Summary
We discuss the lacklustre performance and declining activity of Bitcoin. Diminishing transaction fees continue to pose a long term threat to miner rewards, especially with the halving only two years away. The only buyers seem to be the progeny of Wall Street titans, ironic given their disdain for the space only a few years ago. That doesn’t feel like a healthy set-up.
On the macro front, the picture is unusually opaque, with powerful drivers of both inflation and deflation in direct opposition. Is that just an academic argument if liquidity is drying up?
All is far from lost. We note relative strength in Ethereum, and are amazed by the growth in prediction markets. Are punters moving to a new casino, and abandoning crypto in the process?
HyperLiquid piles into oil trading and the latest in the Aave saga…
April is the cruellest month because it promises so much.
- TECHNICAL: Bitcoin on-chain, Ethereum’s rise
- MACRO: Market rolling over? Liquidity concerns
- CRYPTOVERSE: Prediction markets, Trouble at Aave, Oil trading on-chain
