Crypto Labs Market Watch for Mar. 28th
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1. BlackRock CEO ’very bullish’ on Bitcoin as its ETF crosses $17B
BlackRock’s CEO Larry Fink says he’s been “pleasantly surprised” at the level of retail demand for his firm’s spot Bitcoin ETF.
BlackRock CEO Larry Fink has been “pleasantly surprised” by the performance of his firm’s spot Bitcoin (BTC) exchange-traded fund (ETF) and has reiterated he’s “very bullish” on the long-term viability of Bitcoin.
“IBIT is the fastest growing ETF in the history of ETFs. Nothing has gained assets as fast as IBIT in the history of ETFs,” Larry Fink said in a March 27 interview with Fox Business.
Fink said the iShares Bitcoin Trust’s (IBIT) performance has even “surprised” him at how well it has performed over the first 11 trading weeks.
IBIT has a strong start to trading, tallying $13.5 billion in flows in the first 11 weeks, with an $849 million daily high on March 12, according to Farside Investors. IBIT averages a little over $260 million in inflows per trading day.
“We’re creating now a market that has more liquidity, more transparency and I’m pleasantly surprised. I would never have predicted it before we filed it that we were going to see this type of retail demand,” Fink said.
Asked whether IBIT would “do good, but not this good,” Fink responded: “Yes, definitely.”
“I’m very bullish on the long-term viability of Bitcoin,” the BlackRock CEO added.
2. Cathie Wood’s Bitcoin ETF hits daily inflow record as BTC retests $72K
The ARK 21Shares Bitcoin ETF saw a massive $201.8 million in inflows, almost a four-fold increase from its daily average of $43.9 million.
ARK 21Shares’ spot Bitcoin exchange-traded fund (ETF) managed to notch a record $201.8 million of inflows on Wednesday, almost quintupling its average daily inflows as Bitcoin just fell short of reaching $72,000.
Preliminary data from Farside Investors revealed that on March 27, the ARK 21Shares Bitcoin ETF’s daily inflow was a four-fold increase from its daily average of $43.9 million since its launch on Jan. 11.
It also nearly tripled the amount from the previous day when ARK Invest saw inflows of $73.6 million, while there were no recorded inflows on March 25.
3. THORChain hits $10B monthly volume as Bitcoin maxis debate safety
The decentralized liquidity protocol said March brought record monthly trading volume, while some Bitcoin maxis still have reservations about borrowing on the protocol.
The decentralized liquidity protocol THORChain has notched more than $10 billion in total monthly trading volume for the first time in history. However, Bitcoin maximalists are divided on whether the platform offers enough safety to potential borrowers.
In a March 27 post to X, the official social media account for THORChain announced the milestone, with Runscan data showing that the protocol has since notched $10.26 billion this month.
4. Vitalik Buterin is cooking up a new way to decentralize Ethereum staking
Ethereum co-founder Vitalik Buterin suggested penalizing validators proportionally to the deviation from their average failure rate.
Ethereum co-founder Vitalik Buterin has proposed a technique to incentivize better decentralization of Ethereum by penalizing correlated failures among validators.
Buterin posted his thoughts on March 27 regarding supporting decentralized staking “through more anti-correlation incentives” to the Ethereum Research forum.
He suggested if multiple validators controlled by the same actor fail together, they would receive a higher penalty than if they failed independently.
“The theory is that if you are a single large actor, any mistakes that you make would be more likely to be replicated across all ‘identities’ that you control,” he said.
5. Over $1B in US Treasurys have now been tokenized on-chain
The new milestone was reached shortly after the launch of BlackRock’s first tokenized asset fund — BUIDL, which joined 16 other tokenized government securities funds last week.
More than $1 billion worth of United States Treasurys now exist across Ethereum, Polygon, Solana, and other blockchains, helped in part by the recent launch of the BlackRock USD Institutional Digital Liquidity Fund.
BlackRock’s product, tickered “BUIDL,” was launched on Ethereum on March 20 and now boasts a market cap of $244.8 million. According to Etherscan, four transactions to the fund totaling $95 million over the week added a boost to the fund, making it the second largest tokenized government securities fund.
BUIDL now only trails Franklin Templeton’s 11-month-old Franklin OnChain U.S. Government Money Fund (FOBXX), which has $360.2 million in U.S. Treasurys, according to data compiled by the parent firm of 21Shares on a Dune Analytics dashboard.
The dashboard shows that $1.08 billion in U.S. Treasurys have now been tokenized across 17 products.
Crypto Labs Team
March 28th, 2024
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