Optimism (OP), Velodrome Finance (VELO) - Spill the Ink - 22 Jan 2025

The Prop #98 Vote for IRISnet is an important governance event. It proposes to update a core component of its network. If approved, this could enhance the system's efficiency and reliability. Such updates can increase investor confidence, potentially leading to a price rise for IRIS. However, if the proposal does not pass, it might cause uncertainty among holders. This event requires close attention from IRIS investors. For more details, check the official proposal here.

The MIP #64 Vote will determine if Magpie will alter Cakepie's reward structure. If the vote is in favor, changes may attract more investors due to a potentially more attractive reward system. This can lead to an increase in demand and price for the Magpie token. However, disagreement or hesitation might cast doubt, affecting its market perception. Traders should examine the implications of the changes thoroughly. For more information, visit the announcement here.

Ethereum's Vitalik Buterin recently took to the X social media network to reveal that the Ethereum Foundation, a non-profit organization focused on supporting various research and development initiatives within the Ethereum ecosystem, is currently undergoing a significant leadership overhaul.

The organization is currently focused on bringing in fresh talent and enhancing technical expertise within the foundation's leadership.

Buterin has also stated that the EF is working on improving communications between the leadership and various ecosystem actors.

The foundation will also keep working on increasing decentralization and privacy tech while also supporting app builders in a more active way.

At the same time, Buterin has ruled out an ideological pivot at the foundation. He has also spoken out against aggressively lobbying regulators and political figures, seemingly taking a jab at some prominent cryptocurrency companies.

hits fresh multi-year low

In the meantime, Ethereum recently reached yet another multi-year low against Bitcoin.

Earlier today, the pair reached an intraday low of 0.03 on the Binance exchange.

Overall, the flagship altcoin has lost nearly 50% of its value against Bitcoin since last January.

Bitcoin has been dominating headlines due to broader institutional and corporate adoption while Ether has been largely left behind.

Buterin has stated that he is in favor of reaching out to funds and institutions regarding potentially getting exposure to ETH, but he believes that the EF is not necessarily "the right player" to do this.

The Bitcoin Spot ETFs, one of the most exciting financial markets at the moment, closed out another week with net inflows resulting in three consecutive weeks of gains. In tandem, the Ethereum Spot ETFs also produced an overall positive performance to record their first weekly net inflows in 2025. Related Reading: Bitcoin At Risk Of Supply Shock As ETF Issues Buy More BTC Than Was Produced In December

Bitcoin Spot ETFs Register $2.42 Billion Net Flows In 2025

Following a turbulent end to December 2024, the US Bitcoin Spot ETFs have launched 2025 on a strong bullish note with significant market inflows reminiscent of their impressive performance in the majority of Q4 2024. According to data from ETF analytics site Farside Investors, these Bitcoin ETFs recorded an aggregate inflow of $1.862 billion in the third trading week of 2025 resulting in a total net flow of $2.42 billion in the new year.

Interestingly, this week started on a negative note as these ETFs suffered withdrawals valued at $493.9 million between 13 January – 14 January amidst a Bitcoin flash crash to below $90,000. However, a surge in Bitcoin prices in the remaining three trading days corresponded with a rise in investors’ confidence translating to a cumulative inflow of $2.35 billion during this period.

In familiar fashion, BlackRock’s IBIT registered the largest net inflows of the week valued at $745.7 million, with Fidelity’s FBTC taking second with investments worth $680.2 million. Bitwise’s BITB and Ark’s ARKB also registered significant inflows, totaling $216 million and $204.7 million, respectively.

Other ETFs such as Invesco’s BTCO, Grayscale’s BTC, WisdomTree’s BTCW, VanEck’s HODL, and Franklin Templeton’s EZBC recorded modest net inflows of not more than $40.1 million. Unsurprisingly, Grayscale’s GBTC produced the only net outflow of the week valued at $87.7 million. Meanwhile, Valkyrie’s BRRR was also another outlier registering zero net flows.

At the time of writing, BlackRock’s IBIT maintains its market dominance with $38.41 billion in cumulative net inflow. IBIT also boasts $59.28 billion in net assets accounting for almost half of the total net assets ($120.95 billion) in the Bitcoin Spot ETF market.

Ethereum ETFs Return To Positive $212 Million Inflows

In addition to the strong performance of Bitcoin Spot ETFs, Ethereum ETFs recorded a net inflow of $212 million, signaling a return to positive gains after a rocky start to 2025. The BlackRock ETHA emerged as the focal center of these gains, registering $151.3 million in net flows over the week.

At the time of writing, the Ethereum Spot ETFs now hold a total net asset of $12.66 billion representing 2.99% of Ethereum’s market cap. On the spot market, Ethereum continues to trade at $3,297, with Bitcoin now valued at $104,837.

President-elect Donald Trump's memecoin Official Trump has continued its incredible price rally, hitting a $13.5 billion market cap high and breaking into the top 20 coins on CoinGecko.

At this all-time high, the memecoin was worth $67 per token, with a $67.5 billion fully diluted valuation. Since then, it has dropped back slightly with a current value of $66 per token.

Big exchange listings have helped the recent price action. Binance has listed the memecoin already, while Coinbase added it to its roadmap. Decentralized exchange Hyperliquid has also added the token.

However, while the token has rallied exceptionally well, it does have a very high fully diluted valuation compared to its market cap, with insiders set to start unlocking the 80% of supply reserved for them in just three month's time. At that point, 40 million tokens ($2.7 billion) will be unlocked and available for them to sell — with more unlocking daily. With the token already at the top of the charts, it will need to be able to handle this potential selling pressure for it to stay flat at the minimum.

The Trump team has already been using the proceeds from selling the memecoin to buy Solana tokens. Onchain data shows the team spent $5 million of the stablecoin USDC, which was paired against TRUMP, to buy wrapped Solana tokens on decentralized exchanges Jupiter, Orca and SolFi.

The token has so far been positive for bringing new people into the crypto space. Moonshot noted that 400,000 people have set up accounts to buy the TRUMP memecoin since it launched just over a day ago. But if it crashes, things could turn sour quickly.

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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin’s price actions during the weekend have been quite positive, given the overall market condition, and the asset remains close to $105,000.

The altcoins have been hit hard, especially the meme coins, since the emergence of TRUMP, which is now the second-biggest in its field after surpassing PEPE and SHIB today.TRUMP Above SHIB

It’s safe to say that the past 36 hours or so belong to Donald Trump’s official meme coin, which sawthe light of dayon Friday evening. The token took the crypto world and turned it upside down. Within less than a weekend, it has garnered the attention of the entire community. Its price has shot up to over $60 now, and its market cap is at roughly $13 billion on CMC and CG.

Moreover, TRUMP has now become the second-largest meme coin by that metric aftersurpassingPEPE in the morning and SHIB minutes ago.