ANALYSIS: Data from The Block indicates that the monthly options volume for ETH has reached its highest level since May, ahead of Ethereum's scheduled Shapella update on April 12.

ANALYSIS: USDC outflow continues - stablecoin market cap has fallen by $10 billion in the last 2 weeks.

Bitcoin correlation with SP500 is coming back to normal historic levels — link

Bitcoin and Ether options client interest and trading activity continue to accelerate as Q1 wraps up, with both contracts reaching record open interest of 15,089 contracts on March 27 — link

A small number of bears may be a harbinger of short-term downside risks

"When the number of bears (supply in a loss) decreases about bulls (supply in a profit) in the local trading cycle, this can create ground for downside risks."
― Link

A correction on $BTC is likely

Massive bearish divergence on the indicator.

Like in February, I think we can dip into the green cloud.

Through to March 26, a downtrend followed. But as we entered this week, futures traders began piling in to lift XRP PFOI much higher – peaking at $610 million on Wednesday.

Over 1.1M $ ETH has been earned by Ethereum 2.0 validators — link

ANALYSIS: On-chain analyst Charles Edwards believes that the Bitcoin indicator "Bitcoin yardstick" is showing a familiar pattern to 2019 lows, indicating that Bitcoin is undervalued.

March’s total #Bitcoin mining revenue of $734 million also outpaced February’s $627 million, January’s $601 million, and December’s $477 million. Out of the 4,498 blocks, the largest mining pool by network hashrate, Foundry USA, discovered 1,468 blocks or 9,175 new bitcoins.

Foundry’s percentage of the hashrate in March was around 32.64%, and at press time, the pool has 105 EH/s of hashpower. Antpool found 910 blocks in March, which produced 5,687.50 BTC. - link

#Binance trading volume is disproportionately skewed towards U.S. trading hours (orange) and is in fact quite similar to Coinbase, a U.S.-based exchange. #BNB $bnb #bnbusd #bnbusdt - link

In Q1 2023 total of $373 million of funds lost due to hacks and exploits, a significant decrease of 92.60% compared to the previous quarter’s total of $5 billion. - link

ANALYSIS: According to Delphi Digital, #Ethereum validators earned $2.007 billion by staking 1.1 million #ETH since January 2021, as more validators joined. - link

ANALYSIS: Over 991k #Bitcoin #btc #btcusd #btcusdt addresses hold more than 1 BTC, as per on-chain data. The number has been increasing steadily and rose rapidly after the collapse of FTX in November. - link

Institutionals of CME are slowly closing their longs

Probably, a local correction is expected in the next week.

#WhaleMap has raised an alarm in response to a colossal #Bitcoin transaction valued at $5 billion executed at the present levels. Although there is no certainty whether these funds have been transferred by some exchange, similar past occurrences have resulted in market. - link

The #bitcoin #btcusd #btc #btcusdt price closed March registering a monthly increase of 22.96%. This occurs after it had a rise of 0.03% in February and 39.63% in January, according to data from the explorer. - link

Grayscale's #Bitcoin Trust #GBTC continued to be the dominant trust product in terms of assets under management (AUM), with a significant market share of 71.8% across all trust products. The product recorded an increase of 16.1% to $17.5 billion AUM in March. - link

Following a surge in price, the leading surpassed other leading coins, recording a staggering 20.9% return and marking its highest market dominance for the year.

#BTC's market capitalisation also broke the $500bn milestone, reaching a figure not seen since June 2022. - link

Monthly Parameters Confirm Bullish Trend For Bitcoin

Currently, Bitcoin closed negotiations and the price it being supported by the monthly EMA21 at exactly $27754.86 and for the next few months it will seek resistance at $33233.55; $35,999.99; and we could have a small correction between $41999.25 and $45999.41.

Read This Technical Analysis And Earn Free Cryptocurrencies - by Rubikkav

Crypto Market Daily Review

The market is down. Market cap is $1.19T, Bitcoin is trading at $27.6K.