Weekly Market Information Issue No.5

1.Mining company update

• Bitcoin mining company GRIID is listed for trading on the NASDAQ Global Market
• Bitcoin mining company Iris Energy has increased its hash rate to 6 EH/s
• Crypto mining company Core Scientific has completed its restructuring process and is relisted on NASDAQ, planning to resume trading opportunities: Core is deploying tens of thousands of mining rigs, aiming to increase its capacity by more than 50% in the next four years.

• Bitcoin mining company GRIID is listed for trading on the NASDAQ Global Market

Bitcoin mining company GRIID Infrastructure has announced that it will begin trading its common shares and warrants on the NASDAQ Global Market today. The company's common stock will trade under the ticker symbol "GRDI" and the warrants under the ticker symbol "GRDIW". The company's common stock will continue to trade on the Canadian Chicago Options Exchange (formerly NEO Exchange) under the ticker symbol "GRDI". (January 29th, BlockBeats)

• Bitcoin mining company Iris Energy has increased its hash rate to 6 EH/s

Bitcoin mining company Iris Energy has increased its hash rate to 6 EH/s and expects to add another 4 EH/s by the first half of 2024. (January 26th, Bloomberg)

• Crypto mining company Core Scientific has completed its restructuring process and is relisted on NASDAQ, planning to resume trading

Crypto mining company Core Scientific has completed its restructuring process and relisted on NASDAQ, with trading planned to resume on Wednesday morning. The company said in a statement that the restructuring plan announced on Tuesday, which "converted the debt of equipment lenders and convertible note holders into equity," cut $400 million in debt from Core's balance sheet. New credit facilities and expected operating cash flows will enable the company to "rise again and continue executing its multi-year growth plan." Core Scientific CEO Adam Sullivan stated, "We have gone through a very successful Chapter 11 bankruptcy process, fully achieving our set goals of reducing debt and giving us time to repay any remaining debt on the balance sheet over the next five years." Core is deploying tens of thousands of mining rigs, aiming to increase its capacity by more than 50% over the next four years. (January 25th, CNBC)

2.Ranking of PoW

This week, currencies were ranked by annual production value; Syscoin was newly added; Both coin prices and hashrate fluctuated within a small range.

3.Market overview

• The market is discussing whether the Fed will cut interest rates in March, and bets are placed on the European Central Bank cutting rates by 23 basis points in April and 50 basis points by June
• Nervos ecosystem fund launches the "BTCKB" project, aiming to make CKB the first "POW+UTXO" Bitcoin L2
• On the 12th day of trading, Bitcoin spot ETFs have a total trading volume exceeding $1.5 billion, with GBTC in the lead
• Data: Crypto whales have accumulated $3 billion worth of Bitcoin this month
• Harvest Fund has participated in the Hong Kong stablecoin trial, and its spot Bitcoin ETF is expected to be listed after the Chinese New Year
• The total assets under management (AUM) for Bitcoin ETFs reached $27.106 billion

Bitcoin on-chain NFTs have sold more than $58 million in the past 7 days, ranking second

1）Nervos ecosystem fund launches the "BTCKB" project, aiming to make CKB the first "POW+UTXO" Bitcoin L2

The Nervos ecosystem fund has announced the launch of the "BTCKB" project to bridge BTC and CKB, helping CKB become the first fully isomorphic (based on "PoW+UTXO") Bitcoin Layer 2, empowering BTC Layer 1 with more robust smart contract capabilities. As part of the plan, the Nervos ecosystem fund has announced the incubation of blockchain software company CELL Studio, founded by Nervos co-founder Cipher Wang. Like ConsenSys to Ethereum, CELL's mission is to promote the development and prosperity of the Nervos ecosystem. (January 30th, Twitter)

2）On the 12th day of trading, Bitcoin spot ETFs have a total trading volume exceeding $1.5 billion, with GBTC in the lead

3）SkyBridge capital founder: Bitcoin Price Could Reach $170,000 After April Halving

SkyBridge Capital founder Anthony Scaramucci has made a bullish prediction for Bitcoin's potential trajectory. Based on historical data, he believes that Bitcoin could see a "conservative" increase of over 300% in the coming months, potentially reaching a peak of $170,000 after the April halving.

Anthony Scaramucci also predicted that in the long term, the price of Bitcoin could reach $400,000, potentially increasing its market value by 10 times and approaching half the market value of gold.

According to his experience and analysis, the peak price of Bitcoin will occur about 18 months after the halving event. He predicts that the "cycle top" for Bitcoin could be roughly four times the price at the time of halving. (January 30th, Bloomberg)

4）Data: Crypto whales have accumulated $3 billion worth of Bitcoin this month

According to data tracked by IntoTheBlock, crypto whales or large investors have accumulated $3 billion worth of Bitcoin (BTC) this month. The number of Bitcoins held in wallets with over 1,000 BTC increased by about 76,000 BTC, reaching nearly 7.8 million BTC. (January 30th, IntoTheBlock)

5）Harvest Fund participates in Hong Kong stablecoin trial, spot Bitcoin ETF to list after Chinese New Year

Interest from companies including the international division of asset management firm Harvest Fund in Hong Kong's move to expedite the rollout of stablecoin regulations this quarter has risen. Harvest Global Investments Ltd., fintech expert RD Technologies, and crypto trading platform Venture Smart Financial Holdings Ltd. are discussing the planned stablecoin trials with the Hong Kong Monetary Authority, which are referred to as regulatory sandboxes.

The Hong Kong Monetary Authority and the Financial Services and the Treasury Bureau began consultations on stablecoin regulations last month, expressing that the sandbox would help convey regulatory expectations. Insiders say that there is no guarantee that the forthcoming framework will be finalized before the end of March, nor can it be assured that all those seeking to participate in the trials will be approved. (January 30th, Bloomberg)

6）Bitcoin on-chain NFTs have sold more than $58 million in the past 7 days, ranking second

Bitcoin on-chain NFTs have sold $58,412,226 worth in the past 7 days, ranking second. Ethereum leads among public chains, with on-chain NFT sales of $73,464,766 in the past 7 days. Solana ranks third, with on-chain NFT sales of $53,736,052 over the same period. (January 29th, Twitter)

7）The total assets under management (AUM) for Bitcoin ETFs reached $27.106 billion

According to Coinglass data, the total AUM for Bitcoin ETFs has reached $27.106 billion. The top three Bitcoin ETFs by AUM are: GBTC with an AUM of $21.102 billion; IBIT with an AUM of $1.99 billion; FBTC with an AUM of $1.747 billion. (January 30th, Coinglass)