What to know: By Omkar Godbole (All times are ET unless indicated otherwise) Bitcoin (BTC) traded around its 200-day average of $84,000 as the notorious Hyperliquid whale exited its multimillion dollar short BTC position. Smaller coins like CAKE, TKX, OKB and ATOM contributed to market optimism with positive performances. |
The SUI token struggled to extend Monday's 6% surge, which was spurred by asset managers' ETF filings with the SEC, showcasing growing institutional interest in the wider crypto market. While some analysts declared the end of the bitcoin bull run, casting doubt about the sustainability of the recent bounce, data indicated otherwise, pointing to exhaustion in the ETF-led selling pressure. On Monday, U.S.-based spot bitcoin ETFs attracted $275 million in investor funds, building on Friday's $41 million influx. That's the first back-to-back inflows since Feb. 7, according to data tracked by Farside Investors. "This data reinforces the narrative that ETF-driven selling pressure is exhausting," said Valentin Fournier, an analyst at BRN. "If this trend continues, we could see inflows gradually build momentum, further supporting bitcoin’s price." The Fed's rate decision on Wednesday could introduce volatility into the crypto market with a dovish statement possibly spurring increased risk-taking. "Post-FOMC, bitcoin is expected to trade within the range of $80,000 to $86,000 with 80% confidence, while ethereum is projected to fluctuate between $1,800 and $2,100 under the same confidence level," according to Ryan Lee, chief analyst at Bitget Research. "These ranges reflect potential movements tied to macroeconomic signals, investor sentiment, and broader financial conditions." In traditional markets, European stocks edged higher before a German parliamentary vote on historic debt reforms. Gold remained firm above $3,000 per ounce, with BlackRock calling the yellow metal a better diversifier than the Treasury notes in the ongoing macro environment. Meanwhile, futures tied to the Nasdaq, S&P 500 and Dow traded unchanged to negative amid reports that the Trump-Putin call regarding the Ukraine peace deal would take place between 13:00 and 15:00 GMT. Stay alert! |
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Crypto Macro - March 18, 8:30 a.m.: Statistics Canada releases February consumer price index (CPI) data.
- Core Inflation Rate MoM Prev. 0.4%
- Core Inflation Rate YoY Prev. 2.1%
- Inflation Rate MoM Est. 0.6% vs. Prev. 0.1%
- Inflation Rate YoY Est. 2.1% vs. Prev. 1.9%
- March 18, 8:30 a.m.: The U.S. Census Bureau releases February residential construction data.
- Housing Starts Est. 1.38M vs. Prev. 1.366M
- March 18, 11:00 p.m.: The Bank of Japan (BoJ) releases its monetary policy statement.
- Interest Rate Est. 0.5% vs. Prev. 0.5%
- March 19, 6:00 a.m.: Eurostat releases (final) February eurozone consumer price index (CPI) data.
- Core Inflation Rate YoY Est. 2.6% vs. Prev. 2.7%
- Inflation Rate MoM Est. 0.5% vs. Prev. -0.3%
- Inflation Rate YoY Est. 2.4% vs. Prev. 2.5%
- March 19, 2:00 p.m.: The Federal Reserve announces its interest rate decision. The FOMC press conference is live-streamed 30 minutes later.
- Fed Funds Interest Rate Est. 4.5% vs. Prev. 4.5%
- March 19, 3:00 p.m.: Argentina's National Institute of Statistics and Census releases GDP data.
- Full Year GDP Growth (2024) Prev. -1.6%
- GDP Growth Rate QoQ (Q4) Prev. 3.9%
- GDP Growth Rate YoY(Q4) Est. 1.7% vs. Prev. -2.1%
- March 19, 5:30 p.m.: The Central Bank of Brazil announces its interest rate decision.
- Selic Rate Est. 14.25% vs. Prev. 13.25%
Earnings (Estimates based on FactSet data) - March 27: KULR Technology Group (KULR), post-market
- March 28: Galaxy Digital Holdings (GLXY), pre-market
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- March 21: Immutable (IMX) to unlock 1.39% of circulating supply worth $13.96 million.
- March 23: Metars Genesis (MRS) to unlock 11.87% of its circulating supply worth $242.9 million.
- March 31: Optimism (OP) to unlock 1.93% of its circulating supply worth $27.47 million.
- April 1: Sui (SUI) to unlock 2.03% of its circulating supply worth $147.65 million.
- April 3: Wormhole (W) to unlock 47.7% of its circulating supply worth $121.48 million.
- April 7: Kaspa (KAS) to unlock 0.59% of its circulating supply worth $11.28 million.
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- March 18: Jupiter (JUP) to be listed on Arkham.
- March 18: Paws (PAWS) to be listed on Bybit.
- March 18: Slingshot (SLING) to be listed on KuCoin.
- March 19: Hamster Kombat (HMSTR) and DuckChain (DUCK) to be listed on Kraken.
- March 31: Binance to delist USDT, FDUSD, TUSD, USDP, DAI, AEUR, UST, USTC, and PAXG.
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By Shaurya Malwa 📍Hackers attacked BNB Chain's Four.meme launch platform, exploiting new meme tokens to drain liquidity by bypassing listing restrictions and creating unauthorized trading pairs on PancakeSwap, siphoning off funds around 04:00 GMT. 📍The attack preempted Four.meme’s curated token launches, buying small token amounts pre-launch, adding liquidity to PancakeSwap pairs, and rug-pulling them, targeting popular tokens like MubaraKing (87.90 BNB stolen) and others such as EDDY and Cocoro. 📍Four.meme suspended new token launches and promised compensation for affected users, though no smart contract vulnerability was found. Leaked early transactions enabled the hacker’s front-running, according to analyst Chaofan Shou. 📍The attack exploited a flawed token function allowing transfers during the bonding curve stage, a recurring flow cell manipulation issue, potentially affecting all Four.meme tokens despite only a few being hit due to their popularity. |
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- Open interest in ETH, LTC, XRP and SOL perpetual futures increased in the past 24 hours alongside a flat-to-negative cumulative volume delta (CVD), indicating net selling in the market.
- SOL, ADA and DOGE have also seen negative funding rates.
- Both open interest and basis in BTC and ETH CME futures remain depressed at recent lows, suggesting a lack of confidence among institutions to deploy capital.
- Deribit's BTC and ETH options continue to showcase put skews for expiries out to end of April.
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- BTC is down 1.62% from 4 p.m. ET Monday at $82,676.40 (24hrs: -0.81%)
- ETH is down 2.29% at $1,892.55 (24hrs: -1.1%)
- CoinDesk 20 is down 2.25% at 2,582.56 (24hrs: -1.46%)
- Ether CESR Composite Staking Rate is unchanged at 2.96%
- BTC funding rate is at 0.0036% (3.89% annualized) on Binance
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- DXY is unchanged at 103.28
- Gold is up 0.76% at $3,020.72/oz
- Silver is up 0.82% at $34.07/oz
- Nikkei 225 closed +1.2% at 37,845.42
- Hang Seng closed +2.46% at 24,740.57
- FTSE is up 0.44% at 8,715.59
- Euro Stoxx 50 is up 0.85% at 5,491.99
- DJIA closed on Monday +0.85% at 41,841.63
- S&P 500 closed +0.64% at 5,675.12
- Nasdaq closed +0.31% at 17,808.66
- S&P/TSX Composite Index closed +0.94% at 24,785.11
- S&P 40 Latin America closed +1.76% at 2,475.69
- U.S. 10-year Treasury rate is down 1 bp at 4.31%
- E-mini S&P 500 futures are down 0.29% at 5,715.75
- E-mini Nasdaq-100 futures are down 0.38% at 19,963.00
- E-mini Dow Jones Industrial Average Index futures are down 0.27% at 42,112.00
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- BTC Dominance: 61.66 (-0.03%)
- Ethereum to bitcoin ratio: 0.02285 (-0.31%)
- Hashrate (seven-day moving average): 805 EH/s
- Hashprice (spot): $47.08
- Total Fees: 4.68 BTC / $386,699
- CME Futures Open Interest: 151,030 BTC
- BTC priced in gold: 27 oz
- BTC vs gold market cap: 7.68%
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- The dollar index's (DXY) decline continues with the key 61.8% Fibonacci retracement support breached in a positive sign for risk assets.
- The breakthrough has exposed the next support at 102.32, representing the 78.6% Fibonacci level.
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- Strategy (MSTR): closed on Monday at $294.27 (-1.08%), down 1.54% at $289.75 in pre-market
- Coinbase Global (COIN): closed at $188.96 (+3.19%), down 1.55% at $186.21
- Galaxy Digital Holdings (GLXY): closed at C$17.35 (-3.5%)
- MARA Holdings (MARA): closed at $12.97 (-1.59%), down 1.39% at $12.79
- Riot Platforms (RIOT): closed at $7.76 (-0.77%), down 1.16% at $7.67
- Core Scientific (CORZ): closed at $8.76 (-0.57%), down 0.8% at $8.69
- CleanSpark (CLSK): closed at $8.12 (+1.88%), down 1.23% at $8.02
- CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $15.37 (+0.46%)
- Semler Scientific (SMLR): closed at $36.03 (+4.89%), up 2.19% at $36.82
- Exodus Movement (EXOD): closed at $32.35 (+15.33%), unchanged in pre-market
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- Daily net flow: $274.6 million
- Cumulative net flows: $35.67 billion
- Total BTC holdings ~ 1,120 million.
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- Daily net flow: -$7.3 million
- Cumulative net flows: $2.53 billion
- Total ETH holdings ~ 3.509 million.
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Pump.fun is a Solana-based marketplace widely used to create and distribute tokens, primarily memecoins. Daily token deployment activity cooled to 29,475 transactions on Monday, down from 71,738 on Jan. 23. Its a sign that the broader market slide has cooled speculative activities.
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CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. |
L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. |
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