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In the recent financial landscape, the United States spot Bitcoin exchange-traded funds (ETFs) have witnessed a remarkable resurgence in investment, marking a significant turnaround after experiencing a series of net outflows over five days.
This rejuvenation was particularly evident on March 26, when the 10 newly sanctioned spot Bitcoin ETFs collectively attracted a net inflow of $418 million, as reported by Farside Investors data.
Among these, BlackRock’s and Fidelity’s funds were at the forefront, channeling robust inflows that underscored investor confidence.
Fidelity’s Bitcoin ETF, in particular, showcased its strongest daily inflow since March 13, securing an impressive $279.1 million on March 26.
This surge was accompanied by the acquisition of an additional 4,000 BTC, marking the fund’s second day of inflows surpassing the $260 million threshold.
Meanwhile, BlackRock’s Bitcoin ETF also drew significant attention with inflows of $162.2 million, despite these figures not matching the higher inflow rates seen earlier in the month, which averaged over $300 million daily.
The investment enthusiasm extended beyond these two giants, with the Ark 21Shares Bitcoin ETF recording its most substantial day since March 12, amassing $73.6 million in inflows.
Similarly, Invesco Galaxy, Franklin Templeton, and Valkyrie each experienced inflows exceeding $26 million in their respective funds.
In contrast, Grayscale’s Bitcoin Trust (GBTC) faced a significant outflow of $212 million on the same day.
Despite this, the cumulative net inflows into other funds overwhelmingly counteracted GBTC’s losses.
Since transitioning from a trust to an ETF on January 11, Grayscale has witnessed a dramatic reduction of 277,393 BTC, equating to an approximate value of $19.5 billion.
Highlighting the significance of these developments, Bloomberg’s senior ETF analyst Eric Balchunas pointed out the inclusion of Bitcoin ETFs among the largest 30 asset funds within their initial 50 days of trading in a post on X (formerly Twitter) on March 26.
BlackRock’s IBIT and Fidelity’s FBTC stood out, with Balchunas noting their exceptional performance.
He also mentioned that the Bitwise Bitcoin ETF, despite being the 18th largest in terms of assets under management, surpassed the world’s largest SPDR Gold Shares fund in size.
Adding to the evolving Bitcoin ETF landscape, Hashdex emerged as the 11th issuer of spot Bitcoin ETFs in the U.S. on March 26, transitioning its futures fund into a spot product now trading under the ticker DEFI.
This strategic move further underscores the growing embrace and diversification of Bitcoin-related investment products in the financial market.
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Texas-based Bitcoin miner Giga Energy has taken a significant step towards global expansion by establishing operations in Argentina, leveraging the often-wasted energy from natural gas flaring in the country’s oil fields.
Brent Whitehead, Giga’s co-founder, expressed enthusiasm about this venture in a LinkedIn post on March 26, highlighting it as a pivotal development for the company.
He stated, “This move not only broadens our operational landscape but also aligns with our vision to mitigate flaring globally.”
The process of gas flaring involves burning off the natural gas that emerges during oil extraction, releasing methane.
Giga Energy’s innovative approach converts this methane into electricity, which is then used to power its Bitcoin mining rigs.
A novel aspect of Giga’s operation in Argentina involves placing a large shipping container filled with Bitcoin miners atop an oil well, using the excess gas to generate electricity for mining activities.
This system, as reported by CNBC on March 26, is set to significantly enhance Giga’s mining capabilities.
Located in the province of Mendoza, Giga’s Argentinian mining site began testing in December and has mined Bitcoin worth between $200,000 and $250,000.
Despite this early success, co-founder Matt Lohstroh told CNBC that the operation is awaiting the importation of additional equipment to fully scale its activities and achieve profitability.
READ MORE: Bitcoin Surges Past $71,000 as Whales Accumulate, Pre-Halving Dip Possibly Over
Argentina is notable for having the world’s second-largest shale gas reserve, a factor that underscores the potential of Giga’s venture in the country.
Beyond economic benefits, the operation aims to reduce methane emissions, contributing to environmental sustainability.
Brent Whitehead emphasized the ecological impact, noting that by harnessing stranded natural gas for energy-intensive computing, Giga is actively reducing global methane emissions.
Collaborating with IT services company Exa Tech for onsite operations and Phoenix Global Resources for gas supply, Giga Energy is set to make a considerable impact.
CMC Data: Bitcoin (BTC) – Ethereum (ETH) – Shiba Inu (SHIB) – Dogecoin (DOGE) – Fetch.ai (FET)
Since its inception in 2019, Giga has installed 150 megawatts of mining containers in Texas and Shanghai.
This expansion coincides with the anticipation of the Bitcoin halving event, expected to occur around April 20, which will reduce the mining reward and possibly shift global mining activities to regions with lower electricity costs.
Jaran Mellerud, founder and chief mining strategist at Hashlabs Mining, identified Argentina and Paraguay as promising locations for Bitcoin mining in South America, reflecting the strategic importance of Giga Energy’s new venture.
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Binance, the leading cryptocurrency exchange, is set to discontinue the support for deposits and withdrawals of USD Coin (USDC) tokens based on the TRC-20 protocol from the Tron blockchain, effective April 5.
This decision follows an announcement on February 20 by Circle, the issuer of USDC, regarding its move to halt the support for the stablecoin on the Tron network.
Circle’s choice is part of a broader strategy to maintain USDC’s reliability, transparency, and security. Alongside ceasing its support,
Circle also ceased the minting of USDC on Tron’s blockchain on the same date, with a plan to fully phase out its involvement with this network.
The impact of Circle’s decision extended to Binance, which, due to its significant trading volume, plays a crucial role in the cryptocurrency market.
Binance’s announcement to end TRC-20 USDC support came on March 25, providing a 12-day window for users to manage their assets accordingly.
Although Binance will stop facilitating deposits and withdrawals of TRC-20 USDC tokens, the platform will continue to support USDC trading activities beyond the cut-off date.
It’s important to note that this change will not affect USDC transactions over other blockchains supported by Binance, and the decision has garnered positive feedback within the crypto community on social media platform X.
Circle has not explicitly stated why it chose to withdraw support for Tron, mentioning only a continuous evaluation of blockchain platforms within its risk management strategy.
READ MORE: StaFi Liquid Staking Protocol Launches Testnet Awaiting StaFi 2.0 Mainnet Launch
In response to these developments, a Tron representative expressed to Cointelegraph that the blockchain was left in the dark about the specifics behind Circle’s decision and was not notified prior to the public announcement.
Amidst these changes, Tron is exploring innovative approaches to maintain its relevance and utility within the cryptocurrency ecosystem.
Notably, Tron’s founder, Justin Sun, has shared plans to implement a Bitcoin layer-2 solution aimed at introducing a “wrapped” version of Tether to the network.
This initiative is expected to bridge Tron directly with Bitcoin, potentially unlocking access to over $55 billion in Bitcoin network value.
Sun’s announcement outlines a roadmap for integrating stablecoins and tokens between Tron and Bitcoin, which could significantly enhance Bitcoin’s financial ecosystem.
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In March, a significant movement of Arbitrum‘s ARB tokens into exchanges was observed, particularly following the release of a considerable volume of vested tokens.
Lookonchain, a blockchain data platform, reported on March 23 that four wallets had moved ARB tokens to exchanges, subsequent to a $2.32 billion token unlock on March 16.
Specifically, 11.34 million ARB tokens, valued at $18.5 million, were deposited into Binance across four transactions.
The crypto community has been divided over these transactions. One member did not see it as a negative indicator, while another expressed skepticism about ARB’s potential to appreciate.
This followed a previous instance where 11 whales deposited significant amounts of ARB into exchanges on March 18, after Arbitrum, a layer-2 blockchain initiative, unlocked $2.3 billion in tokens.
READ MORE: Hospitality Worker Convicted in UK’s Largest Bitcoin Money Laundering Case
The allocation included 673.5 million ARB for team and advisers, with another 438.25 million for investors, all released at once, raising concerns of a potential market dump.
Subsequent to the token release, ARB’s price trajectory has been downward. From a high of $2.22 on March 13, it fell to $1.84 by the unlock date, March 16.
The following week saw fluctuations, reaching a low of $1.48 and a high of $1.79, with a price of $1.70 at the time of reporting.
According to CoinGecko, this marked a nearly 29% decrease from its January 12 all-time high of $2.39.
This series of events and the market’s response have hinted at a potential continuation of the bearish trend.
Adding to the speculation, Token Unlocks, a vesting tracker, revealed that another 92.65 million ARB tokens are set to be released for advisers, the team, and investors on April 16, which could further impact the market dynamics.
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In Busan, South Korea, the Haeundae Police Station has apprehended two individuals, aged in their 20s and 30s, for defrauding a senior citizen of 5.5 billion won ($4.1 million) through cryptocurrency investment schemes.
The duo enticed the victim with promises of hefty returns, suggesting a 70% profit on monthly investments of 1 billion won.
The scammers’ persuasive assurance was, “It’s a boom period for coin (cryptocurrency).
“If you invest 1 billion won, I will call it 1.7 billion won a month later.”
Over the course of several months, from September to December 2022, the victim made six transactions totaling 5.5 billion won, only to be deceived with counterfeit balance certificates feigning proof of investment.
The elaborate scam involved presenting the victim with forged balance sheets displaying 20 billion won in cryptocurrencies and fabricated real estate contracts, falsely suggesting the successful placement of the victim’s funds in crypto trading accounts.
Despite the apprehension of the fraudsters, the status of the recovered funds remains undisclosed.
This incident underscores the risks associated with the burgeoning yet volatile cryptocurrency market. It coincides with developments involving South Korea’s notorious crypto figure, Do Kwon, co-founder of Terraform Labs.
Kwon, entangled in legal proceedings following the Terra ecosystem’s collapse in 2022, was released from Montenegrin custody on March 23.
Despite serving a sentence for possession of falsified documents, his future is uncertain with pending extradition requests from both the United States and South Korea.
Prison director Darko Vukcevic detailed, “We released Do Kwon from prison as his regular prison term for traveling with fake papers ended.
“Since he is a foreign citizen and his documents were withheld, he was taken for an interview to the police directorate for foreigners, and they will deal with him further.”
The impending decision by the Council of the Supreme Court regarding Kwon’s extradition to South Korea adds another layer of intrigue to the international legal drama surrounding cryptocurrency crimes.
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ARK Invest, an investment management firm established by Cathie Wood, recently began selling off substantial quantities of Robinhood (HOOD) shares, a brokerage known for its cryptocurrency-friendly stance.
On March 25, ARK sold 1.6 million shares from its various funds, a trade notification revealed.
These shares, valued at $31.5 million based on Robinhood’s latest closing price of $19.08, represent a significant move by the firm.
The bulk of the sale came from the ARK Innovation ETF (ARKK), with 1,247,181 shares sold for approximately $24 million.
Additionally, ARK reduced its holdings in Robinhood by selling 275,933 shares from the ARK Next Generation Internet ETF (ARKW) and 128,137 shares from the ARK Fintech Innovation ETF (ARKF).
This marks the largest sale of Robinhood stock by ARK since it began accumulating the broker’s shares last year.
Robinhood’s stock had seen a 36% increase over the prior month, making the timing of the sale notable.
ARK’s sales strategy appears to align with compliance requirements, specifically Rule 12d3-1, which restricts funds from holding more than 5% of their total assets in securities.
Despite the recent sales, Robinhood remains a significant asset in ARK’s portfolio, ranking eighth and comprising 4.3% of ARKK’s $8.2 billion in assets under management.
ARKK’s top three holdings include Coinbase (COIN), Tesla (TSLA), and Roku (ROKU), with substantial allocations of 10.6%, 8.4%, and 7.5%, respectively.
Amidst its divestment from Robinhood, ARK has been actively purchasing shares of Roblox (RBLX), acquiring 740,115 shares valued at $27 million for its three funds on the same day.
Moreover, the firm continued to sell shares of Coinbase, parting with 4,291 COIN shares worth roughly $21 million.
Robinhood, founded in 2013, is a platform that facilitates the trading of cryptocurrencies, stocks, exchange-traded funds (ETFs), options, and other assets.
It recently expanded its offerings by launching a self-custodial wallet app for Android on March 20, 2024, further solidifying its position in the cryptocurrency space.
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Following an unexpected rally, Bitcoin has notably rebounded, surpassing the $71,000 mark, hinting that the anticipated pre-halving dip may have concluded.
This surge came on the heels of a significant day of accumulation, as reported on March 25 by blockchain analytics firm Santiment, marking it as one of the most substantial in recent years.
Santiment highlighted that this rebound caught traders off guard, particularly as “key stakeholders” amassed a considerable amount of Bitcoin over the weekend.
Specifically, wallets categorized as “sharks” and “whales,” holding between 10 and 10,000 coins, accumulated 51,959 BTC on March 24, equating to approximately $3.4 billion.
This acquisition represented 0.263% of Bitcoin’s total available supply at the time.
With the Bitcoin halving event approaching in about three weeks, around April 19, Santiment suggested that the continued growth of these wallets could positively influence the overall cryptocurrency market caps.
Contrary to the expectations of some crypto analysts who anticipated a more significant drop ahead of the halving, Bitcoin’s decline was relatively modest.
Data from CoinGecko indicated that Bitcoin’s price only fell about 17% from its all-time high of $73,738 on March 14 to a low of $61,494 on March 20. This downturn mirrored the pre-halving retracement in 2020 closely.
Technical analyst Rekt Capital observed that the current retracement is nearly identical to the 2020 pre-halving dip, with Bitcoin’s price reducing by approximately 18% this cycle, compared to just over 19% previously.
He had earlier speculated that this year’s pre-halving retracement would likely be milder and shorter than in past cycles.
Kaiko, a crypto research firm, examined the market’s response to last week’s dip on March 25, finding that selling pressure increased after the U.S. market closed.
Their analysis pointed out that liquidity in the cryptocurrency market is fragmented not only across different exchanges but also among various trading pairs.
At the time of reporting, Bitcoin was experiencing a 5.2% increase in its value, trading at $70,252, after reaching an intraday high of $71,000 on March 25.
This recent movement underscores the volatile nature of the cryptocurrency market and the significant impact of strategic accumulations by large-scale investors.
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The Bitcoin market may face a downturn following the anticipated halving event, fueled by a decrease in inflows to spot Bitcoin exchange-traded funds (ETFs) and a high volume of unrealized gains among traders, which could heighten bearish tendencies on Bitcoin’s value.
Julio Moreno, CryptoQuant’s head of research, highlighted that the selling pressure on Bitcoin is intensifying due to the profits not yet realized from its recent upsurge.
He warned that a forthcoming decline in spot Bitcoin ETF contributions could exacerbate this situation, adversely affecting Bitcoin prices.
Supporting Moreno’s viewpoint is the CryptoQuant’s net unrealized profit and loss (NUPL) indicator. A NUPL value of 0.7 is seen as a red flag, suggesting investors might be poised to cash in, potentially driving prices lower and amplifying sell-off activities.
On March 17, the NUPL indicator stood at 0.606, a slight increase despite recent price adjustments in the market.
Moreno elaborates on potential factors depressing prices, notably the deceleration in Bitcoin ETF acquisitions and entering the halving phase amid substantial unrealized gains by traders, prompting them to secure profits.
On the flip side, the recent performance of Bitcoin ETFs on March 14 marked a significant dip, recording one of its lowest net inflow days with only $132 million, showcasing an 80% reduction compared to preceding sessions.
Despite these bearish signals, the aftermath of the halving might not mirror the severity of past downturns.
James Butterfill from CoinShares posits that institutional investors’ strategy of portfolio rebalancing could mitigate volatility.
READ MORE: Momentum Shifts in Bitcoin Market as Institutional Outflows Slow and Optimism Grows for Future Highs
He notes a decrease in volatility from the last bull market in 2021 and a rise in prices surpassing previous peaks, attributing this to the stabilizing influence of portfolio adjustments.
The appeal of Bitcoin ETFs remains robust, with total net inflows crossing the $12 billion threshold on March 15.
The industry expects further growth as brokerage firms hasten their evaluation processes for offering Bitcoin ETFs to their clientele.
Additionally, investments through Bitcoin ETFs are softening the negative price impacts of miner sales preceding the halving, an event that slashes the reward for mining new Bitcoin blocks by half.
This year, the reward will decrease from 6.25 BTC to 3.125 BTC, although mining costs are projected to stay constant or even increase.
CoinShares anticipates the average post-halving production cost for miners to be around $37,856.
Butterfill comments on the pre-halving trend of miners liquidating part of their Bitcoin reserves for profit maximization, a practice evident in 2024 as well.
CryptoQuant’s data reveals a two-year low in miner reserves, with 1.81 million Bitcoin held as of March 15.
The Bitcoin halving, a deflationary mechanism occurring every four years, is expected around April 19, 2024, potentially altering the dynamics of Bitcoin mining and its market valuation.
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Nick Spanos, a crypto veteran and the founder of Zap Protocol, has revealed that the blockchain project is close to finalizing a number of “huge deals.”
These landmark deals will incorporate some of Zap Protocol’s current offerings, which include ZapOracles, ZapDEX and ZapNFT.
Spanos, who also founded the Bitcoin Center NYC – the world’s first physical Bitcoin exchange – back in 2013, provided the update to Zap investors via the project’s official Telegram channel.
He also noted that he previously met with the President of Senegal, Macky Sall, and ZAP Protocol had agreed a pilot agreement with the country, before the Central bank of West Africa blocked the deal.
This comes amid increased bullish sentiment for Zap’s token, which trades on Bitrue and a number of decentralized exchanges.
Specifically, Zap has rallied over 160% in the last month, reaching $0.0084 according to CoinMarketCap data.
Despite the rally, the token’s market cap stands at just $2 million, meaning Zap has huge upside potential and is poised to rally in line with the broader cryptocurrency market, even without any project-specific bullish catalysts.
A conservative price prediction is for Zap to reach $0.25-$0.65 before the end of 2024, and potentially breach the $1 mark if a few project-specific catalysts come to fruition.
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