Backpack exchange, founded by former FTX executives, recently launched a new points system for account trading volume. According to this system, the more transactions users make, the more points they can earn, which may be exchanged for richer rewards in the future. After the launch of this system, there was a rush to increase transaction volume on social networks. In response, the Chinese version of Backpack’s official Twitter issued a warning today, stating that it will strictly investigate and deal with volume brushing behavior. However, the warning instead sparked a public relations crisis because it seemed to be a deliberate "warning" to the Chinese community.

Goldman Sachs said that historically, the central bank interest rate cut cycle has played a supporting role in risk assets, but its role may be weakened this year because the market has already traded most of the interest rate cuts in advance. Goldman Sachs expects economic growth to become a more important driver of risk appetite and the stock/bond correlation should be more negative this year.

Bitcoin is headed for its longest rally in a year, driven by the approval of a U.S. spot Bitcoin ETF. Compiled data shows that Bitcoin rose about 1% to $ 48,436 on Monday, on track to rise for a seventh consecutive day, and if the rally continues, it would be the longest consecutive rise since January 2023.

On January 11, nine new Bitcoin spot ETFs began trading in the United States and have attracted more than $ 9 billion in investor inflows to date. Bloomberg Intelligence analysts Eric Balchunas and James Seyffart wrote in a report that the two ETFs of BlackRock and Fidelity Investments were the most successful funds based on assets acquired one month after listing.

Since Meta released its financial report last week, its stock price has risen sharply by 20.32%, and even hit a record high during the period. Meta is planning to soon allow Bitcoin ETF-related advertising on its flagship products Facebook and Instagram, the Wall Street Journal reported on February 3. At the same time, Nate Geraci, president of the ETF Store, said today that among the top five ETF issuers in the United States, there are still three that have not participated in the competition for Bitcoin spot ETFs.

Standard Chartered predicts that the U.S. Securities and Exchange Commission (SEC) may approve an Ethereum ETF in May.

May 23 is the last date the SEC must review VanEck and Ark 21Shares ETF applications, the bank said in a research note on Tuesday.

Standard Chartered expects the SEC to make a decision on these applications by the final date, just as it did when it approved the 10 Bitcoin ETFs on January 10. Geoff Kendrick, head of foreign exchange research and digital asset research at Standard Chartered Bank, said that Ethereum has key similarities with Bitcoin’s legal and financial status, which indicates that it will follow a similar approval model.

Last June, the SEC removed Bitcoin and Ethereum from its list of 67 tokens it considers securities. In addition, Ethereum, like Bitcoin, also has futures traded on the Chicago Mercantile Exchange. With a market capitalization of approximately $ 285 billion, Ethereum is the second-largest cryptocurrency after Bitcoin.

Kendrick expects the price of ether to rise to $ 4,000 before the expected May 23 approval date, assuming that ether follows a similar trading pattern to Bitcoin during the ETF approval process. At press time, Ethereum was trading around $ 2,350.

With the U.S. Securities and Exchange Commission (SEC) recently approving a spot Bitcoin ETF, attention in the cryptocurrency space has turned to a spot Ethereum ETF. However, JPMorgan analysts led by Nikolaos Panigirtzoglou are not optimistic about the SEC’s approval of a spot Ethereum ETF. Analysts attributed their caution to regulatory and judicial considerations, estimating the likelihood of approval at no higher than 50%.

Investor interest in the highly anticipated spot Bitcoin ETF appears to be cooling, with Wednesday seeing the smallest inflows since the ETF began trading on January 11. A report from J.P. Morgan showed that nine spot Bitcoin ETFs received approximately $ 270 million in inflows on Wednesday, if outflows from Grayscale Investment’s spot Bitcoin ETF (which was transformed from Grayscale Bitcoin Trust) are taken into account , the overall net outflow of funds from these 10 ETFs on Wednesday was approximately US$ 153 million, marking the third consecutive day of net outflows.