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News & Insights/Market
Weekly Market Update - 12 February 2024

By Amber Group 02/11/2024, 2 min read time

Crypto Market





Weekly High

$ 48,825

$ 2,539

Weekly Low

$ 42,375 $ 2,288

BTC and ETH Market Insight


Bitcoin's dominance has increased, and altcoins have decreased from their recent high. GBTC's daily trading volumes among ETFs have reduced, currently representing about 30% of the market. Ethereum surpassed $2,400 as its staking reached the highest point since last summer, with around 30 million ETH staked. The price of PANDORA kept climbing as ERC404 continued to gain attention. By using the ERC404 standard, Pandora has introduced a unique mechanism where the purchase of a PANDORA token on Uniswap also grants the buyer a corresponding NFT. 

Options Market


BTC posted a decent gain for the week while ETH underperformed a bit. Implied volatility rose with rising RV. The volatility spread between ETH and BTC narrowed to a small premium for ETH on the short tenors and flattish on the longer tenors. Skew witnessed a quick shift to call for about 10 vol premium on the call from the neutrality of last week. The positive vol carry on the weekly expiry makes gamma selling attractive again, although the volatility is still on a relatively low end.

Altcoins and Blockchain News


  • Ethereum Dencun upgrade will be launched on the mainnet on March 13th.
  • According to SoSoValue data, the total net inflow of Bitcoin spot ETFs on February 9, E.T., was US$541 million, setting a record high in net inflows excluding the first trading day.
  • The TVL of the Ethereum liquidity re-staking protocols exceeds US$2.9 billion, of which TVL exceeds US$1 billion.
  • Ordinals’ cumulative fee income exceeds 6,100 BTC, worth over US$270 million.
  • Polkadot ecosystem DeFi protocol Acala announced that Acala Network participants can receive the Polkadot ecosystem Meme token PINK airdrop.
  • Binance’s new launchpad project Pixels announced $4.8 million funding, Framework Ventures, and others invested.
  • According to Blur data, the floor price of the NFT project Lil Pudgys, Pudgy Penguins sub-series, rose to 2.18 ETH.
  • Starknet blockchain explorer Voyager releases the STRK airdrop data dashboard page.    




The major indexes continued the rally, with the S&P breaking 5,000  level for the first time: the DJIA remained flat, the S&P 500 +1.4%, and the NASDAQ +2.3%. The psychological threshold showed a resilient market following the interest rate adjustment. 





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