#Bitcoin    has completed its 4th halving. The REWARD HALVED TO 3.125 #BTC 
#bitcoinhalving

Bitcoin Halving to 3.125
#bitcoinhalving

Bitcoin Inscriptions Surpass 60 Million

The integration of the Ordinal Theory protocol, and the consequent use of Inscriptions in the Bitcoin ecosystem, have significantly altered the transaction dynamics over the past year.

Since starting in January 2023, the total number of inscriptions has gone way up, hitting over 60 million. Text data is the main source, going over 50 million. The daily count varies, ranging from over 400,000 to less than 100,000.

From November 2023 to January 2024, more inscriptions led to higher fees for miners. Miners got a total of 3,588 Bitcoin from these inscriptions.

There's a notable increase in the "other" category, suggesting attention. This could include software code, digital signatures, legal documents, or any data users want to permanently put on the blockchain…

Bitcoin ETFs’ Trading Volume Exceed $30B

The cumulative trading volume of spot Bitcoin ETFs has surpassed $30B, marking a significant milestone in this emerging market. In the first month alone, there was a notable $1.5B net inflow, equivalent to around 32k $BTC .

There has been a shift in dominance among these Bitcoin ETFs, with the GBTC losing its initial supremacy. GBTC, which initially represented almost 50% of the volume on its opening day, saw its market share decrease to 38%.

BlackRock’s $IBIT and Fidelity’s $FBTC ETFs have experienced a growth in their market shares, with ~25% and 20% increases, respectively. This shift is primarily attributed to more competitive fee structures; GBTC charges 1.5% in fees, while FBTC and IBIT offer a more attractive rate of 0.25%.

GBTC, which held 620k $BTC before the ETFs started trading, now holds around 477k $BTC , reflecting a 26% decrease from its peak. Despite a gradual deceleration in outflows, there is still persistent sell-off pressure within GBTC…

Will Bitcoin Follow Its Previous Trajectories?

The current price action in BTC, based on the pre-halving year low, is tracking similarly to the movements observed in 2015 leading up to the 2016 halving and in 2019 leading up to the 2020 halving.

After 364 days from the 2023 low, the BTC price has rebounded by 154%, compared to 151% from the 2015 low and 186% from the 2019 low at the same point in time.

The previous three halving events occurred between 376 and 542 days after the low was reached: the 2012 Halving took place 376 days after the 2011 low, the 2016 Halving occurred 542 days after the 2015 low, and the 2020 Halving happened 459 days after the 2019 low.

Anticipated for 467 days after the 2023 low, the 2024 halving is expected to fall within 75 days of the 2016 halving date from the low and within 8 days of the 2020 halving from the low.

This will be the true start of the bull market, as historical data shows a bullish trend starting right after the halving…

February – The Month of Unlocks

In February, nearly $900M in tokens are set to be released in the digital asset market, led by projects like Avalanche, Aptos, and The Sandbox.

Avalanche leads in the release, with the blockchain project unlocking 9.5M tokens on Feb. 22, valued at about $320M. These tokens go to the Avalanche Foundation, strategic partners, team members, and airdrop initiatives.

Aptos plans to release 24.8M crypto tokens on Feb. 11, valued at around $233M. This includes $180M for core contributors and investors and $39M for the community and foundation.

The Sandbox will unlock 209M tokens on Feb. 14, totaling around $90M. Around $40M in tokens will be for company reserves, and the rest will be released for the team and advisers.

Optimism will release 24M $OP tokens, valued at about $70M, to core contributors and investors on Feb. 29. Additionally, Sui will unlock $53M in tokens for its community access program…

Celsius Starts Repaying Its Creditors

Celsius Network happily announced its successful exit from bankruptcy today. This good news comes after completing transactions under an approved plan, with a whopping 98% approval from account holders.

The Bankruptcy Court for the Southern District of New York confirmed the plan on November 9, 2023, marking the end of an eighteen-month process. During this time, Celsius worked together with different groups, dealt with complex legal matters, cooperated with investigations, and carried out transactions according to the plan.

The plan includes giving over $3B in cryptocurrency and regular money to Celsius' creditors. They're also starting a new Bitcoin mining company called Ionic Digital, Inc. It'll be owned by Celsius' creditors and managed by Hut 8 Corp.

After confirming the plan and getting feedback from the Securities and Exchange Commission, Celsius, along with the Official Committee of Unsecured Creditors, switched to the "MiningCo Transaction." They increased the cryptocurrency available for distribution by nearly $250M, simply by changing their altcoins to Ethereum and Bitcoin.

On December 27, 2023, the Bankruptcy Court gave the thumbs up to the MiningCo Transaction. Today, Celsius has begun giving over $3B in liquid cryptocurrency and regular money to creditors. Ionic Digital will soon be publicly traded once they get the necessary approvals. Celsius' creditors will own a part of Ionic Digital.

This news comes as the crypto lender has been moving large amounts of Ethereum to Coinbase and Paxos. As of today, they've sent over ~$2.8B worth of $ETH to different platforms, getting ready for the distribution to start.

The remaining $159M worth of crypto on Celsius' accounts is mostly in $CEL, their own token. This token won't be given out to the creditors…

Stablecoins are On The Rise

In the last three months, there has been a substantial increase in the combined market capitalization of the leading five stablecoins: $USDT, $USDC, $BUSD, $DAI, and $TUSD.

This total value has surged by an impressive 10B from its recent low of 119B in October 2023, accompanied by a 3.2% rise in the past 30 days.

The majority of this growth is attributed to $USDT, which boasts an enormous 96B in supply out of the total 129B, while the $USDC supply has also experienced notable growth, now valued at 26.1B, up from a low of 24B.

This influx of stablecoin supply seems to align with the recent surge in Bitcoin to $42,000. This correlation can be analyzed using the Stablecoin Supply Ratio (SSR), a metric comparing the Bitcoin supply with the supply of stablecoins denoted in Bitcoin.

A low SSR indicates that the current stablecoin supply has increased "buying power" to acquire Bitcoin…
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Jupiter Flips Uniswap By Trading Volume

In the last 24 hours, trading volumes on Jupiter, the most popular decentralized exchange on the Solana blockchain, have reached $520M, outpacing Ethereum-based volumes on both Uniswap v2 and v3 protocols by $38M. Combined, Uniswap's trading volume amounted to only $492M during the same period.

A significant portion of Jupiter's trading volume, over $50M, stemmed from traders engaging in transactions with Wen, a new memecoin available to Solana users who had interacted with Jupiter in the past six months, as well as owners of Saga phone.

Despite the excitement surrounding Wen and the forthcoming airdrop of Jupiter's native JUP token, the majority of trading on Jupiter in the past day involved swapping $SOL for $USDC and $USDT, accounting for $191M.

Pre-market $JUP tokens are currently trading at around $0.61, indicating that the anticipated total value of the 1B $JUP token airdrop could exceed $600M at current prices…
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Charles Schwab's Bitcoin ETF: A Game-Changer in the Making?

Charles Schwab, a financial giant with a staggering $8.5 trillion in Assets Under Management (AUM), is reportedly making moves to launch a spot #BitcoinETF

By capitalizing on second-mover advantages, the company aims to make a splash in the crypto market and offer clients new opportunities for investment growth.
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Bitcoin’s Sharpe Ratio Signals Balanced Risk-Reward

Bitcoin's Sharpe Ratio, standing at +0.97 over the last five years, presents a notable observation. Despite Bitcoin's well-known volatility, this ratio indicates that the asset has provided a nearly balanced exchange between risk and excess return over the risk-free rate.

The Sharpe Ratio at this level suggests that the returns gained have been roughly commensurate with the risk investors take, even in the face of the unpredictable nature of digital asset markets.

In comparison to other investment categories, Bitcoin is positioned towards the upper end. This indicates a superior risk-adjusted performance.

Regarding the S&P 500, Bitcoin shows a correlation of +19%. This implies a reasonably weak association with the SPX, not significant enough to be considered strong.

This suggests that while Bitcoin exhibits some synchronized movement with the U.S. equity market, it still maintains substantial independence in its price movements…

Over almost $5.8 billion in Bitcoin and Ethereum options set to expire tomorrow at 8 AM UTC

Bitcoin halving is now less than 3 months away
what your six sense say??

BTC  has moved to the 6.618 Fibonacci extension after a bull flag correction. We are currently in a small correction like in late 2017 and late 2020.

Will BTC move to its 6.618 Fib extension in this bull market? That would give us a target of 💵 ~$120K,” says Glassnode

Will Bitcoin’s Price Drop?

The recent sell-off by long-term Bitcoin holders, who traditionally were considered experienced and strategic investors, is raising concerns reminiscent of past market downturns.

However, recent data analysis suggests a shift in strategy as long-term holders have been initiating a sell-off, notably transferring ~$625M in profit to exchanges on Jan. 22, resembling previous activity on Jan. 17.

The situation escalated on Jan. 23 when long-term holders incurred a substantial loss of about $430M by transferring coins to exchanges as Bitcoin fell below $39,000.

This pattern is eerily similar to the pre-Luna collapse capitulation observed in May 2022 when a comparable amount was sent to exchanges at a loss, preceding a more severe loss of over $600M just a week later.

This precedes a shocking drop in Bitcoin's value below $20,000. These repeated losses raise concerns about potential capitulation among Bitcoin's long-term stakeholders…

The new ETFs took seven trading days to amass BTC holdings of more than 100,000 BTC

OKB Experiences ~50% Drop – What's Going On?

The native token of OKX has seen a sudden 15% drop within the last hour, reaching a significant ~50% dip at one point. The exchange is currently unaware of the cause, and an official explanation is pending.

This decline coincided with accusations from Ice Blockchain, alleging malicious practices and scams by OKX.

After the listing of $ICE on OKX, their community voiced several issues:

🔸Users had difficulty finding and trading ICE on OKX
🔸Some users were restricted in $ICE trading due to local compliance, contradicting OKX's assurances
🔸Inaccessibility of ICE for users who didn't receive it through distribution

The project alleges that 4 users, being in the same city, experienced 4 different scenarios, revealing inconsistencies. Only one of these users could purchase $ICE, while the other 3 faced obstacles due to various errors.

Despite communication from Ice Blockchain, OKX allegedly has not taken concrete actions to address or resolve these concerns…

Bitcoin Holders Realize Profits

With its value hovering just above $40,000, the market is facing notable sell pressure, driven in part by GBTC outflows and an intriguing profit-taking trend. This trend depicts both long-term and short-term holders engaging in profit-taking at levels not seen in years.

Since October 20, 2023, daily profit-taking has become a consistent feature, resembling the pattern observed during the bullish period from September 2020 to January 2021. As Bitcoin's price surged, profit-taking followed suit, with minimal realized losses.

This phenomenon is intensifying. On January 18, the market witnessed a remarkable $900 million in profit-taking, highlighting investors' inclination to capitalize on their gains.

This trend comes amid Bitcoin's impressive ascent from $25,000 to $49,000 in January 2024, underscoring the significant role of profit-taking in shaping the cryptocurrency's price trends.

Solana Achieves Record-Breaking Stablecoin Transfer Volume

The stablecoin transfer volume on Solana surpassed $300B in January. This marks the highest transfer volume recorded for stablecoins on the Layer-1 blockchain within a month.

To provide context, Solana's stablecoin volume in January 2023, was ~$11.56B, showcasing remarkable growth of over 2,500% in the past year.

Solana's stablecoin activity has seen consistent growth since October, experiencing an increase of over 650% in recent months. This surge has also elevated Solana's share in the stablecoin market, with the network now owning a 32% market share.

Ethereum leads the stablecoin market, with a transfer volume reaching nearly $317B in January. Trailing behind Solana, the Tron network shows a stablecoin volume of around $240B.

On January 18, Paxos announced the launch of its regulated stablecoin, $USDP, on the Solana network. $USDC remains the dominant stablecoin on the Layer-1 network, showing a market cap exceeding $1B…

Interoperability of Blockchains – The Next Step

zkLink is a ZK-Rollup trading infrastructure that improves accessibility for DeFi, RWAs, and NFT dApps in a multi-chain environment. The project envisions a future where blockchains seamlessly cooperate – the core concept behind its work. The project will soon list its token on Coinlist, so don’t miss that out.

In response to blockchain interoperability and standardization challenges, zkLink established a practical multi-chain rollup infrastructure. This strategy streamlines the deployment of dApps across diverse chains and resolves issues related to liquidity fragmentation.

The company has presented three main products with this philosophy in mind:

🔸ZKEX: ZKEX is a DEX that provides bridgeless multi-chain trading secured by three zero-knowledge rollups: zkLink, Starkware, and zkSync. It operates as a trustless and self-custodial order book DEX, offering performance similar to CeFi platforms like Binance or Coinbase.

🔸zkJump: zkJump is a cross-chain bridge for native assets that eliminates the necessity for intermediate or wrapped tokens. Leveraging the infra of zkLink, zkJump is naturally equipped with a secure and efficient multi-chain trading feature, while being connected to many L1s and L2s. Users can securely bridge their multi-chain tokens within a single user interface.

🔸OpenWorld: OpenWorld Exchange is the first RWA and crypto DEX with an order book model and CeFi performance. OpenWorld is developing an open, efficient, and secured financial market for global internet users, thereby promoting equality of opportunity, market efficiency, and property protection.

Using these products, zkLink aims to unify the world’s blockchains by building a next-generation trading infrastructure that is secure, efficient, and easy to use.

If you're curious and want to learn more, don’t hesitate to visit their website!

#NFA #DYOR.