Four Consecutive Days of Bitcoin ETF Outflows, WisdomTree Receives NY Trust Charter
Market Update
- Equity indices are showing muted declines today, but the SPY (-0.13%) and QQQ (-0.02%) are still on pace for respective 18th and 17th positive weeks out of the last 21. Crypto markets are showing more pronounced losses, with total market capitalization falling by 3%. $BTC (-2.89%) has fallen to $63.6k while $ETH (-4.53%) has dropped to $3,340. Bitcoin ETFs have seen four consecutive days of outflows totaling $836 million, representing the worst week of flows since inception. Notable outperformers this week include $FTM, $STX, and $APT, gaining 34%, 24%, and 16%. Aptos is reportedly shifting towards an AI and RWA focus, with some notable partnership announcements expected in the coming months.
Source: Farside Investors, Fundstrat
- Asset manager WisdomTree has received a charter from the New York State Department of Financial Services (NYDFS) to operate as a limited-purpose trust company within New York. WisdomTree joins a select few digital asset trust companies within NY, enabling them to continue establishing themselves as a leader within the industry. The new trust company, WisdomTree Digital Trust Company, allows WisdomTree to offer crypto financial services in the state, including its personal finance mobile app, WisdomTree Prime. Authorized digital asset services under the charter include custody, wallet services, and issuance and exchange of approved stablecoins. WisdomTree’s initial plans are concentrated on the issuance of the WisdomTree Gold Token and WisdomTree Dollar Token (tokenized gold and USD). Additionally, the charter allows WisdomTree to offer its services to New York retail customers.
- Google has enhanced its search engine capabilities to include Ethereum Name Service (ENS) domain searches and return corresponding wallet addresses and balances. Google implemented manual wallet searches last year, but utilizing ENS is a new feature. The data is sourced directly from Etherscan and reports balances as of the wallet’s last external transaction. The Ethereum Name Service token, $ENS (-0.21%), reacted positively to the news and is showing relative strength today amid wider altcoin declines. Google appears to be becoming friendlier to the crypto industry, as it recently revised its advertising policy to allow for crypto ads and has now implemented ENS domains – something that many crypto apps have not yet implemented.
Source: Google
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Friday's decline in Bitcoin makes it possible that further consolidation might be possible before this can turn back higher. Over the last 10 days, $BTC has shed roughly 10k off its all-time high peak. Yet not much overall selling has taken place as the last week has produced largely range-bound trading. However, until $BTC can reclaim $68,250, additional weakness looks possible to challenge this past Wednesday's lows, which intersect near $60,760. This is an important level to hold, as any pullback under this level would lead down to $56,247 or $52,150, either of which could help BTC start to stabilize. Overall, this pullback looks short-term in nature and should be a buying opportunity for strength which could last into 4/20 before additional consolidation takes place into May. At present, one needs to be patient when buying dips until this pullback shows more signs of being complete.
Daily Important Metrics
|
All metrics as of March 22, 2024 12:27 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $1.25T | $63,397 | ↓ -4.92% | ↑ 50% | |
 ETH | $398B | $3,316 | ↓ -5.88% | ↑ 46% | ↓ -4.39% |
 SOL | $76B | $171 | ↓ -8.40% | ↑ 68% | ↑ 18% |
 ADA | $22B | $0.6143 | ↓ -4.51% | ↑ 3.63% | ↓ -46% |
 DOGE | $22B | $0.1500 | ↓ -4.22% | ↑ 69% | ↑ 18% |
 DOT | $13B | $8.88 | ↓ -6.14% | ↑ 9.45% | ↓ -41% |
 LINK | $10B | $17.74 | ↓ -5.47% | ↑ 19% | ↓ -32% |
 MATIC | $9.5B | $0.9630 | ↓ -4.34% | ↑ 0.29% | ↓ -50% |
 NEAR | $6.7B | $6.37 | ↓ -6.03% | ↑ 77% | ↑ 27% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| BITW | ↓ -32% | $33.60 | ↓ -4.44% | ↑ 44% | ↓ -5.90% |
| ETHE | ↓ -19% | $25.17 | ↓ -6.12% | ↑ 30% | ↓ -20% |
News
QUICK BITS
The Block Google now shows Ethereum Name Service wallet balances in search results Google is showing balances from addresses associated with the Ethereum Name Service in search results, with the data coming from Etherscan. |
CoinDesk Floki Developers Plan Regulated Bank Accounts in Next Value Capture for Tokens SWIFT payments and SEPA IBANs will be supported – allowing users to transact and transfer money globally. |
DOSE OF DEFI
Decrypt.co NIM for DYM: Dymension Stakers Get First Confirmed Airdrop AI gaming network NIM is the first to reward DYM stakers, along with Parallel and Pudgy Penguins NFT holders and more. |
REGULATION
CryptoSlate Estonia passes legislation to regulate crypto service providers The government of Estonia has enacted a bill that introduces stringent legal requirements for digital assets service providers, local media reported on March 21... |
The Block WisdomTree granted trust company charter to offer crypto-related services in New York WisdomTree joins firms such as Coinbase, Gemini and Fidelity Digital Assets in being granted the limited-purpose trust charter. |
PRODUCT UPDATES AND PARTNERSHIPS
The Block Worldcoin seeks to empower users and eliminates option allowing for storage of personal data Project with close ties to OpenAI CEO Sam Altman taking measure to bolster trust and transparency as Worldcoin keeps growing. |
HACKS, EXPLOITS, AND SCAMS
The Block The bug allowed any user to send all of their funds back to themselves — and would see them doubled. But the funds may have been saved. |
Reports you may have missed
We are finally starting to see some relief in interest rates and the DXY 0.00% following yesterday's FOMC meeting and the Treasury's quarterly refunding announcement. BTC 2.82% has rebounded from yesterday's low of $56.5k and is now trading just above $59k, while ETH 1.92% is attempting to break through $3k resistance. SOL 5.00% has outperformed, gaining 10% compared to BTC yesterday and is now trading just below $140. The market is showing decent breadth...
Risk markets were selling off before today's FOMC meeting where it was unanimously voted to keep interest rates steady. The Fed announced it would be reducing the speed of its balance sheet taper from $60 billion per month to $25 billion per month, a larger than expected reduction. Following the announcements and Chair Powellâs comments, yields turned sharply lower with the US10Y falling 9 basis points while equity indices rose....
We are witnessing a continuation of the recent weakness in crypto markets today, with BTC 2.82% now testing $60k, ETH 1.92% just below $3k, and SOL 5.00% dipping under $130. The broader altcoin market is experiencing even more pronounced declines, with very few names posting a green candle today. The market was pushed lower in the overnight hours following a disappointing debut from the Hong Kong ETFs (more on that below). However, this...
Investors will have a lot to digest this week, including various data releases such as consumer confidence, ADP Employment, JOLTS, and non-farm payrolls. Likely more important is the FOMC meeting and Treasury Quarterly Refunding Announcement (QRA), both set for Wednesday. Equities are gaining to start the week with the $SPY and $QQQ both up approximately 0.30% as the DXY 0.00% (-0.44%) slides after the BOJ intervened to support the Yen against the dollar. Crypto assets are struggling so...
