2024-01-29 10:11

The platform settled over $500 million in trades on Sunday, briefly becoming the biggest on-chain trading platform. Solana-based trading aggregator Jupiter settled over $500 million in trades in the past 24 hours ahead of its planned token issuance on Wednesday, overtaking Uniswap v3 to become the biggest trading platform by that metric. Jupiter has 550 tokens and more than 5,550 trading pairs listed, CoinGecko data shows. The USD Coin (USDC)/Solana (SOL) pair was the most active, with $166 million in volume. The platform routes orders to several Solana-based exchanges and executes the best available price for an asset when a trade is requested. Meanwhile, the wen (WEN) memecoin issued last week by Jupiter developers chalked up about $150 million in trading volumes across two trading pairs. A claim period for wen tokens ends Monday. Jupiter’s volumes leapfrogged Ethereum-based Uniswap’s v3, which saw $483 million in trades. Uniswap v3 is usually the biggest decentralized exchange (DEX) by volume. Jupiter’s JUP tokens are expected to be issued on Wednesday. Nearly 1 million Solana wallets have qualified for a slice of the unusually large airdrop: 40% of JUP's total supply, a size that reflects Jupiter's popularity with traders. Traders expect the tokens to boost activity on Solana, just as a Jito airdrop preceded a meme-coin frenzy on the blockchain in December. The increased demand contributed to Solana’s SOL prices nearly doubling in that month, even leading Solana’s flagship Saga phone to announce a second device on the renewed hype. https://www.coindesk.com/tech/2024/01/29/solana-trading-aggregator-jupiter-sees-trading-volumes-jump-ahead-of-jup-issuance/

2024-01-29 09:54

Venture Smart Financial Holdings is also aiming for a spot-bitcoin ETF and is involved in the discussions about the stablecoin sandbox. Harvest Global Investments, a major asset-management company in China, applied for a spot-bitcoin exchange-traded fund (ETF) with Hong Kong's Securities and Futures Commission (SFC) and is in discussions with regulators regarding the city's stablecoin sandbox, according to separate reports by Tencent News and Bloomberg. Harvest Global did not respond to a request for comment. The SFC declined to comment. In December 2023, less than two weeks after nearly a dozen applicants won approval for spot-bitcoin ETFs in the U.S., Hong Kong regulators said they were ready to consider applications for spot crypto ETFs. Venture Smart Financial Holdings, a Hong Kong firm, has also said it will file a spot bitcoin ETF application, and hopes to start trading during the first quarter, Bloomberg reported earlier this month. Venture Smart Financial, along with Harvest and RD Technologies, is also among the entities reported to be in discussions with the Hong Kong Monetary Authority (HKMA) about its planned stablecoin sandbox, Bloomberg reported, citing people familiar with the matter. "The sandbox arrangement is intended for fiat-reference stablecoin (FRS) issuers who have a genuine interest in and a reasonable plan on issuing FRS in Hong Kong," an HKMA spokesperson said in an email. "The HKMA is preparing for the launch of the sandbox and will announce relevant details in due course." The HKMA, the central bank stakeholder in the stablecoin efforts of the region, didn't immediately respond to a CoinDesk request for comment. Hong Kong's regulators have published proposals for supervising stablecoin issuers through a licensing regime for which feedback is sought by the end of February. Read More: Bitcoin ETFs in and Around Asia After U.S. Approvals? Analysts Are Optimistic About Momentum https://www.coindesk.com/policy/2024/01/29/hong-kong-gets-spot-bitcoin-etf-application-stablecoin-interest-from-chinas-harvest-global-reports/

2024-01-29 09:41

While bitcoin ETFs have experienced net inflows of $820 million, bitcoin whales increased holdings by about $3 billion this year, IntoTheBlock said. Crypto whales, or large investors, have accumulated $3 billion worth of bitcoin (BTC) this month, according to data tracked by onchain analytics firm IntoTheBlock. The amount of bitcoin held in wallets owning over 1,000 BTC has increased by roughly 76,000 BTC to nearly 7.8 million BTC. The leading cryptocurrency began the month positively, tapping highs above $48,900 on Jan. 11 with the debut of U.S.-based spot exchange-traded funds (ETFs). Prices then came under pressure, dropping to lows near $38,500 last week as investors in the crypto investment vehicle, the Grayscale Bitcoin Trust (GBTC), took profits. The pullback saw some whales snap up coins at cheaper valuations through the crypto exchange Bitfinex. "While bitcoin ETFs have seen net inflows of $820M, bitcoin whales have seen an increase of ~$3B (76,000 BTC) so far in 2024," IntoTheBlock said in a weekly newsletter. "Whales include any entity, individual, or fund (including the ETFs) holding over 1,000 BTC." The blue line represents whale activity, while the black line represents the cryptocurrency's price. In a vote of confidence in the cryptocurrency's long-term prospects, whales boosted their stashes as prices fell. Several observers and investment banks, including Standard Chartered, expect the recently launched ETFs to pull billions of dollars in investments, lifting the cryptocurrency's market price to $100,000 by the end of 2024. Bitcoin last changed hands at $41,980, according to CoinDesk data. https://www.coindesk.com/markets/2024/01/29/bitcoin-whales-boosted-coin-stash-by-3b-in-january-data-show/

2024-01-29 07:00

UNIBOT holders are set to receive some 80% of the supply of Solana-based UNISOL through a snapshot and claim mechanism. Trading application Unibot will issue a native Solana ecosystem token that accrues value back to holders of the original Ethereum-based UNIBOT tokens, a move that initially met with criticism and caused volatile price action last week. Unibot expanded to the Solana ecosystem in late December but said last week it would introduce a UNISOL token that accrued revenue in the form of Solana’s SOL tokens. The decision created concerns among long-time UNIBOT holders, who feared dilution as traders would be inclined to choose the newer token in favor of the older one. A sell-off ensued. But developers said early Monday that UNISOL could ultimately boost UNIBOT’s value accrual, helping ease some losses from the past few days as traders priced in new information. The Unibot platform connects user wallets to the decentralized exchange Uniswap and lets them punt on tokens just as easily as they would send messages to each other on the popular messaging app by using the messaging application Telegram or a terminal. “The revenue sharing for protocol revenue generated by @UnibotOnSolana is split 50/50 between two pools,” developers posted on X. “Pool #1: simply being a holder of $UNIBOT on Ethereum, no strings attached. You'll link your Ethereum address, which holds $UNIBOT to a Solana address that receives revenue in the form of SOL. Pool #2: holders of $UNISOL on Solana.” UNIBOT holders are set to receive some 80% of the supply of UNISOL through a snapshot and claim mechanism. Since its early January launch, over 20,000 users have generated more than $130m in total volume, developers claimed Monday. On-chain data shows Unibot has garnered 11,700 ether (ETH) in fees since the platform went live in May, paying out a portion of this straight to token holders. Users have also steadily increased, reaching 41,000 on Monday compared to just over 2,000 at the end of last June. On Sunday alone, the platform generated $74,000 in fees across Solana and Ethereum on $7.5 million in combined volumes. Per Dune Analytics, Unibot's average daily volumes are just above $5.5 million, a long way from the $900 million daily on the market-leading DEX Uniswap. UNIBOT prices are up 21% in the past 24 hours, DEXTools data shows. https://www.coindesk.com/markets/2024/01/29/unibot-boosts-token-value-with-solana-ecosystem-draw/

2024-01-29 06:51

Bitcoin's wave 5 impulse move has begun and could see prices top $50,000 by the end of the first quarter, 10x Research's Markus Thielen said, having correctly predicted the recent pullback. The analyst who correctly predicted bitcoin’s [BTC] recent drop to $38,000 now sees levels above $43,000 appropriate for taking fresh bullish bets on the cryptocurrency. “With reversal indicators suggesting that a tradeable low is in, we should focus on longs. From a risk management perspective, we should re-engage in long positions once bitcoin breaks above $43,000,” 10x Research’s Founder Markus Thielen said in a note to clients Monday. Thielen’s bullish view is based on the Elliot Wave theory, which assumes that prices move in waves rather than simple patterns, and future movements can be predicted by observing the repetitive wave pattern. According to the theory, trends progress in five waves, of which, 1, 3, and 5 are “impulse waves,” representing the primary trend. The rest are “retrace waves,” signifying a temporary halt of the primary trend. According to Thielen, bitcoin has been in a five-wave bullish pattern since early last year, with the recent pullback from roughly $49,000 to $38,500 constituting wave 4 or the temporary retracement. Now, wave 5 has begun and could take prices above $50,000. “Elliot Wave analysis has also labelled this retracement to 38,522 as wave (4) with a wave (5) projection of 52,671 – potentially by the end of Q1, 2024,” Thielen noted. The bullish outlook is consistent with the decline in selling pressure from investors taking profits in the crypto investment vehicle, the Grayscale Bitcoin Trust (GBTC). The profit-taking was partially responsible for bitcoin falling into wave 4 correction following the launch of U.S.-based spot ETFs on Jan. 11. “Potential catalysts for a move higher could center around the diminishing impact that the Grayscale GBTC selling could have on the price of bitcoin, the fact that stocks are making new all-time highs, and Google is allowing Bitcoin & Crypto ETF advertisements from today onwards," Thielen said. Bitcoin changed hands at $42,160 at press time, representing a 0.3% gain on the day, according to CoinDesk data. https://www.coindesk.com/markets/2024/01/29/bitcoin-longs-above-43k-in-focus-analyst-says/

2024-01-29 06:16

Hong Kong has voiced the most interest in achieving the reality of a bitcoin ETF approval, and that the U.S. approval could move things along faster The much-awaited approval of spot bitcoin [BTC] exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) can give unprecedented momentum for similar regulatory approvals in and around Asia, even if some regions may not necessarily or immediately be able to create the ideal policies for such a move, multiple analysts have told CoinDesk. U.S. based industry analysts and experts have feared for some time now that the nation “could miss the bus” if it doesn’t put in place clear, and perhaps favorable, regulatory policies for the crypto space. The approval of spot bitcoin ETFs in the U.S., though, gives it an edge ahead of at least Asia and Africa (the European Union and other nations already have bitcoin ETF products). Given jurisdictions in and around Asia have particularly been vying to become crypto hubs, expectations for a bitcoin ETF are higher there than in Africa. The UAE, Singapore and Hong Kong have, to different degrees, framed policies that attract retailers and financial institutions interested in the crypto space. But none have so far given regulatory approval to a bitcoin ETF-like product. CoinDesk spoke to more than a dozen analysts and industry participants, a majority of whom said that Australia would likely be the next country to approve spot bitcoin ETF products. Hong Kong has voiced the most interest in achieving the reality of a bitcoin ETF approval and that the U.S. approval could move things along faster for almost all the jurisdictions in the area. For full coverage of bitcoin ETFs, click here. Now that the U.S. has allowed nearly a dozen products to launch, other countries like the U.K., Hong Kong, Singapore and Japan could introduce policies “to prevent large and medium-sized financial institutions from transferring their funds out” of their regions, said Ryan Lee, Chief Analyst at Bitget Research. Australia is in the lead Australia is expected to be among the first with approval with the Australian Securities Exchange (ASX) imminent in the “first or second quarter of 2024,” said Liam Hennessy, a Brisbane-based lawyer at Clyde & Co. “Australia is definitely leading over Hong Kong and Singapore at this stage,” said Hennessy in an interview with CoinDesk. “In Australia, the Monochrome Bitcoin ETF is number one since it applied in July 2023.” Technically, Australia already has two exchange-traded products providing exposure to spot crypto assets on Cboe Australia. However, Australian industry experts said there’s more excitement over the potential for a similar product to begin trading on Cboe Australia's larger rival, ASX, where the anticipation lies due to the larger volumes available there. The Australian Securities and Investment Commission (ASIC) is the market regulator which had effectively “allowed” such products in 2022. Monochrome Asset Management is “anticipating that the Monochrome Bitcoin ETF becomes quoted in the second quarter of this year,” said Derek Vladimir Henningsen, general counsel and head of Legal and Compliance, the digital asset manager, in an interview with CoinDesk. "It makes sense that the ASX is a fast follower, so the U.S. approval may give the ASX some assurance," Henningsen said. While both Hennessy and Henningsen said the number of applicants for a spot-bitcoin ETF-like product in Australia isn’t “public knowledge,” the Australian Financial Review reported that Bitcoin ETFs are lining up for approvals. “The Australian Securities Exchange (ASX) is set to approve an exchange-traded fund linked to the price of bitcoin in the first half of this year,” the report said. The Australian Securities and Investment Commission (ASIC) and ASX, which falls under ASIC, are responsible for a license and an approval respectively. Monochrome has already got a license from ASIC through a separate entity, Vasco Trustees Limited. An ASIC spokesperson said it is ultimately for the market operators that quote ETFs (currently ASX and CBOE) to be comfortable that a product meets their operating rules and procedures. An ASX spokesperson said it had amended the rules in August 2022 to allow crypto ETFs and that it continues to engage with a number of issuers interested in admission while saying it does not comment on investment product applications. “Others may have filed an application, but they certainly aren’t talking about it publicly,” Hennessy said. “But there are a number of other people who have filed closed ended funds or private ETFs, which are a fund to invest in digital assets not traded on an exchange.” Hong Kong, Singapore and UAE Hong Kong, Singapore and the UAE have projected an interest to be seen as crypto hubs of the world, but have not seen bitcoin ETFs in their regions. Hong Kong lawmaker Johnny Ng, one of the city's loudest advocates for crypto, took to X hours after the U.S. approvals to say “Hong Kong must dare to be a 'leader' in the field of virtual assets” and “promote the implementation of spot ETFs as soon as possible.” Hong Kong’s attempts to reclaim its title as a crypto hub has seen it roll out a new licensing regime that gives crypto exchanges a pathway to operate in a regulated manner. It's also said it's ready to consider applications for spot crypto ETFs. “Hong Kong looks likely to be the next to approve spot crypto ETFs,” said H.B. Lim, managing director of APAC for BitGo, which is also the bitcoin custodian for Hashdex, one of the applicants for a spot bitcoin ETF. Previously, Lim spent 13 years as a regulator across Singapore’s central bank and Abu Dhabi Global Market’s regulatory authority. He said that U.S. approvals may prompt Family Offices and High Net Worth Individuals to avoid generational questions of why none of the Family Office portfolio was allocated to crypto back in the day. “In addition, HK's reputation as a strong financial center with some of the deepest capital markets and the largest stock market when compared to Singapore or those in the Middle East, strategic position within the Greater Bay Area, coupled with the HK government’s public support for web3, are factors that will draw spot crypto ETF issuers to HK,” Lim said. Singapore’s attempts to strike a balance between favorable and protective regulations while continuing to promote technology without speculation have reflected a hot and cold approach to crypto. But analysts believe the approvals in the U.S. might be just what the city-state needed to allow products like bitcoin ETFs. “Singapore wanted to see flows come in from a bigger market like the U.S.,” said the Singapore based Danny Lim, contributor at MarginX, a decentralized exchange infrastructure that facilitates the trading of derivatives. “They will tag along now with the liquidity from the U.S.” A spokesperson from the Monetary Authority of Singapore (MAS) said spot Bitcoin ETFs are not approved for offer to retail investors and reiterated that people who choose to “trade in Bitcoin ETFs in overseas markets must exercise extreme caution.” Angela Ang, a senior policy adviser for blockchain intelligence firm TRM Labs pointed to Singapore’s strong and longstanding concerns around speculative retail trading. “One piece of the puzzle could be whether would-be issuers in Singapore can satisfactorily address MAS' concerns around retail participation,” Ang said. Perhaps the region least likely to immediately promote bitcoin ETF-type products is the UAE, according to a former regulator from a UAE financial free zone authority who sought anonymity because the person wasn’t authorized to speak to the media in their current role. “The conditions are not quite right in the UAE/MENA in general to launch a spot bitcoin ETF,” the person said. “To do so, there needs to be sufficient market liquidity from traditional finance players, who may not already have connectivity to UAE markets.” The person explained that if you’re going to tap TradFi, you need to go where there is TradFi liquidity and the issue in the UAE is connectivity. If the UAE authorities list a spot-bitcoin ETF, interested investors in other parts of the world – for example India or the United Kingdom – need to have a relationship with a member of a stock exchange market in the region like the Dubai Financial Market. “The rules in the UAE to establish such links make it expensive,” said the person. “I wouldn’t rule out the UAE finding a way past this but at the moment, it’s unlikely to be worth it to just trade one product; there needs to be a compelling suite on offer to attract TradFi players who can provide retail and institutional investors with the necessary market access.” Read More: Spot Ether ETF Applications Decisions Delayed by SEC https://www.coindesk.com/policy/2024/01/29/bitcoin-etfs-in-and-around-asia-after-us-approvals-analysts-are-optimistic-about-momentum/