Daily News | Tidal and Hashdex Launched Spot Bitcoin ETF Trading; The Game Munchables on Blast Lost $62 Million Due to a Vulnerability; Domo Will Upgrade the BRC20 Protocol

2024-03-27, 04:00

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## Crypto Daily Digest: Tidal and Hashdex announced the launch of spot Bitcoin ETF trading; The game project on Blast suffered a loss of $62 million; Domo will upgrade the BRC20 protocol
First, let's examine the trading activity of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, the Grayscale Bitcoin spot ETF (GBTC) outflow on March 26th was $212.3 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $279.1 million, Bitwise Bitcoin spot ETF (BITB) inflow was $16.7 million, and ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $73.6 million.

Tidal Investments and Hashdex Asset Management announced on Tuesday that they will trade their spot Bitcoin ETF in the United States and rename Hashdex Bitcoin Futures ETF to Hashdex Bitcoin ETF (DEFI).

The ETF is expected to invest at least 95% of its fund assets in spot Bitcoin, and up to 5% of its remaining assets will be invested in Bitcoin futures contracts traded on CME, as well as cash or cash equivalents. According to the Hashdex website, as of March 27, the total net asset size was $11.16 million.

Co-founder and CEO Marcelo Sampaio said, "We are pleased to complete the conversion of DEFI and collaborate with Tidal to launch an innovative product, further advancing our mission to enable individuals and institutions worldwide to achieve this revolutionary innovation." Hashdex officials stated in a statement.

A NFT game called Munchables on Blast suffered a loss of $62 million due to a vulnerability. The protocol allows players to stake Blast ETH and Blast USD (USDB) to earn Blast points and unlock additional in-game benefits. Munchables announced in a post on the evening of March 26 UTC that it had been attacked and stated that it was tracking the attacker's movements and attempting to block transactions.

The wallet address shows that the attacker interacted with the Munchables protocol at 9:26 AM World Standard Time and extracted 17,413 ETH. Now, X users are calling on the Blast team to intervene and force the chain to roll back before the vulnerability occurs.

According to a post by BRC20 developer domo on the X platform, the proposal to enhance the release and destruction of BRC20 is about to be implemented. It is expected to be upgraded at block height of 837,090. The suggested changes include introducing a self-publishing mechanism, modifying deployment in_script_ions, adopting a 5-byte code, and reaching a consensus on the burning method for BRC-20 assets.

It is expected to involve many new upgrades and optimizations. According to developers, the default BRC-20 standard uses publicly available methods to deploy and distribute assets. Now, a new method will be proposed where only deployers can participate in coin-making after asset deployment.

## Market Trends: BTC is consolidating at a high level, is the Altcoin season approaching?
The current market is relatively stable, with Bitcoin prices continuing to remain above $70,000, and the overall market is volatile. It is worth noting that the net inflow of Bitcoin spot ETFs has increased, positively impacting the market. At the same time, contract rates on various exchanges have generally increased, indicating that the market is recovering from bullish sentiment and suggesting that the Altcoin season may be approaching.

The US stock market continued to decline on the macroeconomic front while the US dollar index rebounded. This phenomenon may have a certain degree of impact on the crypto market and requires close attention.
### Market Hotspots
The RWA sector saw increased currencies such as TRU, RSR, OM, and LTO. After the surge in projects such as POLYX and TOKEN yesterday, funds flowed into other currencies in the RWA sector. The RWA sector remains a popular sector in the market.

POW sector: Currencies such as RVN and LTC rose. It is expected that as the halving of Bitcoin approaches, the POW sector will become the focus of market attention, and investors may seek new investment opportunities in this sector.

Meme on the <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain: The Meme project on the Solana chain has regained market attention, with a significant increase in WEN and WIF. This indicates that investors still maintain a strong interest in the Meme project on the Solana chain and need to monitor related trends and risks closely.

Overall, the market is still volatile, and investors must remain cautious and adjust their investment strategies promptly based on market conditions. Risk management is necessary to prevent potential fluctuations and risks, especially for hotspots such as RWA, POW, and Solana on chain Meme projects.

## Macro: Market performance is lackluster, with Wall Street falling; Inflation data remains the focus; Crude oil and gold decline
Reuters reported that on March 26, the US stock market fell on Tuesday, giving up a slight increase in late trading. The Dow Jones and S&P 500 indexes fell for the third consecutive time, and investors waited for economic data during the shortened week of the holiday to measure the economic outlook. The US market will be closed on Friday due to the Good Friday Easter holiday, and it is expected that trading volume will remain flat throughout the week.

The focus remains on the key reading of the Personal Consumer Expenditure Price Index (PCE), the Federal Reserve's preferred inflation indicator. The data will be released on Friday. The index is expected to rise by 0.4% in February, with an annual rate increase of 2.5%. Economists surveyed by Reuters said that the core inflation rate, excluding volatile food and energy components, is expected to rise by 0.3% last month, with an annual growth rate of 2.8%.

Regarding the economy, the increase in durable goods orders in the United States in February exceeded expectations, while corporate equipment spending showed preliminary signs of recovery. In another report, the World Federation of Large Enterprises stated that the consumer confidence index did not change much in March, reaching 104.7.

CME's FedWatch tool shows that market expectations for the central bank to cut interest rates by at least 25 basis points in June are slowly rising, with a current pricing probability of 70.4%, up from last week's 59.2%.

The stock market in Asia has seen mixed ups and downs. Overall, MSCI's most widely used Asia Pacific stock index (MIAP00000 PUS) rose 0.11%, but excluding Japanese stocks, it fell 0.22%.

After the Japanese authorities intervened at 151.94 in October 2022, the yen rose slightly to the $152 mark against the US dollar, which some believe is a red zone for central bank intervention. The Japanese yen ultimately fell by about 0.1% to $151.73.

From March 24 to 25, Chinese Premier Li Qiang did not meet with visiting foreign CEOs at the Han Chinese Development Forum held in Beijing, which once again raised concerns about Han's economic transparency and deteriorating economic relations with the United States. However, Xi's intervention may indicate his commitment to ensuring China's commercial openness and improving Sino-US relations. Or at least it can prevent them from worsening further.

Regarding commodities, crude oil prices have fallen for the second consecutive day following reports of a surge in crude oil inventories in the United States, the world's largest oil consumer, and signs that major oil-producing countries are unlikely to change their production policies at the following week's technical meeting. Brent crude oil futures in May fell 69 cents, or 0.8%, to $85.56 per barrel. The May contract will expire on Thursday, and the more active June contract fell 60 cents, or 0.7%, to $85.03.

After soaring to a record high of $2,222.39 on Thursday, gold continued to search for a short-term bottom, falling 0.1% to around $2,176.

<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.
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