Bitcoin falls as 11 spot ETFs are launched

by Heybit Global
Bitcoin falls as 11 spot ETFs are launched

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.

Ethereum daily NFT volume / source:

Solana daily NFT volume / source:
Ordinals daily NFT volume / source:

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:

  1. CryptoPunks #6912: 190 ETH
  1. Monster My City #33: 100 ETH
  1. Monster My City #29: 100 ETH
  1. Auki #5889: 95 ETH
  1. CryptoPunks #8639: 89 ETH

NodeMonke #4499
Golden Ration #379
CryptoPunk #6912
Azuki #5889