Daily News | Grayscale’s Selling Pressure Slowed Down; Bitcoin Spot ETFs Had a Net Outflow of $106 Million; Bitcoin Miners' Annual Revenue Exceeded that of Several Giants Such as Hermes

2024-01-25, 07:34

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## Crypto Daily Digest: SEC Postponed its Decision on Ethereum Spot ETF, Grayscale's Selling Pressure Slowed Down
Yesterday, Gary Gensler, Chairman of the US SEC, stated in an interview on Wednesday that although some people expected the next approval for spot <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs, the agency's approval of several spot <a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> trading platforms earlier this month was limited to this type of cryptocurrency.

Gensler emphasized during a media briefing when asked about his views on Ethereum ETFs: as I mentioned two weeks ago, what we do with trading products on the Bitcoin trading platform is limited to this non securities commodity and should not be interpreted as something beyond this scope.

Recent public documents show that the US SEC has postponed its decision on BlackRock's iShares Ethereum Trust application. In the coming months, the SEC will continue to make decisions on spot Ethereum ETFs from other issuers, with the next important date being May 23. The longer the date, the better the expectation of Ethereum hype, because as long as there is no approval, this hype expectation will continue to exist.

According to the latest data, all Bitcoin spot ETFs in the United States had a net outflow of $106 million in funds on the 8th trading day. The total inflow of funds in these 8 days was $982.8 million.

According to the data shared, on the 8th trading day, Grayscale's GBTC had a net inflow of approximately $515.3 million, BlackRock's IBIT had a net inflow of $160.1 million, Fidelity's FBTC had a net inflow of $157.7 million, Bitwise's BITBC had a net inflow of $26.3 million, Ark 21Shares had a net inflow of $61.8 million, Franklin's EZBC had a net inflow of $1.1 million, VanEck's HODL had a net inflow of $2.2 million, and Invesco's BTCO, Valkyrie's BRRR, and WisdomTree's BTCW had relatively small changes. Not included.

In addition, according to Bitcoin calculations, the total inflow of all ETFs within 8 days is 21,362.5 BTCs, and the total outflow of GBTC within 8 days is 98,296 BTCs.

Lookonchain monitoring shows that Grayscale deposited 14,487 bitcoins (approximately $579 million) into Coinbase Prime yesterday and transferred 4,750 bitcoins (approximately $189.8 million) to a new wallet. Since the ETF was approved, Grayscale has deposited a total of 93,700 bitcoins (approximately $3.85 billion) into Coinbase Prime.

It is reported that Grayscale currently holds a total of 519,399 bitcoins, and Grayscale Bitcoin Trust ETFs still hold a net asset value of $20.05 billion. The total net asset value of Bitcoin spot ETFs is $25.17 billion.

Bloomberg analyst Eric Balchunas tweeted yesterday that GBTC's trading volume has dropped again today, which may be a sign of the selling trend being exhausted. He added, "Today's outflow of GBTC is' only '$425 million, which is the lowest outflow since its conversion to Bitcoin spot ETF on the first day and seems to be on a downward trend. That is to say, this is still a considerable number."

A new report released by Cornerstone Research shows that the SEC implemented a total of 46 enforcement actions related to cryptocurrencies in 2023, an increase of over 50% compared to 30 in 2022, setting a new historical high. 61% of the lawsuits accuse crypto entities of violating securities laws, and 57% of the lawsuits accuse these entities of committing fraud in violation of securities laws or exchange laws. As of the end of 2023, the SEC has imposed fines of $2.89 billion on crypto market participants, with a settlement amount exceeding $281 million. Since 2013, the agency has implemented a total of 173 enforcement actions against crypto entities.

On January 24th, there was new progress in the upgrade of Ethereum Cancun. The Ethereum client Geth has officially released version v1.13.11, preparing for the Cancun upgrade in Sepolia and Holesky. This version fixes some errors and enables Cancun upgrades for Sepolia and Holesky networks. In addition, it also supports EIP-4844 transactions in API methods. It is reported that Sepolia will be upgraded on January 31st, and Holesky will be upgraded on February 7th.

According to media reports, Geth's market share in Ethereum network execution clients has decreased from 84% the previous day to 78.8%, a decrease of 5.2%. Geth is crucial for processing transactions and executing smart contracts on Ethereum, but its preference among Ethereum validators leads to an imbalance in the diversity of executing clients on Ethereum, leading to centralization issues. According to the Gate.io market, Ethereum is currently quoting $2,219.12, with a 24-hour increase of 0.14%.

Regarding miners, Yassine Elmandjra, the head of digital assets at ARK Invest, recently posted on the X platform stating that the cumulative income of Bitcoin miners has approached $60 billion, and the growth and scale of Bitcoin cannot be underestimated.

Yassine Elmandjra also stated that ten years ago, Bitcoin mining was just an activity for business enthusiasts, but now miners' annual income has exceeded that of several globally listed companies, such as Spotify, eBay, Hermes, Chipotle, Hertz, Hilton, and so on.

## Macro: Strong PMI Data Suppresses Expectations of Interest Rate Cuts
On Wednesday, the US dollar index saw a slight pullback, breaking below the 103 mark and falling to an intraday low of 102.77. However, it quickly regained this mark and ultimately closed down 0.27% at 103.24; The 10-year US Treasury yield stabilized at the 4.1% mark and closed at 4.180%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.384%.

Spot gold plummeted sharply during the US market, falling below the 2030 and 2020 levels one after another, ultimately narrowly avoiding 2010 and closing down 0.76% at $2,013.91 per ounce. Spot silver and gold have shown inconsistent trends, approaching the $23 mark during the US session and ultimately closing up 1.01% at $22.67 per ounce.

With the possibility of the unexpected decrease in US crude oil inventories and a decline in US crude oil production, international crude oil has rebounded significantly. WTI crude oil station rose by $75, with a final closing of 1.17%, at $75.31 per barrel; Brent crude oil returned to the $80 mark and ultimately closed up 0.75% at $80.23 per barrel.

Microsoft (MSFT.O) rose 0.9%, failing to stabilize its market value of $3 trillion, while NVDA.O hit a new historical high of 2.5%, with a market value exceeding $1.5 trillion.

On Wednesday, the United States released its manufacturing PMI data for January, with an initial value of 50.3, a new fifteen-month high; The manufacturing output index recorded 48.7, a two-month high; The initial value of the service industry PMI recorded 52.9, a new high in 7 months; The initial comprehensive PMI value recorded 52.3, a new high in 7 months.

The strong performance of the US economy and the suppression of interest rate cuts by policymakers are prompting some investors to reassess their expectations for the speed of the Federal Reserve's interest rate cuts this year. This change of concept is producing a chain effect in the treasury bond market and the foreign exchange market, even though the stock market is still close to the historical peak.

The unexpectedly strong January PMI data from the United States once again proves the vitality of the economy. The initial value of manufacturing PMI recorded 50.3, a new high in 15 months; The initial value of the service industry PMI recorded 52.9, a new high in 7 months; The initial comprehensive PMI value recorded 52.3, a new high in 7 months. All three indicators exceeded market expectations.

Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, said that based on PMI data, the start of the US economy this year is encouraging, with a significant acceleration in corporate growth and a sharp drop in inflationary pressure.

Williamson pointed out that the output of goods and services in January reached the fastest growth rate since June last year, and the improvement in demand has further boosted the growth momentum. The inflow of new orders has rebounded for three consecutive months, helping to boost the confidence of enterprises in the coming year, reaching the most optimistic level since May 2022. Due to the slowest price increase since the COVID-19 lockdown in early 2020, the sales price inflation rate is currently lower than the pre pandemic average. The survey shows that supply delays are intensifying, while the labor market remains tight, and cost pressures need to be closely monitored in the coming months.

<div class="blog-details-info">
<div>Author:**Byron B.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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