🟣 Pengu Pump

Rolling net flows for Bitcoin ETFs have grown to $1.2B+, following $914M inflows into the new ETFs beating the $450M outflows from Grayscale’s GBTC. Total trade volume for the new nine ETFs are currently at $5.4B in the first four days.

January 18, 2024

Good morning!

Rolling net flows for Bitcoin ETFs have grown to $1.2B+, following $914M inflows into the new ETFs beating the $450M outflows from Grayscale’s GBTC. Total trade volume for the new nine ETFs are currently at $5.4B in the first four days.

Despite the positive news, Bitcoin has continued to range and chop sideways. However, at least we get a mini alt season: RBN is up 12% today, BLUR is up 4.5% and XAI is up 3.2%. MKR, up 3% today, has also been performing well, potentially following Fink’s discussion of tokenization on CNBC. Speaking of tokenization, Ondo Finance, which offers USDY, a yield-bearing stablecoin; OUSG, tokenized exposure to short-term Treasuries; and Flux Finance, a lending protocol, launched their token ONDO today.

We’ve had more airdrop news since Tuesday! AltLayer, a decentralized protocol that facilitates the launch of native and restaked rollups, announced that they will be airdropping to NFT holders, Celestia and EigenLayer stakers. The snapshot was taken for Ethereum block number 19022890 (on the 17th of January).

DYM, a Rollups-as-a-Service provider, which announced that they will be airdropping their tokens on the 2nd of January, released their tokenomics today. The initial total supply of DYM tokens is 1 billion, while circulating supply at launch will be 14.6% of the total supply. DYM is issued algorithmically based on the percentage of tokens staked versus a target of 67% staked. Issuance starts at 8% annually and adjusts between 1-10% depending on how close the actual staking percentage is to the target. Just as a reminder, DYM airdrop claims will end on the 21st of January.

Apart from airdrops, there were also a few updates for upcoming chains released yesterday and today. Blast launched their testnet, alongside a "Blast BIG BANG" competition for developers to present their product to the Blast team and investors. In addition, Blast partnered with Pyth network, an oracle network, who will be providing Pyth Entropy (random number generator) and price feeds on the L2.

Monad teased that their devnet internal testnet (their devnet) will be going live soon and that they will be partnering with LayerZero at launch to ensure bridging to and from other chains.

The Pengus are pumping. Sorry, I mean Pudgy Penguins have seen notable price action to the upside over the last few days. The price floor on the cute NFTs increased from under 11 ETH on Jan 14 to almost 19 ETH today. That’s a 72% increase against ETH in 4 days with the floor now sitting at a cool $50,000. The penguins have been pretty much up only since November, when the floor was $2,000-$3,000, with many calling for an inevitable BAYC flip (24 ETH today.)

BTC’s hashrate has seen a significant decrease, reportedly due to a cold front in Texas. Supposedly, almost 30% of the hashrate originates in Texas where miners were were forced to stop operations to help support the state’s energy grid.

Flowdesk closed the round before scoring the Grayscale partnership, its CEO said.

A federal judge heard oral arguments from the SEC and Coinbase Wednesday in the exchange’s move to dismiss the case against it

The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm’s Financial Disclosures.