Flows Turn Positive and Coinbase Premium Returns, PayPal Enables Free International Transfers with PYUSD
Market Update
- The trading day began on a positive note, with rates decreasing and risk assets rallying following disinflationary pricing data from the latest ISM services PMI report. However, equity indices relinquished their gains and dipped into the red late in the trading session, influenced by comments from Fed President Neel Kashkari, which implied the Fed was concerned over persistently high inflation. Crypto rallied along with equities in the morning, and has comparatively held up much better than equities. BTC rebounded from $65k to peak at $69k at one point today. ETH continued to underperform, unable to replicate similar gains, currently hovering just below $3400. SOL also lagged, remaining relatively flat during US market hours, trading just above $187. However, there were notable outperformers for the day, including AI-related names like TAO and FET -1.07% , each up nearly 10%, as well as BCH -0.53% , which completed its halving today. Despite Ethereum's lag, Ethereum-related assets like IMX and MKR are performing well, each up over 5%. Memecoins are also participating in the rally, with DOGE up over 5%. The remaining key data points for this week will arrive tomorrow in the form of employment data, from which the market hopes to extract insights on the potential direction of inflation.
- Aggregate ETF inflows have resumed after a brief pause on Monday. Although the past couple of days haven't matched some of the larger inflow days observed over the recent months, net inflows across all Bitcoin ETF products surpassed $100 million. Notably, GBTC experienced its lowest day of outflows in over a month. Leading the way, Fidelity's FBTC amassed over $100 million in inflows alone. This shift in trend, spurred by a potential near-term peaking in rates, combined with a surging Coinbase Premium, paints a constructive picture for the near term.
Source: Farside Investors, Fundstrat
- PayPal is introducing a new service that enables U.S. customers to use its PYUSD stablecoin for international payments through the Xoom platform. The company announced that, starting Thursday, U.S. users will have the capability to conduct international money transfers using the PYUSD stablecoin. Via its cross-border payments service, Xoom, U.S. customers can convert PYUSD into USD and then transfer funds to recipients in approximately 160 countries without incurring transaction fees, according to PayPal's statement. This initiative seeks to enhance the utility and adoption of PayPal's stablecoin and potentially positions PayPal as a pivotal player in reducing the costs of international remittances—a market traditionally burdened with high expenses for consumers. The launch of this service coincides with a significant revival in the stablecoin market, which has seen the aggregate stablecoin market cap soar to $153 billion, marking the highest point in roughly 18 months.
Source: DefiLlama, Fundstrat
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
This week's minor consolidation in many cryptocurrencies very well could be complete, as prices look to be stabilizing near important areas of support. Optimism's drop finds itself at a similar juncture, having sold off to levels right near prior lows from mid-March. This also represents an area of trendline support which has contained two prior declines since 2024 has gotten underway. Overall, barring any break of March lows at $2.9776, this selloff creates an attractive risk/reward opportunity for owning OP near where this has bottomed twice before this year. Furthermore, this recent consolidation stands a good chance of bottoming again at this key area near $3.00 before turning back higher to exceed $4 in the weeks to come. While many might be inclined to view this larger pattern as a Head and Shoulders formation, most times these consolidation patterns tend to be resolved by movement in the direction of the original move that preceded this formation. As seen on this daily chart, OP rallied from $1.15 to over $4.00 before starting its four-month stalling out. Bottom line, it's right to expect a bounce back up to $3.60, and over this level allows for a push back to $4.85. A
Daily Important Metrics
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All metrics as of April 4, 2024 1:19 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $1.35T | $68,475 | ↑ 3.96% | ↑ 62% | |
 ETH | $404B | $3,365 | ↑ 1.41% | ↑ 48% | ↓ -14% |
 SOL | $83B | $187 | ↑ 0.50% | ↑ 83% | ↑ 21% |
 DOGE | $26B | $0.1833 | ↑ 4.61% | ↑ 106% | ↑ 44% |
 ADA | $21B | $0.5879 | ↑ 1.76% | ↓ -0.82% | ↓ -63% |
 DOT | $12B | $8.56 | ↑ 1.37% | ↑ 5.57% | ↓ -57% |
 LINK | $11B | $18.01 | ↑ 1.95% | ↑ 20% | ↓ -42% |
 MATIC | $9.0B | $0.9124 | ↑ 2.43% | ↓ -4.98% | ↓ -67% |
 NEAR | $7.2B | $6.84 | ↑ 1.92% | ↑ 90% | ↑ 28% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| BITW | ↓ -32% | $34.30 | ↑ 3.16% | ↑ 47% | ↓ -15% |
| ETHE | ↓ -23% | $24.24 | ↑ 0.48% | ↑ 25% | ↓ -37% |
News
QUICK BITS
CoinDesk Credbull's First Crypto Fund Chases High Fixed Yields Crypto's high yield structured product sector is getting a bit more mature. |
CoinDesk Ripple, Developer Behind XRP Ledger, Enters Stablecoin Fray vs. Tether, USDC The token will be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents." according to the company. |
The Block JPMorgan says Ethereum could avoid ‘security’ label amid decreasing Lido share JPMorgan analysts suggest that Lido's declining market share may shield Ethereum from being classified as a security. |
MARKET DATA
The Block Oppenheimer raises Coinbase share price target to $276 Oppenheimer has reiterated its buy rating for Coinbase stock and increased its price target to $276, up from a previous target of $200. |
CoinDesk Wormhole’s W Token Is Paying Out 999% a Week on Solana Protocol Kamino The Solana DeFi application Kamino is offering a weekly yield of more than 999%, paid out in W and JTO tokens. |
The Block Yield platform Pendle reaches $4 billion in TVL and $10 billion in trading volume Yield platform Pendle has amassed billions of value in just a few months, with heavy trading volume at the same time. |
REGULATION
CoinDesk Crypto Market Maker GSR Recieves Singapore Crypto License The license is the first awarded by Singapore to a crypto market maker. |
CoinDesk U.S. SEC Calls for Comments on Spot ETH ETFs The U.S. Securities and Exchange Commission has opened the window for comments on three ether spot exchange traded fund (ETF) proposals. |
FUNDRAISING AND M&A
The Block Galaxy Digital to launch $100 million fund for early-stage crypto companies: report Galaxy Digital is putting together a $100 million fund that will bankroll as many as 30 companies within the next three years. |
The Block Solana interoperability layer Zeus Network raises token round at $100 million valuation Zeus Network, a Solana interoperability layer, has raised $8 million in a funding round led by Mechanism Capital. |
WEB 3.0
The Block Paradigm-backed startup Vana launches DAO letting Reddit users control their personal data The Reddit Data DAO, or r/datadao, rewards users for contributing their Reddit data and lets them vote on what to do with the collective data. |
CoinDesk Protocol Village: Optimism-Based DEX Velodrome Deploys to Bitcoin L2 BOB The latest in blockchain tech upgrades, funding announcements and deals. For the period of April 4-10. |
Reports you may have missed
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