🪙 Ethereum and 💰 Polygon Attract Majority of New Users: Flipside Report

Ethereum and its Layer 2 scaling solution, Polygon, attracted the most new users by far in the first quarter of 2024. The latest report by Flipside revealed that these two blockchain platforms have garnered the most cumulative new users among observed EVM chains since the beginning of the year. Polygon boasted 12.3 million new users, and Ethereum had 13.4 million – roughly 70% of new users this year across all observed chains as of March 27. Next up was Arbitrum, recording the most new users (4.7 million) during the same period.

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🪙 New users flock to Ethereum while long-term holders are less active than ever

Long-term holders of ether, the currency of the Ethereum blockchain, appear to be holding on tighter than ever before. According to data from The Block, the active supply of ether, or the supply that has been moved from one wallet to another within certain time periods, is currently at a historical low point for periods of one year or longer. The active supply over 30- and 90-days is also near all-time lows, having fallen over half from their peaks.

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🪙 Ether options point to bullish market sentiment for end of April

The options market seems to have taken on more bullish positions in the largest cohort of ether options open interest by expiration date, contracts for the end-of-April expiry. Some $3.3 billion of notional ether options set to expire, according to Deribit data, and roughly two-thirds of that amount have been placed on calls, or bullish bets on price. "Call strikes are clustered between $3,700 - $4,000, showing an upside bias and underlying bullish sentiment in the market," Wintermute OTC Trader Jake Ostrovskis told The Block.

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💰 Sora Ventures, Metaplanet bet $6.5 million on Bitcoin to create ‘Asia’s first MicroStrategy’

Metaplanet, a Tokyo Stock Exchange-listed company, announced on April 8 that it has embraced Bitcoin as a core treasury asset. In an April 8 statement on social media platform X (formerly Twitter), Metaplanet said it was allocating ¥1 billion, approximately $6.56 million, to the flagship digital asset as part of its groundbreaking shift in its financial strategy. It added that it achieved this milestone through partnerships with venture capital firm Sora Ventures, Mark Yusko, the CEO of Morgan Creek Capital, Jack Liu, and others.

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💰 Solana 'leads the battle' for blockchain payments, Bernstein says

Looking back at recent stablecoin metrics, Solana is "leading the battle" for blockchain payments amid growth in market liquidity and improved investor sentiment, according to research and brokerage firm Bernstein. “The big change this cycle has been the dominant market share of Solana (43% highest share) in value of stablecoins transferred vs. prior cycle market leader Ethereum,” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Tuesday.

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🟠 Binance Has Matured Since DOJ $4.3B Settlement: CEO Richard Teng

Teng said Binance is now looking at sustainability and more compliance; hence the company’s focus on building a robust compliance program. Richard Teng, CEO of the world’s largest cryptocurrency exchange, Binance, believes the trading giant is past the cultural issues after it settled criminal charges from the United States Department of Justice (DOJ) with a $4.3 billion fine. During an interview with CNBC, Teng said Binance had moved past the early stage of its development, where there were no clear rules, and it had to operate in a certain way to stay relevant.

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🇭🇰 Hong Kong Said Likely to Approve Spot 💰 Bitcoin ETFs Next Week: Reuters

Hong Kong regulators are likely to approve the first set of applications for spot bitcoin exchange-traded funds (ETF) next week, making it possible that the products could be ready to start trading in April, Reuters reported, citing two people familiar with the matter. Australia and Hong Kong are the two jurisdictions that could become the first in Asia to offer spot bitcoin ETFs, with Singapore and the UAE not reflecting immediacy just yet.

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🪙 Ether options imply increased price volatility ahead of May's ETF decision deadlines, analyst says

The positioning of ether options for May's end-of-month expiry shows investors have a lack of confidence in the chances for an imminent approval of a spot ether exchange-traded fund and anticipate significant price swings, an analyst said. In January, Bloomberg Intelligence analyst James Seyffart set the chances of a May approval at 60%, then dropped his expectations to 35%, but finally decided that the applications would ultimately be denied.

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⚪️ Worldcoin-compatible wallet surpasses 10 million users

Tools for Humanity’s Worldcoin compatible wallet has acquired more than 10 million users. The World App wallet boasts users in more than 160 countries, including 2 million daily active users, its maker Tools for Humanity (TFH) said Thursday in a statement. The uptick in users dovetails with the rollout of new data management tools for users of Worldcoin, the iris-enabled biometric cryptocurrency project founded by OpenAI CEO Sam Altman.

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💰 Bitcoin and Ethereum ETFs could launch in Hong Kong before halving

Hong Kong is poised to approve the launch of new exchange-traded funds (ETFs) that will directly invest in Bitcoin and Ether potentially as soon as Monday. This key development, as reported by Bloomberg, involves key financial players, including an international branch of China’s Harvest Fund Management Co. and a partnership between Bosera Asset Management (International) Co. and HashKey Capital.

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💰 Solana deploys congestion fix on devnet

Solana developers have released a new version of the validator client software to address persistent congestion issues and are urging validators to upgrade immediately. Validator clients, essential in proof-of-stake blockchains like Solana, verify transactions to ensure compliance with network rules and confirm the sender’s fund sufficiency before appending new blocks to the blockchain. Anza, a spinoff of Solana Labs, spearheaded the development with the release of version 1.18.11 aimed at mitigating network congestion.

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💰 Massive Bitcoin Market Turbulence Triggers $4,500 Crash; $167M in BTC Longs Erased in 1 Hour 📉

By 4:00 p.m. Eastern Time on Saturday, bitcoin’s (BTC) price dipped below the $62,000 threshold after hovering around $67,000 for most of the morning’s trading sessions. The cryptocurrency experienced a 7.7% decrease within three hours, triggered by a flurry of panic selling that started at 1:00 p.m. Two-week statistics indicate that bitcoin has fallen 8.7% compared to the U.S. dollar, while trading volume soared to $41.63 billion throughout the day.

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🏦 Coinbase Files Appeal Over ‘Investment Contracts’ in 🇺🇸 SEC Battle

American crypto exchange Coinbase has filed a motion to certify an appeal in the lawsuit brought by the Securities and Exchange Commission (SEC) against it. On April 12, Coinbase’s legal counsel filed a brief asking the court’s permission to seek an interlocutory appeal in its case. The controlling question was whether an “investment contract” requires something contractual. Coinbase believes it does, whereas the SEC disagrees.

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💰 Solana leads crypto recovery despite global stock tumble over geopolitical concerns

The native cryptocurrency of the Solana network has led a rebound in the cryptocurrency market after major tokens dipped amid concerns over a wider conflict in the Middle East. Solana gained over 6% in the past 24 hours and was changing hands for $154.34 at 4:25 a.m. ET. Bitcoin increased 2.56% and ether gained over 5% in the same period, according to The Block's Price Pages.

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🪙 Liquid Staking Derivatives Lose Ground With Over 380,000 ETH Withdrawn in April

In the initial two weeks of April, a notable reduction of 380,000 ether was observed in the top liquid staking derivatives (LSD) protocols. On April 1, 2024, these platforms collectively held 13.53 million ETH across 27 distinct decentralized finance (defi) platforms, as per archived data from defillama.com. Presently, after this decline, approximately 13.15 million ETH, valued at $41.5 billion based on current exchange rates, remains.

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@TradeCryptoNow

💰 Despite weekend dip, bitcoin's market dominance hits highest level since April 2021

While the stock market was closed this weekend and unable to react to the news of Israel being the target of an Iranian drone attack, the crypto market was ready to respond. Assets across the board took a dip as traders recalibrated their portfolios and scaled back risky bets. Bitcoin itself fell from over $70,000 on Friday, April 12, to just over $63,000 at the end of April 13, dropping roughly 11.6% from its high on Friday to its low on Saturday.

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♦️ Polkadot parachain Polimec aims to transform Web3 fundraising via decentralized platform

Polkadot’s parachain Polimec wants to revolutionize fundraising for Web3 projects through an innovative approach that sets it apart from rivals. Co-founder Kasper Mai Jørgensen further explained that Polimec enables fundraising directly on-chain without intermediaries in a transparent, fully decentralized, and regulatory-compliant manner. The project was conceptualized in 2020 by the team behind KILT Protocol and later became an independent project with its own non-profit organization in June 2022.

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