Bybit TR Country Manager Kutluhan Akçın evaluated the developments in the crypto ecosystem: “The cryptocurrency market continues to follow a fluctuating course recently. While the global market value has recorded a significant decrease in the last 24 hours, liquidated positions and decreasing market value attract attention. The increase in Bitcoin and Ethereum ETF inflows indicates that investor interest continues and the steps taken within the regulatory framework can increase confidence in the sector. While Solana’s historical peak in stablecoin market value also draws attention with the impact of infrastructure and memecoin trading, Bitwise’s Dogecoin ETF application appears as another example of the rising trend of memecoins. “The record revenue achieved by Ethereum by 2024 reveals that blockchain technology and DeFi systems are getting stronger and the potential of the developing ecosystem.”
Cryptocurrency market is in a downward trend again
The value of the global cryptocurrency market decreased by 3.9 percent in the last 24 hours to 3 trillion 658 billion dollars. During this period, 107 thousand 749 investors were liquidated, and the total liquidation amount reached 244.64 million dollars. $193.24 million of the liquidations consisted of long positions and $51.41 million consisted of short positions.
DeFi market value also decreased by 6 billion dollars, falling to 120 billion 860 million dollars. The altcoin market value continues its volatile movements and is at the level of 1 trillion 636 billion dollars.
In the last 24 hours, the leading cryptocurrency Bitcoin (BTC) lost 2.8 percent to $102,755, Ethereum (ETH) lost 3 percent to $3,215, XRP lost 1.2 percent to $3.14, Solana (SOL) It is trading at $249.62 with a loss of 2.5 percent.
Bitcoin and Ethereum ETF entries continue
Total net inflows into Bitcoin spot ETFs on January 22 were $249 million, while BlackRock ETF (IBIT) recorded total net inflows of $344 million for 5 consecutive days. Grayscale ETF (GBTC) experienced a net outflow of $47.93 million, Ark & 21 Shares ETF (ARKB) experienced a net outflow of $13.02 million, and Bitwise ETF (BITB) experienced a net outflow of $34.67 million. The total net asset value of Bitcoin spot ETFs currently stands at $121.403 billion.
On the same date, total net inflows into Ethereum spot ETFs amounted to $70.64 million, and net inflows have continued uninterrupted for 6 days. BlackRock ETF (ETHA) received an inflow of $79.10 million, while Fidelity ETF (FETH) recorded an inflow of $8.97 million.
Goldman Sachs CEO says Bitcoin is not a threat to the US Dollar
David Solomon, CEO of Goldman Sachs, made statements about cryptocurrencies. Solomon, the head of the company that stands out with its $3 trillion asset management, emphasized in an interview with CNBC that Bitcoin does not pose a threat to the US Dollar.
Solomon flatly rejected claims that crypto assets would weaken the national currency. Describing Bitcoin as an interesting speculative asset, Solomon stated that he is cautious about the practical use of crypto money, especially in the current regulatory environment. When he was asked about his thoughts on Bitcoin’s infrastructure and usage areas, he stated that he could only talk about this subject if there was a change in regulations.
Solana hits all-time high in stablecoin market cap
Solana, which is seen as the center of on-chain activities and stands out with its memecoin trading, recently reached an all-time high in terms of stablecoin market value.
According to DefiLlama data, the Layer-1 blockchain protocol has surpassed $10 billion in stablecoin market value, becoming the third blockchain with the highest stablecoin circulation after Ethereum and Tron. The main reason for this huge increase in stablecoin assets on Solana is memecoin trading pairs using USDT and USDC, the most popular stablecoins. The TRUMP and MELANIA memecoins in particular contributed significantly to this increase in stablecoin usage, generating a large trading volume this past weekend. This once again highlights the increasing adoption of stablecoins in the blockchain industry and Solana’s influence in the memecoin space.
Bitwise applies for Dogecoin ETF
Crypto fund manager Bitwise recently filed with the U.S. Securities and Exchange Commission (SEC) for a Dogecoin (DOGE) exchange-traded fund (ETF) through the Delaware Trust.
Bitwise initiated its DOGE ETF application by filing a preliminary filing with the Delaware State Department of Corporations Division on January 23. The company’s Chief Investment Officer Matt Hougan described the move as the first serious attempt to bring a DOGE-focused ETF to the regulated US market. This trust structure, based on Delaware law, offers companies clear governance, tax advantages and asset separation for products such as ETFs.
Created as a joke by Billy Markus and Jackson Palmer in 2013, Dogecoin has today become a major player in the crypto market, ranking as the 7th largest digital asset in terms of market capitalization. While Bitwise manages over $12 billion in crypto assets, Solana has expanded its ETF offerings by filing for Bitcoin and Ethereum ETFs in the past.
But despite the filing in Delaware, Bitwise still has to file a comprehensive filing with the SEC before launching the DOGE ETF. Although such preliminary applications are common, they do not carry a guarantee of approval.
Besides DOGE, meme coins continue to attract worldwide attention. For example, Floki is reportedly planning to launch an exchange-traded product (ETP) in Europe. Analysts hope that the creation of clearer regulatory guidelines for crypto assets under the current administration will pave the way for spot crypto ETFs.
Ethereum has the highest revenue in 2024
Ethereum remained the top-earning blockchain with $2.48 billion in transaction fee revenue in 2024. This figure represents a 3 percent increase compared to 2023 and reinforces Ethereum’s leadership in the industry.
According to CoinGecko’s report, Ethereum maintains its clear leadership in transaction fee revenues, followed by Tron with $2.15 billion and Bitcoin with $922 million. The Dencun upgrade, which took place in March 2024, aimed to reduce the transaction costs of Layer 2 (L2) solutions. Although this led to concerns that Ethereum mainnet revenues would decline, Ethereum demonstrated its resilience by making more gains compared to 2023.
In the first quarter of 2024, Ethereum generated $1.17 billion in revenue, collecting almost half of its total annual earnings during this period. This increase was supported by the rise in on-chain activity, while large airdrop programs in particular contributed to Ethereum experiencing its highest-earning quarter in the last two years.
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