Daily News | Crypto Investment Hits an 18-Month High; Blast Launched the Blast Bonus Feature; Tether Became the 7th Largest Holder of BTC

Crypto Daily Digest: Crypto investments hit an 18-month high; Blast launched the Blast bonus feature; Tether acquired 8888 BTCs and became the 7th largest holder

First, let’s examine the trading activity of Bitcoin ETFs. According to Farside Investor data, on March 6, Grayscale’s GBTC funds continued to Flow out significantly, reaching $302.6 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) has an inflow of $44 million, Bitwise Bitcoin spot ETF (BITB) has an inflow of $1.1 million, and ARK 21Shares Bitcoin spot ETF (ARKB) has an outflow of $300,000.

Due to a large amount of early investment in blockchain-related enterprises in March, the financing amount of crypto companies reached the highest level in 18 months.

According to The Block Deals Dashboard, the new financing for crypto companies exceeds $1.4 billion. This makes March the best month since September 2022, when the industry raised over $2 billion in funds.

John Dantoni, Research Director of The Block, stated that March is an iconic month, partly due to a surge in early-stage or A-round investments. Dandongni noted over 20 early investments this month, a significant increase from February, with nine such investments in February, comparable to last year’s monthly average.

These increases are closely related to the rise in Bitcoin prices. In the coming months, more funds may enter crypto projects through venture capitalists. For example, on Thursday, it was reported that Marc Andreessen, Accolade Partners, and Galaxy Digital invested in the latest fund of crypto venture capital firm 1kx, which raised $75 million.

Blast announced on the X platform that it has officially launched the Blast bonus feature, allowing users to increase their Blast points by trading on specific spot or perpetual contract exchanges. Successfully adding points can permanently increase the user’s point balance and yield. By using a specific DApp, you can earn a point bonus without any transaction amount restrictions. In addition, users can also share point bonuses between different wallets, which means they can earn point bonuses through hot wallets and apply them to the main wallet.

It should be noted that safety is always the top priority when interacting with any DApp, including when interacting with the integral plus DApp specified by Blast.

Before swapping points in May, Blast will launch a total of 12-point bonuses. Users must ensure to collect all point bonuses before swapping points in May. Users can now obtain the first two-point bonuses by accessing the Blast airdrop page, and more bonuses will soon be released.

Tether has recently made an acquisition to increase Bitcoin reserves. By acquiring 8,888 Bitcoin, Tether became the seventh largest Bitcoin holder. According to the company, they plan to invest 15% of their net profit in Bitcoin to achieve diversification of stablecoin-backed assets.

As of March 4, Tether’s USDT market value has reached a record high of $100 billion, an increase of 9% year to date. Tether also announced the successful completion of the and Organizational Control 2 (SOC) audit, the highest security compliance audit an organization can demonstrate, developed by the American Institute of Certified Public Accountants (AICPA).

Tether CEO Paolo Ardoino wrote on April 1 that the audit emphasized Tether’s commitment to providing a secure user experience: “This compliance measure ensures our clients that their assets and data are managed in an environment that meets the highest standards of data protection and information security. Independent verification of this security control is crucial for Tether, demonstrating our commitment to becoming the world’s most trusted and compliant stablecoin.”

Market Trends: The expectation of the Federal Reserve’s interest rate cut in June is expected to decrease, and the market is plummeting

Yesterday, BTC experienced a significant drop close to the $68,000 mark, leading to a widespread decline in Altcoins. In terms of macroeconomics, the performance of the US stock market has been mixed, and the probability of the first interest rate cut in June has decreased to less than 50% due to the positive impact of US manufacturing data.

Market Hotspots

Gamefi sector’s GHST surged: The GHST project announced a shift towards Base Chain development Layer 3, causing prices to rise significantly.

The concept of Meme saw a significant increase in BOME: BOME saw a daily increase of over 20%, while other Meme tokens on the Solana chain saw a basic pullback. The market is still enthusiastic about hyping up new coins in popular concept tokens, following the trend of “speculating on new rather than old.”

The BTC eco is generally declining: Projects in the BTC eco are generally experiencing a decline, with ORDI plummeting by more than 10%. Meanwhile, the user experience of BTC’s Layer2 solution was lower than expected. Less than 20 days have passed since the BTC halving event, and the market is adopting a wait-and-see attitude.

Cross-chain bridge Wormhole protocol airdrop: The Wormhole protocol will open token W for airdrop pickup tonight at 11:30 (UTC), after Gate.io announced the token launch. Wormhole’s latest round of financing is valued at $2.5 billion, and the investment institution is very luxurious, which has attracted market attention.

Overall, market hotspots cover the Gamefi sector, the Meme concept, the BTC eco, and the dynamics of the cross-chain bridge Wormhole protocol. Investors should closely monitor these hot topics and adjust their investment strategies in a timely manner based on market conditions, and be cautious in responding to market fluctuations.

Macro: The easing of optimistic sentiment towards interest rate cuts may impact global stock markets, with gold prices reaching a historic high

Most global markets are closed on Fridays, while European markets are closed on Mondays. On Wall Street, the Dow Jones Industrial Average (.DJI) fell 0.6%, the Standard & Poor’s 500 Index (.SPX) fell 0.20%, but the Nasdaq Composite Index (.IXIC) rose 0.11%.

Gold prices hit a historic high, and Wall Street stocks closed mixed as strong US economic data dampened market Optimism about the Federal Reserve’s upcoming interest rate cut, prompting people to cut spending as soon as possible. On Friday, Federal Reserve Chairman Jerome Powell stated that the inflation data released that day “met our expectations” and “you won’t see us overreacting,” indicating that the Federal Reserve is willing to continue its wait-and-see model.

On Tuesday, Asian stock markets rose, the US dollar strengthened, and the yen-to-dollar exchange rate remained around 152 yen to the US dollar. Traders are starting to worry about possible intervention as market expectations for the upcoming Fed rate cut are weakening.

Monday’s data showed that the US manufacturing industry experienced its first growth in 1-1/2 years, with a significant rebound in production and an increase in new orders, highlighting economic strength and raising doubts about the timing of the Federal Reserve’s interest rate cut. strong manufacturing data boosted the yield of US treasury bond bonds, and the yield of two-year and 10-year treasury bonds climbed to two-week highs, thus boosting the US dollar.

Against global economic optimism, the Chinese stock market leads most parts of Asia. Data shows that the US manufacturing industry has experienced growth for the first time since September 2022, and the US dollar has also risen accordingly. Overnight, the S&P 500 index outperformed expectations after strong manufacturing data pushed US treasury bond yields higher.

However, market concerns about the timing of interest rate cuts dragged down the first trading day of the second quarter, resulting in a calm tone in the market. It is worth mentioning that the index achieved its largest percentage increase in five years in the first quarter.

Regarding commodities, driven by signs of improved demand and escalating tensions in the Middle East, US crude oil rose 0.3% to $83.96 per barrel, while Brent crude oil rose 0.34% to $87.72.

Spot gold fell 0.1% to $2,248 per ounce, reaching a historic high of $2,265.49 on Monday.