Hey there!
Welcome back to the weekly digest. This is a curated look at the stories that shaped the past week in crypto, and the trends to keep an eye on next.
The market had to process both positive and negative headlines, and that showed up in market cap fluctuations with massive highs and lows. Even then, Bitcoin (BTC) held strong and ended the week up about 5%.
1. Per early pilot data, X’s new smart Cashtags feature has already seen around $1 billion in trading volume! The feature lets users check stock and crypto prices directly inside the app. Right now, it is available only to iPhone users in the US and Canada.
The initiative is part of X’s push to become an “everything app.”
2.Bitcoin’s current halving cycle is much weaker than the last three, according to Galaxy’s Alex Thorn. So far, BTC has risen far less than it did in the 2012, 2016, and 2020 cycles.
The usual four-year halving pattern may be losing strength. Bitcoin is now driven more by external forces than just the halving alone.
3. Crypto investment products had a strong week, with $1.4 billion in inflows, per CoinShares. That’s higher than the previous week’s $1.1 billion, and is one of the biggest weekly inflow numbers of the year. YTD inflows are now at around $3.8 billion.
Bitcoin led the move with $1.12 billion in inflows. Ethereum (ETH) also had a strong week, bringing in $328 million. The U.S. drove most of the inflows, while some altcoins like Ripple’s XRP (XRP) and Solana (SOL) saw outflows.
DeXe [DEXE] is the star of the week after gaining nearly 50%! The rally was caused due to high whale buying, a big sign of a confident market. Overall market activity was buyer-driven, so all this demand wasn’t isolated. Retail participation also increased, adding lots of pace to the price action.
DeXe’s focus is on decentralized social trading, where users can follow proven strategies through smart contracts. Its recent protocol upgrades, aimed at making DAO governance more fair and transparent, have also helped boost interest in the project.
