Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ The number of crypto deals in Q1 2024 increased by 52.1% QoQ and has reached its highest level in nearly two years. Also, the pre-money valuations of VC-backed crypto firms rebounded over 70% QoQ in Q1 2024. However, with the growing activity, the practice of tokens launching with high valuations and low float has sparked debate due to concerns about limited upside for retail investors. Check out our recent Binance Research report (link below) which dives into the details of this phenomenon.
2/ The CME Group plans to offer spot Bitcoin trading through the EBS currency trading venue in Switzerland, introducing more complex Bitcoin trading strategies. Robinhood has launched its inaugural crypto-staking product, enabling European customers to stake $SOL for a 5% yield, and is also broadening its crypto services with localized language support in Italy, Poland, and Lithuania.
3/ Binance has launched its Funding Rate Arbitrage bot for users to utilize arbitrage strategies using perpetual futures and spot trading pairs. Blast has announced that its planned airdrop will take place on June 26, with a larger allocation amount as compensation for the delay of the airdrop from May to June.
Check out our latest publications from this week 🔎: