In March, the total spot trading volumes rose 10.8% to $1.04tn, recording the third consecutive increase in monthly volumes. - link

#NFTs/#Gaming, #DeFi and infrastructure companies continue to be the most attractive for venture capitalists. - link

#Ethereum Funding Rate has spiked the highest in over a week, suggesting we've got some late longs joining the party. Ethereum funding rate turned negative prior to the move higher. - link

ANALYSIS: According to on-chain data, #ETH deposits exceeded withdrawals at one point during the day, with over 11,000 deposits and around 7,000 withdrawals noted. - link

ANALYSIS: Volume of "illiquid (HODL)" supply of #BTC = 78% of the total = max for 8 years = long-term holders continue to accumulate and hold the coin. - link

#Ethereum Long Short Ratio has increased slightly, but is still around the lowest it has ever been. - link

#ETH sizzles after 'Shapella' 📈

Anyone who predicted mass #Ether sell-offs after the long-awaited "Shapella" upgrade should eat their words. The world's second-largest cryptocurrency has surged by 10% over the past 24 hours — piercing $2,100. Prices haven't been this high since last May. But things haven't all been plain sailing for the Ethereum blockchain.

"Shapella" allows validators to withdraw locked-up ETH if they want to — and there's now a two-week wait for those who want to be reunited with their crypto. Despite all of this, we haven't seen a dramatic fall in the amount of ETH that's being held in the deposit contract. That indicates that there's growing interest in staking now it's known that Ether won't need to be locked up indefinitely. - link

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Over the past week, #CME institutionals have added more long contracts, increasing them by 14%. Exactly as in this report, after which #Bitcoin grew from 27k to 30k. - link

#Bitcoin dominance experienced a pullback to 47.48%, after hitting a peak above 49% recently. This is another factor that drives the alt season narrative. A decline in Bitcoin dominance is typically followed by capital rotation to altcoins and results in an #altseason - link

Tether Market Cap Breaks Records After Regaining 65% Dominance Of Stablecoins

On April 17, the circulating market valuation of the US dollar-pegged stablecoin hit nearly $81 billion, just 1.5% below its all-time high of $82.29 billion a year ago. It has grown 20% so far this year and is on the verge of hitting new all-time highs.

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Despite the varying levels of adoption and regulation, the overall trend towards adoption of #crypto assets globally has been positive. The growth rate of global retail cryptoasset adoption has averaged ~87% p.a. and these are just ID-verified users - link

Centralised Derivatives Volumes Reach $2.7tn in March

Derivative markets accounted for an all-time high of 72.7% of total centralised market volumes, trading $2.77tn in March - highlighting the prominence of speculation within the digital asset markets.

Decentralised derivatives exchanges have also seen an uptick in trading activity in recent months, trading $68.7bn in March, with dYdX accounting for 62.6% of the market share. - source.

#Bitcoin #btc Market Cycle Analysis & Halving Influence

To better understand Bitcoin's current performance, it is helpful to examine its behavior in previous market cycles.

In the previous two cycles, the accumulation period from the market bottom after the breakout to the halving date spanned at least 500 days.

This would mean, if we were to assume that the market bottom for this cycle was in November last year (when Bitcoin hit a yearly low of $15,760), that we are only 129 days into the current cycle as of March 30th. - Source.

From a sentiment perspective, the potential for #Bitcoin's price to rise is greater as increasing short positions are being liquidated. - link

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#Bitcoin price registered a 50% increase in value over the duration of a month from mid-March to mid-April. This resulted in the social volume toward BTC rising by 81% in the last 30 days, month on month. - link

On April 9th, the 7-day moving average of spot volumes for #BTC and #ETH reached their narrowest gap since July 4th, 2022, at only $2.1 billion. - link

#ETH spot prices dropped by nearly 18% post-Merge while they are up 11% since Shapella, despite fears of mass selling. - Source.

Call volumes rose to a yearly high of $700mn in the days following the #Shapella upgrade, outpacing puts (bearish bets) by a large margin. #ETH open interest for perpetual futures markets hit a multi-year high of over $6bn and funding rates have remained positive. - Source.