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ARP's Crypto Digest
ARP Digital
September 30, 2024
General Digital Asset Market View:
Source: ARP Digital Research Team Q3’24
U.S. Bitcoin ETFs extended their winning streak on September 27. After $136 million and $105.9 million in net inflows on Tuesday and Wednesday, investors poured in $365.7 million on Thursday and a whopping $494.4 million on Friday, which became the ETFs’ most successful day since early June.
The total amount spent on Bitcoin ETFs over the past week reached $1.1 billion, returning to levels seen in mid-July. Within this timeframe, BTC’s price jumped to a multi-month peak of its own at $66,500.
More Crypto:
Source: K33 Research
It’s been 1056 days since the global crypto market cap peaked on November 15, 2021.
The longest-ever crypto market cap drawdown lasted for 1,106 days from Dec 15, 2013, to Dec 25, while past cycles drawdown lasted for 1096 days from Jan 7, 2018, to Jan 7, 2021 before the core bull market sparks.
We are now 50 days away to mark the longest duration before core bull market starts.
Source: Stablepulse
Stablecoins USDT (Tether) and USDC (USD Coin) collectively hold about $97 billion in US Treasury debt, ranking them as the 20th largest holder globally, surpassing economies like Germany and Mexico. This substantial investment signifies the role of stablecoins in the financial market, providing a safe and liquid backing to maintain their dollar peg and ensure stability amidst the volatility of crypto.
Post-March 2023, USDC notably shifted a large portion of its holdings into overnight repo transactions, emphasizing a strategic adaptation in asset management.
What Happened This Week:
Binance founder Changpeng Zhao ‘CZ’ released from US custody.
According to Reuters, OpenAI is planning to restructure into a for-profit model valued at $150 billion, with CEO Sam Altman taking a 7% stake in the company.
Binance is launching Binance Pre-Market, a new service for pre-market spot trading. This new service will allow customers to buy or sell tokens before they are listed on the spot market.
The Bank of New York Mellon is advancing its plans to offer custody services for $BTC, $ETH ETF clients.
Polymarket is raising a new $50m funding round. Investors in the proposed round will receive warrants to purchase tokens if Polymarket proceeds with its issuance plan.
What to Look Out For:
Ethena has announced plans to launch a new stablecoin called $UStb, backed by BlackRock’s tokenized US Treasury fund BUIDL.
Trust Wallet has teased the upcoming launch of its Launchpool feature.
Cross-Chain Interoperability sector tokens are gaining momentum as $ZRO price rallies.
DWF Labs co-founder Andrei Grachev has announced that DWF Labs will launch a synthetic stablecoin project in Q4 to Q1 of next year.
What we enjoyed reading and listening to:
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