January 3, 2024

Markets Insights

Economic Calendar

Next FOMC meeting: Jan 31st 2024

  • Probability of a 25bps ease → 11%
  • Probability of a 0bps hike → 89%

The News Room

MicroStrategy's Michael Saylor Sells $216 Million in Stock Options to Buy Bitcoin

MicroStrategy's Executive Chairman Michael Saylor has initiated the sale of $216 million worth of his stock options in the company, as detailed in a recent U.S. Securities and Exchange Commission filing. He plans to sell 310,000 stock options awarded in 2014 and expiring in April, at a rate of 5,000 shares per trading day over the next four months, subject to a minimum price condition. Saylor's decision to exercise these options is aimed at fulfilling personal obligations and acquiring additional Bitcoin for his personal account. Despite these sales, Saylor maintains a significant equity stake in MicroStrategy, which holds approximately 189,000 BTC, valued at around $8.5 billion. MicroStrategy's shares saw an 8.5% increase on Tuesday, contrasting with the general downturn in cryptocurrency-focused stocks. This move comes amid rising anticipation of a potential spot Bitcoin ETF approval by the SEC, which could broaden investor access to Bitcoin.

Klaytn Foundation Unveils Gold-Pegged Coin and DeFi Platform on Klaytn Blockchain

The Klaytn Foundation has introduced the Gold-Pegged Coin ($GPC) and its DeFi platform Goldstation on the Klaytn blockchain, marking a significant development in tokenized gold and DeFi outside of Ethereum. Developed by South Korean digital transformation firm CREDER, $GPC is the first gold token on Klaytn's blockchain and distinguishes itself by not charging percentage-based transaction fees. This feature, combined with Klaytn's low gas fees, makes gold token trading more cost-effective and accessible. The Klaytn Foundation, which oversees the blockchain developed by South Korean internet giant Kakao, plans to continue supporting metal RWA tokenization projects. Klaytn's blockchain is diversifying its applications by venturing into DeFi, real-world asset tokenization, and by participating in the Bank of Korea's CBDC pilot project.

Etherscan Acquires Solscan to Expand Blockchain Data Services

Etherscan, a leading blockchain explorer for the Ethereum blockchain, has acquired Solscan, a prominent blockchain explorer for the Solana ecosystem. This strategic move aims to enhance the accessibility of blockchain data across multiple networks. With this acquisition, Etherscan plans to integrate beneficial features from both platforms, leveraging Solscan's expertise in presenting detailed insights and analytics in a user-friendly manner. Solscan, which was founded in 2021 and attracts over 3 million monthly users, offers comprehensive data services including address, token data, and transaction information. The acquisition is seen as a significant step in blockchain exploration, promising improved support, user interfaces, and seamless user experiences for both Etherscan and Solscan users.

Trading Desk Insights

Bitcoin experienced a substantial decline of more than 10% since the early hours, reaching a session low of 40,800. During this downward movement, liquidations swiftly surged, totaling $400 million within a mere two hours and an astonishing $640 million over the last 24 hours. Open interest took a significant hit, plummeting by $2 billion. This descent is closely correlated with the ascendancy of the US Dollar Index and the surging 10-year yield, both of which are exerting pressure on risk assets across the board.

Transaction volumes on the Arbitrum network have surpassed those of Solana-based applications, resulting in an all-time high for the ARB token as the Total Value Locked (TVL) eclipses the $2.5 billion mark.

Matrixport, a financial services firm, dispelled sanguine anticipations, asserting, "We contend that all applications currently fall short of a critical prerequisite that must be met prior to SEC approval. While this requirement may potentially be satisfied by the second quarter of 2024, we anticipate that the SEC will reject all proposals in January."

In other developments, the final week of 2023 witnessed inflows totaling US$243 million into digital asset Exchange-Traded Products (ETPs), elevating the year's cumulative flows to US$2.2 billion.

Equity futures faced a decline on Wednesday, setting the stage for another turbulent session on Wall Street, particularly after Nasdaq endured its most substantial daily drop in nearly three months.

Traders are eagerly anticipating insights this afternoon concerning the state of the economy and the potential trajectory of Federal Reserve policy, as the minutes from the Federal Reserve are slated for release at 2pm ET today.

Richmond Federal Reserve President Thomas Barkin expressed optimism on Wednesday regarding the economy's prospects for a gentle landing. Nevertheless, Barkin underscored that the possibility of additional rate hikes remains a viable consideration.

Technical Charts


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