We witnessed dynamic shifts, with changing network fees, THE week for Bitcoin ETFs, resilient DeFi lending, and intriguing miner trends. Despite challenges, including a fake SEC tweet, Bitcoin's institutional era seems to be underway, setting the stage for broader adoption. Miners remain resilient, but attention is diverted from the approaching halving, suggesting a nuanced focus within the crypto community.
Network Fees and Exchanges Netflows:
- Bitcoin transaction fees saw a 50% decrease amid a decline in Ordinals transactions, reflecting reduced demand.
- Ethereum fees increased by 10%, driven by a surge in Uniswap volumes reaching a 10-month high.
- CEXs witnessed a net deposit of $210M in Bitcoin over the week and $500M over the last two weeks, while Ether experienced $120M in net outflows post-ETF market shift.
Bitcoin's Institutional Era:
- Eleven Bitcoin ETFs were approved and launched, generating a record $4.6B in volume on their first day.
- On-chain volume reached a 14-month high, recording $60B, with transactions over $100k constituting 97% of the volume.
- Despite the ETF approval, 88% of surveyed financial advisors are waiting to invest, suggesting a cautious approach to institutional adoption.
DeFi Lending's Resilience & Innovation:
- DeFi lending emerges as a key industry, with a detailed examination of market dynamics, capitalization, and trading volumes.
Bitcoin Miners' Trends:
- Bitcoin miners' share of on-chain volume reached its highest since October 2019.
- Miners' holdings dropped by 30,000 BTC in the last two weeks, totaling 1.93M BTC (10% of circulating supply).
- With the halving approaching, miners may face earnings pressure if BTC's price does not rise, but the hash rate hit an all-time high, indicating confidence. Show Less
