๐๐ April was a rollercoaster month for crypto! Bitcoin's price fluctuated between $60k and $66.7k, primarily due to short-term holder sell-offs. ๐๐ฎ Meanwhile, Ethereum's ecosystem was buzzing with debates over staking policy changes. ๐ค๐ฌ
๐๐ Glassnode's composite momentum index suggests a market cool-down, with several key metrics indicating reduced demand and slowing positive momentum. ๐ด๐ค
โ๏ธ๐ฐ The Miner Revenue Momentum metric uses the proportion of miner revenue from fees to assess blockspace demand. High Z-scores indicate increased network activity and congestion, while declining Z-scores suggest reduced demand and potential market cooling. ๐๐
๐ ๐ In April 2024, the anticipation for the fourth Bitcoin halving and the disappointment from the lacklustre price action that followed it shaped investor behaviour. ๐๐ Similar events in 2016 and 2020 also saw immediate market corrections, despite the long-term bullish implications of reduced Bitcoin supply. ๐๐
๐๐ฐ Ethereum experienced notable fluctuations with its price dropping by -17.80%, partly due to ongoing uncertainty around U.S. spot ETH ETF approvals and internal community debates over proposed staking policy changes. ๐๐ฒ
๐ฎ๐ If you want to learn more about the dynamics that are likely to keep shaping Bitcoin and the broader cryptocurrency markets, check out our research articles on the Bitcoin halving and its impacts, and the key Glassnode metrics for post-halving market dynamics. ๐๐
๐๐ In this edition of Finance Bridge, we'll examine the continued impact of U.S. Spot ETFs which supported Aprilโs trading volumes significantly even amid broader market pullbacks. We'll also provide an update on the factors that may influence Ethereum's monetary characteristics and its technological adaptability in the DeFi sector. ๐๐ก
Stay tuned for more updates! ๐๐
