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ARP's Crypto Digest
ARP Digital
May 13, 2024
ARP’s Crypto Digest
General Digital Asset Market View:
Source: ARP Digital Research Team Q2’24
The week kicked off strongly with a substantial net inflow of $217 million, driven by impressive contributions from Fidelity, which posted a remarkable recovery with an inflow of $99.2 million following a recent outflow, and Ark which saw a substantial inflow of $76 million, more than doubling its average. Grayscale and Blackrock also contributed positively, though Blackrock’s inflow of $21.6 million was noted as relatively weak.
As the week progressed, the tide turned with Grayscale experiencing a shift to outflows, including a substantial outflow of $103 million on the final day. Blackrock’s performance was relatively low compared to its average.
More Crypto:
Source: CCData
Cooling off -> Monthly spot and derivatives trading volumes on centralized exchanges declined for the first time in seven months, with spot trading falling by 32.6% to $2.01tn and derivatives trading dropping by 47.6% to $4.57 trillion.
Binance’s spot trading volume fell 39.2% to $679 billion in April, marking the first decline since September 2023.
Source: Coinbase Quarterly Report
Titans vs. Crowds -> Coinbase reported a $1.2bn profit in Q1 due to rising trade volumes, strongly exceeding market expectations. Trade volume more than doubled to $312 billion, with institutional volume increasing faster than retail, accounting for 82% share of the total. However, COIN shares closed the week in the red amid worsening risk sentiment and the recent market correction.
Source: Bloomberg
Fast and Furious -> The spot bitcoin ETFs from BlackRock and Fidelity beat the previous record for a fund reaching $10 billion in assets under management in a fraction of the amount of time it took the previous record-holder.
Prior to the bitcoin ETFs, the record speed for an ETF to reach $10 billion in assets was held by JEPQ who did it in 647 trading days (nearly three years). IBIT got there in 49 days, FBTC in 77 days, as shown in the chart above.
What Happened This Week:
Bybit to integrate ‘Ethena Labs $USDe as a collateral asset, and in bitcoin and ether spot trading pairs.
JP Morgan Chase, the largest bank in the United States discloses spot Bitcoin ETF holdings.
ARK 21Shares updated their Spot Ethereum ETF S-1 application, removing the staking component.
US President Joe Biden Administration says Biden would veto legislation that would allow highly regulated financial firms to custody BTC and crypto.
Former U.S President Donald Trump supports crypto and wants to keep crypto business open in the US.
EigenLayer Launches Airdrop Season, Allowing Users To Claim 113M EIGEN Tokens.
What to Look Out For:
CONF3RENCE is the premier event for decision-makers and executives from all industries, taking place from 15 to 16 May.
Binance lists BounceBit on May 13 at 10:00 UTC.
Notcoin $NOT is launching on OKX Jumpstart and Binance launchpool.
Qtum has released Qtum Qurator, an AI image generator powered by 10,000 Nvidia GPUs.
Ethereum classic’s halving scheduled for May 31.
Nexo has announced allocating $12.5M for ecosystem incentives. The rewards will be active until July 7.
What we enjoyed reading and listening to:
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