Web3🌗Wednesday Highlights: CME's Euro Futures, Circle's USDC Shift, Bitcoin ETF Surge, and AVAX Challenges Pre-$365M Unlock

Step into the dynamic world of Web3 as we unfold today's highlights, filled with groundbreaking developments and market movements. From CME Group's pioneering debut of Bitcoin and Ethereum futures in Europe to Circle's immediate cessation of USDC minting on Tron, each piece is a puzzle in the evolving landscape. Witness the surge in Bitcoin ETF trading, marking its busiest session since January, and delve into the challenges faced by Avalanche's AVAX ahead of a significant $365 million token unlock. Stay with us as we dissect these key events, providing insights into the transformative trends shaping the Web3 ecosystem.

1. CME Group Launches Bitcoin, Ethereum Futures in Europe

In response to soaring demand, CME Group plans to launch euro-denominated micro Bitcoin and Ethereum futures on March 18. These contracts, one-tenth the size of a Bitcoin or Ethereum, cater to European traders seeking alternatives to U.S. dollar-denominated counterparts. The move aims to offer enhanced liquidity, reduced fees, and additional tools for hedging crypto portfolios. Giovanni Vicioso, CME Group's global head of cryptocurrency products, noted a significant uptick in volume from the Europe, Middle East, and Africa region. The expansion follows a four-fold increase in trading volume for their U.S. dollar-denominated futures, introduced in 2017.

CME Group Debuts Bitcoin, Ethereum Futures For Europe - Decrypt

Micro Bitcoin and Ethereum euro-dominated futures will hit Europe next month, CME Group announced on Tuesday.

DecryptMat Di Salvo

2. Circle Halts USDC Minting on Tron Network Immediately

Circle, the stablecoin issuer, discontinues minting USDC on the Tron network, citing a commitment to trust, transparency, and safety. The decision aligns with an enterprise-wide risk management approach. While retail users can transfer TRON-based USDC to supported networks, Circle will cease Tron support, gradually phasing it out. The move comes as Circle files for a U.S. public offering. With a market cap of nearly $28 billion, USDC ranks second to Tether. Circle denies serving Tron's founder, Justin Sun, amid ethical concerns. Tron faces legal scrutiny, including SEC allegations, while Circle evaluates blockchain network suitability.

Circle to cease minting USDC on Tron Network effective immediately

Stablecoin issuer Circle has announced that it will discontinue minting USDC on the Tron blockchain effective immediately.

CointelegraphJesse Coghlan

3. Bitcoin ETF Trading Surges to Busiest Session Since January Debut

Bitcoin ETFs, including VanEck's HODL, WisdomTree's BTCW, and BitWise, saw a surge in trading, reaching nearly $2 billion—highest since their U.S. debut last month. Bloomberg's Eric Balchunas noted the exceptional volume, with HODL experiencing a 14x increase. The spike may be linked to U.S. markets closing for Presidents' Day, settling weekend trades on the first workday. Bitcoin's price hovers above $52,200. Greta Yuan of VDX suggests the strong institutional inflow in Bitcoin ETFs reflects a risk-on sentiment, contrasting the significant outflows in Gold ETFs. The market anticipates BTC and ETH to rise, influenced by AI stocks and bitcoin halving.

Bitcoin ETF Trading Spikes to Busiest Session Since January Debut

Bloomberg exchange-traded funds analyst Eric Balchunas noted a particular uptick in volume for HODL and BTCW

CoinDeskSam Reynolds

4. Avalanche's AVAX Struggles Before $365M Token Unlock

Ahead of a $365 million token unlocking event, Avalanche's native token AVAX saw a 3% dip, contrasting the broader crypto market's gains. Approximately 9.5 million locked-up AVAX tokens will be released, increasing the circulating supply by 2.6%. The unlocking comprises 4.5 million tokens for team members, 2.25 million for strategic partners, 1.67 million for the ecosystem development foundation, and 1.13 million earmarked for airdrops. With 58% of AVAX tokens unlocked, historical data suggests a potential short-term price decline as supply increases, as observed in similar events, according to crypto analytics firm The Tie.

Avalanche’s AVAX Underperforms Ahead of $365M Token Unlock

Avalanche’s AVAX was one of the few crypto assets that dipped in price over the past week as the token will undergo a $365 million unlocking event scheduled this week.

Yahoo FinanceKrisztian Sandor

As we conclude our exploration of today's Web3 highlights, the ever-evolving landscape showcases the industry's resilience and dynamism. From the global expansion of crypto futures to strategic shifts in stablecoin minting, each development reflects the continuous innovation within the Web3 space. The surge in Bitcoin ETF trading and the challenges faced by AVAX add layers to this narrative. As we anticipate further developments, stay connected for in-depth analyses, real-time updates, and comprehensive insights into the ever-shifting tides of Web3. Thank you for joining us on this journey, and until next time, keep navigating the exciting realms of decentralized possibilities

WEB3 AI ML