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  • The crypto market was characterized by a period of consolidation in January, with the total market capitalization witnessing a negligible increase of 0.4%. The month was largely shaped by the launch of spot BTC ETFs. Despite the bearish price reaction after the launch, the data reveals a positive scenario as the aggregate inflows remained positive and the scale of Grayscale’s daily outflows showed a pattern of reduction.

  • Initial flows for the new spot BTC ETFs were positive, with an aggregated inflow of US$1.4B on the back of over US$28B in volume. It is worth noting that the net inflow occurred despite over US$5.6B in outflows from Grayscale’s GBTC. While most of the ETFs have waivers in place to reduce fees to zero or near-zero, GBTC has a 1.5% fee. 

  • dYdX Chain has seen steady growth since going live last November and was even able to exceed Uniswap v3’s 24-hour volume on two different occasions in January. With over US$25B in total volume since launching, dYdX Chain has performed well so far, but it will be important to see how things progress after their incentive programs conclude. Leading Solana DEX aggregator Jupiter has also performed relatively well, exceeding Uniswap v3 volumes at times. 

  • Monthly trading volume on Telegram bots surged in January, hitting an all-time high of nearly US$1.7B. This was primarily driven by activity on BONKbot, which accounted for 51.5% of total trading volume during the month.

  • The concentrated use of Geth has cast a spotlight on the diversity of Ethereum execution clients. Despite a slight decrease in Geth's market share from a high of 84% to 78%, it remains a supermajority client. This dominance has sparked concerns about potential centralization risks, leading to a push toward the use of a broader mix of client combinations.


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