Daily News | SOL Exceeds $180; Arbitrum Foundation Established a $400M Gaming Fund; Global Crypto Investment Products Exceeded $100B

2024-03-15, 03:36

[//]:content-type-MARKDOWN-DONOT-DELETE
![](https://gimg2.gateimg.com/image/article/17104737661_10.png)
## Crypto Daily Digest: Sol prices have broken through $180, and market value reached a historic high; The Arbitrum Foundation established a $400 million gaming fund; The scale of global crypto investment products exceeded $100 billion for the first time
First, let's examine the trading activity of <a href="/uk/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on March 14, Grayscale Bitcoin spot (GBTC) outflows amounted to $257.2 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $13.7 million, and ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $3.5 million.

According to CoinShares, asset management companies such as BlackRock, Fidelity, ProShares, and 21Shares have managed over $100 billion in crypto investment products globally.

In recent weeks, global crypto fund inflows have reached a historic high, coupled with recent price increases in the crypto market, resulting in asset management reaching a historic high. James Butterfill, research director at CoinShares, wrote, "For the first time, the total amount of digital asset exchange-traded products has exceeded the $100 billion mark."

The crypto market is slightly sluggish today as the recent Producer Price Index (PPI) report released by the US Department of Labor has affected investor sentiment, measuring the average change in prices of goods and services for domestic producers. The PPI rose 0.6% from January to February, reducing the likelihood of the Federal Reserve lowering interest rates on March 20.

On March 13, the <a href="/uk/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> Dencun upgrade reduced Gas fees, and analysts pointed out that trading on the Layer 2 decentralized exchange Base is now much cheaper than trading on <a href="/uk/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>. Surprisingly, on March 14, Solana's price performance was strong, exceeding $180; Solana's market value reached a historic high of $81.1 billion.

This is mainly due to its recent attractive meme coins and airdrops, such as Dogwifhat (WIF), Bonk, and Jupiter (JUP). Despite concerns about centrality or stability compared to Ethereum, activities on the Solana network continue to grow. SPL tokens have undoubtedly caused a sensation and have been listed multiple times on leading centralized exchanges.

The latest data from the past seven days shows that Solana's total value locked (TVL) has increased by 13%, and the number of DApps has surged by 24%. On the other hand, the TVL of the leading blockchain, Ethereum, has slightly decreased, but the number of DApps has increased by 11%. Regarding absolute TVL numbers, Solana still lags behind <a href="/uk/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> Chain and Arbitrum, with deposits of $3.5 billion and $2.6 billion, respectively.

In the Solana ecosystem, the crypto exchange Drift plans to launch a Launchpad of the new tokens, and Drift co-founder Cindy Leow suggests that Launchpad may help create better price discovery. The first online token will be Wormhole's upcoming W.

The Arbitrum Foundation has announced plans to invest 200 million ARB (approximately $400 million) within two years to promote its blockchain gaming projects. The foundation will require its DAO to approve the plan, which will invest most of the funds to accelerate its gaming ecosystem's development by providing grants to publishers and developers.

The new proposal suggests allocating the vast majority of funds (160 million ARB) to incentivize publishers and developers to create new games on Arbitrum. An additional 40 million ARBs will support infrastructure plans, such as creating tools to support games within Arbitrum.

The Arbitrum Foundation stated in its post, "The overall goal of the Gaming Catalyst program is to bring in talented developers and help developers accelerate their games during the lifecycle phase."

## Market trends: SOL leads the market through active performance in the AI sector
Bitcoin (BTC) broke through the resistance of $68,000 in the early morning but fell back above $72,000 in price. The trend of BTC is relatively sluggish, and it seems to be cultivating the habit of users inserting needles to buy at the bottom. At the same time, Altcoins have generally fallen, indicating a weak overall market atmosphere.

In terms of macroeconomics, the US stock market fell, and the February PPI inflation data was higher than expected, which may have a negative impact on interest rate cuts.
### Market hotspots
1. SOL continues to soar: The Solana ecosystem continues to experience a collective surge, with significant increases in on-chain tokens.

2. The layer2 sector shows a downward trend: The collective decline in tokens in Layer2 sectors, such as ARB, STRK, OP, etc., may be related to the lower-than-expected Cancun upgrade.

3. The AI sector is active: Tokens such as LPT, NEAR, ARKM, FET, etc., have risen in the sector, and the market is speculating that ChatGPT will be released for a week and become a short-term hot topic. The activity of the AI sector demonstrates investors' continuous attention and pursuit of emerging technology fields.

Today's market shows the characteristics of the Solana ecosystem leading the market and active AI sector. Investors should closely monitor market trends, adjust investment strategies promptly, and seize investment opportunities. At the same time, attention should also be paid to the overall market trend and the impact of macroeconomic data on the market, and risk management and asset diversification should be done well.

## Macro: US inflation data is rising; Geopolitics impact on future oil prices; Gold declines
The unexpected increase in producer prices in overnight US data intensified the interpretation of consumer inflation earlier this week. According to LSEG's interest rate probability application, it is expected that the futures market will reduce the likelihood of policy easing in June from about 67% late Wednesday to 60%. For the interest rate cut in 2024, the expected number of rate cuts about two weeks ago was 3 to 4, and now the market expects that the number of rate cuts will be less than 3.

After the Standard & Poor's 500 Index (.SPX) fell 0.29%, US stock index futures slightly declined due to the significant sell-off of chip industry stocks, which impacted the Asian market and put pressure on stock indices in the region. Following the overnight tech stocks leading Wall Street's decline, Asian stock markets plummeted on Friday. At the same time, higher-than-expected inflation in the United States has suppressed people's bets on the timing and frequency of the Federal Reserve's interest rate cuts.

Following its largest increase in three months, the US benchmark bond yield remained around 4.3% on Thursday for the first time this month. The exchange rate of the US dollar against a basket of major currencies has risen to its highest level since March 5th.

The Hang Seng Index (.HSI) in Hong Kong fell more than 1%, and the Kospi (.KS11) in South Korea did the same; The Nikkei Index of Japan (.N225) fell 0.3%.

The Bank of Japan continues to show signs of withdrawing from its ultra-loose stimulus measures at its two-day policy meeting, which will end next Tuesday. The Japanese government seems to support a policy shift, with Finance Minister Toshio Suzuki stating on Friday that the economy is no longer trapped in deflation. However, earlier this week, it was too early to announce an end to the country's long-term price decline.

Geopolitics may impact future oil prices. Due to the disruption of the Red Sea shipping caused by the Houthis, the International Energy Agency raised its view on the growth of oil demand in 2024 for the fourth time since November on Thursday. The IEA stated in its latest report that global oil demand will increase by 1.3 million barrels per day in 2024, an increase of 110,000 barrels per day from the previous month. It predicts that after OPEC+member countries extend their production cuts, there will be a slight supply shortage this year, which was previously a surplus.

In May, Brent crude oil futures fell 41 cents, or 0.5%, to $85.01 per barrel. In April, West Texas Intermediate (WTI) crude oil in the United States fell 32 cents, or 0.4%, to $80.94.

Gold prices fell on Thursday after the US producer price index (PPI) rose more than expected in February, cooling the expectation of the Federal Reserve to cut interest rates ahead of schedule, and boosting treasury bond bond yields and the US dollar. Spot gold fell 0.6% to $2,161.39 per ounce, far from the historical high of $2,194.99 set on March 8.

US gold futures closed down 0.6% at $2,167.5.

<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>

Поділіться