Weekly Hot Search | ETF dream comes true, is the critical point coming under the favorable combination of punches?

The history of the approval of CME futures and BITO shows that perhaps it is still unknown how to evaluate the intervention of traditional capital.

Written by Frank, Foresight News

Cartography: Kiet, Foresight News

Note: "Weekly Hot Searches" counts user search results from Foresight News last Friday to this Friday (January 5th to January 11th), and the uppercase and lowercase letters of the same concept are combined.

The United States' spot "Bitcoin" and "ETF" boots finally landed this week, and a combination of approval + listing and trading went smoothly: on January 10, 11 ETF products were approved at the same time, and on January 11 Nine of the ETFs were officially listed for trading on the same day, and the trading volume quickly reached billions of dollars that day, which was a good start (see "Timeline | New Milestone: Bitcoin Spot ETF Finally Approved", "ETF Boots Landed, Who Will Take Over" What will be the dominant narrative in 2024?").

Since the Winklevoss brothers first tried to apply for a spot Bitcoin ETF in 2013, different institutions have applied every year in the past 10 years, but all have failed without exception. Now the U.S. Securities and Exchange Commission (SEC) has made a change. It has been an obsession that the encryption industry has adhered to for 10 years, and is also expected to bring new players and variables to the market.

However, it is always easy for people to overestimate the short-term impact. The long-term impact of current spot Bitcoin ETFs on Bitcoin needs to be observed and verified. In particular, how to evaluate the intervention of traditional financial capital is still unknown. Blindly positive interpretations may not be healthy. This reminds me of the historical scenes of CME futures passing in 2017 and BITO passing in 2021.

Last month, Arthur Hayes also spoke and reminded that "if the Bitcoin ETF is too successful, it will destroy Bitcoin." The general point is that the ETF will completely turn Bitcoin into an asset attribute and alienate the original intention of the Bitcoin P2P payment network. The most critical thing is It is the miners who maintain the Bitcoin network who will slowly "die of thirst" in an environment that is increasingly lacking in transfer flows.

Even traditional financial players such as Wall Street can continue to accumulate chips through ETFs, derivatives and other means, and finally completely control the market trend. Different understandings of which one is right or wrong may only be verified by time.

"SEI" is still ranked second on the list this week. Since it successfully took over TIA and became "Binance"'s new currency, it has been fluctuating at a high level.

At the same time, another new currency "XAI" is also officially open for "airdrop" and listed on the exchange this week. The performance so far is not as good as the recent new currency on Binance. According to the previously observed rules, it depends on whether the price will stabilize near the opening price and then fall slightly, and then gradually move away from the downward shock to a sharp decline.

The performance of "SUI" as a sub-new currency has begun to become stronger. Yesterday, it successfully broke through the 1 USD integer mark and reached 1.1 USDT as of the time of publication, with a 24-hour increase of more than 20%.

If we look at the cumulative increase, since October 20, 2023, SUI has increased more than three times from the bottom of 0.36 USDT, quietly returning to the high range when it was first launched.

"Inscription" The popularity this week is still on a downward trend. Many inscription exchange groups that were extremely active at the end of last year not only have little information, but also have a tendency to become advertising groups.

Leading currencies such as "ORDI" and "SATS" also rarely show special performance. There have been rumors about the new actions of Binance Web3 wallet in recent times, but they have never been verified by facts.

"EigenLayer" plans to reopen on January 30, mainly to introduce three new liquidity staking tokens (LST), namely sfrxETH, mETH and LsETH, which will allow 200,000 LST of each type. The existing cap of ETH is re-pledged.

After the spot Bitcoin ETF was approved and listed for trading in the United States, relevant people in Hong Kong are also gearing up. In addition to the regulatory attitude and discussions on participating in US stock ETF transactions, Livio Weng, chief operating officer of HashKey Group, It also said that about ten fund companies are preparing to launch virtual asset spot ETFs in Hong Kong.

Previously on January 4, Foresight News conducted an exclusive interview with Weng Xiaoqi, in which he comprehensively reviewed the many challenges faced by HashKey Exchange in 2023, revealed the macro goals of HashKey Exchange in 2024, and also specifically shared HashKey Exchange’s achievements in ETFs, etc. Related business progress on the promising crypto track (recommended reading "Conversation with HashKey Exchange's new CEO Weng Xiaoqi: ETF and RWA are opportunities for licensed crypto exchanges to "overtake").

"Aleo" officially announced that it will conduct a second stress test on January 15 for two weeks, aiming to test the limits and ensure that the code is clean and reliable. In a previous interview with Foresight News, Aleo Vice President Joanna Zeng revealed that the Aleo mainnet plans to go online around the first quarter of 2024, and all applications on the previous test network can be directly migrated to the mainnet by then (recommended reading "Interview with Aleo Vice President Joanna Zeng: 4 years, 300 million US dollars, ZK’s “dual value” will emerge”).

In addition, "Bitget" also officially announced this week its new chief operating officer Vugar Usi Zade, who previously served as chief marketing officer of Beincrypto and head of SONY marketing, and has held senior positions in well-known companies such as Facebook, Danone and Carlsberg. , with a very impressive international resume, this should also be a microcosm of Bitget’s plan to deepen its global development in 2024.

In addition, "Manta" has launched an airdrop plan to support users to check their airdrop qualifications based on their contribution to the ecosystem in the past three years. The rewards include a total of 50 million MANTA, accounting for 5% of the total supply, 30 million Airdrop rewards will be distributed to supporters and users on Manta Atlantic and Manta Pacific, and 20 million will be awarded for the Great Treasure Hunt.

"Starknet" is still a technical progress. The v0.13 upgrade has been launched on the main network. The biggest highlight of this upgrade is nothing more than the technical preparations for paying fees with STRK, but the official also stated that this is not Meaning STRK can now be used as Gas.

"Starknet" and "XAI" in this week's Mirror hot search list are linked to the hot searches on the site. In terms of the author list, the proportion of airdrop tutorials has not changed much:

1.ZkSync Chinese Assistant (Project Information)

2. Shenchao TechFlow (industry media)

3. Second-hand sharing of airdrop information (airdrop tutorial)

4. Hua Li Huawai (Industry Observation)

5. Raise coins to support your family (airdrop tutorial)

6.Dfax_official (Industry Observation)

7. Fengmi Kuiqian (Industry Observation)

8.0xfaCf (airdrop tutorial)

9.ty1024.eth (airdrop tutorial)

10.0xzhaozhao.eth (Airdrop Tutorial)