👀Altcoins Outperform As BTC Suffers Sell-On-The-News ETF Aftermath
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BTC is underperforming ETH and altcoins following the launch of the first spot Bitcoin ETFs last week. Bitcoin ranks 99th among the top 100 cryptocurrencies by market cap for seven-day price performance as investors rotate capital out of BTC and into other digital assets.
New analysis from CoinShares indicates Bitcoin's highly anticipated halving this April will precipitate miner capitulation. The drop in block rewards coupled with Bitcoin's hash rate doubling last year is expected to culminate in many miners no longer being profitable after the halving.
Plus, Ethereum's validator exit queue is empty again after spiking to record highs two weeks ago as Celsius, the bankrupt CeFi lender, moved to unstake its Ether. Celsius sent $125M in Ether to exchanges this past week and still holds an enormous $1.37B worth of ETH in its wallets.
✍️ In today’s newsletter:
- Bitcoin underperforms altcoins after spot ETFs go live
- CoinShares predicts Bitcoin miner exodus post-halving
- Waitlist to exit Ethereum staking clears after Celsius offboards
🎬 WATCH
In this week's Crypto with Cami, we explore the aftermath of spot Bitcoin ETF approval. Also watch our podcast with Matt Hougan, the CIO of Bitwise, to get his take on what the launch of spot Bitcoin ETFs means for the digital asset markets and web3 sector.
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