Crypto Market Pulse Weekly – 💸US Spot Bitcoin ETFs had the strongest week of net inflows in eight weeks

US Spot Bitcoin ETFs had the strongest week of net inflows in eight weeks. DTCC and Chainlink announced pilot program to bring traditional finance fund data onto blockchains. Vitalik Buterin proposed EIP-7706 to include gas for transaction calldata on Ethereum.

May 20, 2024
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Weekly Market Index

All three crypto market indices increased last week. The price and volume indices increased by +8.17% and +18.94%, respectively. The volatility index increased more drastically by +102.81%. All three indices were led by Chainlink (LINK), after the Depository Trust and Clearing Corporation (DTCC) and LINK announced the Smart NAV pilot program with US banks to bring traditional finance fund data onto blockchains.Bitcoin (BTC) settled above US$66,000 over the weekend while Ethereum (ETH) stayed above $3,050. The U.S. announced lower-than-expected consumer price index (CPI) data, which increased 0.3% month-on-month in April, slightly below the Dow Jones estimate of 0.4%.  In addition, retail sales were unexpectedly flat in April, despite a 0.4% increase estimate, which suggests potential slow down in consumer spending momentum. Finally, the latest CME FedWatch Tool suggests a close to 65% probability for a rate cut in September. 

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Chart of the Week

US Spot Bitcoin ETFs had a week of net inflow totalling US$948 million last week, the strongest in eight weeks. Grayscale Bitcoin Trust ETF’s (GBTC) saw a weekly net inflow of $12 million last week, the first week of net inflow since the ETF launched in January 2024. 

Last week, over 600 professional firms disclosed billions of holdings in US Spot Bitcoin ETFs, based on the firms’ 13F filings with the US SEC in Q1 2024. Among them, the largest investor was Millennium Management, which held a total of $1.9bn spread across five of the ETFs, the largest allocation being BlackRock’s IBIT. In addition, the State of Wisconsin Investment Board held a total of $163 million worth of Bitcoin in BlackRock’s IBIT and Grayscale’s GBTC as of Q1 2024, becoming the first US state to disclose Bitcoin holdings. Other firms include Morgan Stanley, JPMorgan, Wells Fargo, UBS and other hedge funds.

In Asia, H.K. Spot Bitcoin ETFs had a week of net outflow of $48.3 million, while H.K. Spot Ether ETFs had a weekly net outflow of $6.7 million.

Weekly Performance

BTC and ETH both increased in the past seven days by +8.5% and +5.7%, respectively. The price action for most other selected top market cap tokens were also up. LINK led the increase.

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Most selected key categories were up in terms of market capitalisation in the past seven days, except for Layer-2. The artificial intelligence category led the increase.

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News Highlights

  • Ethereum co-founder Vitalik Buterin proposed EIP-7706 to include a new category of gas for transaction calldata, which specifies costs associated with data transmitted in transactions. This is in addition to the two existing types of gas on Ethereum – one for storage and one for execution. 
  • The Depository Trust and Clearing Corporation (DTCC) and Chainlink (LINK) announced a pilot program with US banks to bring traditional finance fund data onto blockchains. The program aims to standardise a way to provide funds’ net asset value (NAV) data using Chainlink’s Cross-Chain Interoperability Protocol (CCIP).
  • The Hong Kong Monetary Authority and the People’s Bank of China expanded the cross-border digital yuan trial to allow use of e-CNY wallets by Hong Kong residents. The wallets can be used for payments at retailers, but not for person to person transfers. 
  • Oklahoma passed a new crypto bill last week to protect state resident’s right to self-custody digital assets. Residents can also mine crypto at home or industrially. The bill will come into effect on 1 November, 2024.

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