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Report: Crypto Investment Products Saw Net Inflows of $2.7B Last Week 

Lele Jima
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Report: Crypto Investment Products Saw Net Inflows of $2.7B Last Week 

Investment products associated with top crypto assets recorded a whopping inflow of $2.7 billion last week, with Bitcoin (BTC) offerings leading the charge. 

According to the latest edition of CoinShares’ report, crypto investment products saw an astounding amount of inflow last week amid an ongoing market uptrend. 

Specifically, these products recorded almost $2.7 billion in inflow last week, bringing the year-to-date (YTD) total inflows to approximately $10.3 billion. 

It bears mentioning that the total inflow since the beginning of this year is just $300 million shy of the entire inflow in 2021, during the peak of the last bull market.  

Bitcoin Offerings Saw the Most Inflows 

Like every other week, Bitcoin-based offerings accounted for the majority of the total amount. Inflows to Bitcoin products reached $2.63 billion last week alone, putting the asset’s YTD flow to $9.96 billion. 

Notably, inflows into Bitcoin-based products were bolstered by investments into two major Bitcoin spot-based ETFs- BlackRock and Fidelity BTC funds.

While BlackRock’s iShares ETF saw a weekly inflow of $2.07 billion, Fidelity’s Bitcoin fund attracted $1.34 billion worth of investment within the same timeframe. 

In addition to BlackRock and Fidelity’s Bitcoin funds, other BTC ETFs belonging to Ark Invest and 21Shares, as well as ProShares saw inflows of $187 million and $189 million, respectively. 

While the majority of Bitcoin spot ETFs recorded inflows, Grayscale Investment’s BTC fund witnessed negative flows amounting to $1.65 billion in the past week.  

Flows by providers
Flows by providers

Performance of Top Crypto Assets 

Meanwhile, investment products associated with other crypto assets like Solana (SOL), Cardano (ADA), and XRP saw inflows to the tune of $23.6 million, $800,000, and $1.5 million, respectively. 

However, the data shows that Ethereum (ETH) products recorded an outflow of $2.1 million in the past week. 

Other Stats 

Additionally, this week’s trading turnover hit $43 billion, smashing the previous week’s record of $30 billion. 

As per regional investments, the United States saw the most inflow, totaling $2.8 billion. Similarly, Switzerland, Brazil, and Australia attracted minor weekly inflows of around $20.6 million, $17.5 million, and $5.3 million, respectively. 

Furthermore, the total assets under management (AUM) have surged to $94.41 billion following an increase in crypto prices. Notably, crypto prices have been soaring lately thanks to the growing interest in digital assets among TradeFi investors. 

BTC set a new all-time high price of $72,282 in the early hours of today. The top asset achieved the feat before the highly anticipated Bitcoin Halving event, expected to take place in mid-April.

However, most other crypto assets have yet to break their previous ATH record, set in 2021. Bitcoin was trading at $72,262 at press time, up 4.1% over the past day. 

Ethereum-based Satoshi Nakamoto Impersonator Suffers 93.16M cDAI Liquidation

Mark Brennan
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Ethereum-based Satoshi Nakamoto Impersonator Suffers 93.16M cDAI Liquidation

An Ethereum address labeled as nakamotosatoshi.eth has suffered a massive cDAI liquidation amid the rally printed in the broader crypto ecosystem.

According to an update from crypto intelligence service provider PeckShield, the total liquidation suffered by nakamotosatoshi.eth came in at 93.16 million cDAI, worth approximately $2.13 million.

This loss was recorded as the price of Ethereum topped the $4,030 mark.

Liquidations like this emerge in the decentralized finance ecosystem when “the value of a borrower’s collateral in a DeFi agreement falls below a certain threshold.” While such losses are irreversible in DeFi, they are also common in centralized crypto markets.

Current Crypto Market Liquidations

Beyond the Nakamoto address, data from CoinGlass reveals that a total of 109,576 traders have been liquidated over the past 24 hours in the crypto market. The total liquidation across all exchanges is now pegged at $353.86 million.

Traders are always betting for or against the market and while the unpredictable movements typically stir losses as recorded thus far, other factors also hamper investor capital, including untimely sales of assets before maturity.

This latter scenario played out between Maker DAO co-founder Rune Christensen and Tron Founder Justin Sun.

As reported earlier by The Crypto Basic, Justin Sun sold of his Shiba Inu tokens prematurely, compared to Christensen who made a relatively bigger profit, a function of strategic sales when the price of SHIB soared to an intra-day high of $0.00004 on March 6.

More Profit Recorded Overall

Though the number of addresses liquidated in the market is enormous, there are more wallets in profit across the market, including the Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) ecosystems.

Per data from the analytics platform, IntoTheBlock (ITB), there are currently 52.27 million BTC addresses or 100% of the ecosystem’s total profit at the moment as the price is trading at its All-Time High (ATH) price above $72,000. For Ethereum, 94.58% of its addresses amounting to a count of 105.26 million are in profit today.

MicroStrategy Buys 12,000 More Bitcoin for $821M, Now Holds 205,000 BTC

Sam Wisdom Raphael
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MicroStrategy Buys 12,000 More Bitcoin for $821M, Now Holds 205,000 BTC

MicroStrategy has again augmented its Bitcoin holdings, recently procuring 12,000 tokens for $821 million, with its total balance surging to 205,000 BTC.

Michael Saylor, founder and executive chairman at MicroStrategy, spotlighted this in a post on X today. This disclosure follows the company’s announcement on March 4 regarding their intention to invest $600 million, derived from the sale of convertible notes, into acquiring Bitcoin.

For the uninitiated, convertible notes are financial instruments that companies use to raise funds. Essentially, they are loans that can be converted into company stock at a later date. 

MicroStrategy Buys 12,000 BTC with $821M+

MicroStrategy has now announced the purchase of more Bitcoin tokens a few days after the convertible notes disclosure. The acquisition, which took place between Feb. 26 and March 10, 2024, involved a cash outlay of $821.7 million. 

Per a press release, the funding for this acquisition predominantly stemmed from the proceeds of a private offering of convertible senior notes, totaling $781.1 million, complemented by an additional $40.6 million drawn from the company’s excess cash reserves.

With the latest BTC purchase, MicroStrategy’s total bitcoin holdings have reached 205,000 BTC, with only 5,000 BTC left for the company to hold 1% of the total BTC supply. They acquired the 205K BTC with a total of $6.91 billion, factoring in an average price of around $33,706 per Bitcoin. 

Their Bitcoin bag is now worth $14.6 billion, marking an unrealized profit of $7.69 billion. Notably, the latest buying spree began on the same day MicroStrategy last announced its previous purchase. Recall that the firm disclosed on Feb. 26 that it sold its shares to buy 3,000 more BTC.

Saylor Says Bitcoin Will “Eat” Gold

Speaking on the recent purchase and Bitcoin’s latest all-time high above $72,000, Saylor told CNBC that Bitcoin is poised to “eat” gold. According to him, the digital asset boasts all the positive aspects of gold but does not possess the downsides of the previous metal.

Saylor argued that Bitcoin would siphon capital from other risk assets and traditional risk ETFs. He noted that the crypto asset would get incorporated into multiple funds such as the BlackRock Global Opportunities Fund. “As it goes into other funds, it’s going to become structural,” Saylor remarked.

He called attention to the upcoming halving, slated for next month, pinpointing the supply-demand imbalance that would emerge. According to Saylor, Bitcoin’s price would have to adjust higher in response to the confluence of massive demand and limited supply.

This Metric Suggests PEPE Can Still Pump After 791% Gain in a Month

Mark Brennan
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This Metric Suggests PEPE Can Still Pump After 791% Gain in a Month

The number of PEPE holders has significantly jumped in the past month, suggesting that the meme coin boasts room for further growth.

The price of Pepe (PEPE) gained 790% in the past 30 days in a blissful period for meme-inspired cryptocurrencies. PEPE’s massive run within the period under consideration saw it outperform the two top-ranked memecoins including Dogecoin (114%) and Shiba Inu (265%). 

Nonetheless, on-chain data suggests that PEPE may continue to outperform other competitors as it trails on a very important metric. While Dogecoin and Shiba Inu respectively have 6.3 million and 1.3 million holders, PEPE has only around 170,000 holding addresses. 

 

Interestingly, the number of PEPE holders has now surpassed 180,000, following a 0.21% gain in the past 24 hours. The increase suggests that more investors are now paying attention to PEPE, a move that should bode well for existing holders in the short term. 

Why This Matters for PEPE

The latest metric is significant for PEPE for several reasons. For one, it indicates that many investors are yet to gain exposure to the token, a situation that might improve if the cryptocurrency continues to gain in the coming months.

Additionally, given that the number of PEPE holders will have to increase by over nine times to match Shiba Inu, such an influx of investors could send the cryptocurrency’s price higher.

Notably, there is no guarantee of either outcome, as market actions such as intense selling pressure from whales and a broader market correction might negatively affect PEPE’s price.

Yet, PEPE’s lower $3.8 billion market capitalization hints at future growth in the long term, with Dogecoin and Shiba Inu at $25.3 billion and $20.2 billion, respectively.

At the time of writing, PEPE is trading at $0.000009126, representing a 4% gain in the day. The crypto asset is currently commanding massive interest, with trade volume surging 16% in the last 24 hours to $1.58 billion.

Shiba Inu: Market Experts Share 2024 Potential Year-End Forecast

Mark Brennan
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Shiba Inu: Market Experts Share 2024 Potential Year-End Forecast

Market experts have disclosed what they believe the price of Shiba Inu (SHIB) will be by the end of this year.

Shiba Inu remains one of the most popular cryptocurrencies in the market, with multiple speculations on what its price will be at different times in the future.

Of the many indices that point to the likelihood of Shiba Inu maintaining its current bullish run and hitting new milestones include its strong correlation with Bitcoin coming in at 0.92.

This correlation might help Shiba Inu trail a similar growth path to Bitcoin, the premier asset currently trading at its All-Time High (ATH) above $72,000.

For now, the primary focus of the Shib Army is to outrank Dogecoin (DOGE) and breach multiple pivotal milestones in the long term. Here’s what experts think 2024 holds for SHIB.

Shiba Inu’s Projected Target For 2024

Drawing insights from two experts, Shiba Inu is likely to trade between two extremes with a positive and negative twist to the price trend.

Alexander Kuptsikevich, a Senior Market Researcher at FxPro believes Shiba Inu has what it takes not just to retest its ATH of $0.00008845 but to also erase one zero to trade as high as $0.0001 by year-end.

Alexander noted that while Shiba Inu is not likely to trade as high as it did in the 2021 market cycle, “it can ride the future waves of the crypto market.”

Finder, a coalition of industry experts, is not as optimistic about the future price of SHIB. The platform pegged the year-end target for Shiba Inu at $0.00001, meaning the digital currency is on track to plummet by about 34.26% from its current price of $0.00003426.

Counterbalancing SHIB Predictions

In addition, Finder noted that it anticipates the price of SHIB to drop as low as $0.000025 by 2025 with a mildly optimistic target of $0.000045 by 2030.

However, unlike Finder, other analytics platforms like Changelly are more bullish with the projection that SHIB will rather trade at a maximum price of $0.0005789421 by 2030

Here’s Why Bitcoin Clinched a New ATH Above $72,000 Today

Sam Wisdom Raphael
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Here’s Why Bitcoin Clinched a New ATH Above $72,000 Today

Bitcoin (BTC) recently recorded a new all-time high above the $72,000 price territory today due to a confluence of bullish factors in its price discovery phase.

The crypto bull market is already taking full swing as Bitcoin slips into its price discovery phase after breaching the previous cycle’s all-time high. Amid this phase, BTC has continued to record new ATH values, surpassing previous expectations.

However, one of Bitcoin’s most substantial price surges came up today as the asset pushed above the pivotal psychological resistance threshold at $72,000, surging to a new all-time high of $72,226 earlier today. Despite facing a roadblock at this price, BTC holds above $71,900.

Factors Behind Recent Bitcoin ATH

As the premier crypto asset looks to leverage another upswing to hit hold above $72,000, market data has revealed some of the factors that propelled the latest surge above the $72,000 mark. The on-chain surveillance platform Lookonchain recently called attention to one possible factor.

Over the weekend, Lookonchain spotlighted a transaction from the Tether Treasury, which saw the minting of $2 billion worth of USDT on March 10. According to Lookonchain, the firm has already minted about $5 billion in USDT on the Ethereum and Tron blockchains over the last week.

Interestingly, amid yesterday’s minting of the 2 billion USDT, a whale address possibly belonging to an institution received 261.6 million USDT from Tether. The inflows began on March 9 at 12:39 (UTC), with the last transaction coming in at 19:30 (UTC) on March 10.

The whale address moved all the 261.6 million USDT to Binance. This was viewed as a bullish development, as it demonstrates an increase in whale purchasing power, a trend which typically leads to a growth in prices. 

Notably, an increase in stablecoin deposits in exchanges is usually seen as a bullish sign, as it suggests that market participants are looking to procure more risk assets, essentially bolstering demand.

The 261.6 million deposit into Binance was one of the precursors of the latest Bitcoin spike above $72,000. In addition, on-chain data confirms that exchanges have continued to witness increased inflows of stablecoins despite a recent drop from previous highs.

Growing Investor Interest and Demand

Another possible factor behind the latest Bitcoin surge is the growing demand from U.S.-based institutions, both in the traditional Bitcoin market and in the spot Bitcoin ETF market. The Coinbase Premium Index has seen a marked upsurge of late, indicating increased buying pressure from U.S. institutional investors.

This rise in buying pressure can be attributed to the bullish sentiments surrounding the Bitcoin market. Amid the bullish sentiments, Coinglass data confirms that Bitcoin’s Futures Open Interest (OI) has spiked to $35.2 billion, with a predominance of long positions, as investors continue to bet on further price rises.

Bitcoin Futures Open Interest Coinglass
Bitcoin Futures Open Interest | Coinglass

The $35.2 billion value is the largest recorded Bitcoin OI of all time, surpassing the previous all-time high of $26 billion on March 1. Bitcoin has continued to push toward greater heights, currently trading for $71,955.

Bitcoin Price Breaks ATH Against USD, GBP, Multiple Currencies

Mark Brennan
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Bitcoin Price Breaks ATH Against USD, GBP, Multiple Currencies

The price of Bitcoin (BTC) has broken All-Time Highs (ATHs) against multiple currencies amid an ongoing shift in investor sentiment.

As shared on X by MicroStrategy Founder and Chairman Michael Saylor, the interest in Bitcoin is hitting an “all-time high everywhere in the world.”

While the reference valuation of Bitcoin is measured using the United States Dollar, the differences in the worth of fiat currencies based on devaluation over time have triggered different ATH across the board.

In general, Bitcoin is worth much more than it was a year ago in nearly every country.

Bitcoin Historic Levels In Major Economies

According to the post from Saylor, Bitcoin price hit an ATH against the Angolan Kwanza (AOA) on March 10 after jumping by 49,270%. Against the currency, the price of BTC is now pegged at AOA 58,211,457.

The digital currency has also recorded an all-time surge of 30,672% in Bangladesh, pegging the price at 7,648,238 Bangladeshi Taka (BDT).

Bitcoin has also recorded a massive ATH against the Canadian Dollar with the coin jumping 21,515% to CAD 94,346 as of March 10.

In the Dominican Republic, Bitcoin has skyrocketed by 28,048% against the local currency, the Dominican Peso (DOP). Bitcoin’s price now comes in at an ATH of 4,107,053 DOP.

The BTC/EUR pair is also at its best trading price, up by more than 20,640% to EUR 63,691. Other intriguing growths are also on record against the Great British Pound, with the premier cryptocurrency seeing a 25,105% jump to GBP 54,242.

Other major countries where the price of Bitcoin is seeing its highest valuation include Nigeria, Vietnam, and Zambia.

The US Dollar Reference

While the highlighted data from Michael Saylor came about 16 hours before writing, Bitcoin’s price has skyrocketed much more across the board. Against the US Dollar, the coin has breached its previous ATH, claiming a value of $71,815.48.

Many experts believe Bitcoin is in an active price discovery era and there are different projections as to what the top might be in this current bull cycle.

According to market expert Raoul Pal, the coin may likely jump to $250,000, a value the asset could surpass based on the dynamics of the spot Bitcoin ETF market.

Expert Says Ripple Participating in XRPL AMM with Only XRP is Bearish for XRP

Abdulkarim Abdulwahab
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Expert Says Ripple Participating in XRPL AMM with Only XRP is Bearish for XRP

Prominent crypto author Panos Mekras has expressed reservations about Ripple potentially participating in the XRP Ledger automated market maker (AMM) system with XRP alone.

Mekras voiced apprehension about this following recent comments from Ripple’s Chief Technology Officer, David Schwartz. In particular, Schwartz was asked whether Ripple would commit some XRP tokens in its escrow wallets to the AMM system.

Ripple Participating in XRP AMM

Schwartz expressed uncertainty about the benefits of such an endeavor to the XRP ecosystem.

“I’m not sure if that would be a bad thing or a good thing,” the Ripple CTO remarked. 

Unsatisfied by the response, another proponent pressed further for a definite answer, especially considering Schwartz’s disclosure that the XRPL AMM is his most cherished feature on the blockchain.

In response, Schwartz reiterated his uncertainty about whether it would be beneficial for Ripple to allocate XRP from escrow to the AMM. He pointed out that by solely depositing XRP into an XRP/USD AMM, half of the XRP is sold at the time of deposit.

XRP’s Price at Major Selling Risk

Essentially, Schwartz’s remark hinted at the possibility of Ripple engaging in the AMM solely with XRP tokens. On the premise, Panos Mekras, co-founder of Anodos Finance, joined the conversation. 

Mekras expressed concern that if Ripple were to participate in the AMM exclusively with XRP, it would effectively mean selling 50% of XRP for other assets in the pools.

He pointed out that such action would create a selling pressure that negatively impacts XRP’s market value.

“Ripple participating on the AMM only with their XRP is bad,”  Mekras remarked. 

Potential Solution

However, Mekras proposed a solution to this dilemma. He pointed out that since Ripple holds over $1 billion in cash and sells 200 million to 300 million XRP monthly, the optimal approach would be to provide both assets and avoid single-sided deposits.

“Providing equal value of at least few millions in $ and XRP is something that Ripple can easily do and afford,” he added.

Additionally, Mekras suggested that adding several XRP/stablecoin pairs would benefit Ripple’s ODL business in parallel.

Notably, these discussions have surfaced amid recent developments. In particular, the AMM amendment has once again garnered the required consensus from XRPL validators. The XRP Army expects its implementation on the XRP Ledger by March 22.

Top Journalist Says Optimism About Ethereum Spot ETF Approval in May Is Waning 

Lele Jima
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Top Journalist Says Optimism About Ethereum Spot ETF Approval in May Is Waning 

Eleanor Terrett, a pro-crypto journalist working with Fox Business media outlet, shares interesting update about the SEC’s potential approval of Ethereum (ETH) spot exchange-traded funds (ETFs) in May. 

According to Terrett, optimism for the approval of at least one spot Ethereum ETF by May 23 is gradually waning. 

Discussion About Ethereum Spot ETF Now One-Sided 

Citing sources familiar with the matter, Terrett noted that recent conversations regarding the approval of spot Ethereum funds have been one-sided. 

She said that while prospective Ethereum spot ETF issuers have tried to convince the SEC’s staff to commence the approval process, the securities regulator has not made any positive effort as they did with spot Bitcoin funds. 

Reasons Behind SEC’s Behavior 

The pro-crypto journalist outlined two reasons behind the SEC’s lackadaisical attitude toward approving spot Ethereum ETFs. 

Per Terrett, SEC’s chair Gary Gensler believes he has already pacified the crypto industry by approving multiple Bitcoin ETFs. Recall that Gensler’s vote was the game changer that birthed Bitcoin spot ETFs in the U.S. 

The Crypto Basic reported in January that Gensler, Mark Uyeda, and Hester Peirce were the three commissioners who voted for the approval of Bitcoin spot ETFs. 

Additionally, Terrett stated that another reason for the SEC’s recent behavior is that anti-crypto politicians, including Senator Elizabeth Warren, are already rallying against the potential approval of the ETH-based product. 

Terrett pointed out that politicians like Warren have been furious with the SEC for approving Bitcoin spot ETFs. Hence, they have been making moves to prevent a recurrence for Ethereum. 

With just two months left before May 23, one of the sources told Terrett that the SEC needs to start working on the multiple Ethereum spot ETF applications soon to give the product a chance of getting approved by May 23. 

Bloomberg Analyst Shares Similar Sentiment 

Notably, prominent ETF analyst Eric Balchunas echoed a similar sentiment last week. Balchunas, who predicted that the SEC would approve at least one Ethereum ETF application by May 2024, no longer feels optimistic about this prediction. 

He made this known while reacting to a meeting between SEC staff and Coinbase’s representatives on March 6 regarding Grayscale’s application to convert its Ethereum Trust (ETHE) to a spot Ethereum ETF. 

It bears mentioning that Grayscale used Coinbase as its custodian for the prospective spot-based Ethereum fund. 

Commenting, Balchunas said he would have referred to the SEC and Coinbase meeting as a good sign. However, Balchunas emphasized that the SEC’s refusal to issue comments to Ethereum spot ETF issuers does not seem like a positive sign. 

Another reason the analyst is less optimistic about Ethereum spot ETFs is that the agency has not suffered any court loss regarding the approval of Ether-based funds. Recall that the SEC was motivated to approve all Bitcoin spot ETFs following its loss against Grayscale Investments in August.  

Although optimism for Ethereum spot ETF approval by May 23 has reduced, ETH price has continued to record significant gains. The second-largest cryptocurrency recently broke the $4,000 resistance, surging to a 24-hour high of $4,030. ETH was trading at $4,008 at press time, representing a 13.5% gain in the past seven days. 

Shiba Inu: Shibarium TVL Reaches All-Time High

Mark Brennan
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Shiba Inu: Shibarium TVL Reaches All-Time High

The total value of assets locked on Shibarium, the Shiba Inu layer-2 network, has hit a new high as investors continue to back the ecosystem.

The price of Shiba Inu has caught the eye recently, with a triple-digit increase in the past month. At the same time, the increased attention around the project has also led to greater usage and capital injection into Shibarium, Shiba Inu’s layer-2 network.

According to data from DefilLama, the total value of assets locked (TVL) on the network surged to a new high of $2.25 million on March 5. The figure represented a more than 60% increase from the previous high of $1.5 million set in August 2023, around the time of Shibarium’s launch.

However, following the rise to $2.25 million, Shibarium’s TVL recorded a collapse, as SHIB’s price slumped. It bears mentioning that the $2.25 million ATH TVL coincided with a Shiba Inu price surge to a 27-month high above $0.000045 on March 5.

Shiba Inu faced a roadblock at this high, recording a correction that relegated it to the $0.00003 level. Amid this price dump, Shibarium’s TVL also dropped, retracing to the current figure of $1.75 million at the time of writing.

Shibarium TVL
Shibarium TVL | DefiLlama

A closer look at the data reveals that the majority of capital in Shibarium is locked across decentralized exchanges on the network. Marswap and Chewyswap are the most dominant platforms, with $994,000 and $518,000 TVL, respectively.

Evidently, the rise in the price of Shiba Inu (SHIB) and ecosystem token Bone ShibaSwap (BONE) contributed to the surge in Shibarium TVL. Within the past week, when Shibarium TVL reached a new all-time high, SHIB and BONE gained 26% and 28%, respectively.

Shiba Inu Has Big Dreams for Shibarium

The recent all-time high in TVL on Shibarium underlines the network’s potential. The Shibarium network is designed to allow for cheaper fees and faster transactions, giving users a viable alternative for more expensive incumbents such as Ethereum.

While Shibarium may not currently boast as much capital or user attention as Ethereum and other more popular L2 networks, the Shiba Inu-backed solution is indeed thriving.

Earlier this month, the network surpassed the milestone of 400 million transactions, reaching that landmark within seven months of its launch.

Kaal Dhairya, a leading Shibarium developer, has revealed recently that the ecosystem team has big dreams for Shibarium.

The long-term goal is that the network onboard billions of new users to the crypto ecosystem, with the Shiba Inu community being among the first. The recently breached all-time high in transactions and TVL suggests that the noble mission is already well underway.

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