Should You Wait for Your Altcoin to Rally? 💥
In today’s edition: 😞 High costs for ETH users, 💡 Bitcoin ETFs will remain in favor?, 💰 Record inflows to accumulation addresses, 🏅 Marathon mines largest block, and more!
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After a week in which bitcoin nearly hit its all-time high, Alex Thorn, head of firmwide research at Galaxy, joins Unchained to discuss the pivotal role of exchange-traded funds (ETF) inflows in bitcoin’s recent price surge, the nuanced behaviors of long-term versus short-term holders, and the potential impacts of upcoming halvings and institutional involvement on the market’s future trajectory.
Alex offers deep insights into the market value to realized value Z-score, explaining its relevance in assessing bitcoin’s valuation. He also delves into the implications of major financial institutions such as Merrill Lynch and Wells Fargo embracing Bitcoin ETFs for their clients. Furthermore, Thorn speculates on the timing and conditions for an “altcoin season” and shares his price predictions for bitcoin by the end of the year.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Brandy Betz, Sam Sriram and Kari McMahon
How This Crypto Rally Is Different: Bitcoin Has Been Leading Altcoins
Previous bull markets have often been led by altcoins. Does this mean a more substantial altcoin rally is around the corner?
Ethereum’s Dencun Upgrade Can’t Come Soon Enough as Gas Fees Surge
Ethereum users say they are spending upwards of $100 on gas fees for swaps and NFTs during peak times. The upcoming Dencun upgrade will lower fees, but there is a caveat.
Why Spot Ether ETFs Likely Won’t Steal Bitcoin’s Thunder — Even if Staking Is Included
Some ETF providers are hoping to integrate staking into the US spot ether ETFs to generate additional income. However, the addition is unlikely to turn many investors’ heads away from spot bitcoin ETFs.
$2 Billion in Bitcoin Left Exchanges on Friday, But Accumulation Addresses See Record-High Inflows
As bitcoin surges past $65,000 for the first time since 2021, here’s what onchain data is telling us about the leading digital asset.
Marathon’s Slipstream Mines Largest Bitcoin Block on Record
Marathon Digital’s new Slipstream service broke the record for the largest ever bitcoin block measured in raw bytes, containing a large image inscription related to the Runestone airdrop.
BlackRock’s Spot Bitcoin ETF IBIT Fastest Ever to Hit $10 Billion in Assets
The iShares bitcoin ETF joins the exclusive club of ETFs with over $10 billion in assets under management (AUM), which includes only 152 funds from the entire ETF universe of 3,400 offerings.
Decentral Park Capital’s Kelly Ye on Bitcoin’s Latest Surge
Investment manager Kelly Ye discusses how spot bitcoin ETFs are driving bitcoin’s bull run and how she separates the wheat from the chaff when choosing which cryptos to invest in.
Why Base’s Creator Thinks Social Apps Will Be a ‘Huge Part’ of the Layer 2 Blockchain’s Success
Coinbase’s head of protocols Jesse Pollak talks about how big he thinks Coinbase’s Layer 2 blockchain network Base could get and how he plans to get it there.
Daily Bits…✍️✍️✍️
⚖️ A U.S. judge ruled that trading certain crypto assets on secondary markets, such as Coinbase, qualifies as securities transactions, setting a precedent in a crypto insider trading case.
🇳🇬 Nigeria's government is reportedly seeking $10 billion from Binance for contributing to economic disruptions, with some dispute over the announced amount.
⚡ A planned emergency survey on bitcoin miners' energy use was canceled after a legal agreement between the parties was reached, with the Department of Energy withdrawing the survey and destroying collected data.
🔌 Bitdeer announced the development of a 4-nanometer bitcoin mining chip, aiming to enhance efficiency ahead of the anticipated bitcoin halving event.
🚨 Documents leading up to Do Kwon's extradition revealed a failed attempt to escape using fake passports.
📰 Christopher Harborne and AML Global Ltd. sued The Wall Street Journal for defamation over allegations related to Tether and Bitfinex.
🔚 The Celsius mobile app has officially shut down, marking the end of its service availability following the company's 2022 bankruptcy.
🔍 South Korea's privacy commission initiates an investigation into Worldcoin over concerns about the collection of sensitive personal data through its iris scanning.
👮♂️ UK law enforcement's power to seize cryptocurrencies involved in criminal activities will be enhanced starting April 26.
The $$$ Corner…
💰 Taiko secured $15 million in Series A funding, advancing its position in the competitive landscape of Ethereum layer 2 solutions.
What Do You Meme?
Recommended Reads
Unchained: What Is Optimism Superchain And Why Is it Popular for Projects?
Venture investor Balaji Srinivasan on the purpose of Bitcoin
CoinDesk: The Catch-22 of U.S. Crypto Regulation
📈 Your Market Update 📉
BTC is up 5.2%, trading at $65,083
ETH is up 2.7%, trading at $3,505
BTC dominance: 50.19%
Crypto market cap: $2.55T
*All data as of today, 06:19 am ET. Source: CoinGecko
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