📈 Bitcoin Blasts Past $57,000 on Record Inflows
📈 Bitcoin Blasts Past $57,000 on Record Inflows
Find out what else is moving even more, plus catch up on the crypto surge's impact on NFTs.
TylerD's Market Summary
GM!
Today's top news:
BTC blasts past $57k on ETF record day
Blast to launch mainnet on Feb 29, TVL passes $2B
Yuga announces shift back to royalties with ME launch today
Wassies jump 80% on Blast airdrop speculation, lead movers
Memecoins outperform, PEPE and WIF both up 50%
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🚀 Bitcoin Soars on Continued ETF Inflows
It seems the early stages of the crypto bull market are officially here.
Many have been waiting for the "Bitcoin god candle" to come as a sign that we're fully back.
Well, it came yesterday, along with some very bullish headlines.
What Happened?
Yesterday Bitcoin jumped 11% in a single day to $57,000.
And it came on a day where the "New Nine" Bitcoin ETFs set a new record for daily volume.
The ETFs saw $2.4B on Monday, beating their opening day and about 2x the recent daily average. IBIT alone accounted for $1.3B.
The ETF inflows are not slowing down.
And they aren't the only buyers.
Michael Saylor's Microstrategy market bought another 3,000 BTC for $155M on Monday.
At current prices, Saylor's Bitcoin investment is up $4.65B in unrealized profits.
There is no second best.
Market Response
Notable crypto trade (legend) Hsaka made a simple prediction back in early December:
"altbtc turbo reversion after btc god candle"
In layman's terms, he was expecting alts (other L1/L2 crypto tokens, memecoins, etc.) to lag Bitcoin and then fiercely rally after a big move in Bitcoin.
He was spot on.
While Bitcoin moved up 10% yesterday, several alts moved much more.
Memecoins led the action with PEPE (+60%), WIF (+58%), and BONK (+21%) all seeing massive days.
PRIME had a huge day in the gaming sector, jumping 22% to $15.
And TAO jumped 8% to $630 leading AI tokens.
It was a good day. Here's to many more of these to come...
🙈 Yuga Announces Move Back to Royalties
One of the longest-running debates in NFTs is the pro-royalty crowd vs the anti-royalty crowd.
We thought we left the debate back in the depths of 2023's hell.
It turns out, probably not.
What Happened?
Yesterday Yuga dropped the bombshell announcement that they are partnering with Magic Eden on their new Ethereum marketplace.
And they will be sunsetting support for all marketplaces that don't enforce royalties.
Oh boy.
While this seems like a major shift on the surface, it may be overblown.
While Yuga is enforcing royalties on a majority of collections, they aren't touching their primary collectibles.
That means BAYC, MAYC, BAKC, Punks, Meebits, Moonbirds, & Oddities are not impacted.
So this just impacts their gaming assets (Otherdeeds, Kodas and more).
Market Response
There hasn't been too much of a response just yet.
BAYC and MAYC are trading in their recent ranges at 22.5 ETH and 4 ETH respectively.
Kodas and Otherdeeds Expanded did fall 5-6% on the day, now at 2.5 ETH and 0.22.
To combat some of the negative response, new CEO Garga did announce a royalty discount for the first 69 days of trading, dropping to 2.5% for royalty-enforced sets and 1% for legacy.
We will see if it's enough to help in the uphill battle he's facing.
Traders are tired of paying royalties to PFP companies. Volume is likely going to screech to a halt after this move to ME.
Unless they have some major trick up their sleeves.
Perhaps we'll find out more on Thursday with the major "Apes Come Home" metaverse event in The Otherside.
Stay tuned...
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $23.2M on the day; BTC was next with $17M and then Solana with $10.6M
Chiblings and Wassies led notable top movers on ETH, jumping 88% and 80% each
Blast announced that its mainnet launch will take place this Thursday, Feb 29 (the same day as the $PORTAL drop and Apes Come Home); TVL passed $2B
Kanpai Pandas announced a new list of major experiences available to holders, including the Indy 500, Wimbledon, the Stanley Cup and more
Gfunk indicated that Pixel Vault's upcoming BattlePlan! and Reboot have big changes coming amidst gas spikes on Arbitrum Nova
NodeMonkes and Bitcoin Puppets led action on BTC tallying 60+ BTC though most floors fell 5-10% with the Bitcoin run up
Nodes -5% to 0.387 BTC, Puppets -10% to 0.152, RSIC -13% to 0.089, the Quantum Cats -5% to 0.28, and Nat Cats +20% to 0.06
The Golden Ratio led the art sector on Bitcoin, jumping to a 0.15 BTC floor (+100% on the week); Deus Ex Machina jumped 40% to 0.02 BTC floor;
OnChainMonkey opened up its claim for the OCM Genesis Bitcoin upgrade, along with $KARMA airdrop
Solana NFTs were red on the day after SOL spiked; Frogana -10% to 4.18, Tensorians -12% to 62 and Mad Lads -3% to 184; Parcl NFTs were up 3% to 19.7
💰 Token, Airdrop & Points Tracker
Catch up on major token / airdrop news from the day:
OnChainMonkey began the airdrop process of their $KARMA token to holders and others on Monday (check wallets here)
Juice Finance announced it will be giving its Blast points to holders of Pudgy Penguins and Wassies NFTs, along with everyone who bridged to Blast
The $MON presale began yesterday and continues for another 24 hours (details here), with over $12.5M deposited on day 1
$MEME rallied 11% to a $330M market cap on Monday on rumors Stakeland is coming soon
$PORTAL is partnering with Faze Sway to unlock his 10M+ gaming audience
Liquidium shared that any of its users who had eligible $KARMA NFTs in loans will be able to receive the airdrop
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are washed in green this morning; BTC +10.5% at $56,450; ETH +6.5% at $3,250; SOL +10% at $111
WIF & PEPE led a massive memecoin rally, each jumping 50% on the day to $555M and $900M marketcaps; BONK +21% to $866M
PRIME jumped 21% to $391M mc in gaming, TAO jumped 7% to $4B in AI
Republicans in U.S. Congress raised new legislation to ban a CBDC in the U.S.
🚀 NFT Total Volume (ETH)
Milady (1,193 ETH, 3.15 ETH Floor)
MAYC (602 ETH, 4.03 ETH)
DeGods (555 ETH, 2.87 ETH)
BAYC (524 ETH, 22.47 ETH)
Pudgy Penguins (416 ETH, 19.27 ETH)
📈 NFT Floor Price Increase (ETH)
Based Ghouls (126%, 0.2 ETH Floor)
Chiblings (88%, 0.24 ETH)
Wassies (80%, 2.16 ETH)
Primera (37%, 2.6 ETH)
Milady (37%, 3.15 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is a slower day of drops with just a handful on the list, mostly in the art sector.
The Magic Eden market place launch is the highlight, along with any surprise mints that may launch.
Otherwise, today we'll see how the NFT market responds to this latest crypto rally.
See the full list and dive in for more details with Swizzy's daily mint monitor.Â
Magic Eden ETH mp launch (12:00 p.m. ET)
xo - The Abyss (12:00 p.m. ET)
deep fake boxing match (12:00 p.m. ET)
Efdot - Murals (7:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email tyler.warner@luckytrader.com.