ETFs Post Another Day of Inflows, Worldcoin to Sell Portion of Treasury
Market Update
- The crypto market is pulling back from its recent surge, with BTC 0.27% falling below $65,000, ETH 0.39% trading under $3,200, and SOL 0.40% fighting to stay above $150. As expected, altcoins are also generally declining, although a few notable performers are scattered across the market. Currently, BONK 13.96% and WIF -7.67% , two prominent memecoins on Solana, are showing resilience, up 12% and 6%, respectively. Additionally, HBAR -0.74% initially doubled in price following reports that Blackrock selected the chain to tokenize a US treasury money market fund. However, the token surrendered most of its gains after it was clarified that Blackrock was not involved in the decision-making process. Long-term interest rates have reversed the trend observed over the past few days and are moving higher, possibly in anticipation of tomorrow's GDP data. Equities are mixed as investors await major companies' earnings this week, including META today, MSFT, and GOOGL tomorrow.
- Bitcoin spot ETFs have experienced their third consecutive day of net inflows, signaling a positive trend in flows. However, it's important to note that these inflows are relatively small compared to some of the larger inflows observed in Q1. In related ETF news, Hong Kong is poised to launch six crypto-based spot ETFs on April 30th, including three BTC and three ETH funds. Despite expectations that these ETFs will attract significantly less capital compared to similar funds in the U.S., this development is still seen as a positive for the industry. We anticipate potential inflows that may exceed analyst expectations.
Source: Farside Investors, Fundstrat
- PDVSA, Venezuela's state-owned oil company, has faced heavy sanctions from the U.S. due to allegations of corruption and undemocratic practices by Venezuela's government. As an attempted countermeasure, PDVSA has adopted Tether (USDT) to circumvent these sanctions and facilitate oil transactions, leveraging the speed of crypto transactions over traditional banking. However, following reports of such activities, Tether has moved to comply with U.S. regulations by freezing accounts linked to sanctioned entities, rendering PDVSA's efforts useless.
- The entity in charge of Worldcoin’s treasury, World Assets, plans to sell between 0.5 million and 1.5 million WLD tokens weekly over the next six months to meet the increasing demand for orb-verified World IDs and support the expansion of the Worldcoin network. These sales, which represent 0.1% to 0.4% of WLD tokens' weekly trading volume, will be conducted through private placements to institutional trading firms outside the U.S. These transactions will include a prohibition on reselling the tokens to U.S. residents and may feature a 40-day lock-up period to stabilize prices. This approach is reportedly designed to align sales prices with current market rates. Since the announcement, the WLD token has decreased by about 5%.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Mark is out today, so we are resharing his analysis from yesterday. He will return tomorrow.
Today's breakout in Hedera Hashgraph has brought prices to near initial resistance after intra-day gains of 17% managed to exceed the downtrend from last month's peak. Volume expanded sharply on today's trading, and this is a very bullish development that should lead this to move back to new high territory in the months ahead. Near-term, there looks to be resistance near $0.118-$0.12, but above that would allow for a test and probable breakout above $0.14 while intermediate-term levels of resistance lie near $.24 on gains into next month. Overall, today's surge looks meaningful and positive to the technical structure for HBAR -0.74% , and further gains should occur into May with pullbacks not likely undercutting $0.095 before turning back higher. Today's gains have helped HBAR recoup more than 60% of the losses since mid-March which is quite encouraging and should result in a coming test and move above last month's highs.
Daily Important Metrics
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All metrics as of April 24, 2024 10:00 AM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $1.28T | $64,932 | ↓ -2.63% | ↑ 54% | |
 ETH | $388B | $3,181 | ↓ -1.62% | ↑ 40% | ↓ -14% |
 SOL | $68B | $152 | ↓ -4.05% | ↑ 49% | ↓ -4.44% |
 DOGE | $22B | $0.1542 | ↓ -4.57% | ↑ 73% | ↑ 20% |
 ADA | $17B | $0.4760 | ↓ -6.05% | ↓ -20% | ↓ -73% |
 DOT | $10B | $7.04 | ↓ -4.88% | ↓ -13% | ↓ -67% |
 LINK | $8.7B | $14.83 | ↓ -2.70% | ↓ -0.89% | ↓ -55% |
 NEAR | $7.5B | $7.08 | ↑ 0.73% | ↑ 97% | ↑ 43% |
 MATIC | $7.1B | $0.7164 | ↓ -2.49% | ↓ -25% | ↓ -79% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| BITW | ↓ -32% | $33.61 | ↓ -1.44% | ↑ 44% | ↓ -9.49% |
| ETHE | ↓ -24% | $22.59 | ↓ -1.05% | ↑ 17% | ↓ -37% |
News
QUICK BITS
CoinDesk Tether Will Freeze Wallets Evading Venezuelan Sanctions Use of Tether has increased in Venezuela after the U.S. reimposed sanctions on oil exports. |
CoinDesk Crypto Custody Firm Fireblocks Now Offers DeFi Threat Detection for Institutions The products check decentralized applications across 40+ blockchains via WalletConnect, Fireblocks’ browser extension, and MetaMask Institutional. |
The Block Hong Kong spot bitcoin and ether ETFs to start trading April 30 Newly approved spot crypto ETFs, six total, will begin trading at the end of this month and mainland Chinese investors are excluded. |
MARKET DATA
The Block US spot bitcoin ETFs see third consecutive day of net inflows Grayscale’s GBTC recorded $66.88 million in net outflows, while funds from BlackRock, Ark Invest and Bitwise recorded net inflows. |
The Block Worldcoin subsidiary expects to sell WLD tokens from treasury to ‘support’ network growth World Assets, a subsidiary of the Worldcoin Foundation, plans to sell WLD tokens from the World Assets treasury over the coming months. |
CoinDesk Number of Stablecoin Holders Nears 100M Mark, Data Show The number of addresses holding stablecoins has risen 15% this year. |
The Block Figment witnesses fivefold growth in Q1, passes $15 billion staked Figment Europe and Apex Group also launched Ethereum and Solana staking ETPs on the SIX Swiss Exchange during the quarter. |
DOSE OF DEFI
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