Dear all,
$BTC falls as 11 spot ETFs are launched in the US. Let us bring you the customary NFT and digital market overviews for first two weeks of 2024.
🌐 Two Weeks Market Brief
Bitcoin for the past 2 weeks ending 15th January fell -3.78%, Ethereum rose 13.67% and the rest of the market also rose 0.83%. Bitcoin fell with the launch of the spot ETF while others outperformed.
Bitcoin marked a significant milestone as it witnessed the successful debut of spot ETFs in the US, experiencing a net inflow of approximately $820M in the first week. This number is in despite of the GBTC holders selling their exposures. However, the price unfortunately fell as the ‘sell the news’ sentiment began to overwhelm the market. With the market now expecting a Ethereum spot ETF, Ethereum and other alt-coins outperformed leading BTC dominance to fall substantially (Figure 1). If BTC dominance stabilizes within this range, we can anticipate alt-coins to perform in the weeks ahead.
Figure 1: BTC dominance falls with the launch of the spot ETF / Source: Tradingview
The US CPI number for December came in slightly higher than expected
leading markets to wonder whether the series of rate cuts that are priced
in for this year can indeed happen. Also, there is a growing escalation of
geopolitical tensions in the Middle East, and with Iran's involvement, the
situation has the potential to escalate dangerously into a regional
conflict. Considering the dollar's recent shift towards an upward
trajectory, it might be prudent to take caution with risk assets.
NFT Market Overview
The Ethereum daily NFT market volume is on the rise. In the past week, we had the daily volume hit the $32 million mark twice on the 11th and 12th of January, following the approval of the Bitcoin ETF. When comparing daily NFT volume across three different chains, we find Ethereum at $25.7 million, Solana at $15.6 million, and Bitcoin Ordinals at $11.2 million. Recently, projects like NodeMonkes and The Golden Ratio were sought-after collections in Ordinals, attracting a lot of attention to Bitcoin NFTs.
Looking at the Blue Chip Index, it appears to have picked up its pace slightly, indicating an upward trend.
Here are top 5 collections based on trading volume over the past week including the floor price and the floor change(%) of each collection.
| Collection | Volume (ETH) | Floor Price (ETH) | Floor Change (%) |
|---|---|---|---|
| Azuki | 14,217 | 6.87 | -0.96 |
| Mutant Ape Yacht Club | 10,932 | 4.48 | -3.7 |
| Bored Ape Yacht Club | 10,413 | 25 | +5.49 |
| Pudgy Penguins | 6,755 | 13 | +24 |
| TinFun | 4,196 | 0.784 | - |
Here are top five sales in the Ethereum NFT market in the past 7 days:
- CryptoPunks #6912: 190 ETH
- Monster My City #33: 100 ETH
- Monster My City #29: 100 ETH
- Auki #5889: 95 ETH
- CryptoPunks #8639: 89 ETH
