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This is The Token Dispatch 🙌 you can hit us on telegram 🤟
While everyone was excited about the new Bitcoin ETF and Solana's hot streak, the recent bull run seems to be hitting the brakes.
This week has been tough.
Crypto market cap dropped close to 15%.
Look at the heat map
Bitcoin pulled back from its ATH of $73,737 to hit a low of $62.5k.
Ethereum from $4093 to $3200.
Crypto liquidations?
But wait… despite the chill, institutional investors are pouring money in - as per Coinshares Digital Asset Fund flows.
Record $2.9 billion flowing into crypto funds last week.
Smart contracting suffered last week. They saw only outflows.
Ethereum - US$14m
Solana - US$2.7m
Polygon - US$6.8m
The total for the year so far » $13.2 billion
Smashing the full 2021 inflows of US$10.6 billion.
Total value of Bitcoin under management = $74.61 billion.
Bitcoin Dominates: 97% of the total inflows.
Now with al of this, guess who's getting seasick?
"Dumb money," as some call it - smaller investors - are scrambling to sell.
Whales (1000+ BTC): gobbling up 84,000 BTC in the last month alone.
Sharks (100-1000 BTC): 244,000 BTC since February.
Small Fry (10-100 BTC): selling off their Bitcoin throughout March.
Now its time for a new high?
Binance CEO Richard Teng predicts Bitcoin will surpass $80,000 by the end of the year.
10T Holdings' CEO Dan Tapiero predicts bitcoin could reach $200,000.
Standard Chartered has also raised its year-end Bitcoin price target to $150,000.
But Hold On... Three things to watch:
Fed in Focus: All eyes are on Fed Chair Jerome Powell's commentary after the March 20th FOMC meeting, as his words could trigger major volatility.
The flash crash mystery: Bitcoin took a wild ride on BitMEX yesterday, plummeting to a $8,900 before bouncing back just as quickly. Large sell orders, rumoured to be over 850 BTC, triggered the flash crash. Some folks are pointing fingers at "whales."
‘Alameda Gap’ vanishes: Crypto market depth has recovered to pre-FTX levels, according to Kaiko. Thanks to the Bitcoin rally.
What's Binance and CZ Upto?
A federal court just ordered Binance to hand over all data on Nigerian users.
Initially, Nigeria only requested data on the top 100 users and past 6 months of transactions.
And what about CZ?
He is launching "Giggle Academy."
Education platform for basic education (grades 1-12) to children worldwide.
No fees, no revenue model, just education.
What's Up Memecoin World?
The Meme market cap in 24 hours - down by 15%
Dogwifhat Ethereum NFT, featuring a Shiba Inu puppy in a knit beanie, sells for $4.3 million - South Korean parents of the pup will take home $4.1 million from the NFT sale.
Solana-based memecoin project Slerf accidentally burns $10 million in presale funds - Developer admits mistake and apologises, saying there is no way to fix it.
Milady NFT memecoin raises $18.6M in less than 2 hours in its presale.
In the past 24h, the price of popular MEMECOIN BOME on the Solana has dropped sharply by nearly 16%, and 58% down from what it was three days ago.
The Surfer 🏄
DEBT Box wins: The SEC claimed DEBT Box defrauded investors through "node licenses" for non-existent token mining. Now, A Utah judge ruled against the SEC, forcing them to pay legal costs for a case against the crypto startup.
NVIDIA GTC: Nvidia's CEO Jensen Huang unveiled a wave of AI advancements at GTC, including, Project GR00T (to build better humanoid robots.), Blackwell AI GPU and Omniverse for factory design.
Fidelity's amendment: Fidelity has amended its spot Ethereum ETF proposal to include staking. The proposal suggests staking a portion of the fund's ETH to generate additional income.
French Hill, the chair of the United States House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, plans to take over leadership of the full committee in 2025. Hill has chaired the digital assets subcommittee since its creation in January 2023 and has conducted hearings on crypto-related issues.
Galaxy Hits Jackpot: Galaxy Asset Management (GAM) surpassed $10 billion in assets under management (AUM) for the first time.
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