Daily News | Starknet Will Airdrop Tonight; Part of the Gold ETF Funds May Have Flowed Into BTC; The Inflow of Funds Reached A Historic High Last Week

2024-02-20, 04:24

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## Crypto Daily Digest: Starknet will airdrop tonight, Part of the gold ETF funds may have flowed into Bitcoin
Let's look at the latest developments among regulatory authorities in various countries. According to Bloomberg, the UK government plans to pass new regulations to manage stablecoins and crypto asset staking services in the next six months.

UK Treasury Secretary for Economics, Bim Afolami, stated at an industry event yesterday that the UK government is "vigorously promoting" legislation. He said, "We hope to complete these things as soon as possible. I think these things are feasible in the next six months."

The UK Treasury made its first commitment in October last year to provide clearer information on specific areas of cryptocurrency at some point in 2024. However, the broader rules governing crypto exchanges are still pending. When asked if the guidance could also become legislation this year, Afolami stated that he could not provide a timetable.

According to Coinpost, the Japanese Ministry of Economy, Trade and Industry recently announced that the Japanese Cabinet has approved a proposal to add cryptocurrency to the list of assets that local investment limited partnerships can acquire or hold.

If the revision of the law is implemented, Japanese venture capital (VC) will be able to invest in projects that only issue virtual currency, and the threshold for Japanese Web3 companies to raise funds and conduct business will be lowered. Previously, Japanese venture capital firms could not invest in crypto assets directly. The Japanese government will submit a draft amendment to the LPS law to the National Assembly as early as 2024.

According to NFT Gators, e-commerce giant eBay has cut over 30% of its Web3 team, sparking speculation that it may shut down its NFT business. In June 2022, after eBay acquired KnownOrigin in the NFT market, it changed its Web3 strategy. Business and Strategy Officer Stef Jay has resigned, and the relationship with KnownOrigin has deteriorated. The company has suspended all digital art programs, and there has been an increase in internal criticism of the leadership and strategic team. Against the backdrop of a bear market in the crypto market, the future of eBay's NFT business is unclear.

The Starknet Foundation announced on the X platform that STRK tokens will be available for collection at 20:00 Beijing time on February 20, 2024. Necessary corrections have been made to the allocation of STRK tokens after receiving feedback from the community:

1. Fixed approximately 900 <a href="/uk/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> main stakers with multiple validators (mistakenly calculated to use only one validator) who will receive a total of roughly 6.5 million STRKs;

2. Rated.network has updated its staker classification model based on community feedback, resulting in over 6.9 million STRKs being distributed to over 1000 previously mislabeled individual stakers.

3. Corrected the issue that resulted in approximately 1,900 GitHub handles being eligible, which changed after taking snapshots and were preemptively registered after regulatory announcements. Over 1 million STRKs were saved for potential future community allocations;

4. On StarkEx, the difference allowing hosting companies to file claims based on approximately 200,000 user keys has been removed, and a process will be established for these users to receive them in the future. These corrections will be applied tomorrow.

According to <a href="/uk/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> Munger's disclosure of Bloomberg data, various gold ETFs have outflows of approximately $3 billion since the beginning of 2024, while spot gold prices have fallen by 3% this year. On the other hand, the inflow of Bitcoin ETFs has reached $4.1 billion, and the growth rate of spot Bitcoin has reached 16% this year. Some of it has flowed out of gold and may have entered the Bitcoin market since then.

However, analysis suggests that although Bitcoin has recently broken through the $1 trillion mark, this trend still cannot determine a fundamental shift in investor preferences compared to the $13 trillion gold market.

According to the CoinShares weekly report, the inflow of digital asset investment products reached a historic high last week, totaling $2.45 billion. So far this year, the inflow has reached $5.2 billion. From a regional perspective, the United States dominates, accounting for 99% of inflows, totaling $2.4 billion.

Bitcoin accounted for over 99% of the capital inflows, and some investors took this opportunity to increase their short positions in Bitcoin, bringing in $5.8 million. Ethereum has an inflow of $21 million. The recent shutdown of <a href="/uk/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> has impacted market sentiment, resulting in an outflow of $1.6 million in funds. <a href="/uk/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a>, Chainlink, and <a href="/uk/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a> have inflows of $1 million, $900,000, and $900,000 respectively, with continuous weekly inflows since the beginning of this year.

According to Spot On Chain monitoring, Alameda Research currently holds 25 million WLDs (worth approximately $167 million), accounting for approximately 19% of the circulating supply. These $WLDs were obtained from Worldcoin on August 15, 2023, at a price of only $1.78 (approximately $44.4 million), and these tokens have remained untouched to this day.

According to Scopescan data, the total value of crypto assets held at addresses starting with 0xc7c marked as "Teneo: 3AC Liquidation" is currently $591 million. It holds 75 million WLD tokens, worth approximately $557 million, accounting for 94% of its total wallet assets. Other assets include 8.437 million DYDX, 5.75 million USDC, 160,000 AXS, and 101.98 ETH.

Earlier today, Zhu Su announced that he had invested in Worldcoin in 2021, and 3AC creditors were one of WLD's largest position holders.

According to the latest market data from Gate.io, WLD is currently quoting $6.82, with a 24-hour increase of 8.26%.

Recently, Lookonchain released analysis data on WLD tokens, including token economics, top holders, financing situation, and smart money dynamics. The total supply of WLD tokens is 10 billion (approximately $74.71 billion), with a circulating supply of 130.76 million (approximately $975.92 million, accounting for 1.31% of the total supply). Regarding token economics, the distribution of the Worldcoin community accounts for 75%, the initial development team accounts for 9.8%, TFH investors account for 13.5%, and TFH reserves account for 1.7%.

Regarding top tier holders, the top 10 holders hold a total of 9.15 billion WLDs (approximately $70.6 billion), accounting for 91.5% of the total supply. Teneo, the liquidator of Three Arrows Capital, holds 75 million WLDs (approximately $579 million), accounting for 0.75% of the total supply. Alameda: FTX's bankruptcy assets hold 25 million WLDs (approximately $193 million), accounting for 0.25% of the total supply. Regarding the financing situation, Worldcoin has raised a total of $240 million in three rounds of financing.

Regarding the dynamics of blue whales and smart money, in the past week, three whales have extracted a total of 2.8 million WLDs (approximately $21 million) from Binance and OKX. In addition, the smart money address starting with "0x0258" is very good at buying WLDs at low prices and selling them at high prices. On November 1, it bought 267,062 WLDs (approximately $534,000) and sold them on December 19, earning $519,000 (+97%). On January 12, it bought 282,448 WLDs (approximately $784,000) and sold them 16 hours ago, earning $1.08 million (+137%).

## Macro: US stock market closed, gold rebounds, and market forecast of no interest rate cuts ahead
On Monday, the US dollar index hit a new high of 104.37 on the US market and then took back its gains, ultimately closing slightly lower at 104.25. The US treasury bond bond market was closed.

Spot gold continued its rebound momentum from last Friday and fluctuated around the 2020 level within the day, ultimately closing up 0.23% at $2017.89 per ounce. Spot silver experienced a high price drop after hitting a large market before the Asian session and ultimately closed down 1.87% at $22.98 per ounce.

As traders weigh the ongoing tense situation in the Middle East and the potential weak demand outlook, the international crude oil range fluctuates and hovers at a three week high. WTI crude oil rose 0.02% to $78.18 per barrel; Brent crude oil rose 0.07% to $83.38 per barrel. The US stock market is closed for one day due to President's Day.

Betting on interest rate cuts is a major theme for 2024, but with a series of hot economic data keeping the Federal Reserve vigilant, US GDP surged by 3.3% in the fourth quarter of last year, 353,000 new jobs were created in January, and an inflation rate of 3.1%. These data have made the Federal Reserve's policies more complex and have also made markets eager to wait for interest rate cuts uneasy.

The strong data of the past few weeks has led some people in the market to ask the question: what impact would it have if Powell and his colleagues do not cut interest rates this year, or at least maintain them above market expectations?

Simply put, although the possibility of not lowering interest rates is unlikely, regardless of the policy, the business cycle should support the sustained rise of US stocks, and the stock market may remain strong, but bonds may suffer heavy losses.

In addition, an industry hit by the Federal Reserve's interest rate hike is commercial real estate, and any delay in rate cuts will prolong the industry's suffering. This year and beyond, commercial real estate industry owners will face a large amount of debt maturity. In many cases, homeowners will refinance their debt at higher interest rates and lower real estate valuations. With the continued existence of remote work and the sharp decline in real estate value, the situation in the office industry is particularly bad.

Last month, real estate billionaire Barry Sternlicht stated that the office market could suffer losses of $1 trillion.

In terms of inflation and the labor market, Deutsche Bank analysts say that if the inflation rate reaches 2.7% or higher and the unemployment rate reaches 4% or lower, it may keep the Federal Reserve on a hawkish stance.

The recent data reflects this situation. In January, the CPI increased by 3.1% year-on-year, higher than expected. The PPI data released last Friday was also very strong. Before this, the latest non-farm payroll report showed that US employers added 353,000 jobs last month.

However, Rosenberg believes that the US economy will not overheat in 2024. He said, "We must be more rational. We can only say that compared to last year, there is no reason for the economy to accelerate again this year. With economic growth, the market can bear high interest rates, but more rate hikes aimed at curbing inflation will be more destructive."

<div class="blog-details-info">
<div>Author:** Mashell C.**, 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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