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Bitcoin Soars to New All-Time High Above $69K

Bitcoin reached a new ATH this week of $69,200. The bull market has begun. Plus the top news, stats, fundraises, and reports from this week.

Author

Ryan Allis
March 06, 2024

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Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We review the top news, stats, and reports in the digital asset ecosystem for our 260k weekly subscribers. This week we cover the new BTC ATH, the spot ETH ETF proposal delay, a new ruling in SEC's Coinbase insider trading lawsuit, Blast launching their Mainnet, and big new venture rounds for Ether.fi ($27M) and Backpack ($17M). 

43 days left until the unofficial start of the Bull market — which seems to have kicked off early with the BTC ETF approvals

Price performance since we began writing Coinstack in January 2021

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week… 

  1. 🚀 Bitcoin Soars to New All-Time High Above $69K: The success of the spot ETFs which opened for business on Jan. 11 was the catalyst for this latest bull run for the world's largest crypto. Bitcoin reached a new all-time high for the first time in more than two years, topping $69,210, according to Coin Metrics. The Bitcoin price surpassed its previous record of $68,982 on Nov. 10, 2021.

  1. ⚖️ SEC Leverages Insider Trading Ruling to Strengthen Lawsuit Against Coinbase: In a notice filed on Monday to New York District Judge Katherine Polk Failla, the SEC said it wanted to inform the court of a default judgment made on March 1 where a court ruled that the trading of certain crypto assets on secondary markets, including crypto exchanges, are securities. 

  1. 🚀 Ethereum Layer 2 chain Blast releases official mainnet: Blast, created by Tieshun Roquerre, founder of the NFT marketplace Blur, aims to provide a native yield model for ether and stablecoins, touting 4% interest for the former and 5% for the latter. Early access to the platform amassed over 180,000 community members and over $2.3 billion in total value locked (TVL), according to the platform's website. 

  1. ⚖️ Gemini to pay $37 million fine, return over $1 billion to Earn customers in settlement with NY regulator: Crypto exchange Gemini agreed to pay a hefty fine to a New York financial regulator over compliance failures and has to return at least $1.1 billion to Gemini Earn lending program customers. 

  1. 🚀 BlackRock’s IBIT spot bitcoin ETF crosses $10 billion in AUM: In just seven weeks, BlackRock’s IBIT spot bitcoin exchange-traded fund reached $10 billion in assets under management on Thursday after securing its second-largest daily inflows since launching on Jan. 11.

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💬 Tweet of the Week

Source: @RasterlyRock

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. Yesterday we experienced the strongest BTC ETF net inflow volume ever. Nearly $760M poured in, with BlackRock ($596M) and Fidelity Investments ($254M) leading the way. Grayscale had more outflows (-$125M), bringing its marketshare down to 57% while BlackRock and Fidelity now combine for 33% of the market.

Source: @DavidShuttleworth

2. Yesterday Consensys zkEVM Linea handled over 1.05M daily transactions, the second most in its history (1.29M) and nearly as many as Ethereum mainnet (1.1M) had on the same day.

Source: @K33Research

3. Across bridge volume surpasses $770m monthly bridge volume, YTD fees now >50% of 2023 total

Source: @OurNetwork

4. Synapse is the first 3rd party bridge to launch on Blast. Since deployment, it has settled >$50M of volume, and $7M in TVL.

Source: @OurNetwork

5. Jumper has serviced over $1.13B in volume and is seeing increased activity. Jumper’s support for Solana puts it in an exclusive list of apps that support EVM & non-evm chains.

Source: @OurNetwork

6. Top Moving Coins From the Top 100

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

Reflexivity Research - Weekly Market Update #30

About the Author: Reflexivity Research, is on a mission is to bridge traditional finance into digital assets through our crypto native research. This is an excerpt from the full article, which you can find here.

Overview

  • Bitcoin ETF products saw net inflows of $1.77 billion last week

  • Annualized Binance Bitcoin perpetual futures funding rate exceeds 100% for the first time since 2021

  • Over the last 24 hours, the entire MEME sector has experienced a growth of approximately 16%, bringing its market value to over $52 billion

  • Total Value Locked (TVL) on Arbitrum reached an all-time high of $4.125 billion

  • On March 3rd, the trading volume in the Bitcoin Ordinals market hit $51.14 million, marking its highest point since December 18th 2023

  • The Dencun upgrade is scheduled to activate on the Ethereum mainnet at epoch 269568, set for March 13th 2024 at 13:55 UTC.

  • Ondo Finance introduces Ondo Global Markets

  • Friend Tech, a Web3 social platform, announced via Twitter that following recent discussions, its investors have consented to relinquish their rights to sell tokens to users, ensuring that token control remains with the users

  • To mitigate the risk of a blockchain becoming unresponsive, unreliable, or unusable, Tether has developed an official recovery tool capable of migrating USDT across different blockchains

Bitcoin ETF products saw net inflows of $1.77 billion last week

Last week, Bitcoin ETF products saw net inflows amounting to $1.77 billion, marking the second-largest weekly inflows since these ETFs started trading in early January. As a whole, the trading volumes of investment products reached a record high of $30 billion.

Additionally, Ethereum recorded its highest weekly inflows since mid-July 2022, totaling $85 million.

Furthermore, according to Velo Data and CoinGlass, the annualized funding rate for Bitcoin perpetual futures on Binance exceeded 100% for the first time in over a year last week. This indicates excitement in the futures market, as the price of perpetual futures contracts trade marginally higher than the underlying spot market. Below is a heatmap of funding rates on large cap digital assets from Velo Data:

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

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📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela. 

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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