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Daily #Web3 Market

28 Mar 2024

Larry Fink 'very bullish' on Bitcoin after IBIT's record-breaking performance

BlackRock CEO Larry Fink expressed increased bullishness on Bitcoin, following the record performance of their spot Bitcoin ETF, IBIT. He mentioned the significant retail interest in the ETF and its implications for Bitcoin's role in financial systems. Fink also commented on Ethereum's regulatory status, noting that it being classified as a security would not significantly impact its future or BlackRock's plans for a spot ETH ETF. Read more

Fidelity files registration statement for Ethereum ETF despite regulatory uncertainty

Fidelity Investments has advanced its efforts to launch a spot Ethereum ETF by filing a registration statement, even amid uncertain regulatory environments. This filing follows Cboe’s form 19b-4 submission to the SEC on Fidelity's behalf in 2023. The fund aims to stake a portion of its assets and anticipates staking rewards to count as income for tax purposes. The decision on Ethereum ETFs is expected by late May, with the industry remaining optimistic despite regulatory challenges. Read more

Sell-side risk ratio hit 3-year high as Bitcoin broke above $73k

The Bitcoin sell-side risk ratio, which offers a comparative view of daily investor activity against market capitalization, hit a 3-year high, coinciding with Bitcoin's price rise to over $73,000. This increase, from 0.12% to 0.777%, indicates a higher likelihood of sell-side pressure and potential market volatility. Despite recent price drops and recoveries, this ratio's spike typically occurs during late bull markets or bear market capitulations, suggesting a maturing market. Read more

Ondo Finance adds $95 million to BlackRock's BUIDL, bringing total AUM to $240 million

Ondo Finance announced plans to add $95 million of its assets to BlackRock's tokenized fund, BUIDL. This addition brings the total Assets Under Management (AUM) to $240 million. The fund tokenizes assets on the Ethereum blockchain and invests in US Treasury bills, cash, and repurchase agreements, marking a significant step in the tokenization of traditional securities. Read more

Dune Integrates the TRON Network and Joins HackaTRON Season 6 as a Partner

Dune, a platform for querying public blockchain data, has integrated the TRON network, enhancing the availability of blockchain data. This integration allows users to explore and analyze TRON's data, including transaction volumes and smart contract interactions. Additionally, Dune has joined as a partner in HackaTRON Season 6, which features a prize pool of up to $650,000 in TRX and energy prizes. The collaboration aims to provide tools and insights for developers, users, and researchers in the blockchain technology field. Read more

Ethena, a $1.3B Yield-Earning Protocol, to Debut Governance Token Next Week

Ethena, a DeFi protocol known for generating yield from ether derivative funding rates, announced the upcoming debut of its governance token. Set to airdrop 750 million ENA tokens, which amounts to 5% of its total supply, on April 2, Ethena's move represents a significant development in the governance and utility of DeFi protocols. Read more

BlackRock's Tokenized Fund Quickly Rakes in $245M, Right Behind Franklin Templeton's Older Offering

BlackRock, a global investment giant, has successfully garnered $245 million for its tokenized U.S. Treasury fund, marking a significant stride in the realm of digital assets. This rapid accumulation of funds highlights the growing interest and confidence in tokenized real-world assets, with the market poised to expand exponentially. Read more

Over $1B in US Treasurys have now been tokenized on-chain

The blockchain space has reached a new milestone with over $1 billion in U.S. Treasurys being tokenized on-chain. Following the launch of BlackRock's first tokenized asset fund, BUIDL, and 16 other tokenized government securities funds, this achievement signifies a growing trend in the integration of traditional financial assets with blockchain technology. Read more

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