US Spot Bitcoin ETFs begin trading; $7.69B volume in first two days. US inflation at 3.4% YoY in Dec 2023, above estimates. Circle, issuer of USDC, files for IPO.
Jan 15, 2024
Weekly Market Index
Last week’s crypto market prices rose slightly by +1.81%. Volume increased by +31.69% while volatility decreased by -10.48%.
Chart of the Week
The first-ever US spot Bitcoin exchange-traded funds (ETFs) were approved last week by the Securities and Exchange Commission (SEC). The eleven ETFs started trading on 11 Jan 2024 and totaled US$7.69 billion in trading volume on the first two days of trading. Grayscale’s ETF had the largest share of the trading volume, followed by BlackRock and Fidelity.
Weekly Performance
Bitcoin (BTC) dipped by -3.5% while Ethereum (ETH) rose +13.1%, respectively, in the past seven days. Price action for other selected top-cap tokens was positive.
Selected key categories all rose in terms of market cap change in the past seven days.
News Highlights
- The US Securities and Exchange Commission (SEC) approved the first-ever US spot Bitcoin exchange-traded funds (ETFs) last week. Eleven ETFs were approved, including those from Grayscale and TradFi giants BlackRock and Fidelity.
- US inflation as measured by the consumer price index (CPI) rose 3.4% YoY in December 2023, up from 3.1% in the previous month. It was also above the 3.2% estimate from economists surveyed by Dow Jones.
- Circle Internet Financial, the issuer of the USDC stablecoin, files for an initial public offering (IPO) in the US.
- Sotheby’s offered its first curated Ordinals sale last week. As part of its ongoing “Natively Digital” series, Sotheby’s opened bidding in a curated auction for these digital collectibles—known as Ordinals—inscribed on the Bitcoin blockchain.
Recent Research Reports
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| Exploring the Future of Blockchain Gaming: Trends and Opportunities | Research Roundup Newsletter [November 2023] |
| Exploring the Future of Blockchain Gaming: Trends and Opportunities |
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- : 2023 has been an eventful year for the crypto industry. In this report, we curate the top crypto events and trends of 2023, followed by our outlook for 2024.
Recent University Articles
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| What Is Nakamoto Consensus? The Mechanism That Powers Bitcoin | On-Chain vs Off-Chain Cryptocurrency Transactions: What Is the Difference? | Bitcoin Halving 2024: What to Know |
| What Is Nakamoto Consensus? The Mechanism That Powers Bitcoin |
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| On-Chain vs Off-Chain Cryptocurrency Transactions: What Is the Difference? |
| Bitcoin Halving 2024: What to Know |
- What Is Nakamoto Consensus? The Mechanism That Powers Bitcoin: Learn about the original blockchain consensus mechanism, the Nakamoto Consensus, that still powers Bitcoin today.
- On-Chain vs Off-Chain Cryptocurrency Transactions: What Is the Difference?: Learn the difference between on-chain and off-chain cryptocurrency transactions and how they work on the blockchain.
- Bitcoin Halving 2024: What to Know: In this article, learn the dynamics of Bitcoin halving — what previous events have shown, and what future ones may involve.
Catalyst Calendar
Authors
Research and Insights Team
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