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DAILY MARKET OVERVIEW
ETFs, Halving & MEMES

Welcome, crypto enthusiasts, to your Wednesday market report!
In Today’s Overview, we’ll dive into the

• Bitcoin ETFs Performance

• Is the Bitcoin Halving Priced in?

• Is meme coin season over?

Bitcoin ETFs Performance

Bitcoin ETFs have been receiving lower inflows for the past week. While some may be concerned about the recent “zero flows” observed in certain ETFs, the expert’s analysis suggests this is a normal occurrence for ETFs in general.

The key takeaway is that these zero-inflow days do not necessarily indicate any failure or concern with the ETFs.

Is the Bitcoin Halving Priced in?

Regarding the upcoming Bitcoin halving,the market theory would suggest that this event is already priced in. However, industry experts provide a compelling argument as to why this may not be the case.

They explain that the Bitcoin halving may have a bullish effect long run. With less Bitcoin being sold by miners, the remaining buyers will have to get Bitcoin from other “willing sellers” who may hold out for higher prices.

In simpler terms, the halving could drive up Bitcoin prices because there will be fewer sellers, while the demand keeps rising. The market may be underestimating this effect.

Is meme coin season over?

Over the past several months, the meme coin craze has been in full swing, leaving many wondering: how long can this frenzy last?

Recent Meme analysis from the respected crypto analyst Credible Crypto suggests the possibility of a significant market correction for memes like Dogecoin, Pepe, and Wif. Credible projects that these assets could potentially experience declines of up to 50% before going up again.

While the occurrence of such a correction is not a certainty, it cannot be ruled out entirely. The volatile and speculative nature of the meme coin market makes it difficult to predict its long-term trajectory with confidence.

TWITTER SENTIMENT
Upcoming Crypto Twitter Trends

The current market is in a correction, so based on our social research, we’ve prepared the hottest upcoming crypto trends and narratives that may do well when the market is back.

The Launch Of Bitcoin Runes

• Launching on April 20th

• Platforms for Runes : https://magiceden.io/ , https://www.okx.com/web3/marketplace/runes

A new token standard that will allow the creation of tokens straight onto the Bitcoin network.

The Launch Of PEAQ Network

• Likely Launching in May/June

PEAQ is the most awaited decentralized infrastructure project and is expected to kick off the DePin narrative.

The Launch Of Coinbase Smart Wallet

• Likely Launching in May/June

Smart wallets will make onboarding new users to Base very easy which could boost Base chain’s adoption and have a positive impact on Base-related projects.

The Launch Of Monad Chain

• Not announced yet

Monad is a new Layer 1 chain that is trying to build a better version of Solana with a lot of investors and hype behind its launch.

Beam Network Potential Airdrop

A collaboration between a new project called Sophon and Beam has been announced.

There was a hidden message in the announcement that said “Prepare your beam,” which may mean that Beam holders could be receiving a free airdrop. As of now, this is only speculation, however, we may see a significant impact on Beam’s price if an airdrop were to happen.

NEWS OVERVIEW
Recent Crypto News

• Ether Faces Downtrend As Bitcoin Aims For $64K

• Bitcoin ETFs Experience Third Consecutive Day Of Net Outflows

• Bitcoin Staking Introduced On Core Chain: A New Era For BTC

• Examining Sam Bankman-Fried’s Appeals Process: Legal And Financial Implications

YOUTUBE INFLUENCER SUMMARY
Ivan On Tech – BITCOIN: OOOH YES GUYS!!!! TIME TO PAY ATTENTION…. (17.04.2024 Summary)

The current crypto market has been volatile, with Bitcoin dropping recently but then recovering a bit. Ivan believes this is normal market behavior, with cycles of ups and downs.

• He emphasizes that as long as Tether continues to print new USDT, the market is likely to go up long-term.

• Ivan discusses the upcoming Bitcoin halving. He expects the usual doom and gloom articles claiming this will be the “death spiral” for Bitcoin, but he dismisses these as myths that are typically disproven after each halving as the price ends up rising significantly.

• Ivan is bullish on the crypto space overall, highlighting developments like the integration of Bitcoin functionality into projects like ICP, the launch of new decentralized finance protocols on Bitcoin, and the emergence of new Bitcoin-based stablecoins. He believes these show the continued growth and maturity of the crypto ecosystem.

• Importantly, Ivan strongly advocates for the use of technical analysis over relying solely on fundamental analysis. He cautions against blindly following other analysts and instead encourages developing your own trading strategy and conviction.

Overall, Ivan remains very optimistic about the long-term trajectory of crypto, while acknowledging the short-term volatility. He believes focusing on TA and understanding market psychology is crucial for navigating the crypto markets successfully.

Benjamin Cowen – ETH/BTC Has Fallen! (17.04.2024 Summary)

Benjamin Cowen has been tracking the Ethereum to Bitcoin (ETH/BTC) ratio for a long time, as he believes it provides important insights into the crypto market cycle.

The ETH/BTC ratio is the price of Ethereum measured in terms of Bitcoin. It’s an important metric that crypto analysts like Benjamin Cowen use to understand the relative performance of Ethereum compared to Bitcoin.

Tracking the movements in the ETH/BTC ratio can provide valuable insights into market trends and cycles.

• Benjamin has been cautious on Ethereum relative to Bitcoin for the past 2.5 years, as the ETH/BTC ratio has seen a prolonged decline, despite Ethereum’s price in US dollars (ETH/USD) reaching new highs.

• Cowen argues that the recent breakdown in the ETH/BTC ratio is a major event that signals trouble ahead for Ethereum’s USD valuation. He points to past instances where a collapse in ETH/BTC led to substantial drops in ETH/USD, around 60-75% on average.

• Cowen believes Ethereum is likely headed back toward the lower support levels, which could take it down to around $2,000. He thinks this process will play out over the next few months, as the Federal Reserve continues to tighten monetary policy.

• Cowen remains more favorable on Bitcoin compared to Ethereum during this phase, as he believes Bitcoin is better positioned to withstand the impact of quantitative tightening. He cautions that the altcoin market, including Ethereum, could face a severe reckoning if the ETH/BTC breakdown persists.

Overall, Cowen’s analysis suggests a cautious outlook for Ethereum in the near-term, with the potential for significant downside based on the technical patterns in the ETH/BTC pair. He encourages investors to closely monitor the situation as it unfolds.

CRYPTO MEMES