Weekly Newsletter

"Bitcoin’s Best Performing Month Since 2021" - Weekly Newsletter, 3/2/2023

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Weekly Summary

  • Crypto Investment Products See US$117m Weekly Inflow, Highest since July 2022
  • Fed Raises Rates a Quarter Point; Bitcoin Holds Steady
  • Ethereum Staking Withdrawal Testnet Zhejiang Goes Live
  • FTX’s Alameda Research Sues Voyager Digital for $446 Million in 2022 Loan Payments
  • Dogecoin Soars as Elon Musk Reportedly Works on Twitter Payments Plan

Industry Stories

January Weekly Crypto Product Investment Reaches Highest Since July, Says CoinShares Report: Bitcoin, as the original cryptocurrency, rallied 38% in January. This lifted last week’s investment of digital asset products to US$117 million — the highest since July 2022’s approx. US$400 million weekly inflow. CoinShares’ Digital Asset Fund Flows Report noted that nearly all of the investment surge went into Bitcoin-linked products. As we published in last week’s Matrix on Target research series, it could be considered a comeback sign of U.S. institutional players.

Bitcoin Holds Steady as Fed Hikes Interest Rates Again: Crypto dropped earlier this week in a broad market pullback while investors were preparing for the outcome of the latest Fed meeting. As a quarter-point hike came in on Wednesday, marking a slowdown in the pace of tightening financial conditions after a series of bigger hikes last year, Bitcoin bounced back above $23.5k with other high-risk assets.

According to Glassnode, Bitcoin markets have seen the strongest monthly price performance since Oct 2021, fuelled by both historic spot demand, and a sequence of short squeezes.

Ethereum Launched Staking Withdrawal Testnet “Zhejiang”: Ethereum developers opened a new test network on Feb 1 called "Zhejiang," where users can simulate staked ether withdrawals to be included in the blockchain’s upcoming “Shanghai” upgrade. Regular users can now deposit ETH to the testnet’s validators, and wait for another 6 days to withdraw them (starting from Feb 7), a core engineer tweeted.

FTX Sues Voyager Digital for $446 million in 2022 Loan Payments: According to a court filing, embattled crypto hedge fund Alameda Research (FTX’s sister company), began formal proceedings to sue crypto lender Voyager Digital in an attempt to claw back $445.8 million in outstanding loan repayments that FTX made before it collapsed in November. Lawyers claim that Voyager Digital was complicit in its own collapse by “knowingly or recklessly” channeling customer funds to Alameda. Voyager’s creditors pushed back on the claim, suggesting reduced priority for Alameda’s repayment.

Elon Musk Pushes Forward with Twitter Payments Vision; Dogecoin Soars: Twitter is designing a system to allow payments via the social media platform, the Financial Times reported on Monday. Source says the billionaire owner Elon Musk wants the system to be for fiat currencies at first, and is also looking at the ability to add cryptocurrencies later.

Dogecoin climbed 5.5% over the past week, fueled by speculation that the favorite meme coin of Elon Musk could be part of Twitter’s revenue stream.

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Matrixport News:

As Matrixport pointed out in our “2023 Outlook Report” published last December, the macro headwinds are turning into very favorable macro tailwinds. Bitcoin has soared +40% in January already, and investors often ask us how we would allocate $100 million into crypto right now.

To answer the questions, unlock the Matrix on Target insights here.

Matrixport has been shortlisted for Hedgeweek’s US Digital Assets Awards 2023 for “Most Innovative Solution Provider”, “Best New Solution Provider”, and “Best Custodian”.


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