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Bullish Insights Weekly Market Recap

Jan 26, 2024 3 min read

Bullish exchange

This week’s peak spot exchange trade volume (24h): $1,554,481,781 on January 23, 2024.

This week’s headlines

  • Terraform Labs, the Singapore-based entity behind the collapsed stablecoin TerraUSD, has filed for Chapter 11 bankruptcy in a Delaware court with reported assets and liabilities between $100 million and $500 million.
  • Hong Kong Legco member Johnny Ng posted on X that Hong Kong will be set to host the next Bitcoin conference organized by Bitcoin Magazine. The post was subsequently reposted by Bitcoin Magazine’s official X account.
  • The SEC reported that their @SECGov X account was compromised when an attacker successfully conducted a SIM swap attack, transferring the associated phone number to a new device, and exploited the absence of multi-factor authentication (MFA) to gain unauthorized access. This attack enabled the intruder to circumvent password protections and assume control of the account.
  • Since the Grayscale Bitcoin Trust (GBTC) transitioned to an exchange-traded fund (ETF), investors have offloaded over $2 billion in shares, with a notable $1 billion sell-off from FTX's bankruptcy estate, which liquidated its entire 22 million share position, as private data reviewed by CoinDesk and sources confirm. This massive withdrawal contrasts with the influx of funds experienced by newly minted bitcoin ETFs, such as those from BlackRock and Fidelity, following the SEC's long-awaited approval.
  • Alameda Research, has withdrawn its legal action against Grayscale Investments, where it had alleged that the asset manager was profiting at the expense of shareholders by imposing exorbitant fees and restricting share redemption from its Bitcoin and Ethereum trusts, according to a recent court document. The lawsuit had initially been brought to a Delaware court in March of the previous year.
  • The SEC has postponed its decision on BlackRock's proposed spot Ethereum ETF until March.
  • Tesla's financial summary for Q4 2023 revealed revenues amounting to $25.2 billion and an operating income of $2.1 billion, with no transactions in Bitcoin during the quarter, maintaining its cryptocurrency holding steady at 9,720 BTC for the sixth consecutive quarter.

Equity markets

  • Tech stocks rallied in last Friday’s session driving the S&P 500 to an all-time high. The S&P 500 rose 1.2%, the Dow Jones climbed by 1.1% and the Nasdaq Composite was up by 1.7%.
  • On Monday, US equity markets saw another record breaking day with the Dow Jones Industrial Average exceeding 38000, a new all-time high. The S&P 500 climbed 0.2%, starting the week on another high, and a rally in tech stocks drove the Nasdaq Composite up by 0.3%.
  • US equity markets climbed through earnings season with the S&P 500 rising to a fourth-straight session of an all-time high. The S&P 500 climbed 0.1%, the Dow fell 0.3% and the Nasdaq Composite rose by 0.4%
  • US equity markets signaled further upward momentum in Thursday’s session as the S&P 500 climbs 0.5% to yet another all-time high. The Dow rose 0.6% and the Nasdaq Composite climbed by 0.2%.

Crypto market highlights

  • For the first time since 2021, the 60-day correlation between BTC and ETH has fallen below the long-standing average of 0.71.
  • "HODL waves," or Bitcoin age distribution bands, tracks Bitcoin movement and market liquidity by categorizing Bitcoin's supply according to the time since it was last transacted; this provides some insight into long-term trends in its distribution. The purple age-band representing BTC that has never been moved makes up 9% of current supply. This portion of supply is speculated to have been mined by Satoshi himself in the early-days of Bitcoin.
  • In 2023, the theft from cryptocurrency platforms significantly decreased by 54.3%, amounting to $1.7 billion, primarily due to a reduction in DeFi-related hacks that previously escalated crypto theft in 2021 and 2022. Despite the occurrence of several substantial DeFi security breaches in 2023, the year-over-year value compromised in these incidents saw a 63.7% decline. This reduction can be attributed to enhanced security measures within DeFi and a concurrent decrease in the total value locked (TVL) in DeFi, which might have lessened the potential loot for cybercriminals.

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