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Bitcoin ETFs Surpass Mining Production With $1.05 Billion Surge

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In a landmark development for the cryptocurrency market, Bitcoin exchange-traded Funds (ETFs) have seen an unprecedented influx of investments, surpassing even the daily output of newly mined Bitcoins. This surge in investment, totaling a record-breaking $1.05 billion on March 11, has raised eyebrows and ignited discussions among financial analysts worldwide.

The surge represents the highest single-day net inflow since the inception of Bitcoin ETFs, showcasing a staggering increase of approximately 56% from the previous high of $673 million recorded on Feb. 28. What’s more intriguing is the driving force behind this surge in investment. Experts attribute it to the consistent performance of Bitcoin ETFs, which has notably outpaced the production rate of newly minted Bitcoins.

Clive Thompson, a seasoned expert in wealth management and former managing director in Swiss Private Banking, shed light on the disparity between demand and supply in a recent LinkedIn post. According to Thompson, the acquisition of around 7200 BTC’s by new BTC ETFs starkly contrasts with the average daily mined supply of 900 Bitcoins. This supply-demand imbalance has contributed to a notable 5% surge in Bitcoin prices.

A significant player in these market dynamics has been Genesis Holdings, whose bankruptcy led to the liquidation of GBTC shares. Thompson suggests that the conclusion of Genesis’s GBTC share sales around March 13 could potentially influence Bitcoin’s price trajectory, hinting at a potential surge to new highs and subsequent inflows into BTC ETFs.

Bitcoin ETF Market Sees $8.5 Billion Volume Surge

Senior ETF analyst Eric Balchunas notes impressive Bitcoin ETF trading volumes.On March 12, trading volumes soared to $8.5 billion, marking the second-highest volume day for BTC ETFs. Notably, BlackRock’s spot BTC ETF, IBIT, witnessed extraordinary activity, surpassing even the trading volume of SPDR Gold Shares ETF (GLD).

The success of IBIT has spurred further interest in BTC ETFs, prompting BlackRock to seek regulatory approval for additional offerings under Larry Fink’s leadership. Plans include the expansion of cryptocurrency offerings, introduction into emerging markets like Latin America, and the launch of the iShares BTC Trust ETF’s Depositary Receipts in Brazil.

However, the road ahead for new cryptocurrency ETFs, including those for Ethereum (ETH), faces regulatory hurdles. The SEC’s cautious approach towards approving these filings until May has left experts speculating about the likelihood of approval. The lack of dialogue between the SEC and ETF issuers like BlackRock has exacerbated the uncertainty.

Despite these challenges, anticipation looms over forthcoming meetings that could potentially sway the SEC’s stance on these innovative financial products, marking a pivotal moment in the evolution of cryptocurrency investment opportunities.

Unlocking Cardano’s SuperNode: Decentralized Growth Engine

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With Ethereum scaling dominating the headlines, Cardano is also making noteworthy strides. Chris O, a prominent community member, recently underscored the importance of the upcoming “SuperNode” for Cardano & its affiliated chains, including off-chain, Hydra, Mithril, and roll-up models. The SuperNode concept is already an existing technology, and the team was inspired by Hyperledger Firefly Node, touted to bring a transformative change to the smart contract blockchain.

Built by Kaleido, a blockchain and digital asset platform provider, Hyperledger FireFly is an open-source platform that helps build blockchain-based applications, multi-chain interoperability, and tokenization. It is designed to break down the layers of complexity that sit between the low-level blockchain and high-level business processes and user interfaces. In essence, Firefly allows developers to build applications that are designed to work with multiple parties.

Cardano
Unlocking Cardano's SuperNode: Decentralized Growth Engine 2

During a conversation with founder Charles Hoskinson, Chris O stated that Cardano’s SuperNode would take inspiration from FireFly. Imagine a DApp with a “state” dispersed across various locations: UI on the chain, state on MidnightNtwrk, off-chain elements, Hydra channels, etc. Consider the efficiency and robustness these DApps could achieve. The capabilities they offer would be immense, claimed Chris.

Keeping aside the technological point of view, the social and economic aspects are significant. In a scenario where an SPO runs a SuperNode that validates for multiple partner chains in addition to Cardano, the rewards earned by validating these protocols then get passed on to their delegators. Overall, the growth activity would be tremendous, Chris explained. Pool operators and stakeholders are vital for success. 1200 active pools and 1.3 million stakers are a solid basis for a high degree of decentralization.

Cardano is selling and making a profit on its greatest asset. It’s decentralization & security. I highly recommend y’all rewatch mine and the dapp_central video with Charles & Eran. The future is bright.

Cardano In Action

Shifting gears, we turn our attention to the UAE’s forward-thinking approach to adopting the smart contract network for real-world applications. Marking a transformative leap into widespread adoption, the UAE has now integrated the blockchain to enhance the security of its criminal investigations. The groundbreaking revelation was unveiled at the recently held World Police Summit.

Spearheaded by the Dubai Police, the Cardano-based pilot project showcased how sensitive data from criminal investigations can be shared securely with international authorities such as Interpol.

OKX Gains Key Approval In Singapore’s Crypto Hub

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Lately, the crypto industry has achieved a lot in terms of regulatory compliance. Recently, OKX, which is the second largest offshore cryptocurrency exchange, obtained an in-principle approval from Singapore’s financial regulator for a Major Payment Institution (MPI) license through their local subsidiary OKX SG.

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OKX Gains Key Approval In Singapore's Crypto Hub 4

As per the press release, this significant step enables the exchange to deliver digital payment tokens and cross-border remittance services in Singapore under the PS Act. Thus, it paves the way for the development of customized products and services for its consumers within Singapore. For now, users in Singapore can access OKX through the web or iOS and Google Play apps. However after obtaining a full MPI license from the Monetary Authority of Singapore (MAS), the platform will be able to offer a broader range of services.

OKX President Hong Fang said:

As we build technology globally to empower the future, we’re continually humbled by opportunities to build locally. Singapore is a priority market and we’ve been investing here for some time. The in-principle approval from MAS is not only a validation of our commitment to date, but also an exciting opportunity for us to continue as a responsible contributor to the Singapore crypto ecosystem.

Moreover, the exchange has a strategy for centralized finance (CeFi), which is based on regulatory compliance. According to Mauricio Beugelmans, the Chief Legal Officer of OKX, MAS has the best guidelines in the world since they are meant to protect consumers and ensure fairness in the market as well as keep it secure. He also said that OKX was keen on serving clients in Singapore and participating actively in the continually expanding crypto space of that country.

OKX’s Global Regulatory Compliance

This news comes on the heels of OKX receiving a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA) in January 2024 for VA Exchange Services. Notably, the VASP license will allow OKX Middle East to offer regulated virtual asset exchange services, including spot and fiat trading services, AED deposits and withdrawals, and spot trading pairs.

Furthermore, the latest approval from Singapore’s financial watchdog is a significant milestone, as a recent report from Coinbase revealed that over half of finance-savvy Singaporeans own crypto, with staking emerging as the top use case. This presents an opportunity for regulated platforms like OKX to enable compliant participation in this growing trend through features emphasizing security, consumer protections, and compliance.

Related Reading | Ethereum’s Spot ETF Bid Fuels Analyst Debate: Blofin Report

Bitcoin Hits New All-Time High At $72,764, Altcoin Frenzy On The Horizon?

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The leading cryptocurrency, Bitcoin, has left a blazing trail by smashing through the $72,000 barrier to set a fresh all-time high of $72,764, according to crypto analytics firm Santiment. ⁤⁤A telling indicator of a bull market is the awakening of long-dormant Bitcoin wallets, with massive hoards of the digital asset stirring back into circulation. ⁤⁤Remarkably, discussions surrounding Bitcoin remain relatively subdued compared to its scorching price action, potentially signaling more upside ahead. ⁤

Santiment’s analysis also discovered that the explosion of altcoin prices on Monday resulted from big Bitcoin disposals that took place after it had reached its all-time maximum price. Additionally, Santiment revealed that BTC-related activity soared by 55% while Ethereum’s increased by 60%. This period, often marked by alternative cryptocurrencies outperforming BTC, presents lucrative opportunities for investors to mint millions.

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Bitcoin Hits New All-Time High At $72,764, Altcoin Frenzy On The Horizon? 6

Bitcoin Surge: Beginning Of A New Phase for Altcoins

The famous cryptocurrency analyst “Reflection” therefore went to Twitter in order to excite those who missed the last Bitcoin milestone hope. He reminded them about the highly awaited ‘Altcoin Season,’ which is around the corner. Also, this is a period when alternative coins usually do better than BTC, and it provides a very good situation for people who want to make large amounts of money.

While reflecting upon Bitcoin’s stunning surge, some traders are afraid of rushing in. According to Reflection, however, it is actually the beginning of something new for altcoins. With Bitcoin’s market dominance remaining at 2021 levels, this means there’s still too much money flowing into the flagship asset. In other words, altcoins have yet to start their long way towards their peak.

Historically, bull markets follow a predictable Script: First, Bitcoin leads, then money rotates into Ethereum before the “altseason” frenzy hits maximum speculation in tiny tokens. The first two Acts offer 2-10x gains, but altseason unlocks the potential for 1000x “life-changing” multipliers.

Once BTC’s dominance starts dipping from its 55% perch, Reflection warns prizes will be quickly claimed. To front-run the herd, the strategist outlined 9 low-cap altcoins from prime narratives: meme coins, AI tokens, real-world assets, BRC-20 contracts, and GameFi platforms. However, all eyes are now on whether altseason will indeed materialize and which emerging projects and sectors could capture traders’ imagination this time around.

Related Reading | Decoding Solana’s $7B Meme Coin Explosion

Spot Ether ETF May Approval Window Remains Open Amidst Approval Uncertainty

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The future of Spot Ethereum Exchange-Traded Funds (ETFs) in the US is still uncertain, with a decision expected on 23rd May. Even though Bitcoin ETFs were approved in January, which led to increased activity in the crypto market, there is less clarity on what lies ahead for Ether ETFs.

According to recent reports from the Fox Business correspondent Eleanor Terrett, the SEC might be softening. Issuers, custodians, and staff have been having one-sided small meetings about potential Ether ETF filings, while the SEC sounds like it’s giving Bitcoin ETFs a free pass. Chairman Gary Gensler might think that Bitcoin ETF approval has already addressed industry demand.

I’m told that Gary Gensler believes he already placated the industry with the approval of the spot BTC ETFs, said Terrett.

The SEC is worried about the relationship between futures contracts for Ethereum and the underlying spot market. The claim has been that this argument lacks any substance, according to ETF Store President Nate Geraci. According to him, if the SEC allows investors to invest in Ether ETFs, then such a regulator must also have no issues with spot products as well.

Grayscale, a company that offers a range of financial products that enable customers to invest in digital assets, is being sued by the SEC for its bitcoin trust. The possible Grayscale victory could set an important precedent for the acceptance of Ethereum ETFs. The SEC might have to either “unwind years of implicit acceptance of Ether as a commodity” or be open to more issuer lawsuits as Geraci argues.

Ether ETF Prospects Amid SEC Dynamics

However, it is still possible for Ethereum ETF to be approved by May 23rd. Eric Balchunas, Bloomberg’s ETF analyst, admits that its Chairman Gensler faces political headwinds. Grayscale may not be as aggressive in legal strategy as it was in the Bitcoin ETF saga.

The SEC’s position will be seen as crucial in the next few weeks. There is a possibility of the commission having an active engagement with the stakeholders and its addressal of correlation and regulatory clarity concerns could make it clearer about ETFs on Ethereum. However, there can be more political pressure and internal disputes within the SEC, causing these applications to be delayed or rejected completely.

Related Reading | BlockFi’s Zac Prince Unveils Bankruptcy Success And Future Ventures

Arbitrum DAO Pulls $1.2 Million Support From Tornado Cash Amid Legal Concerns

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An Arbitrum DAO proposal that aimed to provide up to $1.28 million in Bitcoin to support Tornado Cash inventors Alexey Pertsev and Roman Storm in their legal defense against criminal accusations has been withdrawn by the person who created it. According to recent updates, the plan was removed because token holders expressed worries about possible legal responsibilities related to the donation. 

Joseph Axisa, a contributor to Arbitrum, had proposed setting aside money for a fund that would help people who were accused of crimes. Nevertheless, rumors state that the author took the proposal down from the Arbitrum discussion area. 

The plan, which was made public on Wednesday, called for pledging between 200,000 and 600,000 ARB tokens, or roughly $400,000 to $1.2 million, to help with Storm and Pertsev’s legal defense. They are accused of contributing to the creation of Tornado Cash, a smart contract system meant to improve Ethereum transaction anonymity. 

According to a Friday story from Unchained, the plan aimed to help Storm and Pertsev pay for their legal fees. Roman Semenov, a third cofounder who was also indicted, is still at large. But by March 8th evening, the suggestion post had vanished from Arbitrum’s conversation forum. It’s still unclear why exactly it was removed and what happened in the sequence of events that led up to it. 

Arbitrum DAO Pulls Support For WeWantJusticeDAO’s Legal Fundraiser

The Block was also informed by an Arbitrum representative that the proposal was removed at the author’s request. The removed proposal called for the committed contributions, which totaled about $10,000 per month, to support WeWantJusticeDAO’s crowd-funding campaign in order to help Storm and Pertsev with their significant legal bills. As stated in the proposal documents, the proposed tokens were to be housed on Juicebox, a platform dedicated to cryptocurrency-focused fundraising. 

According to a person with knowledge of the matter, members of ArbitrumDAO are actively looking into other ways to pay for the developers’ legal defense in the Tornado Cash project, even after the original plan was removed.

The source claims that funding Coin Centre, a well-known non-profit committed to advocating for Bitcoin legislation, is one possible course of action that is currently being discussed. Furthermore, another insider told The Block that an updated version of the proposal will appear on ArbitrumDAO’s forum some time next week. 

The decentralized finance (DeFi) community has shown the developers a great deal of support since their arrests. As a large part of the cryptocurrency market, DeFi is distinguished by its dedication to the values of financial liberty and innovation, which are quite similar to the values of Tornado Cash and its founders. 

Cardano (ADA) Potential to Surge 60% Next Week: Analyst Says

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Cardano (ADA) is positioned for a bullish surge and remains steadfast in its stance. Despite experiencing an 8% decrease over the past week, ADA exhibits resilience, indicating its potential to rebound strongly and achieve substantial gains in the near future.

At the time of writing, Cardano stands at $0.7373 with a 24-hour trading volume of $1.14 billion and a market capitalization of $24.08 billion, respectively. Over the last 24 hours, ADA experienced a 2.67% decrease.

ADA 1D graph coinmarketcap 8
Source: CoinMarketcap

Cardano (ADA) Predictd to Surge 60%

Despite the recent price fluctuations, Sssebi, a respected crypto analyst, remains hopeful about the direction in which Cardano (ADA) is heading. In his latest analysis, he pointed out that one should not ignore the weekly chart as a key to appreciating the broader context.

According to Sssebi, ADA is currently positioned favorably, comfortably above its 200-week moving average. This, coupled with big green candles on the weekly charts for several weeks and an apparent increase in buying momentum, indicates a strong underlying trend for this coin.

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Sssebi foresees significant developments for ADA next week. According to him, there are no major resistance levels until ADA reaches $1.2. This means that ADA’s price may move smoothly upwards with a little hindrance in the immediate future. The analyst even predicts significant growth, saying that ADA could rise 50-60% within the next week.

ADA’s Historical Trends Suggest $3 Potential in May

The analyst provided further insights into ADA’s historical performance, drawing parallels with previous market cycles. As an example, during the last cycle when BTC broke its ATH and experienced a parabolic rise, ADA witnessed a major pullback of about 35%. However, after this considerable retracement, there was consolidation before ADA eventually overcame its former ATH.

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From that historical perspective, the analyst presumed that the present course of ADA coincides closely with prior trends. In the previous cycle, it took ADA almost 74 days to surpass its former ATH again, which leads to the idea that they might have similar timelines in the current market.

Based on these observations and corresponding historical information, the analyst predicted a price of $3 for ADA by May or thereabouts. This forecast is derived from an understanding of how markets have behaved previously and the perception that AdA’s present performance is similar to previous cycles, indicating the possibility of enormous growth during the subsequent months.

Related Reading |  Ethereum’s Quantum Leap: A Defense Plan Against Future Threats 

Memecoins Frenzy Fuels Extreme Profits and Speculation

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The speculative frenzy around meme-inspired digital assets has set the crypto wild west ablaze. Memecoins which were once thought of as mere internet jokes are now among the top choices for traders and analysts due to their defy gravity with astronomical price surges. Prominent crypto commentators are cautioning about the bourgeoning meme mania.

“Memecoins have pumped tremendously in the past two weeks. They’re dominating the top gainers dashboard,” tweeted veteran analyst Lark Davis, cautioning investors to carefully time their entries. “You have to know when to enter, though: around the time the masses arrive.” The statement captures the paradoxical nature of these rallies, which are fueled by viral hype and fear of missing out.   

Blockchain analytics firm IntoTheBlock’s latest report sheds light on the phenomenon, evaluating “the top performing memecoins” while “sharing some key statistics on the space.” Their findings reveal triple-digit percentage gains across the meme token universe as “speculation drives on-chain fees to yearly highs.” With Bitcoin breaching new all-time price highs, investors are doubling down on these ultra-speculative altcoin bets.

Leading the charge is the PEPE coin on Ethereum, which has netted holders eye-watering returns of over 600% in just one month. A telling 91% of PEPE investors are currently sitting in profitable positions. While only 170,000 addresses hold the token, drastically less than Dogecoin’s 6.3 million holders, PEPE exemplifies the euphoric mania engulfing memecoins. 

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The frenzy is not confined to Ethereum either, with Solana’s decentralized exchanges trading a staggering $15 billion this week, according to DeFiLlama’s data. This colossal volume nearly matched Ethereum’s $20 billion over the same period. The ensuing network congestion has driven Ethereum transaction fees to their highest point in nearly two years.

Trading Tactics: Navigating the Memecoins Frenzy

Seasoned crypto traders are looking to exploit the meme frenzy as well. Analyst Dami-Defi spotlighted one investor who adroitly grew $149,000 into over $4.3 million in a year trading meme tokens yet refuses to sell a dime. “Is there a long-term game we are missing?” Dami-Defi pondered about the diamond-hand whale stubbornly accumulating MAGA, HarryPotterObamaSonic10Inu, and Mog tokens.

However, there are no signs that the allure of meme coins is waning as the crypto bull run rages on. But do we have a passing tide or a far-reaching change in the digital assets class? Nevertheless, memecoin mania burns on without any respite, leaving behind breathless traders and an all-absorbing crypto universe caught up in its unstoppable force.

Related Reading | XRP Whales On the Move: Massive Transfers Stir Speculation

XRP Whales On the Move: Massive Transfers Stir Speculation

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A notable phenomenon within the cryptocurrency industry is the surge in significance of XRP, which is currently positioned sixth in market capitalization with a focus on significant transactions from the Binance exchange platform. As per Whale Alert, a renowned cryptocurrency data tracking service, four huge transactions took place in the last 24 hours, with each involving more than 18 million XRP being moved to unknown wallets.

The details of these transactions are as follows: One of the transfers included 18,766,680 XRP , which is approximately $11.7 million, while the other comprised 18,355,225 coins, which comes to about $11.5 million. Further, two other deals involved 18,433,282 XRP and 18,460,720 XRP, valued at $11.5 million and $11.4 million, respectively.

Mystery Shrouds XRP Transfer Frenzy

This wave of activity started last Friday and attracted the interest of the cryptocurrency community. These Ripple coin transfers are carried out in high volumes and to unknown destinations, which has caused a great deal of theories regarding the reasons for the transfers. Though the identity of the recipients is concealed, the magnitude and coordinated nature of exchanges suggest an intentional plan, not just random transfers.

A number of theories have been put forward as to how the large amount of coin could have been moved from Binance. Another hypothesis is that the exchange may allocate reserves towards wallet upkeep or liquidity management. On the other hand, a key or a group of major investor(s) is accumulating Ripple coin for the potential long-term value growth fuelled by forthcoming refinements of the XRP Ledger and expected partnerships that may elevate the coin’s utility and value.

While the Ripple community and market observers closely watch these developments, the intentions behind such big transactions remain a hot topic. The developments in these movements may be strategic accumulations by the crypto whales, adjustments in exchange reserves, or other factors, highlighting the sometimes enigmatic dynamics of the crypto market.

Grayscale’s ETF Endeavor: SEC Talks Boost Optimism, But Approval Remains Distant

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Grayscale, a crypto asset manager, is one of the candidates considering launching a spot exchange-traded Fund (ETF) for Ethereum (ETH). Last week, Grayscale discussed its application with the US Securities and Exchange Commission (SEC) for the first time. This has increased optimism about quick approval; however, according to well-known analyst, Eric Balchunas, it is still far away.

Last Wednesday, the SEC held a meeting with Grayscale and Coinbase, the American Cryptocurrency Exchange, which will act as custodian if permitted. This is the regulator’s first engagement with a potential Ethereum spot ETF proponent targeting the US market.

Grayscale and Coinbase are trying to solve the SEC’s concerns about the safety of an Ethereum exchange fund. During the meeting, Coinbase gave a presentation that has been posted on the regulator’s website. In October last year, Grayscale applied with the financial watchdog to convert its Ethereum trust fund into an Ethereum spot ETF.

SEC Delays Ethereum ETF Assessment

Grayscale is not the only one trying to launch a spot Ethereum ETF; BlackRock, Fidelity, Hashdex, Invesco & Galaxy Digital, and ARK Invest & 21Shares are also trying to do so. The SEC asked to postpone the assessment procedure for both BlackRock and Fidelity applications earlier this week.

The conversations between the SEC and asset managers during the last Bitcoin ETF battle were positive. In one of his posts on the social media platform X, Bloomberg ETF analyst Eric Balchunas admits this is a promising sign but lists some reasons he is not overly confident about a quick approval.

Normally I’d say this was good sign but as far as I know the Staff has not given any comments yet to the issuers, which is not a good sign as we past when they gave comments on btc ETFs, said Balchunas.

In addition, Balchunas emphasizes that, unlike Bitcoin, no legal battle has been won. Finally, he believes that the correlation between ethereum futures, of which spot ETFs are already alive, and spot is not as strong as it is with Bitcoin. In any case, the SEC will have to make the final decision on the applications of VanEck and ARK Invest & 21Shares in May.

Furthermore, Balchunas insists that Bitcoin has no legal victory in its name. As soon as we reach the end, the correlation between Ethereum futures and spot ETFs that already exist superimposed with the latter is not very strong, like Bitcoin. At least, it would be up to the SEC to decide what will happen with regard to VanEck’s and ARK Invest & 21Shares applications in May.

The journey towards an Ethereum ETF is fraught with uncertainties, but it also embodies the innovative spirit of the cryptocurrency sector. As experts weigh in and the SEC deliberates, the outcome of this endeavor could herald a new era for Ethereum and its investors.

Related Reading | Dogecoin at $1? Trader Thinks It’s Not Just Memes Anymore