Weekly Market Index

Last 7 day’s crypto market price index dropped slightly by -2.75%. Volume and volatility indices decreased more significantly by -32.27% and -44.03%, respectively.

Bitcoin (BTC) settled at close to US$70,000 on 1 April, 2024. US Spot Bitcoin ETFs had a week of a net inflow of $845 million, reversing the trend of a near $900 million net outflow in the previous week. Grayscale Bitcoin Trust ETF’s (GBTC) weekly net outflow also slowed down to $967 million last week, down from nearly $2 billion in the week prior. 

The volume and volatility of almost all tokens in our index dropped last week, led by Avalanche (AVAX) and Solana (SOL).

Check price

Chart of the Week

BTC monthly price increased for 7 months straight (based on month-end prices), increasing more than 270% from 30 August 2023 to 31 March 2024, showing clear signs of a bull market. This is longer than the previous 6-month streak during the 2020/2021 bull market , when BTC price increased 540% from 30 September 2020 to 31 March 2021.  

In the current cycle, it took BTC approximately 25 months (January 2022 to February  2024) to transition from bear to bull market. This is shorter than the 2020/2021 cycle, when it took approximately 34 months for the bear-bull transition (February 2018 to November 2020).

Weekly Performance

BTC and Ether (ETH) fell by -2.9% and -4.0%, respectively, in the past seven days. Price action for most other selected top market cap tokens was also down. Dogecoin (DOGE) and Bitcoin Cash (BCH) outperformed.

Most of the selected key categories were down in terms of market capitalisation changes in the past seven days, with the meme coin category outperforming the rest.

News Highlights

• Crypto.com is launching Crypto.com App in South Korea on 29 April. For this initial offering, retail customers can open an account for crypto trading on trading on the Crypto.com App. Users will also have access to exclusive NFT projects via Crypto.com NFTand other rewards. 

• Crypto asset manager Hashdex launched its spot Bitcoin ETF, DEFI, which was converted from its Hashdex Bitcoin Futures ETF first launched in September 2022. The ETF intends to invest at least 95% in spot bitcoin, while remaining assets may be invested in CME bitcoin futures or cash. The ETF began trading on 27 March and marks the 11th Spot Bitcoin ETF launched. 

• BlackRock’s Ethereum-based Fund, BUIDL, raised $245 million in Ethereum tokens as of 28 March, 8 days after it was first unveiled. This includes $92 million in Ondo short-term US treasuries from Ondo Finance. 

• US Treasuries tokenised on-chain have reached $1 billion, composed of 17 products. This includes Franklin Templeton’s on-chain money fund (FOBXX), the recently launched BUIDL by Blackrock, and Mountain Protocol’s stablecoin USDM.

• Grayscale launches a new crypto investment fund with exposure to staking crypto tokens. The new fund, named Grayscale Dynamic Income Fund, currently holds Osmosis, Solana, Polkadot, and other tokens. Grayscale will manage the staking, while rewards will be converted into USD weekly and distributed to investors quarterly. 

• Tether, the company behind the USDT stablecoin, bought 8,888 BTC on 31 March. It now holds 75,354 BTC (worth $5 billion at the time of writing), making it the seventh-largest Bitcoin holder in the world. 

• SingularityNet, Fetch.ai and Ocean Protocol, three decentralised AI protocols, proposed a token merger scheduled for a community vote on April 2. Together, the three will create the “Superintelligence Alliance”, with ticker $ASI, aiming to be the largest independent player in AI research and development. 

• The London Stock Exchange will roll out a market for Bitcoin and Ether exchange-traded notes (ETN) on 28 May. It will start accepting applications from April 8, and approvals are subject to the Financial Conduct Authority.

Recent Research Reports

• Research Roundup Newsletter [February 2024]: We present to you our latest issue of Research Roundup, featuring trending market insights in February, charts of the month, and our deep dive into the DePIN market.

• DePIN: Crypto’s Rising Narrative: DePIN is currently one of crypto’s hottest narratives. We introduce what DePIN is, how it works, and the current market landscape.

• Alpha Navigator [February 2024]: Crypto and equities were up in February, while fixed income was under pressure. Interest rate decisions from major central banks upcoming in March.

Recent University Articles

• What Is Volatility in Crypto?: What does volatility mean in crypto and what is the volatility index? Here are some of the top strategies to trade crypto while taking volatility into account.

• What Is Myro Token and How to Buy MYRO: Myro is the latest dog-themed meme coin that pays homage to a Solana founder’s dog. Here’s everything you need to know.

• Top AI Tokens to Know in 2024: Discover the top AI tokens for the future and explore their use cases in the ever-evolving world of cryptocurrency and blockchain technology.

Catalyst Calendar

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