Crypto Market Pulse (05/02/2024)

Weekly Market Index

Last week’s crypto market prices were up slightly at +1.56%. Volume and volatility decreased by -10.44% and -50.02%, respectively.

Chart of the Week

BlackRock’s and Fidelity’s spot Bitcoin exchange-traded funds (ETFs) have made it to the top ten list of ETFs (across all asset classes) with the largest January net inflows. The two Bitcoin ETFs totaled US$5.1B in net inflow during the month.    

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) both rose slightly by +1.0% in the past seven days. Price action for other selected top-cap tokens was mixed.

Selected key categories were all up in terms of market cap change in the past seven days, led by Artificial Intelligence.

News Highlights

• Ethereum’s latest major upgrade Dencun went live on the Sepolia test network last week. The upgrade’s initiation on the final testnet Holesky is scheduled for 7 February. One key anticipated feature of Dencun is proto-danksharding, which aims to lower gas fees and improve scalability by introducing a new, compressed data storage mechanism called “blobs.” Ethereum developers plan to set a mainnet launch date for Dencun on 8 February.
• Visa has partnered with the Web3 infrastructure provider Transak to introduce cryptocurrency withdrawals and payments through the Visa Direct solution, the firms announced last week. The new integration allows users to withdraw cryptocurrencies like Bitcoin directly from a wallet like MetaMask to a Visa debit card.
• The central bank of the United Arab Emirates (UAE) conducted its first cross-border digital dirham transfer using the mBridge central bank digital currency (CBDC) platform. 
• Venture Smart Financial Holdings Ltd. (VSFG), a Hong Kong-based financial services firm, is in the final phase of officially submitting its application for a spot Bitcoin ETF to the Hong Kong Securities and Futures Commission. VSFG is also preparing to apply for a spot Ethereum ETF.
• The US Federal Reserve (Fed) left its target interest rate range unchanged at 5.25%-5.50% at its meeting last week. The Fed reiterated that it is looking for signs inflation is on a ‘sustainable path down’.

Recent Research Reports

Crypto ETFs	Crypto Market Sizing Report 2023	2023 Year Review & 2024 Year Ahead

	Crypto ETFs
	Crypto Market Sizing Report 2023
	2023 Year Review & 2024 Year Ahead

• Crypto ETFs: This report explores what crypto ETFs are, providing an overview of the current crypto ETF market and looking into how they work as investment vehicles. Plus, we explore their features, advantages and significance, and drawbacks.
• Crypto Market Sizing Report 2023: Global crypto owners reached 580 million by the end of 2023.
• 2023 Year Review & 2024 Year Ahead: 2023 has been an eventful year for the crypto industry. In this report, we curate the top crypto events and trends of 2023, followed by our outlook for 2024.

Recent University Articles

Bitcoin NFTs — How the Ordinals Protocol Works	Liquid Staking vs Traditional Staking — What Are the Differences and How Do They Work?	What Is Bitcoin’s Price? A Short HIstory

	Bitcoin NFTs — How the Ordinals Protocol Works
	Liquid Staking vs Traditional Staking — What Are the Differences and How Do They Work?
	What Is Bitcoin’s Price? A Short HIstory

• Bitcoin NFTs — How the Ordinals Protocol Works: Learn all about what the Bitcoin Ordinals protocol is and how it works — from satoshis to inscriptions to NFTs.
• Liquid Staking vs Traditional Staking — What Are the Differences and How Do They Work?: Staking and liquid staking are popular ways for cryptocurrency holders to earn rewards. Here’s how the two approaches differ.
• What Is Bitcoin’s Price? A Short History: The price of BTC has experienced peaks and valleys ever since the coin launched in 2009. Learn all about its ups and downs in this guide on Bitcoin’s price history.

Catalyst Calendar

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