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## Crypto Daily Digest: GBTC's market share has fallen below 50%, and Grayscale submitted a "Mini BTC" application; Ethereum Dencun upgrade enabled; Blast Ecosystem Meme Announced Airdrop
According to Dune Analytics, as of March 12, the total assets managed by the Grayscale <a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Trust (GBTC) have decreased to $28.5 billion, of which Grayscale currently holds $56.7 billion in total assets, accounting for 48.9% of the 10 US Bitcoin ETFs. Since the launch of nine new ETFs in January, Grayscale's share in the Bitcoin ETF market has fallen below 50% for the first time.

Grayscale has applied to register a new "mini" version of its Grayscale Bitcoin Trust (GBTC) ETF with the stock code "BTC." On March 11, an S-1 form was submitted to the United States Securities and Exchange Commission (SEC) regarding "mini" Bitcoin. After approval, the new Grayscale "Bitcoin Mini Trust" will be listed on the New York Stock Exchange and operate independently of Grayscale's main GBTC funds.

The document states that the trust plan will be allocated to existing GBTC shareholders, as GBTC will also donate an unknown amount of Bitcoin to the new trust. According to Bloomberg ETF analyst James Seyfart on March 12, the new trust aims to provide GBTC investors with tax-free Bitcoin exposure.

On March 13, the <a href="/id/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Dencun upgrade officially took effect, with the core being the implementation of 9 EIPs (Ethereum Improvement Proposals). Originally, Layer 2 mainly used "calldata" data synchronization, where calldata writing transactions required competition with all transactions on the Ethereum mainnet in the same fee market. This would result in Layer 2's transaction costs being significantly affected by the gas situation on the Ethereum mainnet, which could easily cause congestion and high fees during peak periods.

After implementing EIP-4844, Ethereum will add data space "Blob" in the block specifically for processing Layer 2-related transactions. Layer 2 will no longer need to write data into the calldate space. Instead, it will use Blob to complete data synchronization operations. Layer 2-related transactions will be treated as two independent cost markets with other mainnet transactions, significantly improving network efficiency.

The Starknet Foundation has announced that Starknet is implementing code optimization to reduce costs. Currently, Starknet developers have released version 0.13.1, and this measure is expected to be deployed after the upgrade to Dencun. Since nearly 90% of the Gas fees Starknet pays for publishing transactions to the Ethereum mainnet are generated by calling data, this upgrade optimization is expected to have significant cost-effectiveness.

Pacmoon, a member of the Blast Ecosystem Meme project, has posted on the X platform, disclosing the details of PAC airdrops. The official statement claims that $PAC is currently the largest Blast airdrop, with 40% of PACs airdropped to three types of users: Blast deposit users, Early access recommended users, and Blast ecosystem risk victims.

The airdrop application is open between 12:00 noon and 3:00 pm Eastern Time on March 14 in the United States, and users have 14 days to apply for airdrops.

## Market trends: BTC has repeatedly hit new highs, and strong sectors have begun to adjust
There has been a market adjustment, with the BTC price briefly reaching $68,000 last night and rebounding. Currently, they have risen above $72,000. It is worth noting that sectors with strong performance in the early stage, such as artificial intelligence (AI), Meme, etc., are the first to start adjusting.

On the macroeconomic front, the US stock market rose today, but the Consumer Price Index (CPI) for February was higher than expected, which may trigger some market volatility.
### Market hotspots
Traditional public blockchain coins have surged: NEAR, INJ, AVAX, TON, and other traditional public blockchain coins have risen significantly today. In particular, TON has launched a creator subsidy incentive campaign and announced plans for an initial public offering (IPO) listing. During the period when its price rose from $2.4 to $4, there was almost no pullback, and its performance was very strong.

NFTs on the Ethereum chain continue to plummet: Non fungible tokens (NFTs) such as BAYC (Bored Ape Yacht Club) on the Ethereum chain continue to decline, and the BAYC floor price has fallen to 13 ETH, a 90% drop from the historical high of 150 ETH. For NFTs, the ultimate liquidity release may require the issuance of tokens. Therefore, NFTs like BAYC, which have already issued tokens in the early stages, will find it difficult to anticipate price increases.

Ethereum Cancun Upgrade: Around 21:00 (Beijing time) tonight, Ethereum will undergo a Cancun upgrade, an important technological update. Investors should closely monitor the impact of short-term news on Layer2 tokens.

Overall, the market is currently in a stage of adjustment, but there are still some sectors and projects with strong performance. Investors must remain vigilant, closely monitor market trends, and adjust their positions based on personal risk preferences and investment strategies. At the same time, attention should be paid to the potential impact of macroeconomic data and important events on the market to make timely decisions.

## Macro: Technology stocks drive Wall Street higher; The United States announces consumer prices, with inflation data higher than expected; Gold experienced its largest decline in a month
In the international market, on Tuesday, technology stocks pushed Wall Street higher, which should also lay a good foundation for the opening of the Asian market on Wednesday. However, due to the soaring US bond yields, the US inflation data exceeded expectations, which may limit the upward space.

Overnight data shows that due to rising fuel and housing costs, consumer prices in the United States rose by 0.36% in February, exceeding expectations, with an expected increase of 0.3%. However, the annual increase in core CPI slightly slowed to 3.8%; After the data was released, the yield of US treasury bonds rose. At the close of the New York session, the yield of two-year treasury bonds rose 6.5 basis points to 4.599%, and the yield of 10-year treasury bonds rose 5.1 basis points to 4.155%. Tokyo's morning trade remained stable.

The second consecutive month of stronger-than-expected inflation negates the possibility of the Federal Reserve lowering interest rates before June. It makes the possibility of consecutive rate cuts after that seem increasingly small. Meanwhile, gasoline and housing prices drove the Consumer Price Index up 3.2% in February, a 3.1% increase compared to last year. The slowdown in basic core inflation (excluding natural gas and food prices) was lower than expected by economists and achieved growth based on three and six months.

The Standard&Poor's 500 Index (.SPX) rose 1.1%, setting a new closing record high. The stock price of database giant Oracle Inc. (ORCL.N) rose 12% after the company's profits exceeded expectations and mentioned that it was about to announce a partnership with market darling NVIDIA (NVDA.O).

The MSCI, the most widely used Asia Pacific stock index outside of Japan (.MIAPJ0000PUS), rose 0.2%, reaching its highest since early August. The Hang Seng Index (HSI) rose 0.4% to a three-and-a-half-month high. The Tokyo Nikkei Index (.N225) remained stable, with Japan's focus on this week's spring wage negotiations, with negative interest rates expected to exit early next week. Union negotiations may encourage wage increases.

In terms of gold prices, gold prices fell 1.1% on Tuesday, the most severe single-day decline since February 13, when data showed that consumer prices in January also rose more than expected.

Crude oil futures have been fluctuating in a range for several weeks, with Brent crude oil ultimately rising 0.5% to $82.36 per barrel.



<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, 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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Daily News | Grayscale Submitted "Mini BTC" Application; Ethereum Dencun Upgrade Enabled; Blast Ecosystem Meme Coin Announced Airdrop