Cryptocurrency markets experienced a modest recovery this week, but spot Bitcoin ETFs extended a five-day losing streak amid thin year-end liquidity.
Cryptocurrency markets had a small rebound following last week’s dip, as investor activity wound down during the holidays.
Bitcoin (BTC) fell to a weekly low of $86,561 on Tuesday, before bouncing back above $88,600 on Friday, according to TradingView data.
Spot Bitcoin exchange-traded funds (ETFs) demand remained weak, recording $175 million in outflows on Wednesday, which marked a fifth consecutive day of net outflows, according to Farside Investors.
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Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle. Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more