Monday Market Report | January 22nd - 28th

📢 Weekly TL;DR

Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.

Dear NDAXers, big news from Ottawa last week... Here’s all the Bitcoin and Crypto news you may have missed from last week: 

• Bitcoin ETFs take in more capital even as Grayscale hemorrhages AUM. 
• The SEC has delayed BlackRock’s Spot Ether ETF. How will it play out? 

Grayscale Investments' bitcoin trust, now an ETF, faces ongoing outflows, reducing its liquidity advantage over competitors. Despite this, analysts anticipate it will maintain its position as the largest spot bitcoin ETF for some time. The Grayscale Bitcoin Trust ETF (GBTC) experienced $515 million in net outflows on Tuesday, totaling almost $4 B since transitioning to an ETF on Jan. 11, according to Bloomberg Intelligence. Grayscale's GBTC assets reached around $21 B by midday Wednesday, while BlackRock and Fidelity's bitcoin ETFs grew to approximately $1.85 B and $1.6 B, respectively, benefiting from consistent net inflows. Analysts predicted GBTC's asset decline due to its 1.5% fee, reduced from 2% upon ETF conversion but still notably higher than competitors' expense ratios of 0.19% to 0.39%. Morningstar's Bryan Armour expects GBTC's assets to decrease, but some investors remain unaware or uninterested in alternatives. Traders exploit price differentials between US spot bitcoin ETFs and GBTC through pairs trading. As new ETFs gain traction, GBTC's relevance diminishes. Tax implications deter some from switching despite declining bitcoin prices. Grayscale reduced fees upon listing on NYSE Arca but might not further reduce them to remain competitive, predicts Armour. Overall, the entire spot Bitcoin ETF market now holds $25.28 B in net assets, with a trading volume of $1.29 B.   

The SEC has extended its decision timeline on BlackRock's spot Ethereum exchange-traded fund (ETF) proposal to March. The commission cites the need for more time to review the proposal and associated concerns. BlackRock's iShares Ethereum Trust application, submitted in November, faces a March 10 deadline for approval, disapproval, or further proceedings. Delays also affect Fidelity's Ethereum Fund application. Analysts predict ongoing delays for spot Ethereum ETF proposals, with the next significant date being May 23rd. But will there be an Ether Spot ETF? Crypto experts anticipate an ether ETF approval by May after recent spot bitcoin ETF approvals. However, SEC Chair Gary Gensler dampened expectations, stating the bitcoin ETF approval is limited to that specific commodity and shouldn't be extrapolated to other crypto-linked exchange-traded products. TheBlock  

📰 Other Community News

In the cryptocurrency community, there's always something going on. Here are a few events and happenings that you might be interested in:

• Deutsche Bank: “Many Retail Investors See Bitcoin Price Dropping Below $20K by Year End”: More of those surveyed said they expect bitcoin to disappear than those who said they expect it to continue to exist, the bank said. Coindesk 
• Users report new Trezor phishing emails days after support portal breach Cointelegraph  
• An Ethereum ETF is coming sooner than you expect Cointelegraph 
• Ethereum Community Concerned About Risks Posed by Liquid Restaking Token Growth Decrypt 
• Grayscale's GBTC Profit Taking Likely Over, Easing Bitcoin Selling Pressure: JPMorgan Coindesk 
• Bitwise Bitcoin ETF wallet attracts inscriptions and rare sats donations CoinTelegraph 

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📈 Weekly Moves

Market Summary

• The global cryptocurrency market has reached a total market capitalization of CAD $2.19 Trillion.  
• Bitcoin continues to lead the market with a dominance of 50.9%, followed by Ethereum at 16.7%. 

Performance

• Bitcoin is currently the top trading pair on NDAX, followed by Solana, Ethereum, Cardano, Avalanche, Near, XRP and Polygon. 
• Week over week, the value of Bitcoin (BTC) is up 3.59% and currently trading at $56,817, while Ethereum (ETH) is down 6.09%, now trading around $3,051. 

Top Weekly Movers @ NDAX

Who was the top performing asset on NDAX last week? 

Who was the top performing asset on NDAX last week? 

Most cryptos continued their price consolidation over last week.  

Bitcoin was down almost 4.25% on the week, marking its lowest price level in  over a month, and Ethereum was down 10%. 

Weeks like these are great for learning! Are you putting your PoS assets to work for you on NDAX? Learn more about how to do just that right here.   

As of 01/29/2024 12:00 AM EST, values in CAD. 

 Keep an eye on the market here 👉 Cryptocurrency Prices

📅 Upcoming Events

Mark your calendars! 

• Jan 31 - FOMC benchmark rate decision
• Feb 13 - January CPI
• Mid April - Bitcoin block reward halving

📖 Educational Resources

For those of you looking to learn more about bitcoin and crypto markets this week:

• In this episode: - Why Bitcoin is the Great Reset - Rocket Fuel for Bitcoin’s Next Bull Run Loaded - Jamie Dimon's comments about Bitcoin at the WEF Forum in Davos – Real world asset "Tokenization" - QE infinity is here — but just for banks? - Real Estate outlook (commercial and residential) - How much should you allocate to Bitcoin? - Bitcoin ETFs - Coin Stories w/ Natalie Brunell - Preston Pysh on Economic Outlook, Asset Tokenization, and Why Bitcoin is the Great Reset  
• Alex Gladstein of the Human Rights Foundation reports on how Bitcoin is monetizing stranded energy, financing electrical infrastructure, and empowering millions. – Shinobi for Bitcoin Mag - STRANDED: HOW BITCOIN IS SAVING WASTED ENERGY AND EXPANDING FINANCIAL FREEDOM IN AFRICA   
• Explore the groundbreaking approach of Custodia Bank with CEO Caitlin Long in our latest podcast. We dive into its non-fractional reserve system, challenges with the Federal Reserve, and the evolving landscape of cryptocurrency banking. - Bitcoin Fundamentals w/ Preston Pysh - BITCOIN CUSTODY FOR INSTITUTIONS W/ CAITLIN LONG AND WES KNOBEL  
• NLW looks at the worsening stock market situation in China, which has caused the Chinese government to explore major stimulus. – The Breakdown w/ NLW – China's Stock Market Struggles 

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Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.