Weekly Crypto Market Wrap Up
News Headlines
Spot Bitcoin ETFs hit $10 billion milestone just one month after approval.
BlackRock and Fidelity Bitcoin spot ETFs reach top 10 in January flows – BlackRock’s reach top 0.2% of all January’s ETF performances.
Solana faces a major 5-hour outage.
North Korean crypto attacks rake in $3 billion, allegedly aimed to build nuclear weapons; UN report.
MetaMask adds Robinhood wallet integration.
Chinese stock market crashes 8% in mere hours – government intervenes.
Technicals
BTCUSD
Happy Year of the Dragon! We got the break higher from last week – and with some gusto. Risk was bid up, the S&P 500 screamed through 5,000 for the first time ever, and despite some hawkish undertones from Central Banks, the market has strongly made it known where it thinks things are going. The CBs have a challenge here.. asset inflation is, well, inflationary, but putting the brakes on too hard could cause a little chaos, so they’ll deal with this through the meeting minutes and speaking slots, hopefully throwing some water on the fire.
BTCUSD is sitting at 48,000, looking poised to make a run at 50. It’s come a long way, and I’d expect some volatility either way with the USD docket this week. US CPI, retail sales and PPI should create some directionality in risk. This said, with the BTC ETFs topping $10B this week, there is significant momentum building and we wouldn’t be surprised if we broke the 50 level this week.
The topside ascending trendline runs back to July 2021 – and is significant. If we get a break here, we’ve got a fairly clear run to 55,000. The biggest risk to this would be a substantial shift in monetary stance driven by outlier US data.
Key Levels:
40,000 / 44,000 / 49,000 / 50,000 / 55,000
Spot Desk
Flows leading up to the Lunar New Year holiday remained focused on off-ramping, primarily in AUD and USD. We saw strong interest from customers offloading USDC as the new fee structure came into play. Circle has a challenge – and that’s net outflows, so a fee on some redemptions has been put in place.
Some BTC-related profit-taking flows took place from the Family Office and High Net Worth client group, while altcoin accumulation remained strong, particularly in meme coins. Venture Capital clients were also seeing their token investments unlock, which led to spot selling and taking forward NDFs to hedge risk. Given ETF momentum, we are seeing growing interest in BTC-related projects.
Reports suggest 75 million crypto investors remain active in China despite little to no government support for the industry. Thus, the Lunar New Year holidays will most likely reduce activities related to the Asian time zone.
Trade Idea: STX (Stacks)
Stacks is a blockchain platform that extends Bitcoin’s functionality, enabling smart contracts and decentralised applications (dApps) on Bitcoin. It leverages Bitcoin’s security while offering more programmability, aiming to create a decentralised internet and digital economy. Transactions are secured by the Bitcoin network, arguably the most secure blockchain in the world.
This ecosystem is driven by sBTC, a token that is pegged to the price of BTC and can be used to pay for goods and services on the Stacks blockchain. The Nakamoto upgrade of Stacks is on the way in April, coinciding with the BTC halving – and we think the market is underpricing the value of this chain.
Technically we’ve found support at 1.27, where we are seeing higher lows across the trendline from December. Price is currently having a shot at all-time highs. 1.72 has been retested, but we may get another shot given that BTCUSD is currently taking a breather at the 48,000 level.
Could look for an entry at 1.72, or ride the moment with a view to break highs around 2.05. This is a trade we are looking to hold until April. As always, do your own research! This is a higher risk trade given the variables.
* Zerocap, and members of its staff, currently hold this position.
Derivatives Desk
WHOLESALE INVESTORS ONLY
Option skews getting bullish
As the BTC recovers back to near-the-spot ETF highs, option traders are positioning for more upside price action, with call IVs getting steadily bid over puts again. While they are still below the mid-October highs when BTC broke through the 30k mark, there has been a recent bias towards call buying, with the 50k & 55k strikes most popular.
What to Watch
Bank of England governor Bailey speaks, on Monday.
US monthly and yearly CPI reports, on Tuesday.
UK’s yearly CPI and Australia employment rate, on Wednesday.
UK’s monthly GDP and US sales report, on Thursday.
Introducing the gm Istanbul Summit: Where Art, Technology, and Innovation Converge
Join Us for an Unforgettable Experience Hosted by Exolo, the Leading Crypto Exchange
Embrace the Intersection of Art and Technology at the 5th gmNFT Event
Exolo, UAE’s fastest growing exchange in 2023, is proud to announce the inaugural gm Istanbul Summit, an immersive event that celebrates the fusion of art, technology, and innovation. As the main sponsor and host of this groundbreaking exhibition, Exolo invites enthusiasts, artists, and innovators alike to join us for a one-of-a-kind experience in the heart of Istanbul.
Discover the World of NFTs Through an Exclusive Exhibition
Witness the Intersection of Art and Blockchain Technology
At the gm Istanbul Summit, attendees will have the opportunity to explore an exclusive NFT exhibition curated by the gmNFT team. Showcasing artworks from talented artists who have submitted their creations, this exhibition promises to be a feast for the senses. Dive into the world of non-fungible tokens (NFTs) and discover the innovative ways in which artists are leveraging blockchain technology to redefine the art world.
Immerse Yourself in AR Experiences and Interactive Art Installations
Engage with Cutting-Edge Augmented Reality Technology
Prepare to be captivated by immersive AR experiences that blur the lines between the physical and digital worlds. From interactive art installations to mind-bending visual experiences, the gm Istanbul Summit promises to push the boundaries of what’s possible with technology and art. Step into a world where creativity knows no bounds and imagination reigns supreme.
Unleash Your Creativity with Hands-On Workshops and Activities
Get Inspired and Create Your Own Digital Masterpiece
As part of the gm Istanbul Summit, attendees will have the opportunity to participate in hands-on workshops and activities designed to unleash their creativity. Learn from seasoned artists and industry experts as you explore the process of creating digital art. From digital painting to NFT creation, there’s something for everyone to enjoy at this interactive event.
Don’t Miss Out on Exciting Giveaways, Prizes, and Bonuses
Win Exclusive Prizes and Gifts Courtesy of Exolo
In addition to the captivating exhibitions, attendees can look forward to exciting giveaways, prizes, and bonuses courtesy of Exolo. Whether you’re a seasoned crypto enthusiast or new to the world of blockchain technology, there’s plenty to enjoy and discover at the gm Istanbul Summit. From physical and digital gifts to exclusive bonuses and prizes, the possibilities are endless.
Register Now to Secure Your Spot at the gm Istanbul Summit
Join Us for an Unforgettable Experience
Don’t miss your chance to be a part of this groundbreaking event. Register now to secure your spot at the gm Istanbul Summit and experience the intersection of art, technology, and innovation like never before. Be sure to spread the word by sharing our registration tweet with your friends and followers. We can’t wait to see you there!
NextGen and Pebbles: The Next Evolution in Generative Art
Introducing Pebbles: A New Chapter in Generative Art
The renowned creator of the memes collection and the NFT delegation platform, Punk 6529, has unveiled a groundbreaking generative art engine alongside a captivating generative art collection named Pebbles. Developed by the talented team at ZeBlocks, comprising Ars0nic and Cheaterflums, Pebbles promises to redefine the landscape of generative artwork.
Aesthetics and Innovation in Pebbles
Pebbles stands out as a pinnacle of aesthetic brilliance and technical innovation. With previous successes like UniGrids, Beatboxes, and Sensthesia, the ZeBlocks team has demonstrated its prowess in pushing the boundaries of on-chain generative art. Pebbles, with its distinct visual appeal and diversified outputs, represents a fusion of artistry and technology.
Technical Advancements for Unparalleled Visual Quality
Behind the scenes, Pebbles incorporates cutting-edge technology to ensure unmatched visual quality. Led by Ars0nic, the development team has endeavored to achieve pixel-perfect precision, aiming to match the human eye’s discernment capabilities even in future scenarios of ultra-high-resolution displays.
Real-Time Rendering and High-Resolution Outputs
Pebbles introduces a novel approach to minting, offering real-time rendering capabilities to provide instant previews of the artworks. Moreover, the platform plans to deliver high-resolution renders, ranging from 4K to 16K, ensuring that collectors can enjoy unparalleled clarity and detail in their acquisitions.
Collector Provenance and Personalization
Embracing the ethos of community involvement, Pebbles incorporates elements of collector provenance and personalization. Through innovative algorithms, collectors’ engagement is woven into the fabric of each artwork, fostering a sense of co-creation and ownership within the community.
The Allowlist (AL) System: Ensuring Fairness and Accessibility
Managing Demand with Allowlists
To manage demand effectively and foster a fair distribution process, Pebbles implements an intricate Allowlist (AL) system. This system, comprising 37 unique conditions, aims to cater to diverse constituencies within the Memes and ZeBlocks communities, ensuring equitable access to minting opportunities.
Empowering Collectors through Delegation and Consolidation
Pebbles leverages the power of NFTDelegation, seamlessly integrating delegation and consolidation protocols into its framework. By allowing collectors to delegate minting responsibilities and consolidate their holdings, Pebbles empowers individuals to participate in the minting process according to their preferences.
Collector Provenance and Allocation Strategies
Through innovative allocation strategies based on Total Days Held (TDH) metrics, Pebbles prioritizes long-time and large collectors, rewarding their contributions to the community. Additionally, the platform introduces personalized minting experiences, wherein certain mints are adjusted based on collectors’ provenance, adding a layer of uniqueness to each artwork.
The Road Ahead: NextGen’s Vision for the Future
Unveiling NextGen: A Paradigm Shift in NFT Ecosystems
Beyond Pebbles, Punk 6529 and the NextGen team are pioneering a new era in NFT ecosystems. With a focus on on-chain innovation and community-driven initiatives, NextGen seeks to redefine the foundations of decentralized societies. By integrating advanced features like allowlists, personalization, and real-time rendering, NextGen aims to set new standards for generative art collections.
Embracing Continuous Evolution and Exploration
As NextGen evolves, the possibilities are limitless. From experimenting with new minting strategies to exploring innovative use cases for generative art, the journey ahead promises endless opportunities for creativity and collaboration. With a commitment to continuous improvement and community engagement, NextGen stands poised to shape the future of the NFT landscape.
soon, at some BPO firm, hired by Twitter to do customer support tasks.
— 6529 (@punk6529) February 11, 2024
"Is this the same person?" pic.twitter.com/pOxsvmA5xR
Joining the NextGen Revolution
As Pebbles prepares to make its mark on the NFT world, collectors and enthusiasts are invited to be part of this transformative journey. Stay tuned for updates on Pebbles’ minting process, distribution plans, and community initiatives. Together, let’s embrace the next generation of generative art and pave the way for a decentralized creative renaissance.
Stay connected with NextGen and Pebbles for the latest updates and announcements. Exciting times lie ahead as we embark on this revolutionary adventure in the world of NFTs and generative art.
What is Ether Rocks?
The Genesis of a Digital Phenomenon
In December 2017, amidst the burgeoning landscape of blockchain technology and cryptocurrency, an anonymous creator introduced the world to Ether Rocks. This innovative project marked an early foray into the world of non-fungible tokens (NFTs), utilizing the Ethereum blockchain to tokenize a collection of 100 rocks, each sharing the same shape and size but distinguished by their unique colors.
Drawing Inspiration from History
The concept of Ether Rocks draws inspiration from an unlikely source: the Pet Rock craze of 1975. Conceived by Gary Dahl, the Pet Rock captivated the public imagination with its simplicity and humor. Similarly, Ether Rocks took the idea of an ordinary object imbued with perceived value and transposed it into the digital realm. While the Pet Rock amused audiences with its physical presence, Ether Rocks found its footing in the emerging world of NFTs, leveraging scarcity and uniqueness to captivate collectors.
Unveiling the Uniqueness
What sets Ether Rocks apart is its rarity. With only 100 rocks in existence, each identical in shape and size but distinguished solely by color, these digital artifacts quickly became coveted possessions within the NFT community. The inherent scarcity of Ether Rocks, coupled with their early adoption in the NFT space, contributed to their allure and status as symbols of prestige and exclusivity.
Rediscovery and Resurgence
Following their initial minting in 2017, Ether Rocks experienced a resurgence in 2021 amid the broader NFT boom. As interest in digital collectibles soared, Ether Rocks emerged from obscurity, garnering attention from both seasoned collectors and newcomers to the NFT scene. Their rediscovery sparked a wave of enthusiasm and inspired a myriad of copycat projects, further cementing their place in the annals of digital art history.
The Sotheby’s Saga
The recent announcement of a sealed auction for an Ether Rock by prestigious auction house Sotheby’s reignited interest in these digital relics. However, the auction’s description, which initially positioned Ether Rocks as pivotal to the NFT movement, sparked a spirited debate within the community. While some argued for the significance of Ether Rocks in shaping digital collectibles, others dismissed the notion as revisionist history.
Community Reflections and Artistic Expression
Amidst the fervor surrounding the Sotheby’s auction, artists within the NFT space seized the moment to reflect on the significance of Ether Rocks. Through creative expression and thoughtful commentary, they explored the intersection of art, technology, and culture, further enriching the narrative surrounding these iconic digital assets.
Conclusion: A Symbol of Innovation and Imagination
In the ever-evolving landscape of digital art and collectibles, Ether Rocks stand as a testament to the power of innovation and imagination. From their humble origins as a whimsical experiment to their current status as coveted symbols of prestige, Ether Rocks embody the timeless appeal of unconventional ideas and the enduring allure of digital creativity. As collectors and enthusiasts continue to debate their significance, one thing remains clear: Ether Rocks have left an indelible mark on the NFT landscape, shaping the way we perceive and interact with digital art for years to come.
What is ENS?
Unveiling the Ethereum Name Service
The Ethereum Name Service (ENS) stands as a foundational component of the Ethereum blockchain, offering a distributed, open, and extensible naming system. Designed to bridge the gap between human-readable names and machine-readable identifiers, ENS plays a vital role in simplifying interactions within the Ethereum ecosystem.
Understanding ENS Architecture
ENS comprises two primary components: the registry and resolvers. The registry, implemented as a single smart contract, maintains a comprehensive list of domains and subdomains. Each entry in the registry includes crucial information such as the domain owner, resolver, and caching time-to-live (TTL) for all associated records. Registrars, represented by smart contracts, govern the allocation of subdomains, adhering to predefined rules specified within the contract.
Resolvers, on the other hand, translate names into machine-readable addresses. Any contract adhering to the relevant standards can function as a resolver within ENS. While general-purpose resolver implementations suffice for straightforward requirements, such as mapping cryptocurrency addresses, ENS remains flexible enough to accommodate diverse use cases. Resolvers follow a standardized approach to resolve various record types, ensuring compatibility and interoperability across the ecosystem.
Unraveling the Name Resolution Process
Resolving a name in ENS involves a two-step process. First, querying the registry determines the resolver responsible for the specified name. Subsequently, querying the resolver provides the desired information, such as a cryptocurrency address or content hash. This hierarchical approach ensures efficient and reliable resolution of names within the Ethereum ecosystem, contributing to a seamless user experience.
Delving into ENS Terminology
Understanding ENS necessitates familiarity with key terminologies:
– Controller: The entity authorized to edit the records of a name.
– Label: An individual component of a name.
– Node: A cryptographic hash uniquely identifying a name.
– Owner: The entity referenced in the ENS registry’s owner field.
– Registrar: A smart contract responsible for allocating subdomains.
– Resolver: A contract facilitating the translation of names into machine-readable addresses.
Frequently Asked Questions
About the ENS Registry
– Why are names registered as hashes? Hashes provide a fixed-length identifier, facilitating seamless interactions within the Ethereum ecosystem.
– Which wallets and dapps support ENS so far? Several wallets and decentralized applications support ENS, enhancing user accessibility and usability.
– Can I create my own subdomains? Yes, domain owners have the flexibility to create and manage subdomains as desired.
– Can I change the address my name points to after I’ve bought it? Yes, users can update the addresses associated with their names at any time.
ENS Governance: A Community-Driven Future
ENS operates under the governance of the ENS DAO, ensuring transparency, inclusivity, and community-driven decision-making. Token holders wield the power to propose and vote on changes, ensuring the platform evolves in alignment with user needs and collective vision.
A Beginners Guide to Ethereum and ENS
The evolution of Ethereum and ENS reflects a collective commitment to advancing blockchain technology’s accessibility and usability. From Ethereum’s ambitious inception to ENS’s establishment as a core component of Web3, our journey underscores the transformative potential of decentralized systems. Looking ahead, ENS remains dedicated to fostering digital identity, ownership, and user-centric design, shaping the future of the internet in alignment with community-driven governance and innovation.
Hot News Of The Week
ENS announced partnership with GoDaddy for DNS addresses
Azuki & Magic Eden announced an upcoming partnership
Now Base has more ‘active traders’ than any other Layer 2
Pudgy Penguins’ floor price breaks 20ETH and seems to set to flip BAYC
The Pebbles by 6529 and Arsonic made 50x profit from the mint
Farcaster revenue hits $600k
Two Ether Rocks sell for $945k
Ethereum NFTs’ volume near to a yearly high
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