Is that possible? The Bitcoin ETF is the most successful ETF in history. Although this is the most successful launch, it will be very difficult to compete with the S, P, and NASDAQ indices. So, unfortunately, I'm out of plans for the afternoon, so welcome to the Coin Desk advance of this show. Get all the top news headlines, deep dive into specific topics, and interviews with industry heavyweights. Let's get straight to the point. We take a closer look at some of the biggest hacks so far this year. According to Immune, hacks cost him more than $126 million in January alone. In the January Cryptocurrency Loss Report, this was a six-fold increase from January 2023 and an almost three-fold increase from December last year. Immune says that while D FI is the main target of exploits, CI has not seen any major attacks, with the biggest hack so far this year being his Orbit chain. said. South Korean chain lost $81 million after hackers exploited the platform's cross-chain bridge. The project was hacked with a post on It was confirmed. At the time, Orbit Chain said the fund's market value had not changed. And late last month, Gamey admitted that its Gmee token contract on Polygon had been exploited and 600 million tokens had been stolen. The exploiter then converted those tokens into E and Matic in a post to X. According to the project, the exploit only affected its own team's Token Reserve, and no community-owned assets were exploited. Gamy does not store or manage community-owned assets. A cryptocurrency payment service provider was hacked and approximately $7.5 million worth of cryptocurrency was stolen. According to Web 3 security company Cyber, this was his second security breach in six months. This spot, Bitcoin ETF Update, is brought to you by Grayscale, the world's largest crypto asset manager. Bitcoin surpassed $50,000 this week on the back of strong spot performance, and with the addition of Bitcoin ETF inflows, the weight of spot is increasing. Excited about ETFs by K 33 Research, Senior Analyst Vettle Roux. Thank you for your participation. The market is at a very exciting time. That's really true. Please tell us what you are paying attention to regarding ETF S. So I pay close attention to the huge flows of ETFs. And Gargan, I think in the past week, um he's had 53,000 Bitcoin swallowed by spot ETF S and ETPS around the world. Um, over the past week, there's been kind of a rapid regime change in terms of the flow of flows, which has obviously been very beneficial for the Bitcoin price, but the last few days have been, um, chaotic with the flows. Indeed, these are very exciting times. What are the factors driving these flows? Well, it's hard to pinpoint the causes behind these flows because there's no such thing as a rational catalyst behind them. The weeks from late January to early February were quiet. But if you want to take a rational perspective on this, you can look at it like, uh, event-based sellers are accumulating before his ETF approval on January 10th. This is evident from the fact that CMES was increasing its open interest at the time. Also, any event or tactical G BT C arbitrage that occurs within the pre-ETF approval window. All of these participants sold very heavily in his early to mid-January period, causing prices to fall and outflows to become quite negative. This regime is not all that surprising, and many expected this to happen within weeks of the launch of the ETF Flow ETF. In other words, the defensive participants may have been waiting for this situation, this selling pressure, to calm down a little more and normalize. Now, G BT C flows have certainly declined quite dramatically over the past few weeks. Therefore, this may just be a factor for market participants to wait for Bitcoin to stabilize and G BT C outflows to stabilize before entering. I think that's the main reason why we've seen this growth over the past week and it's gaining even more momentum. So when some flows start to occur and the price starts to rise, other participants will try to enter as well, leaving the flows exorbitant. Some people I've talked to over the past few weeks say they're still waiting for advisor platforms to list these products, and once that happens, we'll see a lot more influx. Some people have said that. What kind of perspective is there? Yes, I think that's correct. Oh, this is going to happen in waves. Therefore, the current cycle of large inflows may slow down a bit. Over the next few weeks, uh, we're seeing some pretty early signs of flows and flows are trending lower compared to yesterday, but how that's going to impact us over the next week or the next few weeks or so. It's too early to speculate. However, what we do know for certain is that multiple securities platforms are not offering Bitcoin ETF S because they are not ready for due diligence at this time. The process needs to run. The liquidity profile of these ETFs needs to be evaluated and operational flows prepared. And this can take several months. And I am sure that when this happens, we will find ourselves in another wave of this very positive trend for speed. 20 seconds. Currently, trading activity on derivatives exchanges like CME Group is exploding, according to K 33 research. Well, please unpack this. Yeah. Immediately after the ETF's launch, we saw CMU reduce its exposure quite dramatically, but this has completely reversed over the past few weeks. Now, CME participants are re-entering the market. Open interest is very close to all-time highs and has grown quite dramatically over the past few weeks. In addition to this growth, we have also seen relatively strong growth in future space, annualized future space, which is pushing towards 20% representing CM neutrons. We're showing traders, such as traders and institutional investors, the informed side of the market entering crypto again, entering Bitcoin again, entering long positions. So this was very productive for the market. There has also been a significant increase in offshore activity, although sentiment appears to be a bit more balanced in the offshore derivatives market. Binance still maintains a neutral funding rate. This shows that the demand for adding long and short exposures on Binance is fairly even. This is actually a very healthy signal for the market. Because once those funding rates start going up. If it's higher than that, you need to be careful and try not to give yourself any influence. Next, talk about sustainability. Do you think this trend will continue for the rest of 2024 and what events are you looking forward to? I think ETF flows will generally remain very constructive throughout the year. Your period probably won't last longer than 1-2-3 weeks. Oh, that was truly incredible. Well, I expect the flow to start to calm down a little bit from here. But similar to enhanced access to ETF flows and Bitcoin, access through these wrappers will be a very important force in the market. Similarly, I consider the Bitcoin halving to be an important event. Oh, I know that in advance. Therefore, Hull can make an argument based on the efficient market hypothesis that he does not and should not affect the BTC price, but on the other side of the halving there is always an There are minors who are causing this. Selling Bitcoin every day as operational funds. In other words, halving means that the annual amount of Bitcoin issued will decrease by 164,000. Bitcoin will definitely have a positive impact on the Bitcoin price. In addition to that, the macro environment is starting to look a little better. We expect interest rates to fall. 2024 will also be a highly polarized period, with many political elections likely to take place, setting the stage for turmoil and creating disagreements between different factions in the country. Bitcoin is very beneficial because it is a neutral asset that is not associated with any trust in the state or central government governors. So, overall, I think there's a lot of positive things going forward for Bitcoin. Um, but, uh, it's very wise to pay close attention to any developments within leverage in the short term. Because now Rally is starting to spread its wings and if this accelerates, uh, you should consider paying attention soon. , so you mentioned some positive factors for Bitcoin, but what is your price prediction? What do you think the price of Bitcoin will be for the rest of 2024? So, I'm going to refrain from using dollar forecasts, but I think Bitcoin will reach its all-time high. I'm pretty confident that we're going to exceed that. In our review of this year and his outlook for 2024, we expected it to reach all-time highs sooner than in past cycles. So based on previous price patterns, typically he would see it in November. I think we'll see it earlier this year, and maybe even earlier than shipping in this cycle. So at least an all-time high is my protective prediction, and it's also going to be a very positive year for Bitcoin overall. Oh, and there are no price predictions. You're not the only one on this show who refuses to give me your number. But I appreciate that you still humored me and told me that you think we'll reach all-time highs a little faster than we have in the past. You need to wrap it there. Vetle, thank you so much for joining us on First Movers. Thank you for calling me. That person was Vettle Lunde, senior analyst at K 33 Research. Now let's take a look at the chart for that day. This chart of the day is powered by crypto.com, a leading crypto platform trusted by over 80 million users worldwide. Liquid staking platform. The Eigen Layer cap increase resulted in $4.3 billion in new inflows. More recently, inflows have increased after Eigen Leer removed the staking cap on February 5th. The Liquid Staking window was closed on February 10, a decision aimed at attracting essential demand, according to a blog post. Since then, the additional $100 million in total locked up can be attributed to rising asset prices. The rise in total Eigen layer locks is mirrored by a broader surge across the DFI sector, with total capital locked in defi protocols exceeding $71 billion. Highest since June 2022. So much for the first movers. Thank you very much for visiting, and I would also like to thank all of our guests today. As a reminder, this show may edit interviews for length and clarity. For more news headlines, visit coindesk.com. Thank you very much for visiting us again. I'm Jensen Ashi. This is the first move. See you next time.
