Daily digital currency dynamics summary (2024-02-01)

金十数据APP · 2024-02-01T02:35:19.000Z

Mini program: Daily digital currency dynamic summary 1. Bloomberg: Bitcoin futures demand cools as key arbitrage trade ends in Bitcoin spot ETF era According to Bloomberg, investor demand for Bitcoin futures has eased after the launch of the Bitcoin Spot ETF in the United States, which is an early indication of how the product will affect cryptocurrency trading trends. Data shows that open interest in CME’s Bitcoin futures fell by about 24% to 20,679 contracts as of January 30 after 10 spot ETFs began trading three weeks ago. Open interest hit a record high last year after Bitcoin soared 157% in anticipation of the ETF. CME derivatives are popular in part because they provide a regulated venue for Bitcoin exposure, and spot ETFs can now fill that role as well. Crypto asset manager DACM said the futures were also used in key arbitrage activity on the Grayscale Bitcoin Trust (GBTC), but that transaction has ended. Vetle Lunde, senior analyst at K33 Research, said that investors' shift to U.S. ETFs and the cooling of Bitcoin's rally may lead to "less activity" in CME Bitcoin futures, but they remain the key to higher liquidity in the cryptocurrency market. He noted that they could become hedging vehicles for authorized participants that manage the creation and redemption of ETF shares. Richard Galvin, co-founder of DACM, said: “Due to GBTC’s negative premium, going long GBTC and short CME Bitcoin futures is a popular trade. This trade paid off, causing investors to sell their GBTC shares and closed CME positions, causing open interest to decline."

Mini Program: Daily Cryptocurrency Dynamics Summary
1. Bloomberg: Bitcoin futures demand cools as the Bitcoin spot ETF era ends key arbitrage trades
According to Bloomberg, investor demand for Bitcoin futures has eased after the listing of Bitcoin spot ETFs in the United States, which is an initial indication of how the product will affect cryptocurrency trading trends. Data shows that as of January 30, open interest in CME Bitcoin futures fell by about 24% to 20,679 contracts after 10 spot ETFs began trading three weeks ago. Open interest hit a record high last year after Bitcoin soared 157% on expectations of ETFs. CME derivatives are popular in part because they provide a regulated venue for Bitcoin exposure, and spot ETFs can now fill this role. Crypto asset management company DACM said that these futures were also used for key arbitrage activities of Grayscale Bitcoin Trust (GBTC), but the transaction has ended. Vetle Lunde, senior analyst at K33 Research, said that investors' shift to U.S. ETFs and the cooling of Bitcoin's rally may lead to "less activity" in CME Bitcoin futures, but they are still the key to higher liquidity in the cryptocurrency market. He pointed out that they may become a hedging tool for authorized participants who manage the creation and redemption of ETF shares. Richard Galvin, co-founder of DACM, said: “Because of the negative premium of GBTC, long GBTC and short CME Bitcoin futures was a popular trade. This trade paid off, causing investors to sell their GBTC shares and close their positions on CME, causing the open interest to decline.”
2. Crypto companies raised approximately $680 million in funding in January, down 27% year-on-year
TechCrunch reporter Jacquelyn Melinek tweeted, citing data from PitchBook, saying that in January 2024, crypto companies completed a total of $676.61 million in financing, down 27.4% from $932.4 million in January 2023. Among them, 131 companies completed 132 transactions, with a median transaction size of $3 million and a median post-investment valuation of $64.85 million. The five largest rounds of digital asset financing in January this year were: 1. HashKey Group completed $100 million in financing, with a valuation of approximately $1.2 billion; 2. Freechat completed $80 million in financing, with a valuation of $800 million; 3. flowdesk completed $50 million in financing, with an undisclosed valuation; 4. Sygnum Bank completed $40 million in financing, with a valuation of $900 million; 5. WaveBL completed $37 million in financing, with a valuation of $70 million.
3. Hong Kong launches investigation into WorldCoin’s suspected illegal collection of customer iris data
According to HK01, the Office of the Privacy Commissioner for Personal Data of Hong Kong searched six locations of the cryptocurrency project "Worldcoin" in Hong Kong today and asked the operator to hand over relevant documents and information. This action is based on the suspicion that "Worldcoin" violated the privacy regulations, especially in the collection and processing of personal sensitive information. Although the Office has not received any complaints about "Worldcoin" so far, the purpose of this search is to "protect the privacy of citizens." The "Worldcoin" project involves the use of the World ID verification system based on personal identity characteristics, and requires participants to provide iris information through an iris scanning device to obtain identity recognition and free cryptocurrency.
4. FTX lawyer: FTX gave up restarting the crypto exchange, but will repay creditors in full
According to The Block, FTX lawyer Andrew Dietderich said at a hearing on Wednesday that it had abandoned plans to restart the exchange, but would repay former customers in full. Dietderich said that we currently expect to have sufficient funds to pay all permitted customer and creditor claims in full. But FTX does not plan to restart the platform. The business acquired by FTX for hundreds of millions of dollars has proven to be of little value, and no investor is interested in investing the funds needed to restart the exchange. The lawyer also said that a disclosure statement will be filed in February. The full payment is based on the value of the claim on the filing date. At a subsequent hearing, the judge approved a motion by FTX debtors to convert digital asset claims into U.S. dollars.
5. BlackRock submits to the US SEC its plan to place advertisements for Bitcoin spot ETF on the exterior walls of buildings
According to CryptoSlate, BlackRock proposed a plan in a document submitted to the U.S. Securities and Exchange Commission (SEC) on January 31 to place advertisements for its Bitcoin spot ETF on the side of the building. The document briefly describes BlackRock's plan, stating: "The IBIT ad is an animation designed to be projected onto the facades of former financial institutions in New York, Miami and Los Angeles. This storyboard uses our Miami facade as a template." The IBIT code is exposed during most animation runs. The ad content shows a timeline of events before BlackRock launched a spot Bitcoin ETF in January this year. Scene clips include descriptions of the launch of the first US stock market in 1790, the launch of the first US ETF in 1993, the launch of Bitcoin in 2009, and the launch of the first Bitcoin futures contract in 2017. The last prominent scene slogans include "A New Era of Access" and "Spot Bitcoin ETF is coming." As mentioned above, BlackRock intends to place advertisements on former bank buildings. It is unclear whether the company intends to do this only on its own properties or plans to rent properties from other companies. The building in the display appears to be a shared building at 360 Rosemary Avenue in West Palm Beach, Florida. BlackRock previously released a more traditional ad for IBIT on January 14. The ad was recognized for its simple, clear and informative approach compared to competing ads from companies such as Hashdex, VanEck, Bitwise, etc. Meanwhile, private investor Fred Krueger observed that some websites have begun displaying online ads for BlackRock's IBIT fund.
6. The crypto industry has raised more than $85 million for the 2024 US election
According to Axios, the cryptocurrency community has raised more than $85 million for the 2024 US election. The funds mainly come from cryptocurrency companies, executives and investors, aiming to promote the legitimacy of the industry. Important donors include Coinbase, venture capital firm Andreessen Horowitz and Ripple, each of which donated at least $20 million. Other well-known contributors include Cathie Wood's ARK Invest, Jump Crypto, Framework Ventures, Kraken, Messari, Multicoin Capital and Paradigm.
7. Grayscale GBTC’s Bitcoin holdings on January 31 decreased by about 5,086 compared to the previous day
According to the daily holdings update officially released by Grayscale, as of January 31, 2024, the number of bitcoins held was 487,025.986, a decrease of 5086.4674 from yesterday's 492,112.4534. In addition, as of January 31, GBTC's asset management scale (non-GAAP) was approximately US$20.708 billion, and the outstanding shares fell to 545 million shares, with each share holding approximately 0.00089353 BTC.
8. Celsius exits bankruptcy process and has begun distributing over $3 billion in cryptocurrencies and fiat currencies to creditors
According to the official announcement, Celsius, a crypto lending platform, announced that it has completed the transaction in accordance with the confirmed reorganization plan and successfully exited the bankruptcy process. The reorganization plan was approved by approximately 98% of creditors and was confirmed by the Bankruptcy Court for the Southern District of New York on November 9, 2023. Celsius has begun to distribute more than $3 billion in cryptocurrencies and fiat currencies to Celsius creditors in accordance with the reorganization plan and create a new Bitcoin mining company, Ionic Digital, Inc. The company will be owned by Celsius creditors, and Hut 8 Chief Business Officer Matt Prusak has been appointed CEO of Ionic Digital. Hut 8 will oversee Ionic Digital's Bitcoin mining business under a four-year management agreement. Once the necessary approvals are obtained, Ionic Digital's shares are expected to be publicly traded. Celsius will now shut down its business in an orderly manner, including shutting down the Celsius mobile and web applications.
9. Data: BlackRock's Bitcoin spot ETF had a net inflow of nearly $300 million in a single day, accounting for 64% of the total net inflow on that day
According to SoSoValue data, yesterday (January 30, Eastern Time), the total net inflow of Bitcoin spot ETFs was US$247 million, and the Grayscale ETF GBTC had a net outflow of US$220 million in a single day. In addition to Grayscale, the other 9 ETFs had a total net inflow of US$467 million. Among them, the Bitcoin spot ETF with the largest single-day net inflow was BlackRock ETF IBIT, with a single-day net inflow of US$299 million, accounting for 64% of the total net inflow. The second was Fidelity ETF FBTC, with a single-day net inflow of approximately US$119 million, accounting for 25.48% of the total net inflow. As of press time, the total net asset value of Bitcoin spot ETFs was US$28.25 billion, and the historical cumulative net inflow has reached US$1.26 billion.
10. Beijing Equity Exchange Statement: It has never conducted any form of cryptocurrency, virtual currency, etc. trading business
Beijing Equity Exchange Co., Ltd. issued a clarification statement, denying any business dealings, equity cooperation or other forms of cooperation with the overseas company CBEX Group. The company emphasized that its business has nothing to do with CBEX Group, and stated that it has never conducted any form of cryptocurrency or virtual currency trading business. In addition, Beijing Equity Exchange has registered CBEX as a company trademark and legally owns all intellectual property rights such as the brand, trademark, and name.
11. Data: Net inflows of all U.S. Bitcoin spot ETFs reached $247 million on the 13th trading day
According to Farside Investors data monitoring, all US Bitcoin spot ETFs had a net inflow of $247 million on the 13th trading day. Among them, Grayscale GBTC had an outflow of about $221 million, BlackRock's IBIT had an inflow of about $299 million, Fidelity's FBTC had a net inflow of $119 million, Bitwise's BITB had a net inflow of $22 million, Ark 21Shares' ARKB had a net inflow of $17 million, Invesco's BTCO had a net inflow of $6 million, Franklin's EZBC had a net inflow of $3 million, WisdomTree's BTCW had a net inflow of $2 million, and Valkyrie's BRRR and VanEck's HODL were not included in the statistics due to small changes in funds.
The article is forwarded from: Jinshi Data