3/6/24: Bitcoin Hits All-Time High of $69k 🚀🖼️📈

Author

Valko
March 06, 2024

Top News

  1. Bitcoin hit a new all-time high of $69,000 after 846 days

  2. MetaStreet facilitates $10M loan by 5,000 lenders for 60 CryptoPunks

  3. Bitcoin ETFs net inflows hit $8.5B with no sign of slowing down

Specs’ Breakdown

1. Bitcoin hit a new all-time high of $69,000 after 846 days

⌐◪-◪ → Bitcoin finally hit a new all-time high of $69,000 after a 28-month-long downturn that bottomed out around -77%.

This all-time high is unprecedented because it’s the first time Bitcoin hit an ATH pre-halving, which will happen in ~43 days.

With that said, it was pretty short-lived as Bitcoin’s price pulled back 12%, triggering $1B in liquidations — the highest since the previous cycle’s top.

There’s no telling where Bitcoin goes from here, we are in uncharted territory, but if past performance is any indication of future results…

3 of the last 4 times Bitcoin hit a new all-time high, Bitcoin doubled in 18 days or less.

Add the upcoming halving to that + the spot Bitcoin ETFs, and things are looking mega-bullish.

2. MetaStreet facilitates $10M loan by 5,000 lenders for 60 CryptoPunks

⌐◪-◪ → The NFT bull market rages on as popular lending protocol MetaStreet facilitates the largest CryptoPunk loan of all time.

The loan was for $10M, provided by 5,000 lenders, and collateralized by 60 CryotoPunks. With a floor price of $210.7k, that’s at least $12.64M of collateral and an approximate loan-to-value ratio of 79.1%.

The lenders are receiving double-digit yields of ~21% APR for holding a yield-bearing token that’s essentially a T-Bil for CryptoPunks.

Meanwhile, if you want an IRL loan, you have to file infinite documents with the bank. With decentralized lending protocols, you can borrow millions in just a few clicks.

Bitcoin ETFs net inflows hit $8.5B with no sign of slowing down

⌐◪-◪ → Wall Street’s beloved Bitcoin ETFs just surpassed $8.5B in total net inflows and show zero signs of slowing down. Just look at the chart above.

BlackRock alone pulled $788M of daily net inflows, which for context is 14x the daily new supply of Bitcoin.

If BlackRock’s inflows don’t change at all, that’s 28x the daily new supply of Bitcoin post-halving. Insane.

People like to overcomplicate things and draw lines on charts, but at the end of the day the story is pretty simple — demand > supply.

Don’t mid-curve it.

Everything Else

⛓️ Crypto & DeFi

  • Ethereum hits $3,800 for the 1st time since December 2021

  • DeFi TVL breaks $100B for the first time since May 2022

  • Coinbase is now ranked #49 in the Apple App Store

  • WOOFi offers bounty after $8.75M exploit on Arbitrum

  • FRAX opens bridge access to their L2 network Fraxtal

  • Polygon lands Astar Network as 1st user of new 'AggLayer'

  • Bitcoin/Euro suffers 23.7% flash crash on Coinbase

  • Shuffle casino partners with Bazaar launchpad to boost liquidity

  • CoinDesk 20 index hits record as memecoins SHIB and DOGE surge

  • Bitcoin bridge OrdiZK suffers $1.4M rug, token crashes to zero

  • Revolut Bank partners with MetaMask on crypto on-ramp

  • Binance suspends withdrawals on Solana, cites high transactions

  • Web3 app store Magic Square unveils $66M grant program

🏦 Wallstreet & VC

  • BlackRock BTC ETF hits record daily volume of $3.8B

  • Bitcoin ETF giant Grayscale introduces crypto staking fund

  • Hedgehog raises $1.5M to create derivative token linked to tx fees

  • IO Research raises $30M on $1B valuation for Solana-based DePIN

  • Sahara crypto startup raises $6M to reward AI trainers

  • Utila raises $11.5M seed round for institutional crypto platform

🏛️ Legal & Regulatory

  • Binance.US cuts workforce as revenue plunges post SEC lawsuit

  • LUNA pumps 77% as Do Kwon escapes extradition to the US

  • Bitstamp receives in-principal approval in Singapore

  • ShapeShift to pay $275k to settle SEC’s unregistered dealer chargers

🌎 Rest of the World

🖼️ NFTs & Metaverse

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