during today's trading that this mechanism cannot prevent sandwich attacks, it does save everyone the approval and transaction fees, which can be considered a minor innovation.
Regarding altcoins, the best-performing projects in this wave are those in the RWA track. Ondo, OM, CFG, and $POLYX have all seen gains of around 50%, with these projects basically hitting historical highs in the near term. OM has seen an increase of over 50 times from its bottom, making it one of the best-performing projects in this bull market cycle. Additionally, as ETHFI violently rebounds, projects like LSD, LRT, and restaking from the AVAXPolygonSuiAptos track are also performing well, with SSV hitting new highs today. The trend of the Bitcoin ecosystem is also strong, with STX hitting new highs yesterday, and VOYA surging 35% due to the impact of the first DEX on the Merlin ecosystem, Merlinswap's IDO. The projects in the Atomicals ecosystem, such as Realm AVM Electron, have seen daily gains of over 50%, while BRC20 and the inscriptions of other chains have performed moderately, with trading volumes still low. In addition to these, altcoins in other sectors have generally maintained a state of overall rise, with gains of around 10%.
Secondary observations for today:
RWA is accelerating its rise, but more attention is beginning to focus on the L1 track.
Influenced by the MEME market, searches related to L1 have increased, with Base searches reaching a peak, and the heat of L1 such as AVAXPolygonSuiAptos accelerating. In addition, DREPMOBPNT will be delisted from Binance.
Summary of core tokens in the RWA track:
ONDOMKRAAVEPOLYXCFGMPLTRUCPOOLHIFIRIO
STRK - Transaction parallelization
PORTAL - Staking online
AEVO - Trading & Staking rewards
MAV - Phase 3 is coming soon
MBOX - Dragonverse Neo announced a new Litepaper, with the token MDBL to be launched fairly on Merlin Chain.
LUNA - Do Kwon's extradition
STRK, Starknet announced its 2024 roadmap via Twitter, having already completed the EIP-4844 upgrade and preparing to launch transaction parallelization.
PORTAL, Portalcoin announced via Twitter that Portal staking will be launched on March 21st, allowing users to stake $PORTAL and upgrade to gain exclusive access to the upcoming game mint and presale.
AEVO, aevoxyz claims via Twitter that Aevo's trading and staking incentive program is now online.
MAV, Maverick Protocol announced that Maverick Phase 3 is coming soon, with the first audit completed this week. Other audits have begun, including OpenZeppelin.
MBOX, Dragonverse Neo announced a new Litepaper, with the token MDBL to be launched fairly on Merlin Chain.
LUNA, Korean media reports that Terraform Labs founder Do Kwon is likely to be extradited to Korea this weekend (March 23rd and 24th).
In addition, BlackRock's BTC spot ETF inflows are lower than expected, with 10x Research founder believing that the Bitcoin sell-off has just begun.
Current market views and analysis:
After finding support near $60,000, Bitcoin has rebounded. At present, the rebound is strong, but there is still strong resistance near $68,800. It remains to be seen whether this level can be held. If not, it may still adjust and test the bottom support. If it can be held, the rally will continue before the halving.
The ETH/BTC exchange rate has finally rebounded, and the rule of rebounding every time it hits 0.05 has not been broken. Additionally, a new protocol finally appeared on ETH today, namely simpliferc, which allows buying coins directly into a contract without going through a DEX, without approval and transaction fees. Although it was discovered today that this mechanism cannot prevent MEV attacks, the price is still stable around $20, which can be considered a minor innovation. Most of the recent news surrounding ETH has been negative. The SEC is investigating the Ethereum Foundation and has launched legal action to classify ETH as a security. Grayscale's ETHE premium has also risen sharply, indicating that the probability of the ETF being passed in May is quite low. If rejected in May, ETH may experience a wave of selling, but if the bull market continues as usual, ETH's safety cushion remains high.
Finally, there are still many things that haven't been mentioned, such as specific opportunities and decisions, which often cannot be summarized in one article. |
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Post time 1-4-2024 08:07:49