● Report: Q1 CEX spot trading volume hits quarterly high since December 2021, Binance still dominates market share
According to Odaily Planet Daily, Coingecko released the 2024 Q1 cryptocurrency industry report. The main points are as follows: The total market value of cryptocurrency continued to grow by 65% in Q1, reaching a high of US$2.9 trillion in March; Driven by the approval of the US spot Bitcoin ETF, the price of Bitcoin soared 69% in Q1, with an average daily trading volume of US$34.1 billion, an increase of 90% from Q4 in 2023; As of April 2, the US spot Bitcoin ETF AUM reached US$55.1 billion; CEX spot trading volume reached US$4.29 trillion, the highest quarterly trading volume of the top ten spot CEXs since December 2021; As of March 2024, Binance's market share was 50%; The scale of Ethereum re-staking on EigenLayer increased by 36%; The total market value of Meme coins on the top ten Solana chains increased by 802% to US$9.36 billion; NFT trading volume reached 47 US$ billion️, of which Blur accounted for 28%; the share of DEX transactions on the Ethereum chain fell below 40%, and in February, the indicator fell to a historical low of 30%.
● CryptoQuant: BTC exchange withdrawals reached their highest point since January 2023, which may indicate an important accumulation phase
According to Odaily Planet Daily, CryptoQuant posted on the X platform that BTC exchange withdrawals have reached their highest level since January 2023, indicating that BTC has entered an important accumulation phase. In addition, recent data shows that prices are likely to rise after the market cools down (BTC fell 10% last week).
Analysts noted that open interest in BTC contracts on derivatives exchanges fell from $18 billion to $14.2 billion, indicating a reduction in leveraged trading. This came after a period of high trading activity and could mean that the market is temporarily stabilizing.
● Bernstein analyst: Bitcoin will resume its bullish trajectory after halving, reaching a cycle high of $150,000 in 2025
According to Foresight News, analysts at brokerage firm Bernstein expect Bitcoin to resume its bullish trajectory after the halving, reaching a cycle high of $150,000 by 2025.
Bernstein analysts said that by then mining hashrate will have adjusted and ETF inflows will have recovered (negative to flat over the past 10 days). The integration of Bitcoin spot ETFs with online traders and RIAs will continue to provide structural demand for Bitcoin.
● Google Trends data: Search volume for “Bitcoin halving” reaches an all-time high
According to PANews, Cointelegraph reported that Google Trends data showed that the search volume for "Bitcoin halving" has reached an all-time high. Nigeria, the Netherlands, Switzerland and Cyprus are most interested in Bitcoin halving.
● Report: Total investment in Web3 companies increased by 55% in Q1, and the number of investments increased by 36%
According to Odaily Planet Daily, according to the Q1 on-chain report of QuickNode and Artemis, the total investment in Web3 companies increased by 55% in the quarter, showing the return of VC's interest in cryptocurrency. In addition, the number of Web3 VC investment transactions also increased by 36% from the previous quarter. Among them, artificial intelligence (AI) and game-related Web3 protocols accounted for the largest share of investment.
● Grayscale CEO: No need to lower GBTC fees
According to Odaily Planet Daily, Grayscale CEO said in an interview with Bloomberg TV that there is no need to lower GBTC's fees because it is the largest Bitcoin ETF.
Earlier news, Grayscale CEO Michael Sonnenshein said that the fees of Grayscale's Bitcoin ETF will be reduced, but only when these products "begin to mature."
● Heavy rain in Dubai disrupts travel plans of Token 2049 attendees
Taxis were stranded and planes were grounded as record-breaking rains flooded Dubai, disrupting travel plans of Token 2049 attendees and throwing them into chaos, Wu said, DL News reported.
