ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 96

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 U.S. Government Transfers $2B Worth of Silk Road Bitcoin

On April 2, 2024 a wallet owned by the U.S. government moved 30,175 Bitcoins valued at $2 billion. About 2000 Bitcoins were sent to a Coinbase wallet identified by Arkam Intelligence, while the remainder went to another government-associated wallet. This move illustrates the previous sale of seized Bitcoins from the Silk Road website in March 2023, where 9861 Bitcoins were sold for $216 million. The news caused a small dip in Bitcoin’s price dropping below $65,000, however it has since rebounded back to $65,626 at the time of this writing.

 Spot Bitcoin ETF Trading Volume Soared in March to $111 billion

Bitcoin Spot ETF soared to an impressive $111 billion in March, depicting investor interest in BTC. This marked a significant jump from February, with Grayscale and BlackRock Bitcoin ETFs leading the market. Eric Balchunas an analyst from Bloomberg shared data revealing that the spike in trading volume, emphasized the growing demand for spot Bitcoin ETF’s since their market launch in January. With these strong trading volumes, we can expect a strong market shift ahead with the upcoming Bitcoin Halving.

 Ethena Just Launched and Reached to a $1.2 Billion Market Cap

Ethena Labs has launched its governance token $ENA, despite controversial concerns over misleading press releases, $ENA still has gained momentum securing a spot at the 80th most valuable cryptocurrency with over $1.2 billion in market cap. Ethena Labs also airdropped 5% of the total $ENA supply to all USDe holders as part of its ongoing season 2 campaign set to last 5 months. Their governance token $ENA gives holders rights to decide the future of the protocol, just like shareholders decide the future of a company. With complexities in their delta hedging strategy to mitigate risks associated with Ethereum’s price fluctuations, users should do research before getting into Ethena for investment purposes.

 Bitcoin Ordinals Are A Driving Catalyst in BTC Activity

Bitcoin Ordinals have been rising in popularity within the NFT space over the past year, catching the eye of investment firm Franklin Templeton. The investment firm's digital asset department highlighted the rise of Ordinal inscriptions in a recent prospectus, giving Bitcoin credit for innovation from BRC-20 tokens to Bitcoin Layer 2 solutions. Franklin Templeton emphasized the Bitcoin NFT trading activity has been on the rise since introduced back in 2023 by Casey Rodarmor. This can be seen in recent Ordinal collections like Runestones and NodeMonkes passing Ethereum NFT trading volumes depicting a strong demand for the digital assets. Overall, Franklin Templeton firm giving recognition to Ordinals gives strong positive sentiment for the future of BTC ordinals.

 Memecoins Lead Q1 2024 as Top Performing Crypto Narrative

Memecoins have emerged as the most profitable investments of Q1 2024 according to a recent report by CoinGecko. On average, memecoins recorded an average return of 1,312.6% with tokens from WIF, BOME, MEW and many more landing in the top 10 largest memecoins list by market capitalization. Memecoins even outperformed other narratives like real world assets (RWAs) and layer 2 protocols. With a total market capitalization of approximately $60 billion, a 176% increase quarter on quarter, the narrative of memecoins is evident, highlighting a strong demand for this type of asset.

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