Daily News | BTC Rebounded Significantly, with GBTC Capital Inflows of $63M; Uniswap CEO Expressed Views on Token Allocation; User Lost $71M in WBTC Due to Address Poisoning Attack

2024-05-06, 03:40

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## Crypto Daily Digest: GBTC's capital inflow on Friday was 63 million; Uniswap CEO expressed views on token allocation; User lost $71 million in WBTC due to address poisoning attack
Firstly, let's examine the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on May 3, Grayscale Bitcoin spot ETFs (GBTC) continued to experience an outflow of $63 million in funds; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $102.6 million, Bitwise Bitcoin spot ETF (BITB) inflow was $33.5 million, and ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $28.1 million.

It is worth noting that the GBTC spot Bitcoin ETF funds have ended 78 days of continuous outflows. Since the US spot Bitcoin ETF began trading on January 11, as of May 2, the cumulative outflow of funds from GBTC has exceeded $17.5 billion. However, the fund with higher fees suddenly generated an inflow of $63 million on Friday.

Recently, EigenLayer, a re-staking network, announced an airdrop, but many users were excluded. They fiercely criticized the statement issued by the re-staking protocol, emphasizing its non-transferable token structure, strict geographical restrictions, and significantly shorter snapshot period. In response to these doubts, EigenLayer distributed 28 million EIGEN tokens to over 280,000 wallets after the first airdrop.

Due to concerns expressed by the crypto community about the transparency and fairness of EigenLayer's token allocation, <a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a> founder and CEO Hayden Adams expressed his views on ethical considerations for effective token allocation. A few days ago, in an article, Adams shared his views on the moral issue of token allocation, emphasizing that he was discussing tokens rather than points. Then, he criticized creating ambiguity in the token distribution process to exaggerate participation indicators.

As a senior executive of Uniswap, Adams strongly opposes low throughput tokens, believing they are malicious and his most disliked. He believes the project can effectively allocate tokens without relying on exchanges or market makers. He stated that the ideal approach is publicly distributing tokens to achieve true price discovery on decentralized exchanges (DEX).

Adams also criticized using unit bias to create excessive token supply and pointed out that this approach is unnecessary. In addition, he suggests that token distributors should not be too conservative and encourage the use of most tokens for distribution.

In summary, Uniswap executives urge token issuers to consider and be transparent about their projects. For UNI tokens, he emphasizes the importance of releasing a token they can take pride in and support to avoid being questioned within the crypto community.

Someone lost over $71 million worth of WBTC in a seemingly address poisoning attack. WBTC is an ERC token that is 1:1 pegged to Bitcoin and can be used in the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ecosystem.

According to the Etherscan blockchain browser's on-chain transfer, this victim transferred 1,155 WBTC ($71.1 million) to the suspected attacker. Afterward, the hacker's address was marked as "fake" and "phishing" on the Ethereum blockchain browser Etherscan.

The so-called address poisoning attack refers to hackers using virtual address services or address mining to construct wallet addresses similar to the victims and sending a large amount of transaction spam to the victims. If the victim accidentally copies the hacker's fake address, they will transfer funds to the hacker instead of themselves.

For users, copying addresses from transactions already made in their wallets may be more reliable when transferring cryptocurrency to cope with various scams.

## Market Trends: BTC rebounded significantly, is the Altcoin season about to begin?
Last week, after experiencing a significant decline, BTC prices rebounded strongly from a low of $56,500 to around $64,500, and the market is currently showing a wide range of volatility. With the rebound of Bitcoin, the Altcoin market has also experienced a large-scale rise, especially with the outstanding performance of AI concept currencies. From a historical perspective, a significant decline in Bitcoin often triggers a so-called "Altcoin season.”

Regarding macroeconomics, the US stock market has recently shown a strong upward trend, while the US dollar index has relatively declined. The better-than-expected nonfarm employment data supports the market's expectation that the Federal Reserve may lower interest rates earlier this year. Currently, the market generally expects the rate cut to be advanced from November to September.
### Market Hotspots:
AI concept coins have surged: AR, ARKM, WLD, RNDR, AKT, ALEPH, and other AI concept currencies have recently increased significantly. The main hot topics in the market are still focused on the concepts of AI and Meme. With the upcoming ChatGPT 5 and Apple's developer conference, market interest in AI concept currencies has significantly increased, and some AI concept tokens have returned to their pre-decline highs.

The performance of established coins is strong: Teller (TRB) and Frontier (FRONT) have recently surged, with TRB rising by over 100% in the past three days. As the market gradually stabilizes, these old coins with vital market operations have again become the focus of investor attention.

Future risks to focus on: STRK plans to unlock $100 million worth of tokens next week. Such events may bring huge selling pressure from early investors; although the market value may rise, token prices may be suppressed, and investors should closely monitor this trend.

The current crypto market is showing signs of recovery, especially in the AI and Meme sectors. However, with the release of major events and data, market volatility may intensify. Investors should remain vigilant, pay attention to macroeconomic changes, technological developments, and unlocking token-related events, and adjust their strategies promptly to cope with the constantly changing market environment.

## Macro: The Fed releases a dovish statement, labor reports show optimism, global markets are boosted
On Friday, the Wall Street stock market closed higher, mainly due to a lower-than-expected employment report supporting the Federal Reserve's interest rate cut and providing evidence of the resilience of the US economy. The three major US stock indexes have all risen significantly, led by the Nasdaq index, dominated by technology stocks.

The specific index performance is as follows: the Dow Jones index rose 1.18%, the Standard & Poor's index rose 1.26%, and the Nasdaq index rose 1.99%.

Federal Reserve Chairman Jerome Powell made a more dovish statement than expected after Wednesday's interest rate decision, which boosted the market. Meanwhile, the employment report from the Department of Labor shows that new jobs in the United States are lower than expected, unemployment rates are rising, and wage growth is unexpectedly slowing down. This report may have hit the soft spot of the Federal Reserve, providing signs of a weak labor market, which Powell believes is necessary to maintain a sustainable downward path for inflation.

This report also assures the health of the US economy. This has prompted investors to increase their bets that the Federal Reserve will implement its first interest rate cut in September.

The first quarter financial reporting season is about to enter its final stage, and as of Friday morning, 397 companies in the S&P 500 index have released their financial reports. According to data from LSEG, 77% of companies have announced performance that exceeds consensus.

A representative example is that Apple announced a record-breaking $110 billion stock buyback plan, which exceeded quarterly expectations and led to a 6.0% surge in its stock price. Biotechnology company Anjin also saw its stock price rise by 11.8% due to the encouraging mid-term data and first-quarter earnings performance of its experimental weight loss drug MariTide.

Asian stock markets rose on Monday as the market re-bet that the Federal Reserve may cut interest rates this year. In addition, the Japanese yen slightly weakened at the beginning of this week after soaring sharply last week due to suspected intervention from Tokyo.

The US dollar remained stable after the employment data released by the Department of Labor showed an economic slowdown, further supporting expectations that the Federal Reserve may implement two interest rate cuts this year. The Japanese yen recorded its strongest increase in over 17 months last week.

Last week, the Japanese market was closed for a holiday, and the mainland Chinese market was closed for three days. But after data showed a slowdown in the US job market, Federal Reserve Chairman Jerome Powell confirmed the central bank's loose policy. Japan's intervention pushed up the yen, the US dollar fell, and the offshore yuan slightly rose.

The data released on Friday showed that the slowdown in employment growth in the United States in April exceeded expectations, with annual wage growth falling below 4.0% for the first time in nearly three years. These signs have sparked <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> about the possibility of a "soft recovery" by the Federal Reserve.

Finally, at the end of the two-day monetary policy meeting, the Federal Reserve maintained interest rates unchanged. However, it hinted that it still leaned towards a final rate cut, even though it may take longer than initially expected.

In terms of commodities, Brent crude oil futures rose 0.3% to $83.21 per barrel, while US crude oil futures also rose slightly by 0.35% to $78.39 per barrel.

Gold prices rose 0.2% to $2,307.15 per ounce.

<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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