Market Update
- Following the worst week of ETF flows since inception, BTC (+3.89%) is rebounding, rising to $69.6k, and ETH (+4.09%) has reclaimed the $3,500 mark. Last week’s outflows totaled $888 million, representing about a fifth of the inflows seen in the previous two weeks. ONDO, an institutional RWA protocol, is one of the top performers today, rising 7.61% as investors remain optimistic about the future of tokenized assets and their ability to draw institutional capital into the industry. The SPY (-0.15%) and QQQ (-0.22%) are showing modest declines today, but crypto-related equities are showing strong outperformance, with MSTR -3.00% , COIN -2.32% , and WGMI gaining 17.27%, 8.83%, and 7.37%, respectively. The key economic data point to watch this week is February PCE, which will be released Friday morning despite the stock market being closed in observance of Good Friday.
- As Bitcoin mining difficulty has hit a new all-time high, Core Scientific is looking for opportunities to purchase mining machines at a discount following next month’s Bitcoin halving. The halving will reduce Bitcoin’s block reward subsidy from 6.25 BTC to 3.125 BTC, effectively cutting miners’ revenues in half. It is expected that some of the less efficient miners will become financially distressed as a result. CEO Adam Sullivan believes the first thing that struggling miners will look to do is sell mining facilities, presenting an opportunity for Core Scientific to expand on its 222,000 miners at a discount. Core Scientific emerged from bankruptcy in January and believes its restructuring and lessons learned from 2021 and 2022 position it well to navigate the halving and find opportunities to outpace competitors. CORZ is currently trading at $3.50 but if its share price reaches $6.81, it would trigger some of its warrants, freeing up $670 million in cash that could be used for potential expansions.
- The Philippines SEC is moving to block local access to Binance in the country. In November, the regulatory agency issued a warning that Binance was operating without the proper licenses and approvals, claiming Binance was illegally operating an exchange and soliciting investment from Filipino citizens. The SEC deemed that continued public access to Binance poses a threat to Filipino investors' funds. With the help of the National Telecommunications Commission (NTC), the SEC is blocking all webpages and apps related to Binance. The ban will take effect within the next three months to allow investors adequate time to liquidate and withdraw their funds. The regulator also asked Google and Meta to block any Binance-related advertisements. Despite the regulatory setback, BNB has risen 4.43% today, approaching $600.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Ahead of this Wednesday's cliff token Unlock event, Yield Guild games has accelerated up to the highest levels since early 2022. The YGG token had largely been range-bound over the last couple years ahead of last week's technical breakout to new monthly highs. Following its more than doubling in price over the past week, YGG is set to potentially close over $1.20 which should drive prices up to potentially $2.00 ahead of Wednesday's 16.69 million Token unlock, which is worth over $21 million at current levels. Overall, this event looks to have jumpstarted momentum after a lengthy consolidation, and higher prices look likely this week into Wednesday's event.
Daily Important Metrics
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All metrics as of March 25, 2024 11:58 AM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $1.38T | $70,264 | ↑ 7.12% | ↑ 66% | |
 ETH | $432B | $3,599 | ↑ 6.09% | ↑ 58% | ↓ -8.22% |
 SOL | $85B | $192 | ↑ 9.61% | ↑ 89% | ↑ 23% |
 DOGE | $26B | $0.1826 | ↑ 4.61% | ↑ 105% | ↑ 39% |
 ADA | $24B | $0.6627 | ↑ 4.43% | ↑ 12% | ↓ -55% |
 DOT | $14B | $9.74 | ↑ 5.92% | ↑ 20% | ↓ -46% |
 LINK | $11B | $19.37 | ↑ 6.17% | ↑ 29% | ↓ -37% |
 MATIC | $10B | $1.05 | ↑ 5.30% | ↑ 9.50% | ↓ -57% |
 NEAR | $7.9B | $7.50 | ↑ 14% | ↑ 108% | ↑ 42% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| BITW | ↓ -32% | $36.81 | ↑ 7.47% | ↑ 58% | ↓ -8.38% |
| ETHE | ↓ -21% | $26.67 | ↑ 5.92% | ↑ 38% | ↓ -29% |
News
QUICK BITS
The Block Goldman Sachs sees resurgence in clients’ interest in crypto assets: report Goldman Sachs has seen growing interest from hedge fund clients in crypto-related products, according to Bloomberg. |
The Block Nigeria files tax evasion charges against Binance as exec escapes from custody: reports Nigeria's government filed tax evasion charges against crypto exchange Binance amid reports one of its executives has escaped from custody. |
The Block Do Kwon awaits final extradition call in foreigner camp in Montenegro: report Former Terra CEO Do Kwon also had his passport confiscated as he ended his prison term on March 23 in Montenegro. |
DOSE OF DEFI
The Block Singapore’s DigiFT launches US T-Bill RWA tokens DigiFT says the new RWA tokens offer users direct beneficial ownership of AA+ rated and short-term T-Bills. |
The Block Orderly Network set to airdrop tokens this summer as it launches points program Orderly Network, a decentralized trading infrastructure protocol, has launched its points program ahead of its token launch this summer. |
CRYPTO INFRASTRUCTURE
CryptoPotato Polygon zkEVM Mainnet Beta Back Online After Emergency Fix Operations have resumed on the Polygon zkEVM Mainnet Beta after a short period of downtime. |
REGULATION
CoinDesk Binance Blocked by Philippines Securities Watchdog The Philippines Securities and Exchange Commission warned in November that the company was operating in the country without the necessary licenses. |
PRODUCT UPDATES AND PARTNERSHIPS
The Block Binance to discontinue USDC support on the Tron blockchain The decision from Binance comes more than one month after Circle announced that it immediately ended USDC minting services on Tron. |
CoinDesk CommEX, Owner of Binance's Former Russian Ops, to Close Down Crypto exchange Binance sold the entirety of its Russian business to CommEX in September last year following compliance concerns. |
