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CoinDesk Market Index (CMI) 1,137 −21.6 ▼ 1.9% Bitcoin (BTC) $24,197 −443.0 ▼ 1.8% Ethereum (ETH) $1,648 −29.4 ▼ 1.8% S&P 500 futures 4,014.50 +8.8 ▲ 0.2% FTSE 100 7,905.69 −72.1 ▼ 0.9% Treasury Yield 10 Years 3.96% ▲ 0.1 BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)

Top Stories

Transactions on layer 2 rollup Arbitrum surpassed those on Ethereum Tuesday, continuing the speedy growth that network has seen so far in 2023. The number of transactions yesterday of 1,103,398 was up from 159,919 at the start of the year, according to Arbiscan. The Ethereum network had 1,084,290 transactions Monday, according to Etherscan. The boosted activity on Arbitrum may be a result of users expecting a potential airdrop, according to Walter Teng of Fundstrat Global Advisors. There have, however, yet to be any plans made or announcements to this effect.

Developers of the Klaytn blockchain have proposed burning 5.28 billion KLAY tokens, amounting to around 48% of the total supply, worth around $1.65 billion. The Klaytn Foundation has submitted this proposal to its governance council with the aim of helping develop Klaytn into a sustainable decentralized network. The 2 billion tokens that remain will be reserved for use cases and scenarios that help to facilitate deflationary economics for KLAY, with the goal of creating long-term value. Voting on the proposal commences today and will continue until Feb. 28.

Google Cloud is to become a validator on the Tezos network, marking the tech giant’s latest integration with a blockchain network following similar moves with Ethereum and Solana late last year. Corporate customers of Google’s cloud computing service will be able to deploy Tezos nodes in order to build Web3 applications on the network. Integrations of this kind should demonstrate the interest tech giants are taking in blockchain and Web3 projects and may promote confidence of other firms looking to move into the industry.

Chart of the Day

• The seven-day moving average of the number of bitcoin addresses in profit has risen to the highest since April. Back then, bitcoin traded at $42,000, or 75% higher than the current market price of $24,000.
• The data is perhaps reflective of investor accumulation at around $20,000 during the height of the bear market in the second half of last year, according to Matrixport's Markus Thielen.
• An address is said to be in profit when the current price of bitcoin is higher than the price at which the address acquired the cryptocurrency.

- Omkar Godbole

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