Weekly Market Index

Last week’s crypto market prices were up +19.17%. Volume and volatility increased by +76.05% and +131.05%, respectively. 

Tokens across the board saw gains and increased levels of trading activity as Bitcoin’s strong performance buoyed the rest of the market. News surrounding Bitcoin on the institutional-front continues to be positive, for instance, the US spot Bitcoin exchange-traded funds (ETFs) recorded significant inflows last week and Fidelity Canada now recommends 1-3% allocations for crypto in its four flagship products.

Chart of the Week

US spot Bitcoin ETFs are climbing the commodity ETFs assets under management (AUM) leaderboard, with three of them (BlackRock, Fidelity, and Ark Invest) present in the top ten. BlackRock’s ETF (IBIT) is ranked third, having surpassed the largest silver ETF.

Weekly Performance

Bitcoin (BTC) and Ethereum (ETH) rose by +23.6% and +12.4%, respectively, in the past seven days. Price action for other selected top-cap tokens was mostly positive. The meme coins SHIB and DOGE outperformed.

Selected key categories were all up in terms of market cap change in the past seven days, led by Meme.

News Highlights

• Crypto.com and BTG Pactual (BTG), the largest investment bank in Latin America, announced a new agreement to further advance crypto banking services across the region. As an initial focus, Crypto.com will enable the listing of BTG DOL, BTG group’s proprietary stablecoin with a 1:1 parity with the US dollar.

• Morgan Stanley has submitted a filing to the US Securities and Exchange Commission (SEC) for Bitcoin ETF exposure in multiple institutionally focused funds.

• MicroStrategy reported the acquisition of 3,000 Bitcoins last week, spending approximately US$155 million to buy more Bitcoin at an average price of US$51,813. After this recent buy, the company now sits at 193,000 Bitcoin acquired at an average price of US$31,544.

• Nokia’s Technology Strategy 2030 report focuses on building a future network architecture to serve the emerging innovations market. The Internet of Value is one of the ecosystems Nokia will cater to, focusing on decentralisation, blockchain, and smart contracts.

• Hungary has reportedly introduced draft legislation that would let banks, investment funds, and asset managers offer Bitcoin and other crypto services.

Recent Research Reports

• DePIN: Crypto’s Rising Narrative: DePIN is currently one of crypto’s hottest narratives. We introduce what DePIN is, how it works, and the current market landscape.

• Alpha Navigator [January 2024]: Fed signals rate cut in March unlikely. Asset class performance was mixed in January, with crypto and equities up slightly.

• Research Roundup Newsletter [January 2024]: We present to you our latest issue of Research Roundup, featuring trending market insights in January, charts of the month, and our deep dive into the world of crypto ETFs.

Recent University Articles

• Intent-Centric Design for Blockchain: What It Is and Why Everyone Is Talking About It: Intent-centric systems allow users to delegate tasks to solvers, for efficiency, reduced transaction fees, and enhanced privacy.

• What Is Ethereum’s EIP-4844 Update? How Proto-Danksharding Can Reduce Gas Fees: Learn about Ethereum’s Cancun-Deneb upgrade, a major protocol update to reduce gas fees and enhance scalability through Proto-Danksharding.

• How to Calculate ROI for Crypto: What is crypto ROI? Learn how to calculate ROI for your crypto assets and use it as a tool to evaluate the performance of your investments.

Catalyst Calendar

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