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#ChartoftheDay #Bitcoin's price increased 69% QoQ in Q1 2024, demonstrating the great success of spot BTC ETFs. According to Messari, spot BTC ETFs saw over $12 billion in inflows, or 212,000 BTC, in Q1, bringing the total AUM to 831,488 BTC. #GBTC of Grayscale, which had existed as a BTC Trust before the approval, saw its market share reduced to below 50% as the nine newly approved ETFs took in 493,807 BTC in Q1. BlackRock's #IBTC and Fidelity's #FBTC were the top two performers in Q1; each had $13.9 billion and $7.5 billion inflows, respectively. From the chart, we can see that daily flows were high at the beginning but had significantly weakened by the end of March. This reflects the waning interest of investors, especially #TradFi institutions. Given the macroeconomic factors, such as elevated crude oil prices due to geopolitics, and rising precious metal prices, whether the appeal of spot BTC ETFs will be sustained is still being determined. Most recently, Hong Kong regulators approved the launch of spot Bitcoin and ether ETFs. Whether funds in #HongKong will buy in is also uncertain. However, new narratives arising in relation to spot #ETH ETFs and Bitcoin would be worth watching.

#ChartoftheDay #Bitcoin's price increased 69% QoQ in Q1 2024, demonstrating the great success of spot BTC ETFs. According to Messari, spot BTC ETFs saw over $12 billion in inflows, or 212,000 BTC, in Q1, bringing the total AUM to 831,488 BTC.

#GBTC of Grayscale, which had existed as a BTC Trust before the approval, saw its market share reduced to below 50% as the nine newly approved ETFs took in 493,807 BTC in Q1. BlackRock's #IBTC and Fidelity's #FBTC were the top two performers in Q1; each had $13.9 billion and $7.5 billion inflows, respectively.

From the chart, we can see that daily flows were high at the beginning but had significantly weakened by the end of March. This reflects the waning interest of investors, especially #TradFi institutions. Given the macroeconomic factors, such as elevated crude oil prices due to geopolitics, and rising precious metal prices, whether the appeal of spot BTC ETFs will be sustained is still being determined.

Most recently, Hong Kong regulators approved the launch of spot Bitcoin and ether ETFs. Whether funds in #HongKong will buy in is also uncertain. However, new narratives arising in relation to spot #ETH ETFs and Bitcoin would be worth watching.

Disclaimer: Includes thrid-party opinions. No financial advice. May include sponsored content. See T&Cs.
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#ChartoftheDay #OpenAI unveiled its latest AI model, #GPT4o , the "o" standing for “omni,” on Monday. GPT-4o accepts any combination of text, audio, and image as input, and it can respond to audio inputs in as little as 232 milliseconds, with an overage of 320 milliseconds, which is similar to human response time in a conversation. GPT-4o achieves GPT-4 Turbo-level performance on text, reasoning, and coding intelligence while setting new high watermarks on multilingual, audio, and vision capabilities. The chart below shows GPT-4o sets a new state-of-the-art on speech translation and outperforms Whisper-v3 on the MLS benchmark. More importantly, GPT-4o will be free for all users, and paid users will have up to five times the capacity limits of free users. Within the #crypto space, where many projects are integrating #AI for AI-powered #chatbots and virtual assistants, the release of GPT-4o is set to accelerate the development of new applications and market growth. Competition will become stiffer across the board, too. User acquisition for projects with complex user experiences will become harder. $FET $GRT $OCEAN
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🔥 Top 10 #Crypto #fundraising Events in the Last Two Weeks (April 27 - May 10) Despite the recent corrections in crypto prices, activity on the primary market remains strong, with about 48 deals announced in the period. 1. Sophon, raised through node sale 2. Securitize, invested by BlackRock, Hamilton Lane, ParaFi Capital 3. Arbelos Markets, invested by Dragonfly, Room40, Selini Capital 4. Seeds Labs, invested by Blizzard Fund, Krust Universe, HashKey Capital 5. Lava Network, invested by Animoca Brands, Gate Ventures, CoinGecko 6. Kiosk, invested by Electric Capital, a16z crypto, Union Square Ventures 7. GALAXIS, invested by Chainlink, ENS Domains, Rarestone Ventures 8. Backed Finance AG, invested by Gnosis, Exor N.V., cyber•Fund 9. Botanix Labs, invested by Polychain Capital, Placeholder, Valor Equity Partners 10. Owlto Finance, invested by Bixin Ventures, CE Innovation Capital, Presto Labs
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#ChartoftheDay #EigenLayer 's #eigen token will become claimable today. According to tokenomics, 45% of the 1.67 billion coins will go to the community, of which a third will go to “stakedrops”, another third will go to community initiatives and the last third will go to R&D and ecosystem development. Investors hold 29.5% of the supply, while early contributors own 25.5%, both subject to a three-year lock-up period, with a full lock in year one, followed by a linear unlock of 4% of their total allocation. Of the 15% supply allocated for stakedrops, only 5% is marked for the Season 1 stakedrop. The snapshot date will be March 15. 90% of Season 1 will happen in Phase 1(now) and the last 10% will happen in about 1 month in Phase 2 and be distributed to users who had complex interactions with their LRTs. The EIGEN token will also have an initial non-transferable period. The community perceived the distribution plan negatively because they considered the fraction allocated to stakers to be too small compared to that of the team and investors and the allocation of Phase Two insufficient for points farmers in Pendle and similar protocols. According to Eigenlayer’s token whitepaper uploaded to GitHub last week, EIGEN is a universal intersubjective “work token.” “Work tokens refers to a token that needs to be staked to perform some work. Work tokens are employed by many existing proof-of-stake blockchain platforms to perform validation in the blockchain…Works tokens are used not only as entry conditions for performing digital work but also for punishing non-compliant workers through a cryptoeconomic mechanism called slashing.” The whitepaper explains that restaking expands the scope of ETH beyond the limitations of work tokens and allows it to become a “universal” objective work token so that it can be staked to participate in all kinds of tasks. Meanwhile, EIGEN serves a fully complementary role to ETH with ETH staking powering objective fault slashing and EIGEN staking powering slashing for intersubjective faults.
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#ChartoftheDay Last Friday, Friend.Tech, one of the most successful #SocialFi projects in crypto, launched its native token “FRIEND” while unveiling Version 2 of the platform. According to CoinGecko data, the token’s price fell from $3.03 to as low as $0.89 on its first day of trading. A notable new feature of V2 is Money Club, which allows communities to manage shared treasuries and mint tradable on-chain collectibles, like NFTs. The platform also rolls out a new point system designed to reward users for their contributions and interactions on the platform. However, all these features fail to spark too much enthusiasm so far. Also, users reported glitches when trying to access the new Money Club feature. Friend.Tech works by allowing social media personalities, known as “Subjects," to offer “shares” to their community, granting them access to private chats. When debuted last August, Friend.Tech was an immediate hit, realizing a meteoric rise to over 100,000 users and an impressive $2 million in revenue within its inaugural month. However, the hype soon ebbed away by the end of 2023. According to a Dune Analytics dashboard that measures the daily buying and selling volume of “Subjects,” the buying and selling activities became active again in April when the platform announced its token launch. However, after the token launch, daily selling volumes hit record highs. The selloffs of both the FRIEND token and “Subjects” reflect the outflow of users now that the airdrop anticipation or financial incentives are gone. While token dumping and price dips after airdrops are not new, will Friend.Tech be able to reverse the long-term downturn?
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[Bing Ventures' Chart of the Day] On April 30, Hong Kong launched six spot #Bitcoin and #ether ETFs, becoming the first in Asia to debut spot cryptocurrency ETFs. The six ETFs were issued by three institutions, including China Asset Management, Bosera Asset Management, and Harvest Global Investments. On their first day of trading, they achieved a total transaction volume of about 87.58 million HK dollars. The debut came three months after the US launched its first spot #BTC ETFs. These have drawn substantial capital from traditional financial institutions, contributing to a surge in bitcoin’s price earlier this year. The first mover advantage in Asia has brought this debut great attention. It is also believed to serve as a regulatory seal of approval for crypto assets from Hong Kong. Experts expect the products to attract the interest of institutional and retail investors in the region. Amid the current geopolitical situation and macroeconomic conditions, several countries’ fiat currencies are experiencing great volatility. #Crypto ETFs could offer investors more options. #BitcoinETFs #EthereumETF
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