Daily Market Update: January 19, 2024

January 19, 2024

BTC is currently trading around $41,000 and ETH around $2,500.  Notable gainers in the last 24 hours are MANA, WBT, and FLR.  The global crypto market cap is $1.70T, down 2.8% over the last day.  DeFi Total Value Locked is ~$58b and BTC dominance is around 51%.

Bitcoin is down 3.5% over the last 24h and 11% since just prior to the SEC’s approval of spot Bitcoin ETFs.  Many peg the price decline on the ETF approvals having already been priced in and ETF hype fading, a rotation out of BTC and into ETH, and worries around GBTC outflows dragging down net new asset growth.  On the last point, there have been $2.2b of GBTC outflows over five trading days, and with not all outflows finding their way back into bitcoin products, this has reduced total net flows for all recently-approved spot Bitcoin ETFs to $1.1b.

Notable news includes: MetaMask launched a new Validator Staking feature to allow users to run their own Ethereum validator node; Solana Mobile’s new web3 smartphone “Chapter 2” received 25,000 preorders the first day after announcing it, surpassing sales from the entire first year of its prior Saga phone; layer 1 blockchain Conflux Network introduced an EVM solution focused on interoperability with Bitcoin; layer 2 Manta Network suffered a DDoS attack shortly after listing its MANTA token on multiple exchanges; and, optimistic oracle protocol Uma saw its token surge after hinting at an MEV solution named Oval.

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Matt Kunke, Research Analyst | TwitterTelegramLinkedIn
Brian Rudick, Senior Strategist | TwitterTelegramLinkedIn

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