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Bullish Insights Weekly Market Recap

Mar 14, 2024 3 min read

Bullish exchange

This week’s peak spot exchange trade volume (24h): $ 2,406,396,345 on March 13, 2024.

This week’s headlines

  • Asset management company VanEck has declared that their Bitcoin Trust ETF will not incur any sponsor fees for the initial $1.5 billion of assets until March 31, 2025.
  • Thailand's SEC has updated regulations to permit the establishment of private funds focused on spot Bitcoin ETFs available on U.S. exchanges, exclusively for institutional and high-net-worth investors. Following the U.S. SEC's green light for spot Bitcoin ETF trading, these funds are now classified as securities, enabling investment by Thai securities companies.
  • MicroStrategy has expanded its Bitcoin holdings by purchasing an extra 12,000 BTC at an approximate cost of $821.7 million, funded through convertible notes and surplus cash, at an average price of about $68,477 per Bitcoin. As of March 10, 2024, MicroStrategy's total Bitcoin inventory stands at 205,000 BTC, acquired at an overall cost of roughly $6.91 billion.
  • The London Stock Exchange has announced it will start accepting applications for Bitcoin and Ethereum-based crypto Exchange-Traded Notes (ETNs) in the second quarter of 2024. These financial instruments must be backed by physical holdings of the respective cryptocurrencies, which should be safeguarded in cold storage.
  • Valkyrie has finalized the transaction to sell its exchange-traded fund (ETF) platform to CoinShares. This move follows Valkyrie's development of its ETF portfolio since 2021, which includes products such as a 2x leveraged Bitcoin futures ETF and a Spot Bitcoin ETF. The sale to CoinShares is intended to allow for further growth and enhancement of these offerings, while Valkyrie continues to manage its Trusts and Hedge Fund businesses.
  • Thailand's government has sanctioned a tax exemption for cryptocurrency earnings to boost investment token-based fundraising, as reported by local media. This exemption spares investors from the 15% capital gains tax on investment tokens, eliminating the previous double taxation issue. Kulaya Tantitemit, the director-general of Thailand's Revenue Department, has indicated that this move acknowledges the significance of digital tokens as a new avenue for businesses in the nation to secure funding.
  • Coinbase has revealed a strategy to capitalize on the digital asset boom by planning to raise $1 billion through the issuance of convertible bonds, a move that mirrors Michael Saylor's approach at MicroStrategy to finance its Bitcoin investments. The company aims to avoid diluting shareholder equity by offering these convertible senior notes privately, which can be exchanged for company shares or cash by 2030.
  • Ethereum's development team is gearing up for the Dencun upgrade on Wednesday, marking the most significant overhaul of the network's code in over twelve months. Scheduled to take effect at approximately 13:55 UTC, this hard fork anticipates the advent of reduced transaction fees for Ethereum's layer-2 networks, by introducing a new Ethereum Improvement Proposal, EIP-4844, also referred to as "proto-danksharding," aimed at enhancing the blockchain's data processing capacity for these networks.

Equity markets

  • US equity markets fell in Friday's session after mixed data with unemployment edging up to 3.9% in February but nonfarm payrolls adding 275,000 jobs in the same month. The S&P 500 fell 0,7%, the Dow dipped by 0.2% and the Nasdaq Composite was down by 1.2%.
  • US equity markets saw mixed performance in Monday's session with the S&P 500 down 0.1%, the Dow up by 0.1% and the Nasdaq Composite decreased by 0.4%.
  • US CPI reading came in at 3.2% YoY in February and 0.4% MoM which was higher than analyst expectations. In Tuesday’s session the S&P 500 rose 1.1%, the Dow climbed by 0.6% and the Nasdaq Composite increased by 1.5%.
  • US equity markets retreated in Wednesday's session with tech stocks dragging down major indices. The S&P 500 fell 0,2%, the Dow climbed 0.1% and the Nasdaq Composite decreased by 0.5%.

Crypto market highlights

  • Despite blue-chip strength in BTC and ETH price action, the best performing L1 in the last 12-months has actually been Solana. SOL gained 625% over the year against its L1 peers while Bitcoin and Ethereum climbed 199% and 142% respectively.
  • Spot Bitcoin daily ETF inflows exceeded $1B for the first time on March 12 (EST) since inception with BlackRock seeing a record $849M in inflows.
  • EigenLayer has seen a sharp rise in TVL in the past quarter to 3.11M ETH equivalent to $12.4B. The restaking protocol now places second in TVL ranking behind Lido and ahead of WBTC, Aave, MakerDAO etc.

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