Daily News | BCH Block Reward Halving Completed; BTC Spot ETFs Had A Net Inflow of $114M; SEC Solicited Public Opinion on the Spot Ethereum ETFs of Grayscale, Bitwise and Fidelity

2024-04-04, 03:48

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## Crypto Daily Digest: The halving of BCH block rewards has been completed. On April 3rd, Bitcoin spot ETFs had a net inflow of $114 million. The US SEC solicited public opinion on the spot Ethereum ETFs of Grayscale, Bitwise, and Fidelity, and Ethereum researchers released the EIP-7623 research report
The Silk Road wallet, controlled by the US Department of Justice, transferred 2,000 BTCs to Coinbase Prime.

According to HODL15 Capital monitoring, on April 3, BlackRock IBIT had a net inflow of $42 million, Fidelity FBTC had a net inflow of $117 million, Bitwise BITB had a net inflow of $23 million, Franklin EZBC had a net inflow of $4 million, WisdomTree BTCW had a net inflow of $3.1 million, ARKB and VanEckHODL had no inflow/outflow of funds, and Grayscale GBTC had a net outflow of $75 million.

The BCH block reward has been halved and reduced to 3.125 BCH.

The Wormhole protocol released roadmap aims to further decentralize by launching W tokens to establish the industry's first cross-chain governance system. The W token will first be launched as an SPL token on the <a href="/ar/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain, leveraging Solana's high-performance ecosystem to provide W with a foundation of scalability, low trading costs, and fast processing time. Subsequently, W will be extended to all EVM chains connected to Wormhole through Wormhole Native Token Transfer (NTT), allowing W to seamlessly transfer between chains while maintaining its unique practicality on the Wormhole platform.

According to sources cited by Bloomberg, crypto investment company Paradigm is in talks with investors to raise $750 million to $850 million for a new fund. If this transaction is completed, the fund will become the largest in the industry since the crypto bear market in 2022.

According to The Block, according to the submitted documents, the US Securities and Exchange Commission (SEC) is seeking public opinion on a few <a href="/ar/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> spot ETFs, including Fidelity's Ethereum Fund, Grayscale Ethereum Trust, and Bitwise Ethereum Trust.

Ethereum researchers have released a report on EIP-7623, aiming to increase the call data cost for transactions aimed at DA.

## Market Trends: BTC continues to consolidate at a high level, and the Base ecosystem breaks through the encirclement
<a href="/ar/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (BTC) is currently experiencing a slight fluctuation, hovering around $65,000 - 66,000, and the overall market is showing a recovery trend after high overbought. Ethereum (ETH) remains in a passive and weak position. The recent market hype has shifted from the Solana ecosystem to the Base ecosystem, with memes such as BRETT and DEGEN driving the Base ecosystem out of the market. Regarding macroeconomics, the US stock market surged and fell yesterday, also experiencing high volatility. It is necessary to pay attention to tomorrow's non-farm payroll and unemployment rate.
### Market Hotspots
The Solana ecosystem maintains an upward trend: Jito and Jupiter tokens on the Solana chain are fearless of the overall market downturn, setting new historical highs one after another. In addition, investors should be aware of the risk of RUGPULL in the CONDOM of Meme coins on the Solana chain.

The popularity of Base Chain remains high: Base Chain has begun to take over the Solana Chain meme craze, with both the emerging MFER, which surged 100 times in 6 hours. The leading companies DEGEN and BRETT maintain their momentum in the market. Currently, the number of addresses on the Base chain is approaching 70M, with a TVL of $3.86B, ranking among the top L2 regarding transaction volume.

BSV halving: Yesterday, BCH completed the halving, and the block reward was reduced to 3.125 BCH. Recently, BCH has seen a significant increase due to market speculation, and on the 12th of this month, BSV will be halved, which may become the focus of market attention.

The market value of the new currency ENA has exceeded $1 billion: Ethena airdrops have become the hottest trend in the DeFi field. Currently, the market value of ENA has surpassed the $1 billion mark, and the market is speculating that it may become the next LUNA.

Overall, market hotspots are still concentrated in sectors such as Solana Ecosystem, Base Ecosystem, and halving. Investors should closely monitor these hotspots and adjust their investment strategies promptly based on market conditions while being cautious in responding to market risks.

## Macro: The Federal Reserve maintains a cautious interest rate cut attitude and closely monitors tonight's non-farm payroll and unemployment rate
Federal Reserve Chairman Powell said on Wednesday that stronger-than-expected economic activity this year has not changed the Fed's broad expectation that a decrease in inflation will allow the Fed to lower interest rates this year.

Firstly, according to data released on Wednesday, the number of ADP jobs in the United States increased significantly in March, reaching 184,000. This number is not only higher than the market's original forecast of 148,000 but also higher than the previously announced and revised 155,000. It is worth mentioning that, driven by the strong growth of the leisure and hotel industries, US private enterprises recorded their largest recruitment growth since July last month, demonstrating the strong performance of the current job market.

Meanwhile, the recruitment growth in the leisure and hotel industries has provided strong support for the overall recruitment of private enterprises, which is likely closely related to the economic restart and increased consumer confidence. The recovery momentum of these industries will undoubtedly have a positive and far-reaching impact on the overall employment market.

However, considering the current economic situation and market expectations, the possibility of a bearish outlook seems high. It is possible that the released non-agricultural data will exceed the expected 200,000 people, and may even reach the range of 220,000 to 250,000 people. The market is still waiting for the upcoming release of non-agricultural and unemployment data tomorrow night, which will directly determine the market's trend and whether it will continue to decline or face a counterattack.

Specifically, the pre-value of non-farm payroll is 275,000 people, while the market expectation is 200,000 people. If the actual data far exceeds expectations, it will constitute a bearish signal; on the contrary, if it is lower than expected, it will benefit the market.

The previous and expected unemployment values are 3.90%. If the actual published data is lower than expected, that is, a decrease in unemployment, it will be considered a bearish signal; on the contrary, if it exceeds expectations, it will benefit the market.

Overall, the policy direction of the Federal Reserve is currently showing a cautious and wait-and-see attitude. Federal Reserve Chairman Powell has emphasized in multiple speeches that more evidence is needed to prove that inflation is steadily declining before deciding on a rate cut. He acknowledges that there has been an increase in recent inflation data, but believes that this is only a temporary fluctuation and not enough to determine the reversal of the inflation trend. Powell attempted to find a balance between avoiding the possibility of too-fast interest rate cuts reigniting inflation and waiting too long, which could put pressure on the economy.

The market originally expected the Federal Reserve to start cutting interest rates in June, but investors are now wavering, partly due to the cautious statements of Federal Reserve officials. The Chicago Mercantile Exchange's Federal Reserve interest rate observation tool shows that the market expects a decrease in the likelihood of the Fed lowering interest rates in June.

<div class="blog-details-info">
<div>Author:**Carl Y.**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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