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Gate.io Blog Daily News | Meme and AI Sectors Remain Strong; Tether Will Issue an Additional 1 Billion USDTs; Runestone Excavates the Largest Block in BTC History

Daily News | Meme and AI Sectors Remain Strong; Tether Will Issue an Additional 1 Billion USDTs; Runestone Excavates the Largest Block in BTC History

04 March 11:58

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## Crypto Daily Digest: Tether will issue an additional 1 billion USDTs; Runestone excavates the largest block in Bitcoin history; a large number of tokens, such as ARB and OP, will be unlocked in March

Let's look at the trading activities of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. On March 1, Grayscale's GBTC funds continued to <a href="/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> out significantly, reaching $492 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow was $49.3 million, Bitwise Bitcoin spot ETF (BITB) inflow was $42.3 million, and ARK 21Shares Bitcoin spot ETF (ARKB) inflow was $55.1 million.

According to Whale Alert monitoring, <a href="/price/tether-usdt" target="_blank" class="blog_inner_link">Tether</a> has issued an additional 1 billion USDTs on the <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> network. Tether CEO Paolo Ardoino stated that this 1 billion USDT supplements the Ethereum network inventory. This is an authorized but unissued transaction, which means that this issuance will be used for the next issuance request and cross-chain exchange of inventory.

Ordinals developer Leonidas posted on the X platform, stating the latest update on Runestone: "Earlier today, Runestone dug up the largest block in Bitcoin history. Together, we created the largest Ordinals in_script_ion in history, with a size of 3.97 MB. Without several members of the Chinese Ordinals community donating to pay for it. I am looking forward to seeing what achievements we can achieve when the East and West cooperate again in the future.”

Meanwhile, they also stated that the next step in the airdrop process will start soon. Leonidas added, "If you participate in Ordinals' first year, you should get a Runestone. That's it."

Presently, the price of Runestone flooring has risen to $878, with a total transaction volume of $610,000. In addition, Whales Market will soon launch the Runes trading section.

According to Token Unlocks data monitoring, tokens such as ARB, OP, SUI, MANTA, etc. will have significant unlocks in March, with a value of over $3.4 billion.

Representative tokens include the Arbitrum token ARB, which will unlock 1.11 billion tokens worth approximately $2.15 billion at 9:00 (UTC) on March 16, accounting for 87.2% of the circulating supply; SUI unlocked 34.62 million tokens worth approximately $57.46 million at 8:00 (UTC) on March 3, accounting for 2.81% of the circulating supply; The Manta Network token MANTA will unlock 6.67 million tokens worth approximately $17.47 million at 17:30 (UTC) on March 18, accounting for 2.66% of the circulating supply; <a href="/price/optimism-op" target="_blank" class="blog_inner_link">Optimism</a> token OP will unlock 24.16 million tokens worth approximately $88.18 million at 12:00 (UTC) on March 29, accounting for 2.4% of the circulating supply; SingularityNET token AGIX will unlock 8.84 million tokens worth approximately $6.09 million on March 28 at 8:00 (UTC) , accounting for 0.69% of the circulating supply.

## Market trends: Meme and AI hotspots continue, with outstanding performance in POW and public chain projects

BTC experienced a brief decline on Sunday afternoon, but quickly rebounded and continued to rise, showing a very strong price trend. High-leverage trading has been mostly cleared during the weekend's decline, and the market situation is relatively healthy. The market repeatedly hypes around the AI and Meme fields. It is worth noting that the market often experiences a significant pullback within 1 to 2 months after a significant rise in Meme.

On the macroeconomic front, US stocks rose, with news suggesting that the first rate cut may be in June of this year.

### Market hotspots:
The Meme sector: This sector saw significant increases in tokens such as PEPE, FLOKI, WIF, MOG, and TRUMP. Among them, FLOKI's price tripled over the weekend after voting to destroy 2% of the circulating tokens. WIF continued to perform strongly after launching Robinhood last week. WIF was the third Meme token to launch Robinhood, with the first two being DOGE and SHIB. And the above two currencies performed very well in the previous bull market.

POW series: Old currencies such as BCH, BSV, SYS, and SMH have seen significant increases. As the halving of BTC approaches in April, miners are turning to mining other POW tokens. The logic here is similar to the situation where ETC computing power experienced a significant increase after Ethereum switched to POS.

Public chain projects: This morning, FTM, ONE, NEAR, and other public chain projects led the increase, demonstrating the attention and recognition of investors towards these projects.

Overall, the weekend market remained stable, but Meme and AI remain hot topics in the market. In addition, the POW concept and public chain projects have also shown outstanding performance. Investors should closely monitor market trends, seize investment opportunities, remain cautious, and allocate assets reasonably. Gate.io will continue to provide users with comprehensive services to help them achieve more profits in the field of digital assets.

## Macro: Global stock markets are showing positive sentiment, and Asian markets are poised for growth; OPEC+member countries reduce oil production and push up oil prices

In terms of global stock markets, Reuters reported that the overall sentiment is high; The MSCI World, Nikkei 225, Nasdaq, S&P 500, and Stoxx 600 in Europe all hit historic highs last week. The resilience of the US economy, the cooling of inflation, and the frenzy of large technology stocks driven by artificial intelligence are laying a positive tone for the world, which should bring vitality to the market on Monday.

The annual National People's Congress will open in Beijing on Tuesday, and its formulation may have a significant impact on determining the direction of China's assets in 2024. If stimulus policies and measures are credible in the eyes of investors, the rebound of the Chinese stock market from a five-year low a few weeks ago seems likely to continue. If they cannot convince investors, they may retest these lows in the coming weeks.

Due to poor data performance, expectations have significantly decreased in recent weeks, so it is unclear whether this reflects particularly strong economic activity itself. But the Chinese stock market is still worth looking forward to, rising by about 10% from its low point and still in an upward trend this year.

Meanwhile, according to informed sources, the Japanese government will make a decision after determining whether the annual labor wage negotiations held on March 13 will be sufficient to offset price increases, and consider the prospects of price trends. Sources say that if implemented, this will mean Japan will break free from the deflation that has dragged down economic activity for over 20 years.

Other key Asian data, mainly inflation data from South Korea, Thailand, the Philippines, and Taiwan, as well as GDP data from South Korea and Australia, China's Caixin Services PMI, and interest rate decisions, come from Malaysia.

Regarding commodities, OPEC+member countries led by Saudi Arabia and Russia agreed on Sunday to extend voluntary production cuts of 2.2 million barrels per day until the second quarter, providing additional support to the market amidst concerns about global economic growth and rising production. The three OPEC oil producing countries have stated in their respective statements that Iraq will extend the daily production reduction of 220,000 barrels, the United Arab Emirates will maintain the daily production reduction of 163,000 barrels, and Kuwait will maintain the daily production reduction of 135,000 barrels. Algeria also stated that it will reduce production by 51,000 barrels per day, while Oman will reduce production by 42,000 barrels per day. Kazakhstan has stated that it will extend the voluntary production reduction period of 82,000 barrels per day until the second quarter.

Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), has announced that it will extend the voluntary production reduction period of 1 million barrels per day until the end of June, keeping its production at around 9 million barrels per day.

Russia, which leads OPEC allies (collectively called OPEC+), will reduce oil production and exports by an additional 471000 barrels per day in the second quarter. The new data provided by Russian Deputy Prime Minister Alexander Novak shows that the proportion of production reduction measures will continue to increase in this measure.

Although concerns about economic growth have put some pressure on oil prices, the geopolitical tensions in 2024 and the attacks by the Housai armed forces on Red Sea shipping are expected to support oil prices. Although it is widely expected that OPEC+will continue to reduce production, Russia's announcement may further drive up oil prices.

On Friday, Brent crude oil prices rose by $1.64, a 2% increase, to $83.55 per barrel, and have risen by over 8% this year. On Sunday, OPEC+member countries announced their respective production reduction plans, followed by a statement confirming a total reduction of 2.2 million barrels daily. The Saudi national news agency SPA stated that the production reduction will be gradually canceled according to market conditions.

"The extension is expected, but extending it until the end of the second quarter may be surprising," said Tamas Walga of oil broker PVM. He added, "The market is expected to open stronger."

Since the end of 2022, OPEC+ has implemented a series of production reduction measures to support the market due to increasing production in the United States and other non-member oil-producing countries, as well as concerns from major economies about high interest rates. According to Reuters estimates, the total promised reduction in OPEC+ production since 2022 is approximately 5.86 million barrels per day, equivalent to approximately 5.7% of global daily demand.

The outlook for oil demand this year is uncertain. OPEC expects relatively strong demand growth, driven by Asia, at 2.25 million barrels daily. At the same time, the International Energy Agency predicts a significant slowdown in demand growth, at 1.22 million barrels per day. The IEA also predicts that oil supply will grow to a historic high of approximately 103.8 million barrels per day this year. This is further resistance for OPEC+, driven almost entirely by non-OPEC+ producing countries, including the United States, Brazil, and Guyana.

<div class="blog-details-info">
<div>Author:**Sherry S.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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