BTC Exchange Balance Reveals Bullish Signal; Trezor Users Targetted in Attack

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Chart of the Day

Over the weekend, the broader crypto market experienced a brief dip but managed to regain some strength in the early hours of Monday (Asian trading hours). At one point, BTC breached the $47.5k level, giving investors a glimmer of hope with regard to a clear breakout above the $48k handle. However, it soon retraced back to the $46k support. As of the time of writing, the largest cryptocurrency by market cap is once again consolidating above the $46k level whilst waiting for the next impulsive uptrend. On the on-chain front, BTC's exchange balance reveals a bullish signal, as the total BTC exchange outflow volume has hit a rate of 96.2k coins per month, a critical volume outflow level that has typically been followed by a rally within the spot market.

In a similar vein, ETH is now trading above the $3,500 level after posting a marginal 0.92% gain over the last 24 hours. ETH miners seem to be benefiting most from the recent positive price actions, as their revenue has reached an impressive $1.29 billion in March, with a 7.2% month-over-month increment. Collectively, they have generated about 1.08 times more in revenue than their BTC counterparts. Within the altcoin market, most major altcoins have largely remained in the green after the weekend correction, with speculative memecoin DOGE leading the pack with a 3% gain in the last 24 hours.

Back to (the) Futures

The U.S. BTC futures-backed ETFs, launched in the months of October and November of last year, has seen a rise in AUM for the fourth consecutive week. The ProShares Bitcoin Strategy ETF (BITO), which incidentally, has the largest trading volume out of the rest, experienced the biggest AUM percentage jump of 5.5%. All other ETFs continue to trade at a premium to their Net Asset Values (NAV). Within the BTC futures market, funding rates remain in the neutral region amidst an extended price consolidation, pointing to the fact that most leveraged traders are currently on the sidelines waiting for signs of the next big move. Finally, both the implied volatility (IV) and realized volatility (RV) within the options market have also continued to trend lower despite the recent uptick in spot prices.

Talk of the Town

Over the weekend, crypto hardware wallet company Trezor confirmed that some of its users were targeted in a newsletter phishing attack. In a Tweet published on Sunday morning (Asian trading hours), Trezor announced that its newsletter service was compromised by a coordinated exploit targeted at crypto companies, and warned its users to avoid opening any emails that are sent from the company's domain. In a follow-up tweet, Trezor revealed that it has since taken the phishing domain offline, and is currently in the process of investigating the exploit.

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