Bitcoin BTC
+3.87%
briefly surpassed a fully diluted valuation of $1 trillion on Friday as the price of the world's largest digital asset rose above $47,000 for the first time since March, 2022.
The price of bitcoin rose 4.5% to $47,035 at 10:14 a.m. ET for a total market capitalization of $931.5 billion, according to The Block's Price Page. Fully diluted valuation, which measures the value of all bitcoin that will ever be mined, was at $996.9 billion.
The price of bitcoin has increased by over 5% in the past 24 hours. Image: The Block.
The global cryptocurrency market cap now stands at $1.87 trillion, an increase of 4.7% in the past 24 hours. Bitcoin dominance is at 49.7%, while ether accounts for 16.1% of the total crypto market.
Changing spot ETF flow dynamics
Standard Chartered Head of Crypto Research Geoff Kendrick told The Block that the recent bitcoin rally was "down to the changing flow dynamics in the new U.S. ETFs." He used a chart to illustrate how cumulative flows into the new ETFs show GBTC declining, but other funds, such as BlackRock's iShares Bitcoin Trust, posting an increase.
THE SCOOP
Keep up with the latest news, trends, charts and views on crypto and
DeFi with a new biweekly newsletter from The Block's Frank Chaparro
"GBTC selling seems to have slowed, to an average of $59 million per day this week, while flows into the other ETFs continue to be strong, with an average $244 million per day this week. This change is enough to push bitcoin higher," Kendrick added.
The Standard Chartered analyst forecasts there will be a net inflow into spot ETF funds this year of between $50 billion and $100 billion.
"GBTC outflows will stop altogether at some point and other inflows will continue, seeing a $100,000 price for bitcoin by the end 2024 and $200,000 price by the end 2025," he added.
U.S.-based spot bitcoin ETF flow dynamics have changed. Image: Standard Chartered
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
#BinanceWeb3

According to BitMEX Research data, the total net inflow of the US Bitcoin spot ETF exceeded $400 million yesterday.
#BinanceWeb3

CZ congratulates the new year on platform X after two months: "Happy New Year! Happy Chinese New Year!"
#BinanceWeb3

On February 6th, according to encryption analyst Jake Lee, the Dymension main network has gone live, but validators have not yet reached consensus due to a faulty validator Chorus One (a multi-chain node service provider) in the validator set, which currently has a 34.8% stake token delegation weight. Another multi-chain node service provider, Stake&Relax, stated that after the Dymension main network went live, the chain stopped at block height 2 because a validator node initially had over 33% of the validation weight, which will be resolved.
#BinanceWeb3

Ondo Finance is expanding into the Sui ecosystem, bringing with it a new native dollar-denominated token called Ondo USD Yield (USDY). This token is backed by US treasuries and is interest-bearing, making it the first of its kind on the Sui Network. Ondo Finance is the third-largest platform to bring tokenized derivatives of real-world assets onto public blockchains, with over $185 million in TVL and $1 billion worth of its newly-launched governance token trading in its first week in late January. The integration of Ondo's tokenized assets, including stablecoins, tokenized securities, and real-world assets, will create new opportunities for teams building on Sui.
#BinanceWeb3

Singapore-based mobile payments app Oobit has raised $25 million in a Series A funding round led by Tether's investment arm, CMCC Global's Titan Fund, 468 Capital, and Solana co-founder Anatoly Yakovenko. The app allows users to pay for purchases using crypto, while merchants receive fiat currency. Oobit plans to open up the capability to third-party wallets, transitioning into a non-custodial crypto payments app. The company joins other crypto firms working with traditional finance companies to offer consumers more efficient ways of using their crypto holdings to pay for goods.
#BinanceWeb3

According to CoinDesk, the decentralized financial startup Hashnote's USYC token for US Treasury bonds can now be obtained through the encrypted custodian Copper. It is reported that Hashnote is providing its revenue USYC tokens through the cryptocurrency custodian company Copper, chaired by former UK Chancellor of the Exchequer Philip Hammond. Hashnote CEO Leo Mizuhara said that Hashnote's USYC token is based on reverse repurchase, which holds overnight US Treasury bonds at a guaranteed price on the second day, with a net yield of about 4.8%.
#BinanceWeb3

According to on-chain analyst @ai_9683xtpa, DWF Labs and GSR Markets are both market makers for Space ID (ID) based on on-chain data analysis. GSR's market-making quantity is 23.2 million, with the initial token receipt date being March 22, 2023; DWF Labs' market-making quantity is 20 million, with the initial token receipt date being April 14, 2023. Upbit previously listed the ID Bitcoin trading pair on November 20, 2023, causing a price increase of 11%; today, it was listed on the Korean won trading pair, bringing another 85% increase.
#BinanceWeb3