Bitcoin’s market capitalization surpasses that of Silver

Weekly Market Update #31

• Bitcoin ETF products saw net inflows of $2.2 billion last week

• Bitcoin reaches new all-time high and surpasses Silver in Market Capitalisation

• Trump states that he sees a lot of use in Bitcoin

• MicroStrategy acquired 12,000 Bitcoins for $821.7 million

• BlackRock has submitted a filing to acquire spot Bitcoin ETFs for its Global Allocation Fund

• Arkham Intelligence has identified Tesla and SpaceX Bitcoin holdings

• Wormhole has launched an eligibility checker for the $W token airdrop in anticipation of its Token Generation Event.

• EigenLayer is currently the second-largest protocol with $11.8 billion in Total Value Locked (TVL), while Lido maintains the top spot with $39.9 billion in TVL

• Pantera aims to raise funds for purchasing $250 million worth of discounted, locked Solana tokens from the FTX estate

• Friend Tech confirms that their airdrop is 100% for the community

• Optimism sold 19.5 million $OP tokens to a private investor, subject to a 2-year lockup period

• Ethereum Dencun upgrade is taking place on March 13th

• Aptos will undergo a $329.16 million unlock on March 12th, 2024

Bitcoin ETF products saw net inflows of $2.23 billion last week

Last week Bitcoin ETF products experienced a net inflow of $2.23 billion dollars. This morning, BTC reached new all-time highs, surpassing Silver in market capitalization and also attracting commentary from Donald Trump who suggested he would not crack down on the use of Bitcoin in a recent CNBC interview.

Last week Bitcoin ETF products experienced a net inflow of $2.23 billion dollars. This morning, BTC reached new all time highs, surpassing Silver in market capitalisation and also attracting commentary from Donald Trump who suggested he would not crack down on the use of Bitcoin in a recent CNBC interview.

Furthermore, it was announced that between February 26th 2024 and March 10th 2024, MicroStrategy acquired roughly 12,000 bitcoins, spending approximately $821.7 million in cash. 

In other Bitcoin related news, Arkham has disclosed the supposed BTC holdings of Tesla and SpaceX, marking the first public identification of these assets on-chain. Tesla is estimated to hold 11.51K BTC across 68 addresses, while SpaceX's holdings amount to 8.29K BTC distributed across 28 addresses.

Pantera aims to raise funds for purchasing $250 million worth of discounted, locked Solana tokens from the FTX estate.

Last week Crypto Slate reported that Pantera Capital, a cryptocurrency-focused asset management firm, is actively raising funds to acquire discounted Solana tokens from the bankrupt FTX exchange, according to a Bloomberg report dated March 7th, 2024.

To facilitate this acquisition, Pantera has initiated the Pantera Solana Fund, targeting up to $250 million worth of SOL tokens from FTX's distressed assets. The strategy includes purchasing SOL at a 39% discount, with the price pegged at approximately $59.95, based on a 30-day average price.

Investors participating in this venture must agree to a holding period of up to four years. During this time, Pantera will levy a management fee of 0.75% and a performance fee of 10%.

Although the fundraising round was initially expected to conclude by the end of February, Pantera has successfully secured a portion of the desired funds. The exact amount raised remains undisclosed, based on information from a confidential source cited in the Bloomberg report.

Friend Tech confirms that airdrop is 100% for the community 

Another interesting development from last week came from FriendTech, the decentralized SocialFi network built upon the Base Network. It was announced that their upcoming airdrop would be entirely for the community. Shortly following this announcement, FriendTech experienced a positive net inflow in Total Value Locked for the first time since December 29th, 2023.

Source: Dune, 21co

Additionally, activity picked up on pre market trading platforms as illustrated below:

This  enables us to gain a deeper insight into current speculations about the points-to-dollars conversion rate. As trading volume increases and the time to the airdrop shortens, we'll achieve a more precise understanding of the points' actual dollar value.

Optimism sold 19.5 million $OP tokens to a private investor, subject to a 2-year lockup period.

On another note, the Optimsim Foundation announced on their governance forum that it has conducted a private sale of around 19.5 million OP tokens, which are under a two-year lockup period. During this lockup, the purchaser has the option to delegate these tokens to third parties not affiliated with them for governance participation.

These tokens originate from the Unallocated section of the OP Token treasury and constitute part of the Foundation's initial working budget, which accounts for 30% of the initial OP token supply.

Aptos will undergo a $329.16 million unlock on March 12th, 2024

Lastly, the primary unlock event this week features Aptos. Scheduled for tomorrow, March 12th, $APT plans to release 6.73% of its circulating supply. This comprises $157.34 million for Core Contributors, $111.62 million for Investors, $42.53 million for Community and $17.67 million for Foundation. $APT’s vesting schedule is estimated to reach completion by February 7th, 2031.

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.

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