Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ Spot BTC ETFs have consistently seen strong net inflows over recent weeks, with US$1.21B in the past week alone, indicating robust investor demand. Additionally, spot BTC ETFs achieved a record-high trading volume of US$10B on March 5 — a staggering figure for newly launched ETFs. On that same day, Bitcoin surpassed its previous ATH of $69,000, followed by a rapid decline to $59,000 and a swift recovery to above $65,000, showcasing notable strength. Many consider the drop to be a healthy correction, as it led to the normalization of the funding rate, a metric that indicates the market’s bullish bias.
2/ Notable news include Grayscale's introduction of a crypto staking fund that stakes tokens to earn rewards. It aims to distribute the rewards in US Dollars on a quarterly basis. Tokens that were selected include $SOL, $APT, $ATOM, $OSMO, $SEI, $TIA, $NEAR, and $DOT. In other news, Revolut has partnered with MetaMask to launch a new feature that allows users to buy and deposit crypto directly into the MetaMask wallet.
3/ Wormhole has announced its $W airdrop, distributing 617M tokens to past users. Separately, SafePal, a Singaporean fintech firm, has made an investment into Swiss back Fiat24 and jointly launched a USDC-powered VISA card.
Check out our latest publications from this week 🔎: Monthly Market Insights - March 2024