Get Smarter About Crypto

₿itcoin reached $70,735. +3.50%

♢Ethereum reached $3,635. +3.54%

What we will talk about today...

📈 Bitcoin ETFs Bounce Back as BTC Price Peaks in 10 Days

🔥 Big Bitcoin Move: $6B Transferred as 5th Largest BTC Wallet Reactivates After Years of Inactivity

🚀 Solana Tops Weekly Stablecoin Transfer Volume

Bitcoin ETFs Bounce Back as BTC Price Peaks in 10 Days

Bitcoin’s price shows a quick recovery this week, with signs of renewed interest in Bitcoin ETFs. Bitcoin prices closed above $70,000, a key victory for the bulls.

🚀 BTC Price Soars to 10-Day Highs Boosted by ETFs

Data confirms that BTC/USD reached its highest daily close in 10 days. A surge during Wall Street’s first trading session pushed Bitcoin’s price up by as much as $4,600 in one day.

The positive trend continued, with Bitcoin exceeding the $71,000 mark at the time of writing.

Financial commentator Tedtalksmacro pointed out the return of net inflows into US Bitcoin ETFs as a key factor influencing market sentiment. After several days of outflows, Bitcoin ETFs saw an influx of $15.4 million on Monday, with Fidelity contributing $262 million.

💡 Bright Future Ahead for Bitcoin

Despite significant outflows from the Grayscale Bitcoin Trust (GBTC), BTC/USD managed to overcome hurdles. Analyst Matthew Hyland is optimistic about Bitcoin’s potential to reach six figures, predicting a possible surge to $100,000.

Hyland also mentioned a reset in a classic BTC price metric, indicating a rebound opportunity. The daily relative strength index (RSI) was just above 60, suggesting potential for further growth.

🛑 Mixed Views on Bitcoin Futures Gap

As Bitcoin’s price continues to rise, trader Mark Cullen noted gaps in CME Group Bitcoin futures markets, which often serve as short-term price targets. However, trader Daan Crypto Trades isn’t worried about a potential price drop, stating that such gaps are typical during major breakouts.

🌟 Bitcoin’s Strength and Potential

Bitcoin’s resilience, along with renewed interest from institutional investors via ETFs, indicates a positive future for the cryptocurrency market. As Bitcoin continues to show its strength and potential for more gains, investors remain hopeful about its long-term prospects. 🚀

Big Bitcoin Move: $6B Transferred as 5th Largest BTC Wallet Reactivates After Years of Inactivity

This week, the “37X” wallet, previously the fifth-largest bitcoin wallet, was reactivated after being dormant since 2019. This move involved the transfer of a massive 94,504.03 bitcoin into three separate addresses. One of these recipient wallets has now become the sixth-largest bitcoin holder, indicating a significant change in the ranking of top addresses.

💼 $6 Billion Bitcoin Transfer Revives ‘37X’ Wallet, Establishes New Leader

Just two days ago, the bitcoin (BTC) wallet ranked fifth in size made a huge transaction, moving 94,504.03 BTC, worth over $6 billion, to different addresses, causing widespread speculation.

Since its first deposit in 2019, the assets remained untouched until now. In the next year, an OXT user named “Wolf755” suggested that the bitcoin wallet belonged to Huobi (now known as HTX). However, despite this claim, many blockchain explorers still label the wallet as “unknown.”

On Monday, Arkham Intelligence commented on the whale’s transaction, stating, “The 5th richest bitcoin address just moved over $6 [billion] in BTC to three new addresses.” The onchain intelligence firm further explained:

“$5.03B BTC was sent to bc1q8yj, with addresses bc1q6m5 and bc1q592 receiving $561.46M and $488.40M in BTC respectively. bc1q592 has since transferred those funds.”

This activity occurs during a time when large bitcoin whales and old wallets are actively moving substantial amounts onchain. About 11 days ago, on March 14, 2024, when BTC reached its highest value of $73,794 per unit, the “37X” wallet was the fifth largest, according to archived records. Currently, 78,317 BTC, worth $5.5 billion, temporarily resides in the “bc1q8” wallet, now the sixth-largest bitcoin address in the ecosystem. 🐋

Solana Tops Weekly Stablecoin Transfer Volume

Solana has taken the lead in weekly stablecoin transfer volume, outpacing Ethereum due to increased investor interest fueled by yield opportunities, airdrops, and the popularity of meme coins.

📈 Solana Surpasses Ethereum

Data from blockchain analytics platform Artemis shows that Solana has overtaken Ethereum as the leading blockchain in weekly stablecoin transfer volume. Solana reported an impressive $364.7 billion in weekly stablecoin transfer volume, significantly more than Ethereum’s $152.99 billion. Other notable chains like Tron and BNB Chain followed with volumes of $101.57 billion and $22.75 billion, respectively.

💹 Record Stablecoin Transfer Volume in March

The total stablecoin transfer volume for March hit $804 billion, almost equal to Solana’s $960 billion in February. This represents a remarkable 3,410% increase compared to the volume of $11.56 billion in March 2023.

📊 Solana’s Market Share Soars

Solana now holds a substantial 42.3% share of the stablecoin market, a significant increase from the 1.9% share it had just a year ago.

📈 Increase in Solana’s DeFi and DEX Activity

Solana has seen a rise in decentralized finance (DeFi) activity, pushing its total value locked (TVL) to $4.55 billion, the highest since April 2022. Moreover, Solana-based decentralized exchanges (DEXs) have experienced a significant increase in trading volume, surpassing Ethereum and other chains. The trading volume of Solana-based DEXs jumped by 70% to $3.37 billion, outperforming Ethereum’s slight 0.63% increase to $3.05 billion.

🔥 Memecoins Boost Solana’s Growth

The popularity of memecoins within the Solana ecosystem, including Book of Meme (BOME), Dogwifwhat (WIF), BONK, and Slerf, has contributed to the network’s performance. Solana’s native token, SOL, has seen a significant rally, rising over 90% year-to-date to trade at $193 at the time of writing. With Solana still 35% below its November 2021 all-time high of $260, the network is set for further growth and potential entry into price discovery territory. 📈

CAN YOU PREDICT THE PRICE?

HOW DID WE DO? 🤷

Stay tuned for more twists and turns in the crypto world & Happy Investing🚀💎