Bitcoin's buy orders are continually weakening, one day before halving

April 19, 2024

Hot projects + Market overview

I. Mainstream exchange news

• Binance launches Megadrop token distribution platform with airdrops and Web3 tasks.
• Coinbase Global Exchange lists Dogwifhat perpetual futures.
• Binance Web3 Wallet airdrops 1 million ZKL tokens to users.
• Ex-Coinbase executive Nana Murugesan joins Matter Labs as President.
• Binance lists APT/USDC and GALA/USDC spot trading pairs.
• Binance obtains a Virtual Asset Service Provider (VASP) license in the United Arab Emirates, according to CEO Richard Teng. 
• Binance to convert $1B User Security Fund assets into USDC.
• Crypto.com hires an additional 700 employees and plans to hire another 700.

II. Mainstream projects and trending events

• JPMorgan predicts that Bitcoin's value might decrease following the halving.
• Avail announces its airdrop plan, distributing 600 million tokens to 354,605 wallet addresses.
• Optimism to allocate 10 million OP rewards to Superchain developers in its fourth round of retroactive fundraising.
• Ethereum Layer2 project Layer N launches a liquidity program, with Amber Group donating $20 million.
• MerlinSwap launches esMP tokens and starts esMP staking activities on April 22nd.
• Nibiru Chain launches a $15 million developer fund.
• Ondo Finance brings its tokenized US Treasury bonds to the Cosmos ecosystem via Noble Chain.
• Tether launches a new business architecture covering data, finance, energy, and education.

III. Funding news

• Cape, a privacy-first mobile carrier raised $61 million in funds led by A-Star and a16z.
• The decentralized trading protocol based on Blast, Thruster, completes a $7.5 million seed funding round led by Pantera Capital.
• Runes DEX completes a $2 million seed funding round.
• Merlin ecosystem's launchpad platform MerlinStarter completes its seed funding round with participation from Amber Group.

IV. Regulatory news

• A senior executive at the UK FCA states that protecting cryptocurrency users is more important than speeding up UK registration.
• The New Zealand central bank has opened a consultation on digital cash that will conclude on July 26th.
• The Arkansas House of Representatives in the US approves a bill restricting cryptocurrency mining.

V. Popular projects 

Market Overview

News on the morning of April 19th is that Israeli missiles struck targets within Iran, causing international oil prices to soar. Meanwhile, Bitcoin fell below $60,000. With the Bitcoin halving approaching, Bitcoin's buy orders are continually weakening. After the halving, the mining cost is at $42,000. Historically, Bitcoin's performance is lackluster a month before and after the halving, and it gradually reaches new highs 6-12 months after. This Bitcoin downturn has led to a sharp drop in many copycat coins, indicating that the major focus of this institution-driven bull market is on Bitcoin. Copycat coins do have a certain degree of emotional and financial premium, but once Bitcoin turns downward, lack of liquidity can easily cause the token price to plummet. Keep a close watch to see if the right-hand buying point at $62,000 can stabilize.

BTC Spot ETF 

Data as of April 18th, show a net inflow of $12.24 billion to the BTC Spot ETF with a single-day net outflow of $23.15 million, and a single-day trading volume of $2.57 billion, reaching 2.82% of BTC's market value. The main data to observe are: 

GBTC: The single-day net outflow was $89.99 million, with a cumulative net outflow of $16.68 billion. The single-day trading volume was $557 million, and the current net asset value is $19.38 billion.

IBIT: The single-day net inflow was $19 million, other data not updated yet. 

FBTC: The single-day net inflow was $37.40 million, witih a cumulative net inflow of $8.09 billion. The single-day trading volume was $451 million, and the current net asset value is $9.66 billion. 

ARKB: The single-day net inflow was $9.5 million, with a cumulative net inflow of $2.2 billion. The single-day trading volume was $148 million. The current net asset value was $2.72 billion.

As the Bitcoin halving expectations land, the fund continues to maintain net outflow. We will closely monitor market fund changes after the halving.

BounceBit releases token economy

On April 18th, Binance announced the launch of the new platform Megadrop and unveiled the token economy. The total supply of BB is 2.1 billion, with 19.5% released at TGE. The primary allocations include: Binance Megadrop 8%; Liquidity providers 3%; Testnet incentives 4%; Advisors 5%; Team 10%; BounceClub and Ecosystem reserves 14%; Investors 21%; Staking rewards 35%. The current TVL of BounceBit sits at $850 million, with a user count reaching 176,000.

Avail announces airdrop plan

On April 19th, Avail announced its token airdrop plan, stating that it will distribute 600 million tokens to 354,605 wallet addresses. Avail was started inside Polygon Labs in 2020 and later became an independent entity. The project is led by Anurag Arjun, an ex-co-founder of Polygon, and Prabal Banerjee, ex Research Director of Polygon. On February 26, 2024, Avail announced that it had completed a seed funding round of $27 million, led by Founders Fund and Dragonfly. As a competitive alternative to TIA, modular blockchain has strong future prospects.

WZRD achieves a 100-fold increase in 30 days 

The Wizard, as a symbolic IP in the BTC ecosystem, originated in a niche Bitcoin community on Reddit in February 2013. The community wanted to collect ideas for BTC promotion, and @mavensbot eventually submitted a picture of a wizard with the words "Magic Internet Money", which received the most approvals—30 likes. Doge's founder was inspired by the wizard to enter Web3. Recently, industry bigshot Ansem called for the purchase of WZRD, and Hayes also expressed his ownership of WZRD. This has led the WZRD token price to briefly break through 9 USDT, achieving a 100-fold increase in 30 days and attracting high market attention.

On-chain Daily

1. FOMO: Built on the Cosmos SDK, Fomo Network is primarily a blockchain for social attributes and hosting numerous dAPPs.

The current price of FOMO is 0.0178 USDT, with an all-time high of 0.03 USDT. The 5-hour decrease was 22% (the token was launched on April 18th), and its current market cap is $8.9M.

2. NITEFEEDER: NITEFRRDER is a memecoin. Its IP is the only pet bird in Pepe's comic 'BOYS CLUB'.

The current price of NITFEEDER is 0.000715 USDT, with an all-time high of 0.000719 USDt. The 24-hour increase was 0.87%, and the current market cap is $6.3M.

3. SPCT: Spectra Chain is a BTC layer-2 solution, compatible with EVM and uses POS as the consensus mechanism. This integration allows Spectra Chain to provide the flexibility and programmability of EVM and the security and trustworthiness of the Bitcoin network.

The current price of SPCT is 0.0077 USDt, with an all-time high of 0.052 USDT. The 24-hour decrease was 48.7%, and the current market cap is $7.7M.

4. RB: RunesBridge connects the Runes protocol with different blockchains (EVM) to the Bitcoin network, currently supporting Ethereum, Polygon, BNB Chain.

The current price of RB is 0.19 USDT, with an all-time high of 0.36 USDt. The 24-hour decrease was 31.7%, and the current market cap is $11M.

5. AB: ARMA: The Battle Ground is a blockchain version of robot shooting game. The public beta version is expected to launch in Q2 of this year, with the full game slated for release in Q1 of 2025.

The current price of AB is 0.0028 USDT, with an all-time high of 0.0072 USDT. The 24-hour increase was 152%, and the current market cap is $1.4M.

6. DOGE20: DOGE20 is the Ethereum version of Doge, characterized by earning returns through pledging.

The current price of DOGE20 is 0.000183 USDT, with an all-time high of 0.00036 USDT. The 24-hour increase was 0.83%, and the current market cap is $25.7M.

—

The content above is neither a recommendation for investment and trading strategies nor does it constitute an investment offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.

The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.