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⌐◪-◪ → Bitcoin is hovering just below $70,000 with only 18 more days until the halving, estimated for April 20th.

More interestingly however is Bitcoin’s price relative to its hash rate, which has grown 283% since the 2021 all-time high while price has remained the same.

This shows how much the network has strengthened since 2021, and adds a lot more potential energy to the bull run (in addition to the halving).

Zooming out, Bitcoin just had its highest weekly, monthly, and quarterly close, a significant milestone as the last 4 times this happened Bitcoin appreciated at least 300% through the rest of the bull market.

So in short, we just experienced demand shock from the Bitcoin ETF approvals, are about to experience supply shock from the halving, and the Bitcoin network is stronger than ever in terms of hash rate. Bullish.

Meanwhile, USD has lost 25% of its purchasing power since 2020.

⌐◪-◪ → Dogwifhat just flipped Arbitrum and I’m not sure what to say.

→ $ARB is an ETH L2 with a robust dev ecosystem.
→ $WIF is a dog with a hat.

BitMEX co-founder Arthur Hayes thinks people should think twice before writing off memecoins as “stupid and valueless”, but I also understand where people are coming from.

Don’t get me wrong, I love a good memecoin and believe in the free market, but a part of me detests this level of speculative behavior because it not only gives crypto a bad name it attracts bad actors/gamblers chasing overnight riches.

On the flip side, however, one could argue memecoins attract new users and developers to the space, creating positive value for the entire ecosystem. Which to be fair, seems to be working incredibly well for Solana, the world’s greatest casino.

What do you think, is Dogwifhat flipping ARB a good thing, or have we gone too far? Let me know in Specs Chat!

⌐◪-◪ → Polygon Labs’ CEO just criticized Ethereum L3 networks in response to Degen Chain’s (L3 on Base) surge in traction.

Marc argues that L3 networks siphon security and value from the Ethereum base layer and that they could potentially weaken overall security.

Furthermore, Marc asserts that “you do not need L3s to scale”, which has sparked heated discussions among Ethereum community members.

If you want to go deeper on the L2s vs L3s, check out this awesome thread from Cygaar, one of my favorite devs.

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