Crypto Labs Market Watch for Apr. 3rd
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1. Ethereum earnings tripled in Q1 2024, reaching $370M
Ethereum racked up $1.2 billion in revenue from transaction fees in Q1 2024, or 155% more than in the first quarter last year.
growth in the first quarter of 2024, seeing positive signs in most income statement metrics.
According to data from Coin98 Analytics, Ethereum tripled its earnings in Q1 2024 on a quarter-over-quarter basis, reaching $369 million. The amount accounted for a 210% increase year-over-year from $119 million in Q1 2023.
Ethereum Q1 2024 fees and revenues increased 79% and 85% quarter-over-quarter, respectively. According to the data, Ethereum racked up $1.2 billion in revenue from transaction fees in Q1 2024, which is 155% more than in the first quarter of last year.
Total Ethereum revenue amounted to $1 billion in Q1 2024, surging 186% from last year’s $385 million.
2. Spot Bitcoin ETF trading volume tripled in March to $111 billion
Spot Bitcoin ETF volumes soared to $111 billion in March, highlighting investors’ consistent interest in BTC.
Spot Bitcoin exchange-traded funds witnessed a spike in trading volume in March, reaching $111 billion. This was nearly three times the trading volume recorded in February, as Grayscale and BlackRock ETFs dominated the market.
According to data shared by Bloomberg ETF analyst Eric Balchunas, spot Bitcoin ETF trading volume hit $111 billion in March, compared to $42.2 billion recorded in February.
3. Base and SOL memecoin market caps plummet 19% and 12% in 24 hours
Mati Greenspan suggests the memecoin market is crashing because the joke is over, while Charles Edwards points to memecoins suffering heavier losses than Bitcoin during sharp downturns.
The total market capitalizations of memecoins on Solana and Coinbase’s Ethereum layer-2 Base have witnessed a significant drop in the last 24 hours, plunging 12% and 19% respectively across the two networks.
The memecoin sell-off arrived around the same time as a sharp decline in the price of Bitcoin, with the cryptocurrency falling 4.94% in the last 24 hours, per CoinMarketCap data.
One crypto analyst said it’s common for memecoins to plummet when the price of BTC falters, however, another analyst linked the bearish trend to the humor simply running its course.
Solana’s memecoin market cap stands at $8.29 billion, marking a 12% decrease within the last 24 hours, according to CoinGecko.
The leading Solana-based meme token by total value — dogwifhat (WIF) — saw a 9% market cap decline on the day, amounting to a loss of $3.9 billion. Notably, WIF still accounts for nearly half of the total memecoin market share on Solana.
Across eight major crypto exchanges, WIF currently touts a total of $484 million in open interest (OI). However, $2.76 million in leveraged positions have been liquidated over the last 24 hours, including $1.89 million in short positions and $872,460 in long positions, per CoinGlass data.
4. Cathie Wood’s ARK Bitcoin ETF has record $87M outflows, surpassing GBTC
April 2 marked the second consecutive day of outflows from ARK 21Shares’ spot Bitcoin ETF.
Cathie Wood’s ARK 21Shares Bitcoin exchange-traded fund (ETF) has notched more than $87 million in daily outflows, marking the first time the fund has witnessed a larger daily outflow than Grayscale’s Bitcoin Trust (GBTC) since the launch of spot Bitcoin ETFs in the United States.
The outflows from the Ark 21Shares Bitcoin ETF (ARKB) was $87.5 million on April 2 — roughly 1,300 BTC — according to data from Farside Investors.
Today marked the second consecutive day of outflows for ARKB, which lost $300,000 in assets on its first-ever day of outflows on April 1.
Grayscale — which has posted consistent outflows every trading day since converting to a spot ETF — posted yet another daily outflow of $81.9 million.
5. Argentine government passes registration requirements for crypto firms
Comisión Nacional de Valores President Roberto Silva said virtual asset service providers that are not registered “will not be able to operate“ in Argentina.
Argentina’s government has begun implementing requirements for cryptocurrency exchanges to operate legally in the country.
In a March 25 announcement, Argentina’s Comisión Nacional de Valores (CNV) — the country’s equivalent of a securities regulator — said virtual asset service providers would be operating in accordance with recommendations from the Financial Action Task Force (FATF). Certain companies offering crypto-related services must register with the Argentina government as part of reforms to the country’s Anti-Money Laundering (AML) and Combatting the Financing of Terrorism (CFT) laws.
The implementation of the law affecting crypto providers in Argentina moved forward on March 14, when the country’s senate approved modifying laws aimed at preventing money laundering and the financing of terrorism. CNV President Roberto Silva said virtual asset service providers that are not registered “will not be able to operate in the country.”
Crypto Labs Team
April 3rd, 2024
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