Weekly Market Information Issue No.4

1. Mining company update

• Crypto mining enterprise Core Scientific's restructuring plan has been approved by the bankruptcy court, and it is set to be relisted at the end of January.
• Agora Digital Holdings, the entity behind crypto mining company Bitstream Mining, has canceled its IPO plans worth $127 million.
  ● DeusX, as a company managing assets worth $1 billion, has partnered with Fabiano Consulting to explore investment and strategic opportunities in the Bitcoin mining sector; the company manages assets worth $1 billion.
  ● The stock price of Bitcoin mining company Hut 8 Corp. fell by 23% due to an unverified report by short-selling firm J Capital Research.

• Crypto mining enterprise Core Scientific's restructuring plan has been approved by the bankruptcy court, and it is set to be relisted at the end of January

Core Scientific has announced that the U.S. Bankruptcy Court for the Southern District of Texas has approved the company's Chapter 11 restructuring plan, clearing the way for Core Scientific to relist on NASDAQ by the end of January 2024. According to the terms of the plan, shareholders (as of the anticipated record date of January 23, 2024) will receive new common stock and warrants in the company, representing approximately 60% of the new equity. Assuming all applicable warrants are exercised for cash and the cash is used to pay down debt, the company's existing debt will be fully paid off, with a reduction of about $1 billion from the debt balance before the plan (January 18, BlockBeats).

• The owner of the U.S. crypto mining company Bitstream Mining, Agora Digital Holdings, has canceled plans to raise up to $127 million in an initial public offering.

The owner of the U.S. crypto mining company Bitstream Mining, Agora Digital Holdings, has canceled plans to raise up to $127 million in an initial public offering. Last month, Agora partnered with BitNile (AULT) to provide digital asset mining and hosting services. It is reported that Agora first filed for an IPO in November 2021, indicating an interest in raising up to $100 million. The company later increased this figure to $127 million, which included the sale of shares attached to certain warrants. As previously reported, in September last year, the Web3 commercial platform HUMBL terminated its acquisition of Agora Digital Holdings, the entity behind the crypto mining company Bitstream Mining. (January 20, Bloomberg)

• DeusX, as a company managing assets worth $1 billion, has partnered with Fabiano Consulting to explore investment and strategic opportunities in the Bitcoin mining sector; the company manages assets worth $1 billion

Deus X, in collaboration with Fabiano Consulting, will explore investment and strategic opportunities in the Bitcoin mining sector. A statement indicates that they are looking to become an investor and financial management provider for mining companies seeking funding and strategic advice, including expansion and corporate structuring. Deus X is an investment firm backed by family offices, with Tim Grant serving as CEO, and it manages assets worth $1 billion. (Reported by Bloomberg on January 19)

2. Ranking of PoW

This week, currencies were ranked by annual production value; Syscoin was newly added; Both coin prices and hashrate fluctuated within a small range

1. Market Overview

• Bitcoin mining difficulty adjusts downward by 3.90% to 70.34 T
• Crypto chip company Ingonyama completed a $21 million seed funding round, led by IOSG and others
• The Bitcoin Ordinals NFT 'Genesis Cat' fetched a high price of $250,000 at Sotheby's
• IntoTheBlock: Approximately 23% of Bitcoin addresses are currently in a state of loss
• Data: Cumulative fee income from Ordinals inscriptions surpasses 5,800 BTC
• ArthurHayes: The downward trend of Bitcoin may indicate upcoming issues with dollar liquidity
• BTC short-term selling pressure is mainly influenced by Grayscale, with the recent PCE situation determining the probability of a rate cut in March
• Data: Bitcoin ETF issuers have collectively purchased over 86,000 bitcoins, with a total investment amount of $3.63 billion

• Bitcoin mining difficulty adjusts downward by 3.90% to 70.34 T

According to data from BTC.com, the Bitcoin mining difficulty has been adjusted at block height 826,560, decreasing by 3.90% to 70.34 T. The current average network hash rate is 469.61 EH/s. (January 21st, BTC.com)

• IntoTheBlock: Approximately 23% of Bitcoin addresses are currently in a state of loss

According to data from IntoTheBlock, the price of Bitcoin has fallen to $39,000, with currently about 23% of Bitcoin addresses being at a loss, compared to only 13% a week ago. (January 23rd, IntoTheBlock)

• The total assets under management (AUM) for Bitcoin ETFs have reached $28.518 billion

Data showed that the total assets under management (AUM) for Bitcoin ETFs have reached $28.518 billion. The top three Bitcoin ETFs by AUM are: GBTC with an AUM of $22.175 billion; BITO with an AUM of $2.279 billion; and IBIT with an AUM of $1.401 billion. (January 23rd, Bloomberg)

• The Bitcoin Ordinals NFT 'Genesis Cat' fetched a high price of $250,000 at Sotheby's

Announced by Sotheby's, the special edition "Genesis Cat" from the Bitcoin Ordinals NFT project Quantum Cats was sold for over $250,000. The "Genesis Cat," created by digital artist FAR, received over 50 bids and was ultimately sold for 6.31 BTC, approximately $254,000. Earlier this month, Taproot Wizards announced the Quantum Cats series based on Bitcoin Ordinals inscriptions, a project containing 3,333 images with a creation cost on Bitcoin exceeding $66,000. A broader auction for the series is scheduled for January 29th. The Quantum Cats series is reportedly a tribute to an early piece of Bitcoin network code known as concatenate or OP_CAT. (January 23rd, BlockBeats)

• ArthurHayes: The downward trend of Bitcoin may indicate upcoming issues with dollar liquidity.

Arthur Hayes, co-founder of BitMEX, shared his thoughts on social media about the divergence between Bitcoin (BTC) and the S&P 500 index (SPX). He noted that since the launch of the spot Bitcoin ETF in the United States, their trends no longer rise in sync. Hayes suggested that the downtrend in Bitcoin might indicate potential future issues with USD liquidity. He also emphasized that the next important date to watch is the U.S. Treasury's refinancing announcement on January 31st. (January 21st, Twitter)

• Crypto chip company Ingonyama completed a $21 million seed funding round, led by IOSG and others

The crypto chip company Ingonyama has completed a $21 million seed funding round, led by IOSG Ventures, Walden Catalyst Ventures, and Geometry, with participation from IOBC and others. Ingonyama launched ICICLE in March 2023, a product designed to accelerate on GPUs. ICICLE allows developers with no GPU experience to exponentially accelerate their ZK applications. (January 23rd, Twitter)

• BTC short-term selling pressure is mainly influenced by Grayscale, with the recent PCE situation determining the probability of a rate cut in March

1. The short-term selling is mainly due to issues with Grayscale. Currently, Grayscale does not want to reduce its management fees, which could lead to a decrease in assets under management.

2. Pay attention to the recent Personal Consumption Expenditures (PCE) data, as it will determine the probability of a rate cut in March. (January 22nd, CoinDesk)