Bitcoin price has once again fallen to $69,000, painting altcoins red. So what happened in crypto today? As we are in the final days of March, we have not seen a new peak above $73,777. About 3 hours ago, BTC experienced a rapid decline, falling to $69,009. Here are the last significant developments of the day.
Crypto News for March 29
Today was the day for the core personal consumption expenditures data, and the news from the US was not that bad. However, BlackRock and Fidelity ETFs saw modest daily net inflows, suggesting a decrease in investors’ appetite for risk, yet the upcoming halving in April is extremely important.
Bitcoin Amount on Exchanges
According to Glassnode data, since January 11, when spot Bitcoin ETFs started trading, 136,000 BTC have been withdrawn from crypto exchanges. Reserves have significantly decreased. The exchange reserves, at their lowest level since 2018, combined with optimism for 2024 and 2025, are starting to show us that a supply shortage is being felt.
Bitcoin Halving Is Coming
According to the current mining power, the Bitcoin block reward halving will take place on April 20, and investors are drawing strength from historical data. Charles Edwards, the founder of Capriole Investments, explains why this halving period will be different with the following words;
“For the first time, Bitcoin will become tighter than gold with a supply increase rate that is half. Institutional demand through ETFs, a programmatic supply squeeze resulting from the Halving, and Bitcoin’s title as the world’s hardest asset. There’s a lot to look forward to in April.”
ETF Reserves Are Growing
Even though net inflows are weak, demand through the ETF channel remains stable. New spot Bitcoin ETFs have gathered over 500,000 BTC since their launch in January. This figure corresponds to 2.54% of the total supply. Reaching such a large reserve in just under three months is motivating regarding the long-term impact of ETFs on price.
We know that all ETFs, including GBTC, hold 835,000 BTC. This corresponds to 4% of the total Bitcoin supply.
Other Important Developments of the Day
- Microsoft and OpenAI are joining forces to develop a $100 billion Stargate AI supercomputer.
- Grayscale is launching a proof-of-stake investment fund for millionaires.
- The critical Core Personal Consumption Expenditures Price Index data in the US came within expectations, with a 0.01% annual decrease (compared to the previous data).
- Yolo Investments announced an $8 million investment in Toncoin.
- Binance‘s 50th Launchpool project, Ethena (ENA), was announced today and subsequently hacked, losing $290,000.
- The cryptocurrency exchange KuCoin, under investigation by the US Department of Justice, has withdrawn its application for a crypto asset trading platform license in Hong Kong.
