Market analysis:

1. The GBTC liquidated by FTX is suspected to have been cleared, but it does not mean that the BTC in its holdings have been cleared. According to the data released on November 3, 2023, FTX still holds 22,000 BTC. There is currently no clear data on whether this part of the assets has been cleared. We will have to wait until the next time the court releases the data to know.

2. In the November appeals court ruling, FTX was required to liquidate all cryptocurrencies it holds, and compensation is expected to begin in the second quarter of 2024. This means that the liquidation should be completed and the compensation process should begin by June 2024 at the latest.

3. A large part of the GBTC sell-off is believed to be the liquidation of FTX, but it does not mean that there will be no new sell-off after the liquidation of GBTC by FTX is completed. We still have to wait until Grayscale goes to work tonight to check the share transferred to Coinbase. If it is reduced compared to before, then the selling pressure faced by BTC will be greatly alleviated. If not, it will have to continue.

4. BlackRock and Fidelity still have strong buying, and the large funds brought in by spot ETFs should not have reached their peak yet. After the US election at the end of the year, the new FASB regulations will take effect, and there may be unexpected gains.

Potential coin analysis:

Mantle (MNT) 

Mantle (MNT) recently hit a new all-time high, showing a strong uptrend since October 2023. It broke through the $0.53 peak in December last year and continued to climb, currently reaching $0.8. The current surge in Mantle (MNT) is supported by the growing daily trading volume, which now exceeds 800,000. The relative strength index (RSI) indicates bullish sentiment, remaining above 50 and breaking above a bearish divergence trendline.

Analysis is optimistic about the future of Mantle (MNT), citing its growing trading volume and potential in the field of layer 2 solutions. Technical analysis on the 6-hour timeframe suggests a continued rise in price that could reach $1.14, a 44% increase from the current price. However, a break below the second wave low at $0.58 could invalidate this bullish prediction, resulting in a possible 40% drop in price to the next support level at $0.45.

Arbitrage (ARB)

Arbitrum (ARB) is the leading scaling solution for Ethereum (ETH), holding nearly half of the Ethereum (ETH) rollup market. With $11.47 billion in locked value, Arbitrum (ARB) has strong fundamentals, highlighted by impressive growth in daily transactions and monthly revenue. Of course, there are concerns about new tokens flooding the market soon, but let’s not overlook the highlights of Arbitrum (ARB), such as its fresh staking feature, attractive short-term rewards, and the shiny new EIP-4844 upgrade they’ve rolled out.

Arbitrum (ARB) has strong market share and fundamentals. Arbitrum (ARB)’s growth could be really boosted by its new staking options, incentives, and upcoming technology upgrades. However, we must keep a close eye on plans to release more tokens to the market as it could bring disruptions due to unexpected price volatility. Arbitrum’s (ARB) success will depend on how it addresses these challenges and continues to innovate in the area of ​​scaling solutions.

Chiliz (CHZ)

The price of Chiliz (CHZ) has experienced an impressive surge recently, rising by more than 35% in the past week. The impressive upward trend has caught the attention of market analysts and cryptocurrency enthusiasts. According to Coinglass data, Chiliz (CHZ) trading volume surged by a massive 490.31% to $371.42 million.

Meanwhile, Chiliz (CHZ) saw its open interest increase by 86.13%, reaching $49.53 million at one point. The distribution of open interest data shows widespread interest in Chiliz (CHZ) across multiple exchanges, highlighting the widespread adoption of this altcoin. Chiliz (CHZ), known for pioneering the intersection of blockchain technology, sports and entertainment industries, operates the Socios platform, and has seen growing popularity and interest.

Chiliz (CHZ) price action is currently being closely watched, with most speculating that the cryptocurrency's movements could be indicative of a broader trend of blockchain and sports convergence. As Chiliz (CHZ) continues to make waves with its innovative strategy, future price action will be closely tied to developments within the Socios platform. On January 17, 2024, Chiliz (CHZ) was trading at $0.1047, up 39.70% over the past week. Analysts expect CHZ to rise to $0.1215 by the end of January, supported by the development of its network.