0xScope Newsletter #72: LMK is Coming
Also: We discuss recent Bitcoin ETF action, Binance's recent listing of 4 new spot tokens and 8 futures contracts, and more.
Coming Soon: lmk.fun
We’ll give out more details about lmk.fun soon, but for now, here's what our CEO Phillip Torres shared about this exciting new solution:
📈 In the bull market, the next hot trend can emerge & end quickly. Time is money, so we made a new product that can:
- Get market info quickly (list below)
- Use that info to set up crypto buys w/ take-profit + stop-loss
Learn more about what LMK is all about in the breakdown below.
On-chain Data
Despite the volatile BTC market, ETF inflows continue to pile up
Bitcoin hit its record high at around $103,000 last week, followed by a week-long correction that saw it sink to as low as $94,000 before returning to the $100,000 level to close out this week. IBIT typically dominates inflows, as shown by its $3.32B cumulative intake so far this month, but over the past three days, FBTC has also emerged as a strong No. 2. Between December 9-11, IBIT pulled in $689.7M while FBTC is quite close behind at $507.9M.
Binance’s active listing week: 4 on Spot, 8 on Futures
This week, Binance expanded its roster of listed tokens on spot trading with the additions of Across Protocol ($ACX), Orca ($ORCA), Movement ($MOVE), and Magic Eden ($ME), each representing a different Web3 narrative.
$ACX and $ORCA have been trading in other exchanges before Binance’s inclusion. Across Protocol, which goes way back to 2022, is having a record-breaking December, mostly due to the Binance listing that propelled $ACX from around $0.50 to start the month to as high as $1.40. There’s also some anticipation about $ACX's moves in South Korea, as indicated by frequent mentions of the country and its flag. Orca, which debuted in 2021 and reached as high as $18 back then before sinking below its $3 debut price for most of its existence, suddenly got a positive jolt after market maker Wintermute, holding $4.2M worth of $ORCA, played a key role in the token's market dynamics, with reports indicating they withdrew $ORCA from Coinbase 12 hours before the listing announcement.
Meanwhile, $MOVE and $ME are both newly launched tokens that have benefitted from timing their debuts with a very bullish crypto market. Movement, an Ethereum Layer-2 project, debuted its token with an $830M airdrop, followed by an active trading market that saw its 24-hour volume spike to as much as $6B. Magic Eden, a multi-blockchain NFT marketplace, also launched its $ME token in a major airdrop, after which the token quickly reached a multi-billion-dollar valuation and is currently consolidating at a market cap of $600M.
Binance Futures also added those four newly-listed tokens, as well as new perpetual contracts for Solana-based automated market maker Raydium ($RAYSOL), AI metaverse network $VIRTUAL, and memecoins Koma Inu ($KOMA) and SPX6900 ($SPX). Six out of the eight contracts have seen double-digit gains since their debuts.
Company Announcements
Subscribe to Scopechat Pro
Scopechat Pro is our new membership system for a next-level AI-powered crypto trading experience. With Scopechat Pro, you can enjoy the following benefits for as little as $14/month for the annual plan!
Subscribe to Scopechat Pro today! Pay using your credit card, Scopepoints, or crypto (we support Ethereum, Arbitrum, Base, and Optimism networks).
Be the Next 0xScope Ambassador!
0xScope is looking for talent! Passionate about growing your community and showcasing your investigation skills? Become a 0xScope Ambassador, lead the charge, and get a chance to be featured here! If you think you are a good fit or know somebody who is, please reach out at hr@0xscope.com.
Quick Bites
US spot Bitcoin ETFs surpass 500,000 BTC in cumulative net inflows - LINK
LINK, AAVE rocket 30% as Trump’s World Liberty Financial buys $2M tokens - LINK
XRP, Solana, and other altcoins seen booming in a ‘Santa Rally’ - LINK
A single Pudgy Penguins NFT now costs more than a Bitcoin - LINK
Microsoft shareholders vote ‘no’ to Bitcoin reserve - LINK
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