Crypto Guides, Knowledge & Insights

Delphi Digital Report: IRD Could Become One of the Hot Narratives in 2024

Delphi Digital has released a report titled “The Future of DeFi in 2024,” outlining several key points. These include: Ethereums core liquidity staking landscape is unlikely to undergo any significant changes; RWA quietly emerged as one of the most successful tracks in the cryptocurrency space in 2023; Uniswap V4, Uniswap X, and other DEXs are anticipated to be central themes in 2024; Rollups are seen as a sensible choice for various applications; and IRD might become a hot narrative in the crypto space.　　

2023-12-26Deep Dive

Long-Term BTC Hodlers Hold Over 76.1% of Circulating Supply, Nearing Record High

Glassnode recently released its annual on-chain review report for 2023. The year 2023 proved to be an incredible year for digital assets, with Bitcoin surging by over 172% and correcting by less than 20%, experiencing net capital inflows into Bitcoin, Ethereum, and stablecoins.　　Throughout this year, the Bitcoin market witnessed breakthroughs in several significant technical and on-chain pricing models, with October being a pivotal point for institutional capital inflow.　　The supply of Bitcoin held by long-term holders is currently approaching historic highs, and a vast majority of Bitcoin is currently held at a profit.　　Out of the total circulating supply of 195.74 million Bitcoins, over 14.9 million (76.1%) are held outside of exchanges and have seen no activity for over 155 days, an increase of 825,000 BTC compared to the same period last year. This has resulted in a record low of 2.317 million BTC held by short-term holders.　　The market structure is undergoing significant changes, with Tether re-establishing dominance among stablecoins. CME futures volume has surpassed Binance, and the options market is also experiencing significant growth.　　With the increasing possibility of a spot ETF launch in the United States in early 2024 and Bitcoins halving scheduled for April, the coming year is expected to

2023-12-25Deep Dive

Solana's On-Chain NFT Transaction Volume Rises to Second Place

Cryptoslam.io data shows that last week, NFT transaction volume decreased by 12.26%, totaling $463.87 million. The number of NFT buyers increased by 72.05%, and sellers increased by 56.61%.　　Despite a 13.71% decrease from the previous week, Bitcoins on-chain NFTs still led the chart with a weekly transaction volume of $265.61 million, accounting for 57.25% of last weeks total NFT transaction volume. Solanas on-chain NFT transaction volume ($88.42 million) moved to the second position, while Ethereums on-chain NFT weekly transaction volume ($75.91 million) dropped to third.　　Among the top ten NFT series by transaction volume in the past week, nine were from the Bitcoin chain. Solanas on-chain NFT series, Open Solmap, with a weekly transaction volume of $10.24 million, ranked fifth.　　

2023-12-25Deep Dive

Tokens like OP, YGG, AGIX, and Others Set for Major Unlockings This Week

Token Unlocks data indicates that this week (from December 25th to December 31st), DYDX, 1INCH, YGG, AGIX, X2Y2, OP, and SUI tokens are scheduled for unlocking, as follows:　　December 26th, 23:00 UTC: dYdX token DYDX will unlock approximately 575,340 tokens (approx. $1.76 million), accounting for 0.21% of the circulating supply.　　December 27th, 20:00 UTC: 1inch token 1INCH will unlock approximately 64,290 tokens (approx. $27,500), constituting 0.01% of the circulating supply.　　December 27th, 22:00 UTC: Yield Guild Games token YGG will unlock 16,690,000 tokens (approx. $7.38 million), representing 5.94% of the circulating supply.　　December 28th, 08:00 UTC: SingularityNET token AGIX will unlock 9,250,000 tokens (approx. $3.18 million), accounting for 0.74% of the circulating supply.　　December 30th, 10:55 UTC: X2Y2 token X2Y2 will unlock 37,500,000 tokens (approx. $440,300), constituting 9.94% of the circulating supply.　　December 30th, 12:00 UTC: Optimism token OP will unlock 24,160,000 tokens (approx. $85.04 million), representing 2.65% of the circulating supply.　　December 31st, 08:00 UTC: Sui token SUI will unlock 4,000,000 tokens (approx. $2.96 million), accounting for 0.39% of the circulating supply.　　

2023-12-25Deep Dive

Kaiko: Bitcoin to Be One of the Best Performing Assets in 2023

Kaiko Research, a data provider, predicts that Bitcoins performance this year will outpace major traditional assets. Despite challenging macroeconomic conditions and resistance in the crypto industry, Bitcoin has surged over 160% in 2023. Only a few company stocks have outperformed Bitcoin, notably NVIDIA Corp (NVDA), whose stock has risen by 241% year-to-date, surpassing Bitcoins surge (163%).　　Kaikos analysis divides BTCs price movements throughout the year into three phases. From March to October, BTCs trading price remained mostly between $25,000 and $30,000, followed by a significant decline, hitting multi-year lows in mid-2023. However, with BlackRock applying for a Bitcoin spot ETF on June 15, Bitcoins price surged above $40,000.　　

2023-12-25Deep Dive

Coinbase Obtains Cryptocurrency License in France

On December 21st, according to CNBC reports, the cryptocurrency exchange platform Coinbase has succeeded in its registration with Frances market regulatory authority, confirmed by a company spokesperson on Thursday. This milestone paves the way for the company to expand its services in another crucial European market. The Autorité des marchés financiers (AMF) granted approval to Coinbase as a Virtual Asset Service Provider (VASP), effectively giving the company the green light to operate digital currency services in France.　　The VASP registration will allow Coinbase to provide custody of digital assets, fiat currency purchase or sale of digital assets, trading between digital assets, and operating a digital asset trading platform. The company stated in a declaration on Tuesday that regulatory bodies in European countries like France have been working to keep pace with the advancements in emerging technologies like crypto and blockchain, aiming to strike a balance between enhancing the potential of payment systems and transactions while ensuring consumer protection.　　The European Union has been working on introducing the Markets in Crypto Assets (MiCA) regulations in its market, which would create a coordinated framework for regulated operation of crypto companies within the groups countries. According to MiCA, crypto companies may not have to obtain

2023-12-22Deep Dive

Prometheum Receives Regulatory Approval in the United States for Clearing and Settling Digital Asset

According to CoinDesk, Prometheum Inc. has announced that it has obtained the latest regulatory approval under the rules of the U.S. Securities and Exchange Commission (SEC) to test a fully compliant encrypted platform complying with the SEC regulations. As per the extended license documents released by FINRA (Financial Industry Regulatory Authority), Prometheum has become the first and only company to obtain a special-purpose encrypted broker-dealer license under SEC rules. It has been granted approval to carry out digital asset security trading clearance and settlement.　　Prometheum plans to commence providing digital asset custody services to asset management firms, hedge funds, and other financial institutions in the first quarter of 2024. By the second quarter, the company aims to offer trading and settlement services to customers—starting with institutional clients and subsequently catering to retail investors. Kaplan also sees this as a potential platform for traditional securities tokenization.　　Prometheum has proposed that it disclosed to regulatory authorities the securities it intends to support when it receives approval from one of the approximately 70 SEC-regulated Alternative Trading Systems (ATS). Some of these have already been classified as securities by the agency. For instance, it informed regulators that it could offer assets such as Flow (FLOW), Filecoin

2023-12-22Deep Dive

QCP Capital: Bitcoin Price Could Retreat to $36,000 Before Resuming the Upward Trend

QCP Capital stated in their report that the expected approval of a Bitcoin spot ETF in January next year is anticipated to initially face weak demand, potentially leading to a scenario of “selling on the news.” This could cause short-term volatility in Bitcoin and shift attention towards Ethereum.　　According to QCP Capital: “The actual demand for a Bitcoin spot ETF might start off lower than the market expects. Projected resistance for Bitcoins price lies within the range of $45,000 to $48,500, with a potential retracement to $36,000 before resuming the upward trend. Ethereum is seen as a potential secondary investment choice, and the market is expected to shift focus from Bitcoin towards Ethereum. Speculative interest in the upcoming Ethereum spot ETF might drive up the price of Ethereum, even before the ETFs actual launch.”　　

2023-12-22Deep Dive

Three Arrows Capital Liquidation Advisor: Expected Asset Recovery for Creditors Around 45.74%

Three Arrows Capital (3AC) liquidators at Teneo estimate that creditors can recover about 45.74% of the assets from the bankruptcy estate.　　In a report submitted to creditors in December, Russell Crumpler and Christopher Farmer, liquidation co-leaders at Teneo, noted that as of December 18, the companys assets were valued at $1.16 billion, while the recognized value for distribution to creditors was estimated at $2.7 billion.　　The report indicates that Teneo has resolved litigation involving various parties, including DCG, Genesis, and BlockFi, increasing the reported company assets by around $292 million. BlockFis settlement is still pending approval. The report also states that 154 claims for 3AC assets have been filed, totaling $3.4 billion. Of these, $2 million in claims were unrecognized for distribution, while claims worth $32.2 million have been rejected or are expected to be rejected, and disputed claims worth $76 million exist.　　Furthermore, the report mentions that Zhu Su, co-founder of 3AC, completed his house arrest on December 20 following his arrest in Singapore. Meanwhile, the liquidators continue to investigate the relationship between 3AC and Tai Ping Shan, a company closely associated with it. Legal expenses in the bankruptcy proceedings have accumulated to $49.7 million.　　

2023-12-22Deep Dive

BlackRock Files Revised Bitcoin Spot ETF, Commits to Cash Purchase and Redemption Mechanism

On Monday, BlackRock submitted a revised application for a spot Bitcoin ETF to the SEC. The filing revealed that BlackRocks ETF would employ a cash purchase and redemption mechanism, a model that the SEC favors.　　Earlier, on December 14th, Invesco and Galaxy had submitted the third amended S-1 filing for the “Invesco Galaxy Bitcoin ETF” to the U.S. SEC. The document pledged a commitment to focus on launching a Bitcoin ETF created solely through cash.　　Eric Balchunas, an ETF analyst at Bloomberg, pointed out that this is a clear signal indicating the SECs preference for cash-based creation methods for initial ETF product approvals.　　

2023-12-21Deep Dive

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