New Post

DAILY MARKET OVERVIEW
Panic in the Crypto Realm

Welcome to your daily dose of market insights! Let’s begin with an overview of what’s been happening in the crypto space:

Bitcoin ETF Outflows Return

Monday marked a shift in sentiment as net outflows of $85 million hit Bitcoin ETFs. Grayscale notably experienced substantial outflows, totaling just around $300 million. This news has led to Bitcoin dropping to approximately $65,000.

Bitcoin Supply Shock

Analysts have been talking a lot about a possible Bitcoin supply shock. This means there could be less Bitcoin available to buy, causing prices to shoot up.

With Bitcoin setting new all-time highs analysts anticipate further price appreciation. The upcoming Bitcoin halving adds fuel to this bullish sentiment as well.

Digital Asset Fund Inflows Surge

On a brighter note, digital asset fund flows globally saw a resurgence in inflows last week, totaling $862 million. Bitcoin dominated these inflows with $865 million, while Ethereum experienced minor outflows of $18.9 million. The United States led in weekly flows, receiving $897 million.

While the current market appears challenging, the overall sentiment remains optimistic. We might witness further declines in the coming weeks, possibly dipping to around $53,000. However, we anticipate a strong comeback for Bitcoin soon.

TWITTER SENTIMENT
Current Twitter Sentiment

The start of the new month has been a bit rocky. However, based on our observations across the crypto Twitter community, the majority of traders seem unconcernedabout the current dip.

According to the popular analyst on Twitter, @CredibleCrypto, we might be in for a swift recovery to new all-time highs for BTC.

However, in his latest analysis, Credible advises caution, suggesting that the new all-time high might be a trap, and Bitcoin could potentially revisit the $53,000 – $56,000 range before rallying to new highs.

So, while we could see a rapid climb soon, keep in mind that another correction is possible. Stay cautious.

The Rate Of Crypto Adoption

Which Trends Are Hot Right Now?

In today’s market, most altcoins have experienced declines regardless of their previous trends.

For those considering entering the market, the current dips present some discounted opportunities.

Among the sectors,Memes, Real World Assets, and AI are showing the strongest trends.

Gaming and Decentralized Infrastructure have potential, although they have been relatively inactive.

We particularly see a good time to enter into the AI sector. While AI crypto projects have been quiet lately, given the rapid pace of AI development, we anticipate significant news releases throughout the year that could boost AI-based crypto coins.

NEWS OVERVIEW
Recent Crypto News

• Bitcoin’s Tumble Below $67,000 Triggers $426 Million In Market Liquidations

• Exploring The Bitcoin Halving’s Potential Impact On Network Security

• Crypto Funds Rebound With $862M Inflows After Previous $1B Outflows

• Crypto Market Poised For Positive Q2, According To Coinbase Analysis

YOUTUBE INFLUENCER SUMMARY
Ivan On Tech – BITCOIN DUMPING SO FAST!!! AMAAGAAAD WHYY WHYYY (02.04.2024 Summary)

Strap in folks, because Ivan’s breaking down why Bitcoin is dumping so fast!

According to our favorite crypto guru, the main culprit behind Bitcoin’s recent price shenanigans is none other than Grayscale.

• Grayscale has been aggressively selling their Bitcoin holdings due to unsustainably high fees, losing nearly 50% of their assets under management since January.

• Ivan shows charts indicating Grayscale is the only firm with significant outflows, while other Bitcoin ETFs are seeing substantial inflows.

• As Grayscale’s selling pressure is removed over the next few months when they have little Bitcoin left, Ivan expects upward price action to resume.

• He views the current consolidation as healthy, allowing Bitcoin to change hands from sellers taking profits to new buyers with unrealized gains who are less likely to sell quickly.

• Ivan also touches on emerging projects like IVEND PAY, KryptoMon, and infrastructure plays like DOP and SubSquid that he is bullish on.

• He explains why he hasn’t covered Cardano yet on his platform due to its relatively low trading volume and separate technical infrastructure compared to EVM-based chains.

Overall, Ivan remains highly confident in Bitcoin‘s bullish trajectory continuing once the temporary Grayscale selling subsides, based on the market’s technical formations and the underlying fundamental adoption continuing to play out.

Bankless – Blackrock’s $10T Bet on Ethereum | BUIDL Fund (02.04.2024 Summary)

BlackRock, the world’s largest asset manager, has taken a significant step in embracing Ethereum by tokenizing one of their funds, called the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), on the Ethereum blockchain.

This move is seen as a milestone for the crypto industry, as it signals the entry of a major traditional finance player into the tokenization space.

BlackRock has initially invested $150 million into BUIDL, which is expected to grow to $300-400 million based on inflows.

Let’s go a little more in-depth:

• BlackRock partnered with Securitize, a company that specializes in tokenizing real-world assets, to create BUIDL, a tokenized fund composed of short-term treasuries and repos.

• BUIDL tokens represent units of the fund, and token holders receive yield in the form of monthly “airdrops” of additional tokens, similar to dividends.

• This move is expected to attract billions of dollars from crypto companies, stablecoin holders, and trading firms seeking to earn yield on their assets while keeping them on-chain.

• BUIDL’s presence on Ethereum opens up possibilities for integrating with decentralized finance (DeFi) protocols, allowing BUIDL tokens to be used as collateral or traded on automated market makers.

• The involvement of a major player like BlackRock is seen as a significant step towards the “tokenization of everything” and the potential for traditional finance to merge with the crypto ecosystem.

Overall, BlackRock’s jump into Ethereum with an initial $150 million investment in BUIDL is expected to drive more traditional assets onto the blockchain, improve the narrative around crypto’s legitimacy, and pave the way for further adoption of tokenized assets by major financial institutions.

CRYPTO MEMES
“Bitcoin Reaching 65k Last Month

“Bitcoin Reaching 65k Today