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💰 Arkon Energy Strikes Deal With Bitmain for 27,700 Bitcoin Mining Rigs
Arkon Energy has revealed its acquisition of 27,700 bitcoin application-specific integrated circuit (ASIC) mining units from the renowned manufacturer Bitmain. The company specified that it would receive 13,500 S21 Antminer rigs and 14,200 T21 mining machines. The delivery, scheduled to begin in June 2024, will enhance the firm’s joules per terahash (J/T) efficiency.
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💰 Bitcoin ETFs experience first outflow since March 22 at $85.8 million
Data from BitMEX shows that the Bitcoin (BTC) exchange-traded funds (ETFs) saw a net outflow of $85.8 million, equivalent to 1,230.3 BTC, marking the first outflow since March 22. Grayscale’s GBTC continued to dominate the outflows, with $302.6 million, equivalent to 4,337.4 BTC, being withdrawn. GBTC has now seen a staggering $15,070.2 billion of outflows, equivalent to 288,274 BTC, according to BitMEX.
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💰 Hedge fund manager Mark Yusko predicts $150,000 Bitcoin by end of year, spurred by halving
Hedge fund manager Mark Yusko believes Bitcoin's blockbuster year is merely getting started. In an interview on CNBC, the Morgan Creek Capital Management CEO was typically bullish on the price of the coin, which he called "the dominant token" and "a better form of gold.". Yusko pegged the fair value in this cycle around $75,000, boosted by the halving but weighed down from a potential value of $100,000 by transaction fees from Ordinals and inscriptions. "This time I think probably two-times [$75,000] because there's less leverage, so that gets us to $150,000.
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💰 Bitcoin ETFs surpass $12 billion in net inflows as GBTC selling slows
BitMEX data shows that the Bitcoin (BTC) exchange-traded funds (ETFs) witnessed another day of net inflows on March 28, totaling $183.0 million, equivalent to 2,587.9 BTC. This marks the fourth consecutive day of inflows. While the Grayscale Bitcoin Trust (GBTC) experienced outflows of $104.9 million, equivalent to 1,482.8 BTC, this figure represents the smallest outflow since March 12, potentially indicating a sales pressure slowdown. Despite the outflows, GBTC has now seen a total of $14,767.6 billion, equivalent to 283,937 BTC in outflows, according to BitMEX.
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💰 Bitcoin ETFs break trend recording modest inflows as GBTC continues outflow
According to data from BitMEX, the Bitcoin (BTC) ETF market experienced its first day of net inflows since March 15, collecting a modest $15.7 million, or 221.2 Bitcoin. This event paused five consecutive days of net outflows and represented the second-smallest day of inflows recorded. Despite this positive shift, the larger narrative remained overshadowed by the substantial outflows from GBTC, which amounted to $350.1 million or 4,933.7 BTC. Consequently, GBTC’s cumulative outflows have reached $14,150.6 billion, equivalent to 275,059 BTC.
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💰 Ki Young Ju Foresees Resurgence as Bitcoin Spot ETFs Slump
The spot Bitcoin ETF market has recently faced a period of subdued activity, coinciding with a decline in bitcoin’s price. Despite this, there are indications that a resurgence may be on the horizon, as highlighted by insights from CryptoQuant CEO, Ki Young Ju. Ju, a renowned analyst, has offered a nuanced perspective on the current state of the spot Bitcoin ETF market. He predicts a potential uptick in net flows for Bitcoin ETFs despite the ongoing downward trajectory of bitcoin’s price.
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🏦 Kraken UK Managing Director says he would 'absolutely' like to see a 💰 bitcoin ETF in the UK
Bitcoin ETFs should "absolutely" come to the UK, according to Kraken UK Managing Director Bivu Das. In an interview at the Digital Asset Summit in London, Das explained that the world has changed significantly since such products were restricted in the UK in 2021. "And if anything, some of those concerns that the regulators have around protection for retail investors are minimized to some extent if you're not owning the actual asset underneath it."
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🇲🇪 Do Kwon’s Extradition to South Korea Postponed by Montenegrin Supreme Court
Montenegro’s Supreme Court placed a pause on Terra founder Do Kwon’s pending extradition from the Balkan country, issuing an order on Friday that overturns earlier decisions from two lower courts to extradite Kwon to his native South Korea. Kwon has been in Montenegrin custody since March 2023, when he was arrested and jailed for attempting to use fake Costa Rican documents en route to Dubai after months on the run.
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💰 Bitcoin Halving May Have a Positive Impact on Prices, But Other Factors Still at Play: Coinbase
Historical precedent suggests that bitcoin’s (BTC) recent strong performance will continue into and after the upcoming halving, as the event reduces the supply of new BTC, but investors should be wary of this view, Coinbase (COIN) said in a research report on Wednesday. The world’s largest cryptocurrency rose an average of 61% in the six months before prior halvings and gained an average of 348% in the six months after, Coinbase noted.
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💰 Bitcoin, Ether fall while spot bitcoin ETFs log record outflows 📉
The price of bitcoin dropped to its lowest point in the past two weeks — falling 5.18% in the past 24 hours to trade at $61,380 as of 1:50 p.m. Hong Kong time, according to The Block’s Price Page. Ether fell 7.8% to $3,090. While the two largest cryptocurrencies have fallen back to their value in the last week of February, all other top 10 non-stablecoin crypto tokens in terms of market capitalization have also declined on Wednesday in Asia.
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💰 BlackRock Managing Director says spot bitcoin ETFs are satisfying 'pent-up demand'
Spot bitcoin ETFs are helping to meet demand for bitcoin, which had been building up for a while, according to BlackRock Managing Director Tony Ashraf. "What we're really seeing over the past couple of months is that pent-up demand being satisfied because of the ETFs," said Ashraf on a panel about bitcoin ETFs at the Digital Asset Conference in London. Ashraf noted that new investors are entering the crypto space because ETFs are providing a newer level of access to many investors.
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📊 BTC and ETH Derivative Tokens Dominate by Securing Several Top Positions in the Crypto Economy
Throughout this month, bitcoin and ethereum have risen to their highest valuations in years. These two pivotal crypto assets have substantially influenced the cryptocurrency market, with bitcoin currently holding a 51.9% market dominance and ethereum at 17% as of mid-March 2024. Furthermore, in recent years, derivative tokens of bitcoin and ether have garnered significant popularity. Among these, STETH and WBTC stand out as preeminent, ranking within the top 20 of the crypto economy’s market capitalizations.
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💰 Vanguard’s outgoing CEO sticks to anti-Bitcoin ETF stance, despite inquiries
The Vanguard Group CEO, Tim Buckley, has maintained his strong opposition to Bitcoin exchange-traded funds (ETF) despite facing criticism from customers and ongoing inquiries about the firm’s plans to offer them. In a recent video published by Vanguard, Buckley cautioned against including Bitcoin ETFs in retirement investment plans due to the asset’s volatile nature. “When stocks got hammered in the recent crisis, Bitcoin went right with them. And so it is speculative.
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💰 Spot Bitcoin ETF net inflow drops by 80% as BTC price slumps below $69K
Spot Bitcoin exchange-traded funds (ETFs) recorded one of their lowest net inflows on March 14 at $132 million. This is the lowest level in the past eight trading days and marks an 80% fal from the previous day. The Thursday drop marked the second consecutive day of decline. On Wednesday, there was an inflow of $684 million, representing a 38.3% drop from the previous day. Tuesday saw a record-breaking single-day inflow of $1.05 billion.
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💰 Court rules Craig Wright is Not Bitcoin creator Satoshi Nakamoto
UK High Court has declared that Dr. Craig Wright, an Australian computer scientist, and businessman, is not the author of the Bitcoin whitepaper, did not create the Bitcoin system, and did not operate under the pseudonym Satoshi Nakamoto from 2008 to 2011. The judgment comes as the culmination of the legal battle between Wright and the Cryptocurrency Open Patent Alliance (COPA).
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💰 Hut8 Mining CEO says Bitcoin’s coming halving will be on a ‘different scale’
Hut 8 Mining CEO Asher Genoot said the coming Bitcoin halving will be on a “different scale” in terms of impact on the mining industry. Genoot said during an interview with Bloomberg on April 2 that large scale miners must become “low-cost operators” to ensure they can survive the turbulent market conditions post-halving. Genoot added that this is a core part of Hut8’s strategy as evidenced by strong balance sheet with a substantial Bitcoin reserve of approximately 9,100 BTC, worth around $600 million as of press time.
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💰 Bitcoin leads over $800 million global crypto ETP market rebound, overshadowing Ethereum outflows
Last week, the digital asset market witnessed a significant influx of over $800 million, spearheaded by Bitcoin’s dominance, according to the weekly flow report shared by CoinShares‘ head of research James Butterfill. In comparison, outflows from Grayscale’s GBTC continue apace, with $960 million recorded during the past week. This brings the total outflows from GBTC to more than $6 billion in March and $14.7 billion on the year-to-date metrics.
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💰 Bitcoin wallet wakes up after 12 years of dormancy, moves 500 coins
A bitcoin wallet that has been inactive for nearly 12 years transferred its entire 500 — worth just under $35 million at current prices — to multiple new addresses. The wallet originally received 500 bitcoins on July 14, 2012 — worth less than $4000 at the time — when the bitcoin price was less than $8, as noted by Lookonchain. The identity of the individual or entity behind the bitcoin transfer remains unknown, as is the reason for the transfer.
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💰 Larry Fink ‘very bullish’ on Bitcoin after IBIT’s record-breaking performance
BlackRock CEO Larry Fink said the record-breaking performance of IBIT has made him more bullish about the future of Bitcoin. Fink made the statement during an interview on Fox Business on March 27, where he called the company’s spot Bitcoin ETF the most rapidly expanding fund in history. He also said that the SEC classifying Ethereum as a security would not be that detrimental to its future and would not hamper the company from issuing a spot ETH ETF.
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💰 Bitcoin’s price rally above $69,000 leads to widespread market liquidations
Bitcoin has started the week strong with a push above $69,000—up more than 3% today and marking its highest value since March 16. The move triggered a flood of liquidations in the digital asset ecosystem. These liquidations stem partly from the digital assets strong rally, peaking at an impressive $69,400. The last hour alone witnessed a massive $35 million worth of liquidations, primarily comprising of shorts.
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💰 9 New Bitcoin ETFs Accumulate $1.3B in BTC in 6 Days as Funds Near the 500,000 Milestone
In the span of just six days, the nine freshly launched spot bitcoin exchange-traded funds (ETFs) have gathered 20,859.57 bitcoins, valued at over $1.3 billion. Holding 474,363.55 bitcoins worth $30.6 billion, these new ETFs are short of 25,636.45 coins to hit the 500,000 milestone.
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💰 Solana CEO Anatoly Yakovenko denounces influx of racist and offensive memecoins
Members of the Solana community and the crypto ecosystem denounced the recent surge in inflammatory memecoins on March 22. Unknown parties recently took advantage of Solana’s token creation feature to introduce thousands of memecoins with racist and antisemitic terminology in their names, some tokens also contained anti-China descriptions and other broadly offensive material.
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💰 Greenpeace's Anti-Bitcoin "Mining for Power" Report Receives Fierce Backlash on X
“Mining for Power,” an anti-Bitcoin report by Greenpeace USA that explains the links between the bitcoin mining industry and fossil fuel companies, has faced a backlash in social media due to its inaccurate portraits of the mining activity. Using community notes, social network users detailed the report contained “many factual errors,” including outdated information.
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💰 Bitcoin Rallies Post-Fed Rate Announcement, Shorts Worth $151.69M Liquidated
The valuation of bitcoin (BTC) tapped the $68,000 mark merely 17 hours following its dip to $60,760 per unit. Following the latest Federal Open Market Committee (FOMC) session, the entire crypto market has seen a 5.9% upturn, with bitcoin rising 6.8% versus the U.S. dollar. Currently, the crypto market is bustling with a trading volume of $207 billion, with BTC trades contributing $72.93 billion to this figure. BTC now hovers slightly beneath the $68,000 benchmark, trading at $67,432 per unit at 6:55 p.m. ET.
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💰 Velar Launches Dharma AMM to Propel Bitcoin Into the Decentralized Finance Spotlight
On Tuesday, the bitcoin liquidity protocol Velar unveiled Dharma, an automated market maker (AMM) designed to enhance decentralized finance liquidity within the Bitcoin realm. The inaugural version of Velar’s Dharma is set to function on the Bitcoin layer two (L2) Stacks, featuring an initial pairing of two tokens.
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🪙 Fidelity adds staking to Ethereum ETF application amid mixed reception
Fidelity Investments has amended its application for an Ethereum (ETH) spot exchange-traded fund (ETF) to include a staking feature, according to a regulatory filing. The amendment was filed with the US SEC on March 18 and has stirred significant interest in the industry, but market analysts and observers have mixed feelings. It introduces the possibility for the ETF to engage in staking activities, a core aspect of Ethereum’s functionality following its shift to a Proof of Stake (PoS) model.
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JUST IN: 💰 5,000 blocks remain until Bitcoin halving.
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💰 Marathon to Acquire Applied Digital's 200 MW Texas Bitcoin Mining Site
On Friday, Applied Digital Corporation (Nasdaq: APLD) revealed the disposal of a 200 MW mining campus situated in Garden City, Texas, to Marathon Digital Holdings (Nasdaq: MARA). Applied Digital conveyed that the property exchanged hands for an approximate value of $87.3 million, with the total gross purchase price reaching $97.3 million, following adjustments specified in the acquisition agreement.
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💰 Analysts 'Now More Convinced' of Bitcoin Reaching $150,000 by Mid-2025
Global asset management firm Alliance Bernstein has doubled down on its bitcoin price prediction of $150K by mid-2025. “These are still early days of bitcoin’s integration into traditional asset portfolios,” the firm’s analysts described, adding that they are “now more convinced” about their $150K price forecast for bitcoin.
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💰 Spot Bitcoin ETFs Could See $220B of Inflows in Next 3 Years: JMP Securities
Spot bitcoin (BTC) exchange-traded funds could see $220 billion of inflows over the next three years, which means BTC's price could quadruple to $280,000 when applying the multiplier on new capital, broker JMP Securities said in a research report Wednesday. The broker raised its price target on the stock to $300 from $220, the highest among Wall Street analysts, according to Factset data, while maintaining its market outperform rating.
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