Solana Reaches All-Time High with $11 Billion Weekly DeFi Trading
Solana saw a big surge in decentralized finance (DeFI) trading last week, surpassing $11 billion in volume, a new record high. This milestone marks a significant increase with trading on Solana decentralized exchanges rocketing over 154% from the preceding seven day period. Orc and Raydium are the leading contributors to this volume with $4.5 billion and $3.52 billion, respectively. The bull rally highlights impressive gains for the Solana ecosystem memecoins such as BONK and Dogwifhat. Even with impressive gains, Solana’s value hasn’t reached its peak yet, just standing over $2.6 billion total value locked compared to November 2021’s $9.9 billion TVL.
Bluechip NFT Sold For $16 Million!
CryptoPunk #3100 sold for over $16 million, reigniting a strong bull sentiment for the NFT market. This transaction is the second largest in the Crypto Punks collection’s history, highlighting that blue chip NFT’s are still a great opportunity for web3 enthusiasts. The CryptoPunk was originally bought for $2,127 in 2017, with previous sales reaching $7.51 million in 2021 due to its rare Alien trait, since there is only one of nine available in the entire collection, depicting a high demand for the NFTs. Overall, the NFT sector is showing signs of revival, with Bitcoin ordinals achieving record sales volumes these past few weeks.
SEC Delays BlackRock Ethereum Spot ETF Application Again
The Securities and Exchange Commission (SEC) has again postponed its decision on BlackRock’s proposed Ethereum spot ETF, amid rising demand. The application originally submitted in November called the iShares Ethereum Trust faced a second delay with the SEC extending the deadline beyond the previous set date March 10. This delay has similar setbacks for Ethereum spot ETF applications from Fidelity, Invesco and Galaxy Digital. Bloomberg ETF analyst James Seyffart anticipates continued delays until May 23 for applications from VanEck and Ark Invest. While the Ethereum future based ETFs have been available since October 2023, the delay in Ethereum spot ETFs are an indication that investors are anticipating mass cryptocurrency adoption in the traditional securities sector.
BlackRock’s Bitcoin ETF Adds Record 12.6K BTC During Tuesday Bull Rally
BlackRock’s iShares Bitcoin ETF (IBIT) has set a new record by purchasing over $778 million worth of Bitcoin, roughly 12,600 BTC. This surge happened as Bitcoin briefly hit an all time high of $69,000 which reversed quickly to $60,000 before making a recovery. Even with the high volatility of cryptocurrencies, IBIT now holds over 183,000 BTC, nearing MicroStrategy’s 193,000 holdings. Since the launch on January 11, IBIT has maintained its position as the most popular Bitcoin ETF with about $12 billion in assets under management, surpassing competitors like Fidelity with $7.2 billion. Overall, ETF volumes passed $10 billion on Tuesday, marking a new milestone for Bitcoin.
El Salvador's Bitcoin Holdings Break Records, Profits Exceed $50M
Present Nayib Bukele once again makes headlines as El Salvador’s Bitcoin holdings have surged to a record breaking $164 million with profits over $50 million. Since the country’s crypto adoption of Bitcoin in 2022, the country’s holdings have grown significantly, accumulating about 2,380 BTC. President Nayib Bukele, a strong advocate for Bitcoin, re-elected in February has highlighted the potential benefits to use the currency in the country, paving the way for other nations to follow suit.
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