Happy Friday!
It was a muted week in the cryptoverse. The global crypto market cap is $1.6T.
Bitcoin bounced to $42,000. Ethereum dipped to $2,200. Solana sits at $92. Avalanche advanced to $32.80. Internet Computer inched over $12.20 and Maker marched back above $2,050.
FTX dumped ~$1B of $GBTC contributing to the ~$2B in outflows for Grayscale’s bitcoin ETF.
Bitcoin ETFs surpassed Silver ETFs, making it the second largest commodity by assets under management. See more below.
Despite the apparent “good news” of bitcoin’s spot ETF, $BTC is still down ~10% since its SEC approval. Will Bitcoin’s upcoming halving buoy the selling pressure? Time will tell…
Here are this week’s 7-day change on Stocktwits’ most active crypto streams, sorted by message volume.
| Bitcoin (BTC) | $41,903 | +0.79% |
| Dogecoin (DOGE) | $0.079 | +2.49% |
| UMA (UMA) | $5.27 | -7.64% |
| Shiba Inu (SHIB) | $0.000009007 | -1.95% |
| Solana (SOL) | $91.98 | -0.77% |
| XRP (XRP) | $0.5313 | -2.47% |
| Ethereum (ETH) | $2,254 | -9.27% |
| Internet Computer (ICP) | $12.15 | +9.06% |
| LCX (LCX) | $0.1928 | +27.50% |
| Amp (AMP) | $0.0035 | -0.97% |
Crypto
Bitcoin Break Down
Bitcoin’s underperformance following its spot ETF approval is the talk of the town.
VanEck’s bitcoin ETF, $HODL, is down -13.8% since its opening print, Grayscale’s $GBTC has lost ~20% of its AUM as investors flock to lower fees.
The crypto bellwether bounced to levels of interest dating back to 2021 (38,000 – 33,000). Perhaps prior resistance will act as support.
Here’s the weekly chart.
Within the last week, bitcoin sentiment on Stocktwits shifted from “Bearish” to “Neutral.”
Join the conversation on the Stocktwits stream here.
Crypto
Bitcoin Transparency
On Wednesday, Bitwise became the first spot bitcoin ETF to publish the bitcoin address of its holdings.
Publishing its address provides transparency to investors allowing them to verify assets.
We anticipate more ETF issuers will follow in their footsteps.
Crypto
Bitcoin Tops Silver
Despite its recent underperformance, bitcoin spot ETFs have amassed more assets than silver. Silver ETFs have ~$11B in assets while bitcoin ETFs approach $30B in assets under management.
Aside from Grayscale, BlackRock was the first issuer to exceed $1B, followed by Fidelity.
Here’s a table featuring the spot bitcoin ETFs and their respective AUM as of 1/25/24.
Crypto
Stocktwits Spotlight
On Friday, Solana surged 7% and reclaimed $90. Radek Kotlarek shared a chart asking if this move to break its 1-month downtrends is for real. Time will tell…
Share your thoughts and engage with Radek here.
NFTs
The Digital Meets The Physical at Musée d’Orsay
For the first time ever, the renowned Musée d’Orsay in Paris will showcase artworks using blockchain technology. The artist, Sébastian Devaud, aka Agoria, will feature two works minted on the Tezos blockchain February 13th to March 10.
The pieces titled, “Σ Lumina” and “Interpretation by Saccharomyces cerevisiae of The Painter’s Studio by Gustave Courbet” will be accompanied by an Agoria original musical composition.
Agoria shared his inspiration on connecting the physical and digital,
I try to connect the physical with the digital, the living with the cryptic. Although digital and physical are often in opposition, I try to reverse this relationship and reconcile them.
NFTs
Rock Art
On Thursday, EtherRock 30 was purchased for 170 ETH (~$354,736).
Here’s a shot of the rock.
The previous EtherRock sold for 170 ETH on January 23rd. Today, the Rock collection’s floor price rests at 199 ETH.
EtherRock launched in 2017 and is one of the first NFT collections. There are 100 Rocks on-chain.
NFTs
Earn on Magic Eden
Cross-chain NFT marketplace, Magic Eden amplified its Diamond Rewards program giving back to collectors, creators and NFT traders.
The marketplace will collaborate with Non-Fungible DAO to open-source its minting and trading protocols. NFT traders, on any chain, will earn the “NFT” token.
Crypto
Read, Write, Own
Chris Dixon’s Read Write Own: Building the Next Era of the Internet is available for pre-order.
The crypto investor shares his thesis on the power of blockchains to reshape the future of the internet.
Venture Capitalist, Fred Wilson writes,
Chris imagines a future that is very different from where we are today. It is one I very much want to see emerge. I think you will too.
And Disney CEO, Robert Iger commented,
Read Write Own is a must for anyone who wants to better understand the real potential of blockchains and web3.
Read Write Own is expected to ship Wednesday, January 31st.
Bullets
Bullets From The Day:
🟠 Is a spot ETH ETF on deck? The SEC delayed its decision timeline for BlackRock and Fidelity’s spot Ethereum ETF. James Seyffart, Bloomberg Intelligence ETF, says the next date that matters is May 23rd.
👖 High Fashion NFTs. According to CoinGecko, 21 of the top 50 global fashion brands have incorporated NFTs in their apparel collection. Here’s a graphic featuring each brand’s total NFT collections and the year in which they first offered.
🇯🇵 Japanese Proposed Web3 Policies. Japanese lawmakers want to create policies to regulate web3. Hideto Kawasaki shared, “The next step is to clearly reflect this in the next white paper. Furthermore, we would like to grasp the current situation in areas other than DAOs and identify new important points for policy within web3.”
🐶 Doom on Dogecoin. Web developer “Mini Doge” inscribed Doom on Dogecoin. The entirety of the game’s data is stored on the Dogecoin network.
Links
Links That Don’t Suck
👨⚖️ SEC Commissioner Hester Peirce on Spot Bitcoin ETFs, Crypto Regulation and Evaluating Digital Assets
🙏 ‘Lord, You Told Me to Do This’: Pastor Defends Taking $1.3M From Failed Crypto
✋ Bitcoin Miner Core Scientific to Resume Trading on Nasdaq after Reorganization
🏅 Gmoney’s Crypto-Native Phygital Fashion Brand Wins ‘Phygital Brand of the Year’ Award
⛏️ Bitcoin Miner Hut 8 Hits Out at Short-Selling Report
📺 Sell-The-News: Bitcoin Investors Underwater – The Week On-Chain 04, 2024 (Bitcoin On-Chain Analysis)
🦄 Swiss Crypto Bank Sygnum Inches Closer to ‘Unicorn’ Status With $40M Raise
Say Hello
Questions? Comments? Email Riley at rrosebee@stocktwits.com
Previous Papers
Crypto
March 9, 2024
Stocktwits Crypto Data Dive 2024 – Week 10
Welcome to the Stocktwits Crypto Data Dive for Week 10 of 2024! 📊
In this issue, we’ll dive into the data to keep you informed about the progress of the overall crypto market and shine a spotlight on emerging and established trends.
Read It
Crypto
March 8, 2024
Crypto Market Wants You On Blood Pressure Medication Before The Weekend
New all time high for Bitcoin! Then Coinbase crashes, along with price, followed by a very tenuous recovery – that’s where we’re at going into the weekend. 🫤
And my God, Coinbase. You break down more than Solana, which breaks down more than the Minnesota Vikings in the playoffs.
Read It
Crypto
March 7, 2024
Bulls Ain’t Shook Out Yet
This is either the precursor to Bitcoin’s first explosive move post new ATHs, or it’s an early warning sign of some congestion and consolidation. 🗜️
Today’s Litepaper is different than our Tuesday and Wednesday Litepaper, which are big on the charts. Today’s all about the news.
Read It
Crypto
March 6, 2024
🤯 Holy SHIB What Happened
Have you ever heard of whipsaws? They occur when price action moves crazy fast in one direction and then moves again in the opposite direction—just as fast and crazy. 🏎️
What happened to the altcoin market isn’t a whipsaw; it’s something nuttier and wilder.
Read It
Crypto
March 5, 2024
😱 $713 Million Longs And Shorts Liquidated
Do you know what’s awesome about today’s Litepaper? It’s the first one on a Tuesday, which is heavy on the analysis and setups.
Do you know what sucks about today’s Litepaper? This first new Litepaper is after Bitcion’s new ATH and subsequent sell-off.
Read It
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Crypto
March 8, 2024
Technically Speaking – March 8, 2024
I’ll keep the details short and simple here because time is running out, and if I’m not done on time for pizza night with the kids, my wife will be very mad. 🍕
I almost wrote she’d kill me, but if I did that, there’d probably be a SWAT team and an army of social workers making sure I’m ok.
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Crypto
March 8, 2024
You Lucky SOBs
This is such a typical memecoin story (and they pop up quite a bit during bull runs), and this one involved Dogwifhat ($WIF). 🐶
Some dood turned $1,750 into $11.2 million. He bought 5.1 million WIF in November and then spent who knows how many sleepless nights this month figuring out how to cash out on his lottery ticket.
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March 8, 2024
Bitcoin Allocations Matched With Gold?
Will Bitcoin ever match the gold in investors’ portfolios? 🏅
JP Morgan ($JPM) thinks that for Bitcoin to rub shoulders and match the allocation of gold in investor portfolios, its market cap would need to skyrocket to $3.3 trillion.
Read It
