Morning Minute | Bitcoin ETFs Near $1B in Inflows

TylerD's Market Summary

The price may be down, but BTC interest is up. And Magic Eden shared new details about its rewards program, and it's posing a serious challenge to other marketplaces.

💰 BTC ETFs See Major Volume Despite Dip

We were euphoric at the (local) top.

The Bitcoin ETF approvals was a "buy the news" event - how could it not have been?

I personally played the song "Pump It Up" to kickstart my daily show on Jan 11, as Bitcoin was reaching $49,000 (a massive faux pas).

Then it all came crashing down.

BTC fell below $43k by the next day and has been down only since.

Euphoria turned to fear as BTC slid below $39,000 yesterday, down more than 20% from recent highs.

The Bitcoin ETF even was "Sell the news" after all. But likely only on a very short-term timeline.

What Happened?

The Bitcoin ETFs have actually been wildly successful.

In 8 days of trading, they've already seen $982M in net inflows.

They have seen substantially more action than any recent ETFs launched. Within days, Bitcoin became the #2 ETF commodity behind gold, passing silver.

So why is the price down?

GBTC.

GBTC has seen over $2B in sell pressure over the past week and a half, of which FTX accounted for almost $1B.

The GBTC sell wave, combined with traders happy to cash in on 75-100% gains on the year, has led to a fairly steep sell-off.

So whenever GBTC sellers get exhausted, we go up-only again, right?

The "Fear & Greed" index is back down to a healthy 48 "neutral" rating (compared with 73 last month), a sign we may be reaching a more stable level.

Hopefully we find out soon.

🎁 Magic Eden Announces New Cross-Chain Rewards

On Monday we got the major news that Magic Eden would be effectively launching a token ($NFT) via the Non-Fungible DAO.

Yesterday, we got more details.

And early Solana users are going to be happy.

What Happened?

Magic Eden introduced its new Magic Eden Rewards program as a first-of-its-kind cross-blockchain system.

For a quick TLDR:

• Solana OGs will receive a Retroactive Diamond Drop to account for history back to 2021
• Magic Ticket NFT owners will be rewarded (somehow)
• BTC, ETH and Polygon NFT traders (who used ME) will be rewarded in the months to come, honoring past, present and future activity
• Magic Eden Wallet will go live soon as another way to earn Diamonds

It feels similar to how Blur rewarded past activity in its airdrop while also rewarding its SZN1 traders. But Magic Eden will span 4 blockchains (first of its kind).

Interested users should go to magiceden.io/rewards to learn about the program and get started.

Now the question becomes - how much will farmers dive in to this program, with active farms on Blur, Tensor and now Magic Eden?

And how with the previously non-farmed BTC NFT ecosystem be impacted?

We will likely find out soon.

🚚 What else is happening in NFTs?

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

• ETH trading volume fell slightly to $28M on Tuesday, with most leaders seeing slight red
• Deadfellaz led top movers on ETH, popping 78% to 0.27 ETH; Super Cool World and Chimpers each jumped 40% as well
• RSIC led action on BTC with 57 BTC in trading volume on the day and jumping nearly 100% to 0.046 BTC; Bitcoin Puppets up 10% to 0.03
• Commoners minted out their 10k PFP collection in a "bring your own uncommon sat" style mint; the floor is up to 0.021 BTC on 6 BTC volume
• Solana NFTs were mostly green with Froganas leading +33% to 8.2 SOL, Tensorians +22% to 91 and Parcl +19% to 13.3; Crypto Undeads steady at 11
• Arcade and Wasabi have partnered for the first-ever loan against utokens (Fractional NFTs), facilitating a 5 ETH loan against 487k uPudgy tokens (48.7% of a Pudgy equivalent or 8.7 ETH
• The Anime Foundation announced strategic launch partnerships with Animoca Brands and San FranTokyo to expand global anime, along with a token $MANGA
• Endless Clouds will launch its 2 web3 games, Treeverse (MMORPG) and Capsule Heroes (Pvp brawler), on the Immutable zkEVM platform

🌎 Around Crypto and Web3

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

• Crypto majors are back in green this morning after the early week dip; BTC +3.4% at $40,180; ETH +1% at $2,250; SOL +8.8% at $87.07
• ALT L1s surged with TIA at $16.75 (+17%), SEI at $0.66 (+17%) and SUI at $1.27 (+18%)
• Leading memecoins rebounded even more, with WIF jumping 50% off the bottom to $320M, Bonk back up to $690M
• Rabby Wallet stirred a points-related outcry from users after announcing its latest airdrop of points to early users (and every EVM address)
• iCandy Interactive is partnering with Animoca Brands to launch its game "Snaky Cat" on Coinbase's Base blockchain; the play-to-earn game will feature a $TOWER token
• HashKey Exchange and Animoca Brands announced a strategic partnership to enhance web3 and digital entertainment via virtual asset development and public education

🚀 NFT Total Volume (ETH)

• Azuki (4,449 ETH, 7.11 ETH Floor)
• MAYC (1,730 ETH, 4.44 ETH)
• Pudgy Penguins (1,693 ETH, 18.08 ETH)
• DeGods (705 ETH, 3.00 ETH)
• Lil Pudgy (581 ETH, 1.87 ETH)

📈 NFT Floor Price Increase (ETH)

• Deadfellaz (79%, 0.27 ETH Floor)
• Nina's Super Cool World (42%, 0.61 ETH)
• Chimpers (41%, 0.57 ETH)
• Azra Games - The Hopeful (20%, 0.69 ETH)
• Nakamigos (17%, 0.19 ETH)

🗓 Upcoming NFT Mints and Reveals

Today is a slower day but with some big name art drops.

William Mapan is dropping a 1/1/35 collection "Centrifuge" priced at $5,549.

Art Blocks Curated is back with "Vaxt" from Tengil, a 300 supply collection selling in the standard Dutch auction format.

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

• William Mapan x Avante Arte - Centrifuge (9:00 a.m. ET)
• Memes by 6529 (11:00 a.m. ET)
• Tengil x Art Blocks Curated - Vaxt (1:00 p.m. ET)
• r4v3n - Dots (2:00 p.m. ET)
• Zokio (8:00 p.m. ET)

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