Since their launch on January 11, nine out of ten new spot Bitcoin exchange-traded funds (ETFs) have collectively amassed over 500,000 BTC.
This figure represents 2.54% of the total bitcoins currently in circulation.
Farside Investors reports that, after a significant day of trading on Thursday, these funds experienced inflows of $287.7 million in Bitcoin.
Consequently, the value of the Bitcoin held by these nine ETFs surged to $35 billion over the span of 54 trading days.
Cumulatively, all U.S.-based spot Bitcoin funds, including those managed by Grayscale, now control 835,000 BTC.
This stash accounts for nearly 4% of all bitcoins available, underscoring the growing influence of institutional investments in the cryptocurrency sector.
The trend towards ETF inflows has seen a resurgence this week, with a recorded $845 million entering the market.
This reverses a previous pattern of outflows that began on March 18.
READ MORE: Grayscale Maintains Optimism for May Approval of Spot Ether ETFs Despite SEC Engagement Concerns
Notably, on March 28, these ETFs witnessed inflows totaling $183 million, led by BlackRock’s IBIT fund, which alone attracted $95 million.
Other significant contributions came from Fidelity and Bitwise, each with inflows of approximately $67 million, and Ark 21Shares, which secured $27.6 million following a substantial $200 million influx on the preceding Wednesday.
Meanwhile, Grayscale’s GBTC fund recorded an outflow of $105 million, marking its lowest level since March 12.
Since transitioning to a spot ETF in mid-January, Grayscale has reduced its GBTC fund by approximately 284,846 BTC.
In a related development, Bitwise has initiated the process for launching a spot Ethereum ETF by filing an S-1 application with the Securities and Exchange Commission on March 28.
In response to this filing, ETF analyst Eric Balchunas expressed a cautious outlook, estimating the chances of approval for the ETH ETF in May at a pessimistic 25%.
He highlighted the lack of communication from the SEC as a concerning factor, noting that the silence could imply a lower likelihood of approval as the deadline approaches in seven weeks.
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As the first quarter of 2024 draws to a close, Bitcoin is on the brink of reaching the end of Q1 with a 65% increase in BTC price, but faces the risk of “exhaustion.”
QCP Capital, a trading firm, alerted its Telegram channel subscribers on March 29, suggesting that the “exponential” rise in price could present challenges in the upcoming quarter.
The Bitcoin market is especially attentive this weekend as critical candlestick patterns—the weekly, monthly, and quarterly—are set to close simultaneously.
Despite Bitcoin’s strong performance at the start of the year, maintaining momentum around its all-time highs and establishing them as new support levels remains challenging.
QCP Capital, however, maintains a “very bullish” outlook for Q2, citing several factors that could fuel further growth.
These include ongoing demand for BTC spot ETFs, the upcoming BTC halving event, the introduction of London Stock Exchange ETNs, and the potential approval of an ETH spot ETF.
The launch of spot Bitcoin ETFs in the United States in January marked a significant milestone, yet the firm cautions that the rapid pace of the Q1 rally may be hard to sustain due to signs of market fatigue.
QCP Capital expressed concerns over declining interest in Ether, the largest altcoin, and the high funding rates persisting across trading platforms.
Despite a generally optimistic stance, the firm advises caution with leverage and readiness to capitalize on significant price dips.
Recent data from Cointelegraph Markets Pro, TradingView, and CoinGlass confirms that the BTC/USD pair has seen a 65.4% increase since the beginning of the year, closely competing with the performance in the first quarter of 2023.
A close significantly above $61,000 would mark the seventh consecutive month of gains for BTC/USD, a feat only previously achieved in 2012.
This delicate balance of potential and caution defines the current state of Bitcoin as it navigates the complex dynamics of the cryptocurrency market entering Q2 2024.
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The recent surge in the tokenization of U.S. Treasurys, exceeding $1 billion across various blockchains like Ethereum, Polygon, and Solana, has been significantly influenced by the introduction of BlackRock‘s USD Institutional Digital Liquidity Fund.
Launched on March 20 on Ethereum, the fund, known by its ticker “BUIDL,” has quickly reached a market cap of $244.8 million.
This growth was propelled by four substantial transactions totaling $95 million within a week, placing BUIDL as the second-largest fund of its kind, just behind Franklin Templeton’s Franklin OnChain U.S. Government Money Fund (FOBXX) which leads with $360.2 million in assets.
This milestone of over $1 billion in tokenized U.S. Treasurys is spread across 17 distinct products, demonstrating the expanding reach of this financial innovation.
The largest recent contribution to BlackRock’s fund came from Ondo Finance, which added $79.3 million. This deposit is part of Ondo’s strategy to facilitate instant settlements for its U.S.
Treasury-backed token, OUSG, making it a substantial player with a 38% stake in BUIDL. This move was highlighted by Tom Wan of 21.co, marking a significant step in the fund’s growth.
BlackRock’s BUIDL operates with a 1:1 peg to the U.S. dollar, offering investors daily accrued dividends paid monthly. Its launch utilized the Securitize protocol on Ethereum, reflecting the broader industry trend towards blockchain-based efficiencies.
BlackRock CEO Larry Fink and others in the sector see tokenization as a pathway to more streamlined capital markets, with predictions suggesting a potential market size of $16 trillion by 2030.
This innovation is not limited to government securities; a wide array of assets including stocks and real estate are also being tokenized, with Ethereum hosting $700 million of the total real-world assets (RWA) on-chain.
Tokenization efforts extend beyond traditional asset management firms, with Franklin Templeton utilizing Stellar and Polygon for FOBXX, reflecting a diverse ecosystem of platforms supporting tokenized products.
This growing sector includes both established financial institutions like WisdomTree and blockchain-native companies such as Ondo Finance, Backed Finance, and others, illustrating a broad and multi-faceted approach to incorporating real-world assets into the digital blockchain space.
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The global network of Bitcoin ATMs is poised for rapid expansion, spurred by the anticipation of the Bitcoin halving event, as stated by the chief of a leading ATM provider.
This prediction comes after a significant drop in crypto ATM installations in 2023, marking the first decline in a decade, attributed to a bear market intensified by the failure of several cryptocurrency firms.
Brandon Mintz, CEO of Bitcoin Depot, highlighted an encouraging start to 2024, with 1,469 new crypto ATM installations in the first quarter alone.
This is a stark contrast to the previous year when over 3,000 units were removed. Mintz expressed optimism for continuous growth in the industry, especially with Bitcoin experiencing remarkable performance, having surpassed its all-time high twice in March.
According to Mintz, the latter stages of bull markets often witness a surge in cryptocurrency adoption, which in turn boosts customer traffic to Bitcoin ATMs.
He anticipates this trend to escalate post-halving, an event set for late April that reduces Bitcoin mining rewards by half.
Historical patterns suggest that the halving leads to a substantial price increase and heightened investor interest.
Despite the recent increase in ATM installations, the industry has seen a reduction in operators over the last 18 months, with notable bankruptcies such as Coin Cloud’s.
Mintz attributed this downturn to the broader crypto market’s challenges, especially following the collapse of the FTX exchange.
Bitcoin Depot reported a 7% increase in annual revenues to $689 million, although net income saw a significant decline.
The company is expanding its ATM network in the U.S., planning hundreds of new installations across convenience stores in 24 states.
The U.S. dominates the global distribution of crypto ATMs, hosting over 83% of the world’s total.
Recent regulatory approvals, like spot Bitcoin ETFs, have been seen as potential growth drivers for the sector, although Mintz views Bitcoin ATM users and ETF investors as distinct customer groups.
He underlined the importance of Bitcoin ATMs for people who are underbanked or prefer cash transactions, contrasting them with the typically wealthier ETF buyers.
Mintz believes that any positive impact of ETFs on Bitcoin’s price and adoption will likely increase the usage of Bitcoin ATMs, benefiting the industry overall.
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On Wednesday, the ARK 21Shares spot Bitcoin exchange-traded fund (ETF) saw an unprecedented surge in interest, recording $201.8 million in inflows, marking a significant spike and nearly five times its average daily inflows.
This remarkable influx came as Bitcoin neared the $72,000 mark, showcasing a notable enthusiasm in the cryptocurrency market.
According to preliminary figures from Farside Investors, this day’s inflow was four times the ETF’s average daily inflow of $43.9 million since its inception on January 11.
It also represented a substantial increase from the $73.6 million inflow observed the previous day, highlighting a growing investor interest in Bitcoin despite the absence of inflows on March 25.
In comparison, other Bitcoin ETFs experienced considerably lower inflows.
The Valkyrie Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Franklin Bitcoin ETF, and VanEck Bitcoin ETF reported inflows ranging from $1.9 million to $5.1 million, all in single digits, with BlackRock’s data pending at the time.
This surge in interest in the ARK 21Shares Bitcoin ETF coincided with Bitcoin reaching a high of $71,670, although it later dipped below the $69,000 support level, closing at $69,698.
Currently, Bitcoin’s price hovers around $69,464.
READ MORE: Bitcoin Surges Past $71,000, Signaling Bullish Momentum and Potential for Record Highs
The investment community’s focus has largely been on Bitcoin’s short-term price movements. However, crypto analysts suggest a broader perspective is necessary.
Crypto researcher Gumshoe emphasized the significance of the overall influx of funds into Bitcoin, criticizing the narrow focus on daily price fluctuations.
“Bitcoin ETFs seeing ATH inflows and people are panicking over the daily close of a candle,” he highlighted.
Matt Hougan, Bitwise’s chief investment officer, pointed out the regulatory challenges hindering professional investors from accessing Bitcoin ETFs, especially in the UK, due to the Financial Conduct Authority’s cautious stance on cryptocurrency.
He predicted a gradual change over the next two years as due diligence processes evolve.
Echoing a positive outlook, Bitcoin Munger suggested that the next $13 billion in inflows could significantly boost Bitcoin’s price.
This optimism is backed by a Cointelegraph report noting that $13.2 billion has been invested in products like spot Bitcoin ETFs since the start of the year, indicating a robust interest in cryptocurrency investment vehicles.
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Bitcoin Cash (BCH) is experiencing a notable surge, trading at $574.84, reflecting a 9.06% increase in the last 24 hours, as the crypto community anticipates the second BCH halving event slated for next week.
This event has sparked significant trading activity, with traders actively adjusting their positions in anticipation.
According to NiceHash, the BCH halving is expected on April 4, leading to substantial movements in the market on March 28, with $190,140 liquidated in short positions and $211,870 in long positions.
Furthermore, Bitcoin Cash futures perpetual contracts reached a historic peak in open interest (OI), hitting $708.75 million, marking an 18.26% rise in a single day and a staggering 165% increase over the week, as reported by CoinGlass.
This surge in interest is a significant jump from May 2021, when OI was at $684.12 million, around the time BCH hit its five-year peak price of $1,399.
Contrastingly, back on the same date in 2020, just before the first BCH halving, futures open interest was significantly lower at $63.29.
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During the first halving in April 2020, miner rewards were halved from 12.5 BCH to 6.25 BCH, a change that miners are responding to by ramping up their efforts in anticipation of the upcoming halving.
“DavidShares,” a prominent user on X, highlighted that the Bitcoin Cash hash rate has doubled in the past week. Hash rate, a critical measure of the computational power in a proof-of-work blockchain, reflects the mining and transaction processing capacity.
While Bitcoin is nearing its fourth halving on April 21, amid record highs, Bitcoin Cash’s price remains well below its all-time high of $4,355, achieved in December 2017, as noted by CoinMarketCap.
The earlier scheduling of the BCH halving, relative to Bitcoin’s, stems from a temporary algorithm adjustment made by Bitcoin Cash in 2017.
This adjustment expedited the block creation process, setting the stage for the earlier halving event compared to Bitcoin, scheduled for April 21.
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In the latest market update, Bitcoin‘s price trajectory aimed for higher levels during the week’s closing Wall Street session, showcasing the bullish sentiment undeterred by prevailing market uncertainties.
Tracking the Bitcoin (BTC) price movement, data from Cointelegraph Markets Pro and TradingView highlighted a significant rebound as the cryptocurrency crossed the $71,000 threshold.
This resurgence came after a tumultuous previous day marked by sharp fluctuations.
The volatility was primarily driven by the legal tussle between Coinbase, a major U.S. exchange, and the Securities and Exchange Commission (SEC), which saw Bitcoin dip below the crucial $69,000 support level.
Despite this, the market’s resilience was on display as buyers propelled a recovery, aiming to reclaim positions near record price levels.
Amid these dynamics, Skew, a recognized trader, cautioned followers about potential deceptive price movements, attributed to manipulative liquidity strategies.
Notably, a sudden influx and subsequent withdrawal of bid support in the $70,200 to $70,600 range on the Binance platform exemplified these tactics.
With Bitcoin’s all-time high still serving as a formidable resistance, trader Daan Crypto Trades speculated on the possibilities of price exploration beyond current records.
“Break all time high and low $80Ks should follow shortly afterwards I think,” he advised on X, pointing to immediate trendline support highlighted by the 200-period simple and exponential moving averages on 4-hour charts.
Further insights into the Bitcoin market dynamics were provided by Ki Young Ju, CEO of the on-chain analytics firm CryptoQuant.
His analysis shed light on a notable shift in ownership among Bitcoin’s largest holders.
According to Ki, long-established Bitcoin whales are distributing their holdings to new institutional investors, rather than to retail market participants.
This transition is underscored by the substantial daily acquisition of BTC by U.S. spot Bitcoin exchange-traded funds (ETFs), effectively reducing the circulating supply.
“Old whales are selling Bitcoin to new whales(TradFi), not retail investors,” Ki remarked, presenting on-chain data to support his observation.
He also linked these ownership changes to historical precedents of price rallies towards all-time highs, similar to those seen in the 2017 and 2021 bull markets.
Despite reaching new heights, mainstream interest in Bitcoin has seen a decline, a trend reported by Cointelegraph amidst the cryptocurrency’s breakthroughs.
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Bitcoin’s price drop is leading to a significant reset across several key metrics, as the market’s leverage gets a forceful clear-out.
Currently, Bitcoin (BTC) hovers around $66,000, following a sharp 5% decline within an hour, as indicated by data from Cointelegraph Markets Pro and TradingView.
Despite a 7% decrease in value for April, this pullback could be beneficial for the overheated market by testing and reinforcing support levels.
A substantial liquidation event accompanied the recent price dip, amounting to $400 million for Bitcoin and altcoins combined, according to Cointelegraph.
This event has led to a noticeable shift in market dynamics, with funding rates turning negative, as highlighted by CoinGlass.
This shift suggests that the market is undergoing a purge of excessive leverage, critical for setting the stage for new price discoveries.
Popular trader Jelle remarked on the social platform X, “BTC & ETH margined contracts already into the negatives. All leverage must be destroyed before price discovery.”
QCP Capital, in its “Asia Morning Color” update, pointed out the swift nature of this market correction, attributing it to significant liquidations on platforms popular with retail traders like Binance.
These liquidations caused perpetual funding rates to drop dramatically, essentially recalibrating spot prices within the $60,000 to $72,000 range.
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Despite the compression in perpetual funding rates, the rest of the forward curve remains elevated, leading to speculation about further adjustments in the market.
The market’s current state is further characterized by Bitcoin’s Relative Strength Index (RSI) returning to a neutral midpoint of 50 on daily timeframes, a critical threshold for maintaining uptrends.
Historically, Bitcoin has shown optimal performance when the RSI exceeds 70, a sign of being “overbought.”
This dynamic underscores the importance of RSI levels in gauging Bitcoin’s market stance.
Additionally, Bitcoin’s potential for an upcoming breakout is hinted at by the narrowing of Bollinger Bands on daily charts, a phenomenon noted by analyst Matthew Hyland who drew parallels to a similar pattern observed in February.
This tightening of the bands, not seen since Bitcoin’s rally from $45,000, alongside previous reports from late December 2023 on RSI and Bollinger Bands, suggests a looming acceleration in the bull market.
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A sudden drop in Bitcoin’s value by 5% on Tuesday triggered significant losses for traders with leveraged positions in cryptocurrencies, culminating in over $165 million in financial setbacks within a brief period.
This dramatic fall occurred early on March 2 UTC, with Bitcoin’s price plummeting from $69,450 to as low as $65,970 in under 30 minutes, according to TradingView data.
The sharp decrease in Bitcoin’s value led to the liquidation of leveraged positions exceeding $165 million, as reported by Coinglass.
This included over $50 million in Bitcoin long positions and more than $40 million in Ether longs, which constituted the majority of the losses.
Additionally, Dogecoin and Solana’s SOL saw around $6 million and $4 million in long positions liquidated, respectively, following behind Bitcoin and Ether in terms of impact.
Concurrently with the market downturn, Bitcoin exchange-traded funds (ETFs) experienced a significant withdrawal of funds, totaling $86 million, thereby ending a four-day streak of net positive inflows, based on FarSide data.
Notably, BlackRock’s ETF emerged as the top-performing fund with net inflows of $165.9 million, while Fidelity’s inflows amounted to $44 million.
However, these gains were offset by a substantial $302 million in outflows from Grayscale’s GBTC, resulting in net daily outflows of $85.7 million across all funds.
In the midst of these market movements, the US dollar-pegged stablecoin Tether (USDT) also experienced volatility, briefly deviating from its $1 peg to $0.988, as indicated by CoinGecko data.
The cause of this fluctuation remains uncertain, with speculation about whether it was due to an API error among data trackers or an actual drop in currency value.
Other price trackers did not register this depegging. Despite inquiries, Tether’s response to the situation was not immediately available.
This series of events underscores the volatility inherent in the cryptocurrency market, highlighting the risks associated with leveraged trading and the sensitivity of digital assets to market shifts.
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In a landmark decision by a UK court, £6 million ($7.6 million) of Craig Wright‘s assets have been frozen to ensure he can’t avoid paying legal costs from a lawsuit where he claimed to be Satoshi Nakamoto, Bitcoin’s founder.
This ruling followed revelations that Wright had transferred assets outside of the UK after a court had previously dismissed his claim to be Nakamoto.
Specifically, Wright shifted shares from his London-based company, RCJBR Holding, to a Singaporean firm on March 18, leading to heightened concerns over his intentions.
Judge James Mellor, addressing these actions, stated, “Understandably, that gave rise to serious concerns on COPA’s part that Dr. Wright was implementing measures to seek to evade the costs and consequences of his loss at trial.”
The judge’s decision to impose a ‘worldwide freezing order’ was in response to a request from the Crypto Open Patent Alliance (COPA) to cover their legal expenses totaling $8,471,225 (£6,703,747.91).
COPA, established in 2020, aims to foster cryptocurrency technology adoption and eliminate patents as a growth barrier.
Its membership includes notable entities such as Coinbase, Block, Meta, MicroStrategy, and others.
Wright, an Australian computer scientist, has been involved in copyright claims linked to the Bitcoin network, leveraging his alleged identity as Nakamoto.
In January 2021, he even demanded the removal of the Bitcoin white paper from two websites.
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COPA countered Wright’s claims by filing a lawsuit in April 2021, arguing against his claims to the Bitcoin copyright.
The case saw contributions from early Bitcoin developers, leading to a March 14 verdict this year that strongly indicated Wright was not the true Nakamoto.
Wright’s contentious stance towards Bitcoin extended to suing 13 Bitcoin Core developers and several companies over copyright infringements in 2023.
The Bitcoin Legal Defense Fund opposed these actions, noting the detrimental impact of such lawsuits on the development of Bitcoin due to the stress and financial burden they impose.
Wright’s actions, including a 2019 copyright registration for the Bitcoin white paper and code in the US, faced significant backlash.
However, the Bitcoin white paper remains under an MIT open-source license, allowing free modification and reuse, safeguarding it from further copyright claims by Wright.
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