🛠️ ETHs big day

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Good Morning!

Bitcoin continues to show its resilience, climbing back over $73,000 after a small liquidation event. We’re yet again seeing record breaking ETF inflows, with over $1 billion net inflows recorded yesterday, a new record!

Ethereum is also due a big upgrade today, which will make gas fees on L2s significantly cheaper.

Let’s jump into the news.

Markets

Bitcoin Eyes $74K as BTC ETFs See Record $1B in Net Inflows (2 minute read)
Bitcoin is showing its resilience yet again! After a bit of a tumble due to a $360 million liquidation event, BTC climbed right back up, crossing the $73,000 mark. That's a 2.5% increase in just 24 hours, wiping out Tuesday's losses like they were nothing.

The price movement can yet again be attributed to record-breaking ETF inflows. The big players, like Blackrock, were swimming in cash with $849 million pouring in, while Grayscale saw some outflows. In total, over $1 billion in net inflows were recorded on Tuesday alone, smashing a previous record.

Solana NFT marketplace Tensor issuing TNSR governance token (2 minute read)
Tensor, the Solana NFT marketplace, finally announced more details on its long awaited airdrop, TNSR. There isn’t too much information to go on yet, but they're talking big game about the future of NFTs. Think less niche, more mainstream – from thousands to billions of traders, they say.

Tensor is killing it this year with a whopping $2.2 billion in trading volume for Solana NFTs in March. That's a mind-blowing jump from just $7 million last March.

A ton of other Solana projects have either announced their airdrops or are expected to in the next month or two, so keep an eye out for other projects including Kamino, Marginfi and more!

Tech

Ethereum Blockchain Counts Down to 'Dencun' Upgrade, Set to Reduce Fees (3 minute read)
Ethereum's about to shake things up big time with its Dencun upgrade happening today. We're talking major code revamp here – the likes of which haven't been seen in over a year. Dencun, is hitting both the consensus and execution layers of Ethereum's blockchain. In layman's terms? It's a hard fork, and it's scheduled for 13:55 UTC. Now, what's this fuss about? Cheaper fees, that's what!

Before you get too excited, Ethereum mainnet fees won’t be cheaper, that won’t be until a future upgrade. But for all those layer-2 rollups piggybacking on Ethereum, this is a big deal with a huge cut in fees.

Dencun was supposed to debut in late 2023, but some engineering hiccups pushed it back. Better late than never, right?

Bitcoin’s 21 million limit is a boomer myth (2 minute read)
With the magic number of 21 million BTC set in stone, about 19.6 million are already out in the wild. This number might be way more optimistic than the reality. Think about it. With only 21 million to go around, it's already a tight squeeze. But if we dig a bit deeper, the plot thickens. To truly get the value of Bitcoin, you've got to realize that the 21 million cap isn't the full picture.

Early on, Satoshi was the only miner when mining difficulty was low, racking up an estimated 1.096 million Bitcoins. The twist? Those coins are pretty much ghosts now – they haven't budged since the dawn of Bitcoin. In fact, Nakamoto's only known move was sending 10 BTC to Hal Finney, another crypto pioneer.

These million-ish "zombie coins" are part of a bigger pile of 1.457 million coins that haven't seen the light of day since Bitcoin's first market price. Analysts are betting that these coins are lost for good. So what's the real deal? Nearly 7% of Bitcoin's supply is likely out of the game. That's a big chunk of the 21 million already off the table. And that's just the tip of the iceberg when it comes to lost Bitcoins.

Misc

MicroStrategy’s holdings are at $8.1b profit, BTC hits new ATH (2 minute read)
Since 2020, MicroStrategy have been on a Bitcoin buying spree, scooping up a whopping 205,000 Bitcoins. They didn't hold back, shelling out about $6.95 billion at an average price of $33,928.

As of now, MicroStrategy is sitting on a goldmine. Their BTC stash? It's soared to a cool $8.16 billion in profit. That's a staggering 117.3% gain! And just when you thought they might take a breather, they went all in again. On March 11, they grabbed another 12,000 Bitcoins, dropping an average of $68,477 per coin. MicroStrategy's Bitcoin holdings are now valued at a mind-blowing $15.12 billion.

1,500 Bitcoin Millionaires Per Day After All-Time Highs (2 minute read)
Kaiko Research just a new report– about 1,500 new "millionaire wallets" are popping up daily thanks to Bitcoin's latest rally. 

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