Crypto Market Pulse (29/01/2024)

US Spot Bitcoin ETFs see total net inflow of US$731M in first 11 days. SEC delays decision timeline on BlackRock’s proposed Spot Ethereum ETF.

Weekly Market Index

Last week’s crypto market prices dropped slightly by -3.29%. Volume and volatility also decreased by -43.43% and -29.25%, respectively.

Chart of the Week

US Spot Bitcoin exchange-traded funds (ETFs) have received a total net inflow of US$731.9M since launch on 11 January, with BlackRock’s ETF seeing the most. Meanwhile, Grayscale’s ETF has experienced net outflows. Market commentators have opined that Grayscale’s expense ratio of 1.5%, the highest of them all, could be a factor for its outflows, and also reportedly selling from FTX’s bankruptcy estate. 

Weekly Performance

Bitcoin (BTC) rose slightly by +1.1% while Ethereum (ETH) fell by -7.9% in the past seven days. Price action for other selected top-cap tokens was mixed.

Selected key categories were mixed in terms of market cap change in the past seven days.

News Highlights

• The US Securities and Exchange Commission (SEC) delayed its decision timeline on BlackRock’s proposal for a spot Ethereum ETF. The SEC will now face a March 10 deadline to approve, disapprove or institute additional proceedings on the proposed fund.
• Hong Kong is reportedly preparing to launch its first spot crypto ETFs by mid-2024. 
• The US SEC said it is set to seek public feedbacks on proposals by Cboe, Nasdaq, and NYSE to list options on Bitcoin ETFs.
• The Bank for International Settlements (BIS) has revealed its strategic priorities for 2024, emphasising central bank digital currencies (CBDCs) and tokenisation. For example, one of the undertakings is Project Promissa, which aims to digitise promissory notes using blockchain technology.

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Catalyst Calendar

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