Bitcoin ETFs see over $1.7 billion of inflows last week as funding rates rise
Weekly Market Update #30
Bitcoin ETF products saw net inflows of $1.77 billion last week
Annualized Binance Bitcoin perpetual futures funding rate exceeds 100% for the first time since 2021
Over the last 24 hours, the entire MEME sector has experienced a growth of approximately 16%, bringing its market value to over $52 billion
Total Value Locked (TVL) on Arbitrum reached an all-time high of $4.125 billion
On March 3rd, the trading volume in the Bitcoin Ordinals market hit $51.14 million, marking its highest point since December 18th 2023
The Dencun upgrade is scheduled to activate on the Ethereum mainnet at epoch 269568, set for March 13th 2024 at 13:55 UTC.
Ondo Finance introduces Ondo Global Markets
Friend Tech, a Web3 social platform, announced via Twitter that following recent discussions, its investors have consented to relinquish their rights to sell tokens to users, ensuring that token control remains with the users
To mitigate the risk of a blockchain becoming unresponsive, unreliable, or unusable, Tether has developed an official recovery tool capable of migrating USDT across different blockchains
Bitcoin ETF products saw net inflows of $1.77 billion last week
Last week, Bitcoin ETF products saw net inflows amounting to $1.77 billion, marking the second-largest weekly inflows since these ETFs started trading in early January. As a whole, the trading volumes of investment products reached a record high of $30 billion.
Additionally, Ethereum recorded its highest weekly inflows since mid-July 2022, totaling $85 million.
Furthermore, according to Velo Data and CoinGlass, the annualized funding rate for Bitcoin perpetual futures on Binance exceeded 100% for the first time in over a year last week. This indicates excitement in the futures market, as the price of perpetual futures contracts trade marginally higher than the underlying spot market. Below is a heatmap of funding rates on large cap digital assets from Velo Data:
Meme coins boast market outperformance for the week
Last week, the meme-coin sector witnessed a notable surge in interest, yielding a remarkable sectoral performance as depicted in the chart below:
This trend continued over the past 24 hours, with the MEME sector experiencing a significant increase of approximately 16%, pushing its market value to over $52 billion. Specifically, DOGE and SHIB recorded gains exceeding 18%, PEPE soared by more than 32%, briefly exceeding a market value of $3 billion, and the Solana-based memecoin BONK rose by over 28%.
Uniswap adds three new features
Last week we discussed Uniswap’s fee switch proposal and the impact it had on other protocol’s that had the capacity to follow suit.
Since then, Uniswap has introduced three new features to enhance its platform: the Uniswap Extension, Limit Orders, and Data & Insights.
The platform has evolved since its launch, with the Uniswap Protocol enabling nearly $2 trillion in swap volume and supporting millions of users in onchain swaps through its web and mobile app. These latest developments are part of Uniswap's continuous effort to improve user experience by offering tools for more efficient and informed swapping.
The Uniswap Extension is a new wallet extension designed to reside in the browser’s sidebar, allowing users to swap, sign transactions and manage crypto without disrupting their web browsing experience.
Limit Orders, now active on the Uniswap web app, enable users to set specific prices for buying or selling tokens, applicable for any token on Ethereum, with durations of up to a year. This function facilitates automated trade execution at predetermined prices, eliminating the need for continuous market observation. Notably, Limit Orders are facilitated by UniswapX and are executed without incurring gas fees.
Data & Insights have been expanded through the introduction of updated Token Detail Pages and new Pool Detail Pages, integrated directly into the web app. These features offer real-time charts, transaction logs, pool data and project information, enriching the user's research and swapping process. This integration supports a seamless transition from research to trade execution within the platform.
Together, these enhancements aim to provide a comprehensive and integrated experience for Uniswap users, reflecting the platform's commitment to facilitating smarter and more accessible swapping.
Blast’s anticipated Mainnet went live
Following its move to the mainnet, Blast has experienced an impressive retention of TVL. On February 28th last week, over 10,000 individuals deposited Ethereum, contributing to the approximate total of 100,000 ETH deposited throughout February. This retention of deposits can be attributed to several key factors. Despite the introduction of a withdrawal feature, Blast has continued to implement its points system. Moreover, early engagement within the Blast Ecosystem is incentivized with extra points, anticipated to result in future token airdrops from projects built on Blast.
This prospect has garnered significant interest, particularly as Blast positions itself to become the third-largest Layer 2 network, only surpassed by Optimism ($OP) and Arbitrum ($ARB)
Galaxy will undergo a $6.98 million unlock on March 5th, 2024
Lastly, the primary unlock event this week features Galaxy. Scheduled for March 5th, $GAL plans to release 2.26% of its circulating supply. This comprises $3.47 million for Foundation, $1.99 million for Community and $1.41 million for Team. $GAL’s vesting schedule is estimated to reach completion by December 5th, 2028.
Note: The content in this weekly report has also been utilized in our weekly collaborative series with stock/crypto trading platform eToro.
Disclaimer: This research report is exactly that — a research report. It is not intended to serve as financial advice, nor should you blindly assume that any of the information is accurate without confirming through your own research. Bitcoin, cryptocurrencies, and other digital assets are incredibly risky and nothing in this report should be considered an endorsement to buy or sell any asset. Never invest more than you are willing to lose and understand the risk that you are taking. Do your own research. All information in this report is for educational purposes only and should not be the basis for any investment decisions that you make. The author of this report holds Ondo Finance’s token ONDO.
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