BlackRock’s Bitcoin ETF Triumph, Taiko’s $15M Fundraising, and the Bitcoin Withdrawal Wave

Written by BTSE

March 4, 2024

BlackRock's Bitcoin ETF Triumph, Taiko's $15M Fundraising, and the Bitcoin Withdrawal Wave

As the business week commenced in Asia, Bitcoin’s (BTC) price showcased significant volatility, initially soaring above $64,000 then dipping to $62,300, before stabilizing around $63,645. This pattern suggests ongoing market fluctuations are likely to persist.

Meanwhile, in the altcoin realm, Dogwifhat (WIF) has captured attention with a remarkable 339.32% surge over the week, momentarily eclipsing Bonk (BONK) as Solana’s premier meme coin, with each boasting a $1.6 billion market cap. However, WIF experienced a slight decline of 3.82% in the last 24 hours, trading at $1.53.


What to Watch Out for Today


1. BlackRock’s Bitcoin ETF Milestone: BlackRock’s Bitcoin ETF surpasses the largest silver trust, hitting over $10 billion in assets. This significant growth, with a 35.2% year-to-date gain, marks a shift in investor confidence from traditional commodities to cryptocurrencies. Investors, this might be the time to reassess your portfolio’s commodity exposure, considering the rising appeal of Bitcoin ETFs. Long BTC?


2. Taiko’s Layer-2 Blockchain Evolution: Taiko raises $15 million to bolster Ethereum’s scalability through an “Ethereum-equivalent ZK rollup.” This development aims to alleviate transaction bottlenecks, signaling a leap towards more efficient blockchain infrastructures. Developers and investors, keep an eye on Taiko for potential integration and investment opportunities as it competes in the crowded Ethereum Layer-2 space.


3. Bitcoin’s Withdrawal Wave: A record $2 billion in Bitcoin is moving out of exchanges, hinting at a prep for a historic high in USD value withdrawals. This activity suggests a significant shift in the Bitcoin market, with substantial amounts being moved, reminiscent of similar events in June 2021. These movements are partly attributed to the U.S. spot Bitcoin ETFs, with major exchanges like Binance and Coinbase experiencing the bulk of these outflows. Crypto enthusiasts and investors, this could be a signal for strategic moves, considering the shifting landscape of Bitcoin holdings and potential impacts on market liquidity.


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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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