🔔 MARKET MOVING NEWS! (05/01/25)
1️⃣ Crypto Wallet Phantom Confirms It Won’t Launch a Token Amid Airdrop Rumours ▶️
In a message posted to its X account on Friday, crypto wallet provider Phantom refuted rumours that suggested it would initiate a token airdrop to complement its soon-to-be-released social discovery feature.
The post reads,
We've seen some speculation about an airdrop tied to this feature, so to clarify: we do not have any plans to launch a token. But we're incredibly excited about social discovery on Phantom and are actively working on ways to make it something everyone loves.
2️⃣ Hyperliquid Leads The Pack As DEX Futures Hit $285 Billion In 2024 🔼
According to a report by The Block, DEX futures trade volume as a percentage of those for CEXs hit an all-time high of 10.17% in December. The report notes this figure as its highest point in recent history. The increase in DEX futures trading was attributed to the growing adoption of platforms like Hyperliquid, Jupiter, ApeX, Satori Finance and Drift. The report also notes that the cumulative trade volume on DEXs for 2024 reached $285 billion by December. Hyperliquid reportedly contributed 78.8% of the total DEX volume, with a monthly volume of over $225 million in December. Jupiter followed Hyperliquid, capturing 9.8% of the market and recording over $28 million in December. The data shows that decentralised futures platforms are steadily eating into the market share of their centralised counterparts.
3️⃣ Coinbase Gains Key License To Offer Derivatives In Europe Through Acquisition Of Bux's Cyprus Unit ‼️
Crypto exchange Coinbase has reportedly acquired the Cyprus unit of European brokerage company Bux. Notably, the acquisition gives Coinbase access to a Markets in Financial Instruments Directive II (MiFID II) license - an integral license to its plans for European expansion. According to the report, the acquisition was completed in August 2024. The new license allows Coinbase to offer its services across Europe without getting re-licensed in each separate jurisdiction. Bux had used the license to offer contracts for differences (CFD) trading products.
4️⃣ BlackRock's Spot Bitcoin ETF Marks First Two-Week Streak Of Weekly Net Outflows 💸
According to SoSoValue data, U.S.-based spot Bitcoin ETFs logged a weekly net inflow of $245 million - this is their third-smallest net inflow so far. However, this week’s figures are an improvement from last week's $388 million net outflows. Notably, BlackRock's iShares Bitcoin Trust (IBIT) logged negative weekly outflows for the second straight week. This is the first such streak for the market's largest spot Bitcoin ETF. The weekly loss is reportedly in part due to IBIT's record outflows on Thursday. The fund shed the most value in a single day on Thursday since its launch one year ago.