🤔 Will BTC reach $112,000 this year?

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Analysts are saying that Bitcoin ETF inflows could propel prices to $112k THIS YEAR, meanwhile Bitcoin Google Search Trends are at bear market lows. Let’s do a sentiment check. 👇️ 

Markets

Bitcoin ETFs Flows Could Propel BTC Prices to $112K This Year (3 minute read) 
According to on-chain data provider CryptoQuant, Bitcoin prices have the potential to reach $112,000 this year if the current trend of inflows related to spot exchange-traded funds (ETFs) persists. CEO Ki Young Ju suggested a "worst-case" scenario of at least $55,000, representing a nearly 15% increase from Monday's prices. These projections are based on the impact of inflows on Bitcoin's market capitalization and a historical metric ratio indicating whether prices are deemed "overvalued" or "undervalued." Spot Bitcoin ETFs have accumulated over 192,000 bitcoins in holdings since their launch nearly a month ago, as of Friday.

Speculators pump yet-to-be distributed Wormhole’s W token above $1 on OTC markets (2 minute read)
Wormhole has yet to announce a timeframe for the distribution of its W token, but speculation surrounding the token has already led to trading activity. Speculators are driving the price of the anticipated W token above $1 on over-the-counter (OTC) markets, expecting significant interest in the token once it is distributed in the crypto market.

Previously, Wormhole allocated 1.7 billion W tokens (17% of the total supply) for community airdrop and launch, with an initial circulating supply of 1.8 billion W tokens. The distribution will take place on both Ethereum's ERC-20 standard and Solana's SPL. Whales Market data shows speculators trading W tokens worth approximately $248,300.

AI network Bittensor's crypto token is up more than 90% as market cap hits $3 billion (3 minute read)
The Bittensor network's token, $TAO, has experienced a remarkable surge in value recently, driven by the efforts of the Opentensor Foundation, which developed the protocol, to provide an open-source alternative in the AI landscape. Over the past two weeks, $TAO has surged by more than 90%, surpassing a market capitalization of $3 billion last Tuesday, with its price continuing to rise. Ethereum founder Vitalik Buterin recently appeared to endorse Bittensor, suggesting in a blog post that it presents an opportunity to incentivize the improvement of AI through financial rewards.

Tech

EigenLayer TVL close to $6 billion after temporary cap removal (2 minute read)
The Ethereum-based staking protocol EigenLayer has witnessed a substantial increase in its total value locked (TVL), soaring to nearly $6 billion after temporarily lifting its deposit cap from February 5th until today. According to DeFiLlama data, the protocol's TVL now stands at $5.95 billion, nearly triple its value just five days prior, positioning it among the top 5 protocols in TVL rankings, surpassing popular platforms like Uniswap, Spark, and Compound.

BlockIntel data reveals significant deposits, including approximately 993,000 stETH, 209,000 swETH, and 192,000 mETH, sourced from platforms Lido, Swell, and Mantle, respectively, totaling roughly $3.5 billion in dollar terms. EigenLayer operates without a native token, instead relying on an open marketplace to ensure network security.

Bitcoin Google Search Trends Drop Back to Bear Market Levels Despite Price Highs (3 minute read)
Despite crypto markets and Bitcoin prices nearing two-year highs, retail interest and search engagement have regressed to levels reminiscent of bear markets, as indicated by data from crypto social media and Google Trends.

Engagement levels, compared to the week of ETF approval, have plummeted by approximately 80%, returning to bear market norms. Google Trends highlights that searches for 'Bitcoin' have dipped to cycle-low levels once more, following a brief surge in January coinciding with the launch of spot ETFs in the United States

Misc

How Tech Firms Made a Crypto-Boosting Book an NYT Best Seller by Gaming the System (5 minute read)
Motherboard's investigation revealed that companies associated with a16z and its general partner Chris Dixon purchased numerous copies of his new book advocating for cryptocurrencies, ultimately propelling it onto the prestigious New York Times Best Sellers list. Securing a spot on this list is highly coveted by authors, although it's important to note that the list's rankings are determined by a proprietary system involving various undisclosed factors, not solely by the number of books sold. Similar to manipulating search engine algorithms to achieve desired results, authors have long been aware of methods, such as placing bulk orders with book sellers, to influence their books' rankings on this influential list.

Ethereum NFT volume approaching yearly high as Pudgy Penguins eye #2 spot (2 minute read)
Despite the notable surge in Bitcoin NFT trading this fall, data from The Block reveals that the volume of Ethereum NFTs traded on-chain has reached its highest weekly level since the week of February 26, 2023. This uptick in Ethereum NFT activity coincides with the Pudgy Penguins collection, currently ranked #3 by market cap, nearing the market cap of its competitor, the Bored Ape Yacht Club collection, owned by Yuga Labs. Yuga Labs also possesses Cyberpunks, the collection ranked #1 by floor price.

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