Wednesday, 13 March 2024

Market Summary

Market Summary 13 March 2024

Bitcoin Price: US$71,452.01 (-0.87%)
Ethereum Price: US$ 3,979.96 (-2.09%)

Grayscale’s spot Bitcoin exchange-traded fund (ETF) has witnessed its market share dropping below 50% for the first time since the inception of spot Bitcoin ETFs in the United States, marking a significant decline from holding around 99.5% of the total assets under management (AUM) on the first trading day of the ten U.S. Bitcoin ETFs. With consistent daily outflows from the Grayscale Bitcoin Trust (GBTC), averaging $329 million per day, the ETF’s market share has been eroded over time, particularly with outflows totalling over $11 billion to date. Despite Grayscale’s decline, growing net inflows into BlackRock’s iShares Bitcoin ETF (IBIT) and the Fidelity Wise Origin Bitcoin Fund (FBTC) have been cited as driving factors behind Bitcoin’s rapid price appreciation to a new all-time high of $72,900 on March 11. Meanwhile, cryptocurrency exchange Coinbase intends to raise $1 billion from senior convertible notes to repay debts and for general corporate purposes, while the United Kingdom treasury has proposed changes to money laundering regulations to enhance supervision of crypto assets, aiming for smarter regulation and alignment with Financial Conduct Authority (FCA) oversight standards.

Tim Berners-Lee, the inventor of the World Wide Web, predicts three major shifts for the internet’s future, including the rise of trustworthy AI assistants, ownership of personal data, and the dominance of VR and spatial computing. He suggests that spatial computing will replace traditional input methods like keyboards and touchscreens, creating a seamless digital experience across devices. Additionally, Berners-Lee anticipates potential efforts to break up Big Tech conglomerates, reflecting on the evolving landscape of internet governance. In financial news, Patient Capital Management has replaced Grayscale Bitcoin Trust in its investment strategy with Bitcoin exchange-traded products (ETPs), diversifying its holdings amidst regulatory concerns. Grayscale itself is seeking to launch a “mini” version of its Bitcoin Trust ETF, aiming to provide tax-efficient exposure to Bitcoin as competition intensifies in the ETF market. These developments coincide with Bitcoin’s recent all-time high and increased trading volume in the spot Bitcoin ETF market, while uncertainty looms over the approval of Ether-based ETFs by the SEC.

The upcoming Dencun hard fork on Ethereum presents a pivotal moment for layer-2 scaling solutions like Starknet, poised to capitalise on improvements like EIP-4844 to revolutionise data storage for rollups, notably reducing transaction fees by up to 90%. This enhancement aligns with Starknet’s plans to transition to blob space, amplifying its efficiency and cost-effectiveness. Simultaneously, Bitcoin’s price surge to over $72,000, fueled by record-breaking inflows of $2.7 billion into crypto ETPs, underscores growing investor confidence and institutional interest in the cryptocurrency market. However, President Biden’s proposed 30% tax on electricity used by crypto miners in the 2025 budget introduces regulatory uncertainty, with concerns raised about its potential impact on industry growth and innovation, sparking opposition from some senators who fear it could undermine the sector’s foothold in the United States.


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