Morning Minute | Bitcoin Blasts Past $56,000 on Record Inflows

 Morning Minute | Bitcoin Blasts Past $56,000 on Record Inflows

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๐Ÿš€ Bitcoin Soars on Continued ETF Inflows

It seems the early stages of the crypto bull market are officially here.

Many have been waiting for the "Bitcoin god candle" to come as a sign that we're fully back.

Well, it came yesterday, along with some very bullish headlines.

What Happened?

Yesterday Bitcoin jumped 10% in a single day to $56,450.

And it came on a day where the "New Nine" Bitcoin ETFs set a new record for daily volume.

The ETFs saw $2.4B on Monday, beating their opening day and about 2x the recent daily average. IBIT alone accounted for $1.3B.

The ETF inflows are not slowing down.

And they aren't the only buyers.

Michael Saylor's Microstrategy market bought another 3,000 BTC for $155M on Monday.

At current prices, Saylor's Bitcoin investment is up $4.65B in unrealized profits.

There is no second best.

Market Response

Notable crypto trade (legend) Hsaka made a simple prediction back in early December:

"altbtc turbo reversion after btc god candle"

In layman's terms, he was expecting alts (other L1/L2 crypto tokens, memecoins, etc.) to lag Bitcoin and then fiercely rally after a big move in Bitcoin.

He was spot on.

While Bitcoin moved up 10% yesterday, several alts moved much more.

  • Memecoins led the action with WIF (+57%), PEPE (+53%), and BONK (+21%) all seeing massive days.
  • PRIME had a huge day in the gaming sector, jumping 22% to $15.
  • And TAO jumped 8% to $630 leading AI tokens.

It was a good day. Here's to many more of these to come...

๐Ÿ™ˆ Yuga Announces Move Back to Royalties

One of the longest-running debates in NFTs is the pro-royalty crowd vs the anti-royalty crowd.

We thought we left the debate back in the depths of 2023's hell.

It turns out, probably not.

What Happened?

Yesterday Yuga dropped the bombshell announcement that they are partnering with Magic Eden on their new Ethereum marketplace.

And they will be sunsetting support for all marketplaces that don't enforce royalties.

Oh boy.

While this seems like a major shift on the surface, it may be overblown.

While Yuga is enforcing royalties on a majority of collections, they aren't touching their primary collectibles.

That means BAYC, MAYC, BAKC, Punks, Meebits, Moonbirds, & Oddities are not impacted.

So this just impacts their gaming assets (Otherdeeds, Kodas and more).

Market Response

There hasn't been too much of a response just yet.

BAYC and MAYC are trading in their recent ranges at 22.5 ETH and 4 ETH respectively.

Kodas and Otherdeeds Expanded did fall 5-6% on the day, now at 2.5 ETH and 0.22.

To combat some of the negative response, new CEO Garga did announce a royalty discount for the first 69 days of trading, dropping to 2.5% for royalty-enforced sets and 1% for legacy.

We will see if it's enough to help in the uphill battle he's facing.

Traders are tired of paying royalties to PFP companies. Volume is likely going to screech to a halt after this move to ME.

Unless they have some major trick up their sleeves.

Perhaps we'll find out more on Thursday with the major "Apes Come Home" metaverse event in The Otherside.

Stay tuned...

๐Ÿšš What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

๐Ÿ’ฐ Token, Airdrop & Points Tracker

Catch up on major token / airdrop news from the day:

๐ŸŒŽ Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

  • Crypto majors are washed in green this morning; BTC +10.5% at $56,450; ETH +6.5% at $3,250; SOL +10% at $111
  • WIF & PEPE led a massive memecoin rally, each jumping 50% on the day to $555M and $900M marketcaps; BONK +21% to $866M
  • PRIME jumped 21% to $391M mc in gaming, TAO jumped 7% to $4B in AI
  • Republicans in U.S. Congress raised new legislation to ban a CBDC in the U.S.

๐Ÿš€ NFT Total Volume (ETH)

  • Milady (1,193 ETH, 3.15 ETH Floor)
  • MAYC (602 ETH, 4.03 ETH)
  • DeGods (555 ETH, 2.87 ETH)
  • BAYC (524 ETH, 22.47 ETH)
  • Pudgy Penguins (416 ETH, 19.27 ETH)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Based Ghouls (126%, 0.2 ETH Floor)
  • Chiblings (88%, 0.24 ETH)
  • Wassies (80%, 2.16 ETH)
  • Primera (37%, 2.6 ETH)
  • Milady (37%, 3.15 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a slower day of drops with just a handful on the list, mostly in the art sector.

The Magic Eden market place launch is the highlight, along with any surprise mints that may launch.

Otherwise, today we'll see how the NFT market responds to this latest crypto rally.

See the full list and dive in for more details with Swizzy's daily mint monitor

  • Magic Eden ETH mp launch (12:00 p.m. ET)
  • xo - The Abyss (12:00 p.m. ET)
  • deep fake boxing match (12:00 p.m. ET)
  • Efdot - Murals (7:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.