BTC Spot ETF fund inflows fluctuating in line with BTC's decline

April 3, 2024

Hot projects + Market overview

I. Mainstream exchange news

• Binance, to suspend token deposits and withdrawals on the Neutron network on April 10th as part of its network upgrade.
• Robinhood adds support for Optimism (OP) on its crypto platform.
• Binance, to list Wormhole (W) with a seed tag applied.
• Binance Earn, Convert, Margin, and Futures have listed Ethena (ENA).
• Crypto.com will launch its app in South Korea on April 29th.

II. Mainstream projects and trending events

• Wormhole releases roadmap, revealing plans including establishing a multi-chain governance system, and carrying out EVM expansion using NTT.
• Solana-based NFT market Tensor will announce its tokenomics and governance documents next week.
• IoT blockchain platform IoTeX has raised $50 million in funding.
• The Jupiter LFG Launchpad website is now officially online.
• BounceBit launches an incentive plan totaling 100 million BIT to accelerate the development and innovation of dApps.

III. Funding news

• Modular Layer2 blockchain Camp Network has completed a $4 million seed round of funding.
• Bitcoin on-chain GameFi project Trex20 has raised $1 million.
• The Fantom Foundation announced the participation of the founders of Compound and Gauntlet in the project's latest funding round.
• Stablecoin issuance company Agora completes $12 million seed round funding, led by Dragonfly.
• AI social platform SOAI completes a $5 million seed round of funding, led by Archer Capital and XForce Capital.
• Web3 gaming company Gomble Games raises $10 million in investment, with participation by Binance Labs.

IV. Regulatory news

• The wallet, marked as Silk Road funds confiscated by the US Department of Justice, transfers 2000 BTC to Coinbase Prime.
• The Monetary Authority of Singapore releases new consumer protection regulations for digital payment token companies.

V. Popular projects 

Market Overview

BTC underwent a gradual decline on the 4-hour chart, with significant funds initiating long positions around the $64,800 mark. Key support and resistance levels currently stand at $62,000 and $65,000, respectively. At present, the prevailing assumption is that BTC will hold above $60,770. This marks the second adjustment within the $73,777 - $60,770 range.The overall strategy remains to buy spot in batches after a fall.

BTC Spot ETF

As of April 2nd, the net inflow of BTC Spot ETFs totaled $12.079 billion, with a daily net inflow of $35 million, and a daily turnover of $2.85 billion. The net assets of the ETF accounted for 4.24% of BTC's market value. 

GBTC: The daily net outflow was $81.86 million, and the cumulative net outflow amounted to $15.15 billion. The daily turnover reached $609 million, and the net asset value stood at $21.68 billion.

IBIT: The daily net inflow totaled $149 million, and the cumulative net inflow reached $14.269 billion. The daily turnover data had not been updated yet.

FBTC: The daily net inflow was $44.77 million, and the cumulative net inflow reached $7.65 billion. The daily turnover was $672 million, and the net asset value stood at $9.65 billion. 

The daily trading volume of BTC Spot ETF continues to remain low, with overall market activity being average. The inflow of funds has switched from a continuous inflow to a fluctuating pattern, which is consistent with the downward trend in BTC's 4-hour fluctuation. Keep a close eye on the cycle of continued inflows of BTC Spot ETFs in the future.

BICO resiliently rises 

Biconomy is the multi-chain transaction infrastructure for the next-generation web3.0 applications. By using the Biconomy API, developers can achieve gasless meta-transactions, instant cross-chain transactions, gas payments with custom tokens, simple Layer 2 onboarding, and zero-failure transactions. On March 29th, Biconomy announced the completion of a new round of strategic funding with participation from Jump Capital, Borderless Capital, ConsenSys Mesh. Recently, the token BICO has been performing well, contrary to the overall market trend.

Sui Basecamp coming soon

The first global conference of Sui, "Sui Basecamp," is scheduled to take place from April 10th to April 11th. The lineup of speakers includes representatives from global companies such as a16z, Visa, VanEck, and Red Bull. Major announcements are expected during the event, making it a development worth continuous tracking.

BOME to introduce token burning function

On April 2nd, BOME's founder Darkfarms tweeted that they are currently conducting the final tests on their token burning APP tool. Users inputting their wallets to destroy 888 BOME will have a chance for airdrops or free Claim opportunities. If testing is successful, CC0 NFT will be launched on multiple chains. Influenced by this statement, BOME's price performance has been strong.

On-chain Daily

1.HashAI: HashAI is an AI + DePIN Project. The HashAI team has built infrastructure and partnership relationships for cryptocurrency mining companies, including mining equipment supply, equipment custody, and GPU sales. HashAI has launched its own HashAI token, and mining revenue will be shared with token holders.

The current price of HashAI is 0.0011 USDT, with an all-time high of 0.0012 USDT. The current market cap is $110 million, with an eight-hour fall of 52% (the token went live at 2:00 UTC on April 3rd).

2. CSWAP: ChainSwap is a cross-chain bridge that uses Chainlink's oracle communication technology (CCIP), allowing for the easy exchange of any token between multiple chains within one platform.

The current price of CSWAP is 0.21 USDT, an all-time high. The current market cap is $210million, with a 24-hour increase of 44.8%.

3.YAI: YAI is an AI-driven oracle that can connect to all market data and even engage in chat with the oracle to inquire about current market conditions.

The current price of YAI is 0.34 USDT, with an all-time high of 0.04 USDT. The current market cap is $35 million, with a 24-hour increase of 141%.

4.HOPPY: A frog claiming to have appeared before PEPE HOPPY has a goal of replacing PEPE. The team has airdropped 1% of the tokens to the original author, Matt Furie.

The current price of HOPPY is 0.0(8)11 USDT, with an all-time high of 0.0(8)34 USDT. The current market cap is $500K, with a 2-hour fall of 41% (the token went live on April 2nd).

5.SNSY: Sensay is a platform for creating and managing digital replicas, which are high-level biomimics of individuals or entities. Sensay's goal is to integrate technology into various areas of daily life, such as healthcare, education, and entertainment.

Token distribution was initially through LBP. The current price of SNSY is 0.0056 USDT, the with an all-time high of 0.02 USDT. The current market cap is $56 million, with a 24-hour fall of 15.4%.

6.BVM: BVM Network is the first modular layer 2 on Bitcoin, allowing everyone to easily issue their own Bitcoin layer 2, leveraging Bitcoin's security and data availability without the need for additional networks or consensus protocols.

The current price of BVM is 3.25 USDT, with an all-time high of 4.8 USDT. The current market cap is $37 million, with a 24-hour fall of 12.3%.

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