Bitcoin ETFs Debut Strongly with $4.5 Billion Trading Volume

Daily Top Performer — Mantle Network (MNT)

The SPX index was down 0.07%, market movements followed a CPI report indicating higher-than-expected headline inflation at 3.4% and a slightly reduced core rate at 3.9%. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 0.52% and 3.01%, respectively in the past 24 hours. 

Today’s outperformer is MNT, which jumped 1.4% after EigenLayer announced a limited-time $mETH restaking window and introduction of new LSTs. 

Mantle Network (MNT), launched on July 2023, is a Layer-2 solution for Ethereum, offering lower fees and higher throughput with 500 transactions per second. Mantle Network’s TVL has gained an additional $30 million recently with multiple dApps launching, placing it in the top 5 EVM rollups in terms of TVL. Additionally, Mantle Staked ETH, $mETH, is a liquid staked token (LST) that has gained over $500 million in TVL and currently provides double the staking rewards of ETH at 7.2% APY for a promotional period. The yield is from Mantle Network’s own ETH staking rewards. EigenLayer will also open a limited-time window for $mETH restaking from January 29 to February 2 with a cap of 200k ETH.  

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Talk of the Town:

The newly launched spot Bitcoin ETFs saw a remarkable first-day trading volume of $4.5 billion, surpassing expectations. BlackRock's iShares Bitcoin Trust contributed significantly but closed down 4.6%. Grayscale's Bitcoin Trust set a record with 56 million shares traded. Hashdex's Bitcoin ETF, currently a futures product, is approved to transition to a spot BTC fund, which will bring the total number of U.S. Bitcoin ETFs to 11 once completed. The information provided is for informational purposes only, not financial advice.

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