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ARP’s Crypto Digest
ARP Digital
May 27, 2024
ARP’s Crypto Digest
General Digital Asset Market View:
Source: ARP Digital Research Team Q2’24
Bitcoin ETFs experienced significant flows with major contributions from Blackrock and Fidelity. Notably, Blackrock surpassed Grayscale’s total Bitcoin holdings.
The $100M inflow days are back on the table!
The week started with ETFs receiving a total of $237M in inflows. Following this initial surge, Blackrock alone captured a substantial $290M the next day, and the inflows totaled $306M. Despite a mid-week outflow from GBTC, its first in six days, the overall trend remained positive.
By the end of the week, the ETFs had secured an additional $252M, demonstrating the return of strong inflows.
More Crypto:
Source: CryptoQuant
Based on the chart above, the short-term holders’ realized price (STH RP) closely follows the Bitcoin market price, showing that these holders react quickly to market changes and buy at higher prices during bullish trends. In contrast, the long-term holders’ realized price (LTH RP) stays relatively stable, indicating less influence from short-term fluctuations and a lower average cost basis.
The alignment of STH RP with BTC’s rise indicates strong bullish sentiment among short-term holders, while the steady LTH RP underpins confidence, potentially supporting future price movements.
Source: Glassnode
Bitcoin deposits to exchanges often spike during price run-ups, as investors prepare to sell. The chart above highlights this pattern, with significant deposit increases during price rises like those in early 2023.
Recently, the gap between deposits and withdrawals has been narrowing, signaling a reduction in net deposits rather than a surge in withdrawals. This trend suggests that while there’s still some sell pressure, it’s decreasing, helping Bitcoin stabilize and achieve a nearly 20% rebound from the local bottom in early May 2024.
Source: CCData
“Meme them until they cry… then make memes about them crying”.
Memes are leading the rise in month-to-date returns. Peaking at around 40%, meme tokens have outperformed other sectors, driven by strong interest and media attention. Despite their volatility, meme tokens have emerged as a significant force in the market, surpassing tech/innovation based sectors like DeFi, AI, and infrastructure.
What Happened This Week:
SEC approves spot Ethereum ETFs.
Kabosu, the face of the Doge meme, has passed away.
ETH supply shock — lowest amount of ETH reserved in exchanges.
MakerDAO has allocated 50M DAI to the sUSDe/DAI vault, raising the debt ceiling to a new ATH of 450M DAI.
Solana flips ETH in worldwide google searches.
Fantom has announced a $10M strategic funding round led by hashed.
Gala hacked for $220M, and the Gala team has blocked the hacker.
What to Look Out For:
ZkSync planning on token generation this week with airdrop in middle of June.
Stargate Finance has announced the release of V2 on May 28.
STEPN has unveiled new social lifestyle app — STEPN GO.
The Parallel team has announced committing 600k vested $PRIME for 3 years upon the Wayfinder vote’s conclusion.
Arbitrum has announced a $200M Gaming Catalyst Program on Tally.
Jupiter has announced the Giant Unified Market initiative. Team plans to index memecoins, RWAs, stocks, and forex for atomic transactions.
What we enjoyed reading and listening to:
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