Web3 🌒 Saturday Update: Bitcoin ETF Landscape Shifts, February's Token Unlocks, OPNX Shuts Down, and AI Meets Web3
1/ 🚀 BlackRock & ProShares ETFs Outpace GBTC in Daily Trading.
2/ 📊 Feb Unlocks: AVAX, APT, IMX, SUI, SEI - What to Expect.
3/ 📍 OPNX Exchange Shuts Down.
4/ 🌟 AI Supercharges Web3: Efficiency, Security, and More!
For further details, let's keep reading! 👇
Welcome to today's crypto update, packed with insights and news you can't miss! Bitcoin ETF Landscape Shifts, February's Token Unlocks, Crypto Exchange Shuts Down: OPNX, and AI Meets Web3.
Stay tuned for a deeper dive into each topic!
1/ 🚀 BlackRock & ProShares ETFs Outpace GBTC in Daily Trading.
For the first time ever, BlackRock's iShares Bitcoin Trust (IBIT) and ProShares' Bitcoin Strategy ETF (BITO) dethroned Grayscale's veteran Bitcoin Trust (GBTC) in daily trading volume. This marks a turning point in the Bitcoin ETF landscape, as GBTC, previously riding the wave of outflows, now faces competition from these newer players. While GBTC remains a major player, its dominance is waning, with investors shifting towards IBIT and BITO, which have seen steady inflows. This trend, coupled with the first-ever drop in daily ETF volume below $1 billion, suggests a potential shift in market dynamics. Although GBTC still holds a sizable chunk of the market, the rise of IBIT and BITO indicates a promising future for these alternative options, potentially leading to a more diverse and competitive Bitcoin ETF landscape.
Shaurya Malwa
2/ 📊 Feb Unlocks: AVAX, APT, IMX, SUI, SEI - What to Expect.
February's crypto market braces for token unlocks across Avalanche (AVAX), Aptos (APT), Immutable X (IMX), Sui (SUI), and Sei Network (SEI)
AVAX: Brace for a potential 22.82% price plunge from $33.35 due to a $318.22 million token release. However, positive sentiment shines through, suggesting a temporary dip.
IMX: After a 169.5% yearly surge, IMX faces a harsh reality. Its current $1.95 price might drop below $1.90 as selling pressure overpowers buying interest.
APT: Despite broader altcoin woes, APT shows resilience, rising 3.21% in 24 hours. The $9.16 price could dip slightly post-unlock, offering a "buy the dip" chance for long-term holders.
SUI: SUI's first $100 million unlock arrives amidst volatility. Its recent ATH of $1.65 followed by a drop to $1.46 hints at potential sharp price swings, making it a trader's playground.
SEI: Compared to its stellar 2023, SEI has been quiet. Its 11.58% YTD price drop and waning engagement suggest further dips. However, this could be a buying opportunity for value investors.
Bhushan Akolkar
3/ 📍 OPNX Exchange Shuts Down.
The Open Exchange (OPNX), aiming to help those affected by crypto crashes, is abruptly closing its doors in February 2024. Launched by the founders of defunct Three Arrows Capital, OPNX allowed trading of recovery claims and served as collateral for users impacted by the volatile crypto market.
Reasons for the closure remain unclear despite OPNX securing a license in Lithuania just months ago. The exchange previously offered FTX bankruptcy claims and attempted to acquire crypto lender Hodlnaut, facing regulatory concerns in Dubai.
Users caught off guard: No official explanation was provided, leaving the OX token Telegram community surprised and speculating about the sudden shutdown. Some praised their adaptability, while others questioned the exchange's actual impact.
Ryan Ozawa
4/ 🌟 AI Supercharges Web3: Efficiency, Security, and More!
AI and Web3 are joining forces, and things are about to get exciting. This dynamic duo can tackle global challenges, automate tasks, and boost security and transparency in Web3. Imagine writing code across blockchains with ease, crafting secure smart contracts in real-time, enjoying personalized Web3 experiences, and targeted recommendations on NFT platforms. But hold on, the toughest challenge in crypto and AI integration is creating a single, decentralized AI trusted by other applications.
Shalini Nagarajan
Conclusion:
Overall, today's crypto headlines paint a picture of change and opportunity. Bitcoin ETFs see new players rising, February token unlocks promise volatile swings, OPNX abruptly shuts down leaving questions, and AI-powered Web3 sparks excitement with a touch of cautionary notes.
Stay tuned as the crypto landscape continues to evolve!
Disclaimer: The information provided in this blog post is based on external sources. Please do your own research and due diligence before making any investment or financial decisions based on the content shared here.
