Q1 Report card. A+ for Crypto 🙌
Crypto scores good in 2024 Q1. Bitcoin ETFs holding surge to 835,000 BTC. Memecoins phoenix rise. Crypto traders bet $2.4M on spot Ether ETF decision. Craig Wright's $7.6M assets frozen.
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The first quarter of 2024 has come to an end.
It's been a ride. A good one at that.
Bitcoin: Spot ETF approval, and a total inflow of $12 billion. ETFs holding surging to 835,000 BTC, which is almost 4% of the entire supply.
Awaiting the halving event in April.
BTC ATH journey to $73.7k, and holding around $70k in March.
Ethereum: Dencun network upgrade that has lowered expenses for L2 networks.
The anticipation of ETF approval.
ETH ATH is still a journey pending, though it did cross the $4k mark in March.
Stocks: Coinbase, MicroStrategy, Marathon Digital, Riot Platforms … all of them have seen substantial rise in 2024.
Memecoins: They have found a new mojo. Solana leading the charge. The market cap has more than doubled for the memecoin verse.
What else do we know?
Immunefi reports 46 hacking incidents and 15 cases of fraudulent activities. The total amount lost to hacking and fraud incidents in Q1 of 2024, approximately $336.3 million, down from $437.5 million in the same quarter of 2023.
Total funding for crypto or blockchain companies surpassed $1.4 billion for the month of March, the highest monthly level since September 2022, according to The Block Deals Dashboard.
In the Numbers 🔢
500,000 BTC
The amount of Bitcoin nine of the 10 new spot Bitcoin exchange-traded funds (ETFs) have accumulated since launching in January.
Their holdings now accounting for 2.54% of the current circulating supply, current worth of $35 billion over just 54 trading days.
In total, all US spot Bitcoin funds, including Grayscale, hold 835,000 BTC, which is almost 4% of the entire supply.
After close to a billion dollar outflow last week, Bitcoin ETFs rebound with $854 million in investments in the last week of March.
Bitcoin exchanges’ BTC balances drop
Nearly $10 billion worth of Bitcoin has left crypto exchanges in 2024.
Since the US Bitcoin spot exchange-traded funds (ETFs) were launched on Jan 11, exchanges are down over 136,000 BTC - on-chain analytics firm Glassnode shows.
Block That Quote 🎙️
MetaMask parent company ConsenSys comment letter filed to the regulatory agency.
"We urge the SEC to recognise the advanced safeguards inherent in Ethereum’s design … which not only meet but exceed the exemplary security and resilience safeguards underlying Bitcoin-based ETPs that have previously been approved by the SEC."
Consensys was responding to the SEC's inquiry about Ethereum's proof-of-stake consensus mechanism potentially posing "unique concerns" related to fraud and manipulation concerning spot ether exchange-traded fund applications.
Consensys explained in a blog post.
"In fact, Ethereum’s PoS implementation meets and even exceeds the security of Bitcoin’s Proof of Work (PoW), which underlies bitcoin-based ETFs that have already been approved for trading by the SEC."
Crypto traders bet $2.4M on spot Ether ETF decision
Craig Wright’s Assets Frozen
A UK judge has ordered a worldwide freeze on $7.6 million asset of Wright, who claimed to be Satoshi Nakamoto, the inventor of Bitcoin.
The freezing injunction aims to prevent Wright from dissipating assets and evading costs related to the case, reflecting doubts about his trustworthiness due to past defaults on court judgments.
This decision followed Wright's loss in a lawsuit against the Crypto Open Patent Alliance (COPA), where the judge debunked Wright's claims of authoring the Bitcoin white-paper and creating Bitcoin.
The Surfer 🏄
Base transactions and DEX volumes surge to new all-time highs. 2.27 million transactions took place on Base on March 29. DEXs set record-high volumes with a total 24-hour volume of $657.19 million.
Grayscale Investments has announced an investment fund tailored for staking rewards - available to clients with more than $1.1 million assets under management or a net worth of more than $2.2 million.
Nigeria’s government has slapped Binance with $35.4 million money laundering charge. The case filed includes a five-count charge against Binance and two of its executives.
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