This week in review | Jupiter Protocol's token JUP will be launched on January 31st; Grayscale's BTC holdings have decreased to 500,000 coins.

BlockBeats will compile industry news highlights for the week of 1.22-1.28 in this article, and recommend in-depth articles to help readers better understand the market and stay informed of industry trends.

Weekly News Recap

Bitcoin spot ETF reaches a total asset management scale of 27.106 billion US dollars in 10 days, only Grayscale continues to flow out

As of this Saturday, the total asset management scale of Bitcoin ETF has reached 27.106 billion US dollars, and the funds of other institutional ETFs are all flowing in except for Grayscale's continuous outflow. Grayscale GBTC charges 1.5%, while the fees of other newly opened institutional ETFs are generally between 0.3% and 0.4% (some even have a six-month fee-free period). Therefore, many users will sell GBTC and switch to other Bitcoin ETFs. In addition, Grayscale GBTC had some profit-taking positions last year due to the possibility of ETFs being approved, which also led to continuous selling after GBTC was converted to ETFs. Since January 12, Grayscale Bitcoin Trust has transferred 69,799 BTC (approximately 2.942 billion US dollars) to Coinbase Prime during the opening hours of 6 trading days in a row. As of January 26, the net outflow of Grayscale Bitcoin has reached about 115,963 coins. Among them, on January 22, the amount of BTC transferred by Grayscale rose to 15,456 coins, breaking through 600 million US dollars for the first time. Affected by Grayscale's selling of Bitcoin, on January 23, Bitcoin fell below 39,000 US dollars, with a 24-hour drop of 5.01%. This weekend, the price of Bitcoin rebounded, and as of the time of publication, it was priced at 42,400 US dollars.

The founder of CryptoQuant said that the Grayscale GBTC holdings have decreased by 15% in the past seven days. If this trend continues at this rate, it is expected that GBTC shares will be cleared in mid-March this year. At the same time, Placeholder partner expects Bitcoin to fall to $30,000 to $36,000. BitMEX co-founder Arthur Hayes said that the downward trend of Bitcoin may indicate a problem with US dollar liquidity. Related reading: "Arthur Hayes: Prepare to Buy the Dip After Bitcoin Falls Below $35,000", "Bitcoin Spot ETF Review of the First Week: Net Inflow of Over $1.2 Billion in 6 Days, Grayscale Still Holds Over 550,000 BTC?"

Soarchain Airdrop is Live, ATOM and TIA Stakers are Eligible to Receive

Soarchain, an application-oriented blockchain based on Cosmos, will distribute its native token MOTUS to ATOM and TIA stakers through an airdrop. 2.5% (47,500,000 MOTUS) of the total supply will be specifically allocated for the airdrop. The majority of the airdrop (40%) will be given to testnet users. Soarchain aims to provide direct and fast data transmission services between vehicles, infrastructure, and networks. On Soarchain, vehicles share data with each other through cellular technology and record this data on the blockchain, while rewarding users with Soarchain's native token for performing these actions.

OKX Jumpstart Launches New Projects DMAIL and ZETA (ZetaChain)

On January 24th, OKX Jumpstart launched a new project called DMAIL (Dmail). Dmail Network is an AI-driven decentralized communication infrastructure that aims to provide encrypted email, unified notifications, and targeted marketing across multiple chains and dApps for users, developers, and marketers. Users can start staking BTC and OKB to obtain DMAIL tokens on January 26th, 2024 at 6:00 AM UTC. The total supply of Dmail Network tokens is 200 million. Jumpstart will allocate 3% of the total token supply, airdrop will allocate 6%, team and advisors will allocate 15%, foundation will allocate 15%, investors will allocate 17%, community will allocate 38%, and sponsored projects will allocate 6%.

On January 26th, OKX Jumpstart launched a new project called ZETA (ZetaChain). Users can start staking BTC and OKB to obtain ZETA tokens on January 30th, 2024 at 10:00 AM UTC. ZetaChain has announced the details of its genesis airdrop distribution, with a total of 31.5 million ZETA tokens being distributed to over 800,000 ZetaLabs users and contributors. The snapshot date is August 20th, 2023, and the reward amount for participating wallets will be calculated based on ZetaLabs and testnet data.

Both OKX Jumpstart events are only available to KYC users from South Korea, Russia, Ukraine, Belarus, Kazakhstan, Uzbekistan, Armenia, Moldova, Azerbaijan, Tajikistan, Kyrgyzstan, and Turkmenistan.

Jupiter Launches Test Meme Token WEN, Protocol Token JUP to Launch This Week

On January 25th, Jupiter co-founder meow announced on X platform that they will be testing the newly launched LFG Launchpad platform with the issuance of meme token WEN. 70% of the total supply of WEN will be airdropped to millions of Solana wallet addresses, and the airdrop application will continue until January 29th. After the airdrop is released, the value of a single address receiving the airdrop has exceeded 80 USDT. At the time of writing, the price of a single WEN is 0.00011 USDT.

Meow indicates that the protocol token JUP will be launched at 10:00 am Eastern Time on January 31. Currently, the JUP futures price on Aevo is temporarily reported at $0.5953, with a 24-hour increase of 20%. "Tonight's open application, a quick look at the WEN airdrop rules for the meme token launched by Jupiter Alliance".

OKB price fluctuates and drops more than 30%, OKX responds by fully compensating for losses caused by abnormal liquidation

On January 23rd, OKX announced that due to the overall downward trend in the market, the price of OKB suddenly experienced abnormal fluctuations. The price briefly touched 48.36 USDT and triggered the liquidation of multiple large leveraged positions, which, combined with the market impact, caused the price to drop. This further triggered the liquidation of pledged loans, leveraged trades, and cross-currency trades, ultimately leading to a short-term price drop to 25.1 USDT before the price returned to normal. Due to the sudden drop, many users were unable to adjust their positions and margin in time. In response, OKX announced that it will fully compensate users for any additional losses caused by abnormal liquidation, including pledged loans, leveraged trades, and cross-currency trades.

Celsius announced bankruptcy, and over 200,000 ETH held in its address have been unlocked and transferred, causing market concerns

In January of this year, Celsius entered the creditor asset allocation phase. On January 5th, in preparation for asset allocation, Celsius began the process of reclaiming and rebalancing assets to ensure sufficient liquidity. Celsius will release the pledge status of its existing ETH, and according to the approved plan, eligible creditors will receive BTC and ETH allocations in-kind. At that time, there were over 200,000 ETH waiting to be unlocked in its address. On January 23rd, Celsius released over 200,000 ETH pledges, equivalent to approximately $446 million, and then frequently transferred ETH to Coinbase and other addresses this week, presumably preparing for creditor asset allocation. Related reading: "Digging into the data behind Celsius: holding over 500,000 ETH, multiple violations exist internally" "Will Celsius' release of ETH pledges cause stETH to decouple again?"

Bitcoin Conference to be held in Hong Kong in 2024

Wu Jiezhuang, a member of the National Committee of the Chinese People's Political Consultative Conference and a member of the Legislative Council of the Hong Kong Special Administrative Region, announced on social media that the global financial technology conference, The Bitcoin Conference, will be held in Hong Kong. It is reported that the Bitcoin Conference, hosted by Bitcoin Magazine, will be held on May 9th and May 10th at the Kai Tak Cruise Terminal.

AltLayer releases airdrop rules; 3% of the total tokens will be used for Season 1 airdrop, with a relatively large share for NFT holders and Altitude event participants

On January 23, AltLayer, an Ethereum scaling project, released the Season 1 airdrop rules. AltLayer's airdrop event has reserved a total of 300,000,000 ALT tokens (3% of the total supply), which will be distributed to its NFT holders (OG Badge and Oh Ottie! series), "Altitude" event participants, EigenLayer re-staking participants, EigenLayer ecosystem partners, Celestia stakers, and others. The specific shares are as follows: NFT holders: 35.47%; "Altitude" event participants: 37.07%; EigenLayer re-staking participants: 13.05%; EigenLayer ecosystem partners: 4.49%; Celestia stakers and others: 9.92%. The snapshot time is 20:00:11 on January 17, 2024 (Ethereum block number 19022890) Beijing time. The airdrop claim website will be open for one month from January 25, 2024 to February 25, 2024.

In addition, some community users questioned the "rat warehouse operation" of AltLayer OG NFT, which purchased a large number of NFTs with high airdrop weight before the snapshot; AltLayer's growth manager responded that OG Badge and Ottie injected a lot of effort into it; and profit from the price fluctuations of low liquidity NFTs is normal. "AltLayer OG NFT was exposed for "rat warehouse operation", is there an internal carnival for ALT airdrops?" and "AltLayer growth manager responds to airdrop doubts: OG Badge and Ottie injected a lot of effort; profit from price fluctuations of low liquidity NFTs is normal".

Bitcoin L2 project SatoshiVM and its IDO platform Ape Terminal "fight", then meet offline and resolve

On January 25th, due to "interest disputes", Ape Terminal and the SatoshiVM team publicly quarreled, exposing the "scandal" behind each other. MacnBTC, a well-known KOL who promoted SatoshiVM, claimed that Ape Terminal deceived everyone, with more than 200,000 wallets participating in the IDO, but only 10 winners each time, and all winners were members of the Ape Terminal team. Ape Terminal, on the other hand, claimed that SAVM was a project created by MacnBTC and his KOL friends, who profited over $20 million by selling in their own community.

And this mutual attack came to an end over the weekend. On January 27th, the encryption KOL Mac (@MacnBTC, confirmed by Ape Terminal as the founder of SAVM) posted on social media saying: "I met with the Ape Terminal team and cleared up many misunderstandings, including all the accusations against me and them." It seems that both sides have reconciled.

Bitcoin halving is expected to occur in April 2024, with less than 90 days remaining

According to data, the current block height is less than 90 days away from the Bitcoin halving. As halving occurs every 210,000 blocks, the next Bitcoin halving is expected to occur when the block height reaches 840,000 in April 2024, at which point the block reward will be reduced from 6.25 BTC to 3.125 BTC.

This Week's Popular Articles

Good Web3, now it's all about points

Yesterday, the encrypted wallet Rabby wallet launched a points system and has distributed initial points to each EVM address. Seeing this news, in addition to feeling that MetaMask may be "cool" if it doesn't issue coins again, I also want to say "why is it points again!" In addition to the winter that the wool party cannot overcome, there are now electronic beggars online "begging", and the points system is everywhere. Mass Adoption is not yet complete, but the Web2 playbook is becoming more and more similar. Today's Crypto is no longer pure.

Beyond the Game: Palworld, the Rebirth of Japan's Largest Exchange

Recently, an open-world game called "Palworld" has become a hit on the internet, becoming the first dark horse game of 2024. Despite some criticism from Pokemon fans, it still firmly occupies the top spot in Steam's game popularity rankings, with sales exceeding 1 million in 8 hours, 2 million in 24 hours, and over 8 million in less than 6 days.

Zhu Su talks about prison life: sleeps well, eats enough fruit

Co-founder of failed crypto hedge fund 3 Arrows Capital (3AC), Zhu Su, said he had the "best sleep" of his life during his three-month sentence in Singapore. The 36-year-old man was initially sentenced to four months in prison, but was released early due to his good behavior and relevant regulations. Zhu Su talked about his feelings during his three months in prison.

Arthur Hayes: After Bitcoin falls below $35,000, prepare to buy the dip

Decisions made by US Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell have caused waves in the financial markets. Arthur Hayes pointed out that as the burden on the middle class in the US economy increases, the financial system may face a small crisis, forcing the Fed to adjust its policies. In addition, he also predicted changes in the price of Bitcoin, and paid attention to factors that may affect the global economy such as inflation and banking crises. He said that if his predictions are successful and Bitcoin falls below $35,000, he will start buying the dip and continue to buy Solana and WIF.

What is the recently discussed RSIC inscription?

RSIC is a Bitcoin-based peer-to-peer runic allocation system. Its core is a digital game, in which players obtain runes by managing and operating RSIC tokens. These runes will be "inscribed" on the Bitcoin network at some point in the future. Cryptocurrency blogger Lilyanna Bitlili has introduced and analyzed this project on X.

Expansion and cost reduction are urgent, a comprehensive review of BTC mainstream L2

The start of this bull market undoubtedly began with the prosperity of the inscription, and it is foreseeable that the threshold of the Bitcoin ecosystem will become higher and higher in the future. Therefore, the expansion and cost reduction of BTC are urgent. In this article, the crypto blogger blockpunk reviews the current mainstream BTC L2 implementation methods and how to introduce BTC assets and security.

13 lines of code help Bitcoin realize smart contracts? Understanding the OP_CAT soft fork

In the Bitcoin codebase, an opcode called "OP_CAT" that was once deleted by Satoshi Nakamoto and has been buried in history may be "resurrected". Around the OP_CAT opcode, the Bitcoin NFT project Taproot Wizards has launched a new series of NFT Quantum Cats, which has caused a hot community discussion. Although the name "OP_CAT" does not refer to the "cat" we are familiar with, Taproot Wizard has used the image of a cat to sell a new NFT called Quantum Cats, using meme culture to promote OP_CAT.

Bitcoin "Quantum Cat": Without Smart Contracts, How Does Inscription Achieve Dynamic Changes?

The most eye-catching Bitcoin NFT project recently is undoubtedly the Quantum Cats series to be launched by the Taproot Wizards team. The "Quantum Cat" describes itself as an "evolving inscription" - each "Quantum Cat" will continue to change in a deterministic way as time passes and the storyline develops.

Deep digging into the data behind Celsius: holding over 500,000 ETH, multiple violations exist internally

Celsius holds about 584,000 ETH (1.4 billion US dollars) in its wallet, and has transferred 92,000 ETH to Coinbase and FalconX so far. Many people commented that Celsius still has over 500,000 ETH available for sale, which I believe is a misconception. After more than 40 hours of investigation, I will explain why I think this is incorrect based on legal documents.

How should we define BTC Layer2?

As the mainstream narrative of the current era, the BTC ecosystem is thriving. In order to increase capacity and reduce costs, BTC's Layer2 is flourishing. Regarding the definition of BTC L2, Jademont, the founder of Waterdrop Capital, expressed his views from both a broad and narrow perspective.

Bitcoin spot ETF first week review: net inflow of over 1.2 billion US dollars in 6 days, Grayscale still holds over 550,000 BTC

The mainstream view in the market is that the listing of Bitcoin spot ETF is expected to open up institutional channels, attract more funds, and promote the rapid expansion of the crypto economy. Simply put, Bitcoin spot ETF is expected to drive up Bitcoin prices and bring back a comprehensive bull market. However, in the first week after the listing of Bitcoin spot ETF (as of January 19), these ideal scenarios have not yet appeared, and the price of Bitcoin has fallen back to around $41,000. What is the basic situation of Bitcoin spot ETF? What was its performance in the first week of trading? What impact does it have on Bitcoin?

SatoshiVM and IDO platform clash: What is the truth behind the "flash crash" myth of making a fortune in 10 days?

Do you still remember SatoshiVM, the Bitcoin L2 project that rose 50 times in one day, with IDO earnings of 300 times and more than 280 well-known KOLs promoting it? From the first tweet to the official launch and issuance, it only took 10 days to create a popular Bitcoin concept project with a market value of over 100 million US dollars. Who is the issuer behind this project? Why can it mobilize more than 200 KOLs with the most influence in the cryptocurrency field to promote it collectively in a short period of time?

Interview with the founder of Floor Protocol: The value of NFT must be accurately reflected in frequent transactions

Two weeks ago, a mechanism update of the NFT fractionalization protocol Floor Protocol triggered a several-day crash in the NFT market. For more information, please refer to "A decision that caused the NFT market to crash, how did Floor Protocol lead to the general decline of blue chips?". The market realized that Floor Protocol has the ability to influence the NFT market. This week, BlockBeats interviewed the founder of Floor Protocol, Free Lunch Capital. In the conversation, we learned about his views on NFT and its trading market. Floor Protocol is exploring feasible ways to balance the cultural and financial attributes of NFT in transactions. Behind this is the founder's thinking. Free Lunch Capital believes that only after experiencing enough transaction frequency can the price of NFT return to its value and find its owner.

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