Looksrare, a new Ethereum-based NFT marketplace, just exceeded Opensea in 24-hour volume. Of course, Opensea has the highest lifetime volume at $14.68 billion. Looksrare is a new NFT marketplace with no billion-dollar sales.
On January 12, 2022, Looksrare's daily and hourly sales topped Opensea's. Looksrare sold $385.39 million to 3,241 dealers, compared to 59,500 traders for Opensea on Wednesday. As of 7:00 a.m. on Wednesday, Opensea had sold $109.78 million in 24 hours (EST).
While the market is young, it has already surpassed Opensea's daily transaction volume. “Complacency's tragedy. Opening Sea, like Mex in its prime, presumably surrendered to their lethargy, secure in their dominance,” tweeted the “Hsaka” account.
Dune Analytics said on 1/12/22 that NFT Market Looksrare surpassed Opensea's 24-hour sales volume of $385 million. Looksrare volume increased on Tuesday and continued on Wednesday.
People have made charts on Dune Analytics comparing the two NFT systems. To compare daily and hourly volume between the two NFT marketplaces, one user-generated “Looksrare VS Opensea” chart. Others have used Dune Analytics to visualize Looksrare's sales.
The fact that Looksrare is giving out LOOK tokens to anybody who spends up to three Ethers on Opensea is one reason for its popularity. While Opensea users get illegitimate airdropped coins, the biggest NFT marketplace lacks an official native token.
According to Dappradar.com's NFT marketplace statistics, Looksrare's average selling is $108K per unit. Other leading NFT marketplaces today include Solana's Magic Eden ($9.48 million) and Mobox ($1.29). While Looksrare's volume grew the most in 24 hours, Mobox's volume increased 87.08 percent.
After hitting an all-time high on November 10, the Proshares Bitcoin ETF BITO is down 39% in 64 days. Valkyrie's bitcoin ETF has also lost 37% in two months.
Since several bitcoin ETF applications were declined before 2021, a major segment of the cryptocurrency community has been anticipating the establishment of the first bitcoin ETF.
Last but not least, when the first US-based bitcoin futures ETF was authorized, Proshare's bitcoin futures ETF broke all records, grabbing close to $1 billion in trading in the first 24 hours. On January 13, 2022, the Proshares Bitcoin Strategy ETF (BITO) is trading at $26.96, down 39.12% from the November 10, 2021 high of 44.29.
Bitcoin ETF hype fades as funds lose value, and BTC futures open interest drops 38% in 2 months
The “bitcoin futures ETF mania is fading,” according to Katherine Greifeld of Bloomberg. “While the Proshares fund absorbed $1.1 billion in only two days – the fastest an ETF has ever done,” Greifeld noted at the time.
The financial author highlighted the Vaneck ETF, stating that reduced management costs might set it apart. According to Bloomberg Intelligence senior ETF analyst Eric Balchunas,
The Valkyrie Bitcoin Strategy ETF (BTF) hit an all-time high of $26.67 per share on November 9, 2021, and is now trading at $16.70 a unit, down 37.38 percent.
The Vaneck Bitcoin Strategy ETF (XBTF) is down just 27.70 percent, from $58.08 a unit on November 19, 2021, to 41.99 today. All three funds have a significant association with the current price of bitcoin and the crypto asset's futures markets.
Open interest in futures markets has fallen since mid-November, as has an open interest in bitcoin futures on all crypto exchanges. On November 11, 2021, there was approximately $28 billion in open interest for bitcoin futures contracts.
Today, the most prominent derivatives exchanges have $17.22 billion in open interest combined. To put it simply, the price of bitcoin (BTC) has fallen 38.50 percent in two months.
