Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
A Bitcoin whale has moved over $6 billion worth of the asset for the first time since 2019. Asset manager Grayscale remains confident that spot Ether exchange-traded funds (ETFs) will be approved in May despite a perceived “lack of engagement” from the regulator. Meanwhile, the supply of Bitcoin on Coinbase has plunged to nine-year lows, signaling the ongoing accumulation of the largest digital asset.
Over $6 billion worth of BTC moved by fifth-richest whale
BTC $70,241 holding address — also dubbed “37X” — has moved over $6 billion worth of BTC to three new addresses for the first time since 2019.
The Bitcoin whale transferred nearly its entire balance of 94,500 Bitcoin, worth $6.05 billion, on March 23, leaving only 1.4 BTC in the initial address, according to a March 25 X post from Arkham Intelligence.
Despite the Bitcoin price reaching an all-time high before the halving for the first time in history, the incoming supply issuance reduction is still not priced in to the full extent, co-founder of D8X decentralized exchange and former executive director
Grayscale tips Ether ETF approvals despite SEC “lack of engagement”
Grayscale is confident that spot Ether
ETH $3,602 ETFs will be approved in May despite recent “chatter” about the U.S. securities regulator’s “lack of engagement” with applicants.
“I don’t think perceived lack of engagement from regulators should be indicative of one outcome or another I personally am not deterred by it and believe the ETFs should be approved,” explained Grayscale chief legal officer Craig Salm in an X post on March 25.
“So in many ways, the SEC already has engaged and issuers simply have less to engage on this time,” he said, adding:
“The case is just as strong as it was for spot Bitcoin ETFs.”
Coinbase’s Bitcoin supply hits nine-year low
Bitcoin’s price climbed back above $70,000 on March 25, as BTC supplies on crypto exchange Coinbase dwindled to nine-year lows — signaling continued accumulation.
The leading digital asset briefly traded above $71,000, , having gained more than 6% on the day.
Meanwhile, Coinbase’s Bitcoin reserves fell to 344,856 BTC last week, per Glassnode data. In total, Bitcoin reserves on all exchanges reached 1.92 million BTC on March 25, the lowest in three years. Analysts take this to mean that demand for BTC is on the rise following the approval of several spot exchange-traded funds in January.
Despite excessive outflows from the Grayscale Bitcoin Trust, other spot ETFs continue to exhibit strong demand. heavy accumulation from BlackRock’s ETF product could see the asset manager flip Grayscale in a matter of weeks.
