{"id":12256,"date":"2024-04-03T17:54:32","date_gmt":"2024-04-03T14:54:32","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-sales-from-silk-road-and-ethereums-quarterly-earnings-a-crypto-market-analysis\/"},"modified":"2024-04-03T17:54:32","modified_gmt":"2024-04-03T14:54:32","slug":"bitcoin-sales-from-silk-road-and-ethereums-quarterly-earnings-a-crypto-market-analysis","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-sales-from-silk-road-and-ethereums-quarterly-earnings-a-crypto-market-analysis\/","title":{"rendered":"Bitcoin Sales from Silk Road and Ethereum&#8217;s Quarterly Earnings: A Crypto Market Analysis"},"content":{"rendered":"<p>Following a correction, Bitcoin regained some ground, and other digital assets also showed positive trends. The current market is highly sensitive to news, prompting ForkLog to analyze recent events and gather expert opinions on the industry&#8217;s state.\u00a0<\/p>\n<h2 class=\"wp-block-heading\"><strong>Sales and Purchases<\/strong><\/h2>\n<p>On April 2, a U.S. government-controlled wallet initiated a transfer of approximately 2,000 BTC (~$131 million) to a Coinbase Prime address. The community speculated that the authorities might be selling some of the assets confiscated from the Silk Road darknet marketplace.\u00a0<\/p>\n<p>Although such a transaction could have unsettled traders, the market remained calm, showing relatively positive daily dynamics.\u00a0<\/p>\n<p>Throughout the day, Bitcoin rose from approximately $64,500 to $66,600 \u2014 a 3.5% increase. At the time of writing, the asset is trading around $66,000, with a market capitalization of $1.29 billion, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\">CoinGecko<\/a>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/1hgT3kKbGE4dEOB0DLIUi8hiDm2IK4xe-vEEpgWSD3vKKmkY9U1QX6JyGhKeCdEP9RLqYWoAlOX76aExp1-X4JnEr1oY2nrlkz6Db-EZ8q6Xqfjy5ykxfqx1mw8WBqU-0wIgpNzU9Ah0uPayrgDYudU\" alt=\"Bitcoin Sales from Silk Road and Ethereum's Quarterly Earnings: A Crypto Market Analysis\"\/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Most assets in the top 10 also entered the &#8220;green zone.&#8221; Solana (SOL) showed the largest increase, gaining 5.5% over the day.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/xmkOsrtlv7D4x0S71BrIUjo-IVdtK1_mRera9rn5rV3hKEKKAIHLyRQOGNE5JBK1He-txiAtjjGyEiq-gyIyZczUjA-NYZKJUPKv8wJpmp3M_7SleN8hl9wUdxzB2mUxSdhqA8w83d-UNbfvkPEg34M\" alt=\"Bitcoin Sales from Silk Road and Ethereum's Quarterly Earnings: A Crypto Market Analysis\"\/><figcaption class=\"wp-element-caption\">Data: CoinGecko.<\/figcaption><\/figure>\n<p>MN Trading founder Micha\u00ebl van de Poppe noted that &#8220;at peak bullish momentum,&#8221; a bearish narrative, such as the U.S. government&#8217;s sale of Bitcoin, has a &#8220;huge impact&#8221; on investor sentiment.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">In every market, we&#8217;ve got bullish and bearish narratives.<\/p>\n<p>At peak bullish momentum, you&#8217;ll see a huge impact of every bearish narrative.<\/p>\n<p>This time, it&#8217;s the Silk Road <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> being transferred.<\/p>\n<p>I&#8217;m happy they do it, bring them back on the markets.<\/p>\n<p>Anyway, buy the dip.<\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1775207542110515663?ref_src=twsrc%5Etfw\">April 2, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;I&#8217;m glad [the U.S. government] is doing this, bringing [assets] back to the markets. Anyway, buy the dips,&#8221; he added.\u00a0<\/p>\n<\/blockquote>\n<p>Regarding Bitcoin purchases, the trading figures of spot Bitcoin ETFs overshadow the presumed sale of confiscated Bitcoins. According to <a href=\"https:\/\/sosovalue.xyz\/assets\/etf\">SoSoValue<\/a>, on April 2, the net inflow into exchange-traded funds was $39.4 million, compared to an outflow of $85.8 million the previous day.<\/p>\n<p>March set a record for spot Bitcoin ETF trading volume, nearly tripling from the previous month \u2014 from $42 billion to $111 billion.\u00a0<\/p>\n<p>A trader known as Jelle noted that on the weekly chart, Bitcoin retested the highest available support and formed a bullish pennant.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> broke all-time highs, retested highest weekly support available, and formed a bullish pennant.<\/p>\n<p>This looks primed for continuation, higher.<\/p>\n<p>$82,000, then $100,000. Let&#8217;s go. <a href=\"https:\/\/t.co\/V2hoOxxVPO\">pic.twitter.com\/V2hoOxxVPO<\/a><\/p>\n<p>\u2014 Jelle (@CryptoJelleNL) <a href=\"https:\/\/twitter.com\/CryptoJelleNL\/status\/1775504142380732835?ref_src=twsrc%5Etfw\">April 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>He suggested the asset could rise in the medium term to $82,000, and then to $100,000.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> 4H <br \/>GM<\/p>\n<p>Nice sweep of the lows &#038; good buyback reaction <\/p>\n<p>need follow through from buyers now <a href=\"https:\/\/t.co\/VR9VZKteNF\">pic.twitter.com\/VR9VZKteNF<\/a><\/p>\n<p>\u2014 Skew \u0394 (@52kskew) <a href=\"https:\/\/twitter.com\/52kskew\/status\/1775405936502559202?ref_src=twsrc%5Etfw\">April 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Nice sweep of the lows and good buyback reaction. Now we need follow-through from buyers,&#8221; noted trader Skew.<\/p>\n<\/blockquote>\n<h2 class=\"wp-block-heading\"><strong>More Stablecoins<\/strong><\/h2>\n<p>The combined market capitalization of the three largest stablecoins \u2014 USDT, USDC, and DAI \u2014 increased to $141.42 billion, the highest level since May 2022, writes <a href=\"https:\/\/www.coindesk.com\/markets\/2024\/04\/03\/stablecoin-expansion-continues-as-bitcoin-rally-appears-to-stall\/?utm_campaign=coindesk_main&#038;utm_content=editorial&#038;utm_medium=social&#038;utm_term=organic&#038;utm_source=twitter\">CoinDesk<\/a>.<\/p>\n<p>According to a Reflexivity Research report, the ongoing expansion of stablecoin supply, reflecting liquidity levels, is a positive sign for the crypto market.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/MRyWrNhORwJ99Le-GHloVI01DCX929RlGkKmR-CuXQqI-YOH4_-6csVbEklqj9vgIoGPAdNC8qR-nUNaewxrrelN-SkKDN4LoYkgUNMTwLbCsk1HhiHm5-L0ghRzMxN7ZTRSoeOmVKBqeZGoD5wxehY\" alt=\"Bitcoin Sales from Silk Road and Ethereum's Quarterly Earnings: A Crypto Market Analysis\"\/><figcaption class=\"wp-element-caption\">Bitcoin dynamics and volume of the three largest stablecoins. Data: CoinDesk.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;As [stablecoin volume] continues to grow, it demonstrates ongoing capital inflow into the industry,&#8221; experts explained.<\/p>\n<\/blockquote>\n<p>Over the years, stablecoins led by USDT have become the primary mechanism for purchasing cryptocurrencies on the spot market and trading derivatives. Traders use them to lock in profits and then typically buy at lows.\u00a0<\/p>\n<p>Additionally, the MVRV Z-score indicator is at 2.87. This suggests that Bitcoin is far from being overbought, indicating prospects for long-term growth.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/L4CuneBdX08L_Rl2H_t4sjuleMykFpLy3p7F-JdaaLyYgzF1iS76O4dZ4hHgW85_dlxW4-NCZuq74sGrZPr0XHx8ONEpVFy8L7TPfVP4h5Z1b96yDiKz1BcBpT4iQ47BI6XtweherDhuHhdQI3pYx0s\" alt=\"Bitcoin Sales from Silk Road and Ethereum's Quarterly Earnings: A Crypto Market Analysis\"\/><figcaption class=\"wp-element-caption\">MVRV Z-score dynamics. Data: CoinDesk.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Ethereum Earnings<\/strong><\/h2>\n<p>According to Coin98, Ethereum&#8217;s blockchain net profit in Q1 reached $369 million \u2014 tripling compared to the previous reporting period.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a> Q1 2024 Financial Report<\/p>\n<p>In the first quarter of 2024, most income statement metrics show positive growth signs:<\/p>\n<p>\u2014 Fees &#038; Revenue increased nearly 1.8 times QoQ<br \/>\u2014 Earnings tripled QoQ<a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&#038;ref_src=twsrc%5Etfw\">#ETH<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETH<\/a> <a href=\"https:\/\/t.co\/9BpI0KEmhu\">pic.twitter.com\/9BpI0KEmhu<\/a><\/p>\n<p>\u2014 Coin98 Analytics (@Coin98Analytics) <a href=\"https:\/\/twitter.com\/Coin98Analytics\/status\/1775391086317568439?ref_src=twsrc%5Etfw\">April 3, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The network&#8217;s success was recorded as Ethereum&#8217;s prices approached an all-time high, triggering a significant <a href=\"https:\/\/u1f987.com\/en\/news\/meme-tokens-drive-ethereum-fees-to-two-year-high\">spike in network fees<\/a>.<\/p>\n<p>According to the study, the total number of transactions on the blockchain in Q1 exceeded 107 million, increasing by 8.4%. Over this period, more than $1.1 billion was spent on fees.<\/p>\n<p>Over three months, more than 9.7 million new addresses were created in the ecosystem.\u00a0<\/p>\n<p>The total value locked in Ethereum&#8217;s DeFi ecosystem rose by 86% compared to the previous period \u2014 to $55.9 billion.<\/p>\n<p>ETH itself recovered after a correction to $3,350, adding 2% in 24 hours. Its market capitalization <a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethereum\">stands at $402 billion<\/a>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/SIvh-kavSPCtaFjAqB98rx1GLCMDs5hju2qnYsXpBX6HYtdsQIzJicM7BZaRd72GuZovcdADMaXG9rmN93fPKUwIEbbgiW4r02F2_gM14E0Io4c7Kfsk5fygH32_-KRobFPu_szYm_HA9YFfv0sGI-U\" alt=\"Bitcoin Sales from Silk Road and Ethereum's Quarterly Earnings: A Crypto Market Analysis\"\/><figcaption class=\"wp-element-caption\">15-minute ETH\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSDT\/\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Experts at Glassnode have observed movements of &#8220;dormant&#8221; Bitcoins. According to their observations, investors are successfully executing a distribution cycle, realizing profits and activating coins to meet new demand.<\/p>\n<p>Previously, Bernstein <a href=\"https:\/\/u1f987.com\/en\/news\/bernstein-analysts-view-correction-as-a-prime-buying-opportunity\">considered<\/a> the correction to around $63,000 a good buying opportunity &#8220;at the lows&#8221; before the halving. Subsequently, experts revised their Bitcoin forecast \u2014 <a href=\"https:\/\/u1f987.com\/en\/news\/bernstein-analysts-raise-bitcoin-price-forecast-to-90000\">from $80,000 to $90,000<\/a> by the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following a correction, Bitcoin regained some ground, and other digital assets also showed positive trends. The current market is highly sensitive to news, prompting ForkLog to analyze recent events and gather expert opinions on the industry&#8217;s state.\u00a0 Sales and Purchases On April 2, a U.S. government-controlled wallet initiated a transfer of approximately 2,000 BTC (~$131 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,46,1145,1150,807],"class_list":["post-12256","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-ethereum","tag-market-analysis","tag-news-plus","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=12256"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/12256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/12255"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=12256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=12256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=12256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}