Crypto

• It has been just over a month since the first Bitcoin spot ETFs hit the market on January 11th.
• The initial weeks saw a slow start in terms of net inflow into these ETFs, mainly because investments into the two Bitcoin ETF titans from BlackRock’s iShares and Fidelity were lower than expected.
• This situation was made worse by the significant outflow from Grayscale’s Bitcoin Trust ETF.

• High frequency trading (HFT) involves building systems that can react in real time to incoming packets from exchanges, making fast decisions about sending orders and quickly executing them.
• Working on HFT systems requires a focus on performance and often involves building systems from scratch. 
• HFT systems need to be scalable to handle trading multiple instruments and flexible enough to adapt to different market conditions. Models used in trading also need to be continuously retrained and optimized for speed without sacrificing accuracy.

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• Last week, we stuck to our bullish market perspective, and it turned out to be a wise choice.
• Yesterday’s celebration of our spot-on prediction resulted in today’s hangover of mine.
• Interestingly, in Denmark, there is a custom of referring to Thursday as ‘little Friday’ when we go out drinking on those days.

• The cryptocurrency industry is still buzzing with excitement after the recent approval of 11 Bitcoin spot ETFs last week.
• As these ETFs have been trading for a week now, their current performance and net inflows are now available for our consumption.
• This analysis will focus more on visual charts and less on text, a departure from my usual style, as the market seems to have had its fill of lengthy discussions on ETFs, which now feels akin to listening to a repetitive story from a friend or, even more tiresome, your mother-in-law.

• The crypto industry’s big dream has become a reality.
• The US Securities and Exchange Commission (SEC) gave the green light to 11 Bitcoin spot ETFs after the market closed yesterday.
• Notably, this includes approval for BlackRock’s iShares Bitcoin Trust and the conversion of the Grayscale Bitcoin Trust into an ETF.

• Ten fund management companies are preparing to launch spot Exchange-Traded Funds backed by virtual assets in Hong Kong, according to an executive of crypto exchange operator HashKey Group.
• Up to eight of the fund companies are at an “advanced stage” for the launch, Livio Weng, HashKey’s chief operating officer, told Caixin in an interview.
• He didn’t provide any more details.

• Everyone is buzzing with anticipation, predicting a highly favorable year for crypto.
• The general sentiment in the market suggests that 2024 will be a memorable year, drawing parallels to the positive environments witnessed in 2017 and 2021.
• The crypto landscape was overshadowed by the dramatic collapse of FTX in November 2022, making 2022 end on a rather bleak note. 

• Zetachain is building a bridge into a  smart contract platform in a bid to create a platform for omnichain smart contracts.
• Omnichain smart contracts enable applications to live on multiple chains but still be connected and share liquidity.
• There is opportunity for Zetachain to seize across DeFi, NFTs, and Ordinals. Whether this will happen comes down to strategy execution and ecosystem building.

• EigenLayer emerges as a protocol reshaping the staking paradigm. Going beyond Ethereum’s security, EigenLayer greatly extends the utility of staked ETH.
• UniswapX and other intent based apps will break DEXs out of their growth plateau. 
• Scalability advancements through rollapps and UX improvements from next-gen wallets will make DeFi more viable for end users. 

• Surprising a pessimistic market, global liquidity rebounded, prompting expectations of increased buying pressure in the new year, as the Fed appears to remain on hold.
• The crypto market is expected to benefit from a structural shift, with Bitcoin (BTC) emerging as a frontrunner after breaking out of a prolonged bear market consolidation.
• Solana is anticipated to outperform in the coming year, driven by mean reversion, market share normalization, and narrative developments.

• The guest on the show is Michael Lee, a dealer in rare photographs and the director of the Lee Gallery.
• The discussion explores the differences between the primary and secondary markets in art, as well as the challenges of finding liquidity and pricing inventory.
• Michael shares his views on NFTs and explains the capital-intensive nature of being a secondary market dealer in the art industry.

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• Blockchain gaming peaks industry interest with unprecedented content quality. With the combined market cap of almost 200 leading projects being less than DOGE, there is ample room for future growth.
• In 2023, 133 deals closed, securing $1.1B in funding, marking a 66% drop from 2022. Anticipating a reversal in the next ~6 months due to increased attention and capital.
• High Web3 project costs drive competition for <1M gaming-inclined wallets. A battle for player liquidity will favor projects with versatile user bases, efficiently funneling between games for market dominance.