Daily News | Several Financial Giants Obtained Bitcoin ETF Trading Codes; In_script_ion Trading Made Avalanche Stand Out; Solana NFT Trading Volume Surpasses Ethereum for the First Time

2023-12-19, 04:20

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## Coin Circle Daily Summary: Latest updates on Bitcoin spot ETFs, Solana NFT trading volume surpasses Ethereum for the first time
The approaching <a href="/es/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> spot ETF has made new progress.

Watcher.Guru tweeted that the spot Bitcoin ETF of ARK Invest and 21Shares has been added to the Depository Trust and Clearing Corporation (DTCC) website with transaction code ARKB.

According to The Block, BlackRock's proposed Bitcoin spot ETF received the trading code "IBIT" based on a revised S-1 document submitted to the US Securities and Exchange Commission (SEC) on Monday. The updated document also includes new wording regarding the cash redemption model versus the physical redemption model, which was the topic of recent meetings between BlackRock and SEC officials.

Bloomberg analyst James Seyfhart tweeted that the US SEC has opened a review period to determine whether <a href="/es/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs should be treated differently from Bitcoin spot ETFs. Previously, the SEC had postponed making decisions on multiple Bitcoin spot ETF applications, including Hashdex, Grayscale, ARK 21Shares and VanEck.

In addition, US asset management company Wisdomtree has submitted the fourth revised Bitcoin spot ETF prospectus to the SEC, and small crypto asset management company 7RCC, which focuses on ESG, has submitted a spot Bitcoin ETF application to the US SEC.

As the popularity of the in_script_ions sector continues to rise, various public chains are starting to exert their efforts.

On December 18th, according to The Block, <a href="/es/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> users have paid $13.8 million in fees for in_script_ions, including engraving and transfer, in the past five days. Although tens of millions of in_script_ions based tokens have been created on blockchains such as <a href="/es/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> and <a href="/es/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> Chain, the total cost paid by users is approximately $1 million per chain.

On December 18th, according to The Block, in the past week, Avalanche users destroyed 439,000 AVAXs worth approximately $16.7 million during transactions, reducing the circulation supply of the token. The number of AVAXs destroyed per week has risen to the highest level so far.

On the Avalanche network, all transaction fees are destroyed. The transaction costs within the network are based on the EIP-1559 design, which introduces a destruction element in Ethereum's transaction costs. The difference is that Ethereum pays a portion of the transaction fees to the verifier and destroys the remaining portion, while Avalanche is completely destroyed.

According to Dune's latest data, the cumulative cost revenue from the Bitcoin NFT protocol Ordinals in_script_ion casting exceeds 4234 BTC, approximately $173,448,605, and the current total number of in_script_ions cast reaches 49,127,513.

The number of in_script_ions on the Ethereum EVM chain has surged, leading to a surge in its GAS consumption. According to Dune Analytics, on December 16th, the cost of gas used for in_script_ions soared to a historic high of $8.3 million. The Avalanche network consumed the most gas, spending over $5.6 million on the same day alone. Aribitrum One ranks second, with a cost of $2.1 million for In_script_ion Gas.

Over the past 24 hours, 58% of Avalanche's network gas has been spent on EVM in_script_ions, while 48% of zkSync Era's expenses have been spent on EVM in_script_ions. In addition, 73% of BNB Chain's transactions in the past 24 hours were related to in_script_ions. This situation was very severe on the Arbitrum One network, resulting in a 78 minute interruption on December 15th.

Meanwhile, the Bitcoin network also saw a surge in in_script_ions over the weekend, increasing demand for blockspace and transaction costs. According to data from Mempool.Space, there are currently nearly 280,000 unconfirmed transactions. Observers say this has led to Bitcoin transaction costs soaring to $37, making it impossible for most people to use the Bitcoin network for peer-to-peer digital currency.

NFT and Ordinals expert Leonidas noted that in the past 24 hours, the sales of a single in_script_ion series (unspecified project) exceeded the total of CryptoPunks, BAYC, MAYC, Pudgy Penguins, Azuki, DeGods, Moonbirds, Doodles, and Meebits, and stated that the Bitcoin Frogs series ranked first in the Ordinal PFP series with a market value of $182 million.

On the other hand, <a href="/es/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> NFTs are gradually recovering. In the past 7 days, Solana NFT transaction volume reached $92.06 million, surpassing Ethereum NFT's $91.32 million transaction volume for the first time during the same period. In addition, in the past 7 days, the transaction volume of Bitcoin NFTs reached $365 million.

According to Cointelgraph, blockchain based loans are recovering this year, with the value of active tokenized private credit currently reaching $582 million, an increase of 128% from a year ago. According to RWA.xyz data, although it is still far from the peak of $1.5 billion in June 2022. This recovery may indicate that in the recent rise in interest rates, those seeking loans are looking for traditional blockchain based financial alternatives.

According to a report by NerdWallet on December 1st, the average interest rate for blockchain based credit protocols is currently 9.64%, while the interest rate for small business bank loans provided by financiers ranges from 5.75% to 11.91%. The loans lent are also considerable, with RWA.xyz tracking $4.5 billion in blockchain loans in 1804 transactions, which means an average loan of approximately $2.5 million.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1702968608BTC.png)
The four-hour chart touched the $40,280 support level and rebounded, reaching the upper limit of the short-term downtrend. Pay attention to the convergence of the mid-term structure at high levels. Consider long and short positions based on the overall upward channel. Resistance at two high levels: $45,345 and $47,990; Support at two lower levels: $40,280 and $38,399.

### ETH
![](https://gimg2.gateimg.com/image/article/1702968628ETH.png)
The high levels continue to oscillate above $2,135 this week, testing the $2,135 support yesterday and pulling back. Short-term stability above $2,135 is crucial. Two support levels below are $2,037 and $1,974. Keep an eye on breaking the resistance level at $2,381, indicating a possible continued range-bound movement in the medium term.

### GT
![](https://gimg2.gateimg.com/image/article/1702968648GT.png)
The weekly chart enters the second phase of the bull market, clearly stabilizing and rising. Short-term support at the white line, and long-term support at $2.88. Bullish on early signs of leading the rise in altcoins. Target prices: $12.877, $18.977, $28.58, $44.99. Recommend holding long-term positions in spot assets.

## Macro: Multiple Federal Reserve officials come out to "cool down,” interest rate cuts may be too early
On Monday, US bond yields fell first and then rose. The 10-year US bond yield fell to a 5-month low of 3.890% during trading, and then rose significantly before the US market, ultimately closing at 3.935%; The two-year US Treasury yield, which is more sensitive to the Federal Reserve's policy interest rates, closed at 4.450%.

The US dollar index fell into a range and hovered above 102, ultimately closing down 0.07% at 102.52. The US stock market index rose slightly, with the S&P 500 index up 0.45% and the Nasdaq up 0.61%.

Spot gold also fell into a range, breaking through the 2030 level in the US market at one point but failing to stabilize here, ultimately closing up 0.37% at $2027.23/ounce; Spot silver failed to stabilize above the 24 level and ultimately closed down 0.3% at $23.8 per ounce.

Due to the escalating attacks on Red Sea merchant ships, international crude oil has risen by nearly 2%. WTI crude oil rose to an intraday high of $74.58 in the trading session, then gave up some of its gains and ultimately closed up 1.5% at $72.81 per barrel; Brent crude oil briefly approached the $80 mark in the trading session, ultimately closing up 1.42% at $77.95 per barrel.

On Monday, multiple Federal Reserve officials once again warned that the market's expectations for the Fed's interest rate cut were somewhat ahead of schedule, marking the Fed's latest attempt to curb stock market and bond price hikes.

On the same day, Cleveland Fed Chairman and 2024 FOMC voting committee member Mester also refuted external expectations that since the Federal Reserve is more confident in raising benchmark interest rates to a level sufficient to control inflation, it will suddenly shift towards reducing borrowing costs.

Mester stated in an interview with the Financial Times that the next stage of the issue is not when to cut interest rates. Although the market is currently in this stage, the real problem is how long monetary policy needs to remain restrictive to ensure that inflation can continue and return to 2% in a timely manner. She added that the market was a bit ahead of schedule, and they jumped to the last part, which was "the Federal Reserve will quickly normalize," which was not within her expectations.

Mester's remarks are consistent with the views of two other FOMC members - New York Fed Chairman Williams and Atlanta Fed Chairman Bostic, who emphasized last Friday that interest rate cuts will not come immediately. San Francisco Fed Chairman Daley believes that three interest rate cuts may be needed in 2024. In addition, Chicago Fed Chairman Goolsby believes that the Fed should not act based on market reactions.

Since the Federal Reserve held its last policy meeting for 2023 last week, futures market traders have increased their bets that the Fed will cut interest rates as early as March and ultimately lower the federal funds rate slightly below 4% next year from its current 22 year high of 5.25% -5.5%.

The catalyst that led to the rapid increase in market expectations of interest rate cuts was the dovish message released by Federal Reserve Chairman Powell. He showed confidence in the prospects of the Federal Reserve controlling inflation last week and acknowledged that officials are debating the issue of interest rate cuts. The summary of the new economic forecast released last week also showed that most policymakers support a 75 basis point reduction in the benchmark policy rate in 2024, an additional 100 basis points reduction in 2025, and a further drop below 3% in the following year.

<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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