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The ongoing inflow of funds into ETFs is now manifesting in the resurgence of altcoin markets. Short-term investors, awaiting corrections alongside historic peaks in Bitcoin, are closely monitoring the markets.
According to the 95th Bitfinex Alpha Report, Bitcoin, which hit the $72,000 levels on March 11, soared to its all-time high, breaking records. However, while this situation pleases long-term investors, it poses challenges for short-term investors with a high risk appetite. Often, sharp movements follow such record highs in the market, resulting in the liquidation of both long and short positions. On March 5, when BTC price peaked and experienced a sudden downturn, the highest daily liquidation of the past three years, amounting to $990 million, occurred in long positions alone.
It’s evident from the significant cash inflow into spot Bitcoin ETFs that the demand for BTC spots remains robust. Despite the price fluctuations on March 5, the highest amount of cash inflow observed to date indicates that investors’ interest in this product continues unabated.
Meanwhile, there’s a significant resurgence in altcoin markets. The total market value of the Total 3 index has surpassed $720 billion. This increase is largely due to the growing interest in alternative cryptocurrencies, particularly meme coins and projects related to artificial intelligence. With the emergence of new projects that highlight the potential synergy between artificial intelligence and blockchain technologies, and the widespread adoption of existing projects, there’s been an increase in both sector-specific and general interest.
The trading volume of tokens on the Solana blockchain, built on some meme tokens, has reached levels close to Ethereum’s volume. On Ethereum itself, a sharp increase in transaction fees occurred due to the increasing trading volume of DEX tokens. With this surge, it’s expected that revenue from these transactions will reach $10 billion annually for the first time since the beginning of 2022.
In last week’s crypto news, the Kimchi Premium in the South Korean Bitcoin market recorded a significant increase, reaching its highest level in the last 27 months. Meanwhile, Bitcoin investments in El Salvador are beginning to bear fruit, with the value of the country’s assets surpassing $150 million and a profit of $50 million realized. This indicates a significant milestone for the country, which has adopted Bitcoin as its official currency.
On the regulatory front, the U.S. Securities and Exchange Commission, along with the Chicago Board Options Exchange and other platforms, has decided to postpone its decision on the authorization to list and trade options on Bitcoin ETFs until the end of April. Additionally, in a significant legal development, the state of Wyoming in the United States has passed legislation granting legal status to Decentralized Autonomous Organizations (DAOs), a major step towards integrating blockchain initiatives into formal legal structures.
