Market updates

Bitget Hot Takes (March 25 - March 31, 2024) - Market Updates

Intermediate

2024-04-02 | 20m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, which sums up BGB performance, what's new at Bitget, and the latest market movements.

The latest Bitget Hot Takes can be found here: All About Bitget | Market Updates

Central Themes

• Bitcoin was back to US$70K on the last day of March.

• Memecoins remained the week's buzz word.

• 18 days left until the fourth Bitcoin Halving.

Week 13: Memecoins > Bitcoin

In a week where Bitcoin slowly climbed its way back to US$70K at a moderate weekly gain of 8.4%, memecoins clearly enjoyed a prolonged period of spotlight. Dogwifhat flipped Pepe to become the third-largest memecoin by market cap with a 7D increase of 87.2% and clearly led the memecoin race. However, the O(ld)G memecoin DOGE also caught everyone off-guard by its 23% move by the end of the week, which helped DOGE once again enter the Top 10 largest cryptocurrencies, leaving the next one (ADA ) behind by a good US$6 billion as of March 31, 2024.

Others in the Top 5 biggest memecoins scored a weekly increase of 22% (BONK ), 10.3% (PEPE ) and 9.5% (SHIB ) - all better than most of the Top 5 by market cap, except for Solana. However, considering the intimate relationship between WIF and SOL (we could very well say that WIF set the foundation for this memecoin summer on Solana), this is not surprising at all.

Bitget Hot Takes (March 25 - March 31, 2024) - Market Updates image 0

Now back to the one that started it all - Bitcoin. The netflow into spot Bitcoin ETFs stands at a total of US$69.7 million last week, with Thursday (March 28) being the most active day for all funds. It's worth noting, though, that there were some unusual activities with regards to Bitcoin ETFs last week:

• the aggregated netflow into futures Bitcoin ETFs surpassed that of spot Bitcoin ETFs for the first time since the launch of 9 new-born Bitcoin ETFs in January, with the leveraged Bitcoin fund (BITX) alone having notched a total of US$118.5 million this week. Leveraged spot Bitcoin ETFs before spot Ether ETFs? That's some food for thought;

• BlackRock's IBIT saw only US$1,170,000 in inflows for the whole week, and that's on Thursday. In comparison, Fidelity's FBTC attracted US$560,525,000 and ARKB by Cathie Wood's Ark and 21Shares US$279,766,000 after four trading days;

• Grayscale's GBTC outflow kept persisting at US$1 billion, almost enough to offset inflows into other spot Bitcoin ETFs. DEFI (Hashdex conversion of their futures Bitcoin ETF) was the only other to have a negative weekly flow of US$13.2 million. This highlights the inferiority of conversion ETFs: they clearly don't seem to be able to keep up with the 9 newborns, be it because of management fees, reputation, of sales force.

Bitget Hot Takes (March 25 - March 31, 2024) - Market Updates image 1

Bitcoin went up and so did crypto stocks - at a much better magnitude of growth than the broader stock markets.

Setting The Tone: Monday Performance

Bitcoin (and of course the majority of the crypto market) is in for a bumpy road a.k.a. trading sideways as there're only 18 days left until the next Bitcoin Halving . The negative OI changes are a direct result of liquidations when Bitcoin's receding from US$71K - we recommend monitoring your trades closely during this period.

Bitget Hot Takes (March 25 - March 31, 2024) - Market Updates image 2