Judging by the last few Dispatch issues, one would think that it’s only Bitcoin ETFs that matter here. That’d be a false accusation and one that cannot take away the fact that we’ve witnessed potentially the grandest act of recognition for the digital asset space.With that done-and-dusted, we’re moving on to the exciting week Ether has had. ETH has managed to outperform its bigger sibling all during Bitcoin’s prime time – the spot ETF approval week. Here are the stats:
Price Performance: ETH significantly outperformed BTC in the past week. While the latter faced a ~10% decline post-approval, ETH losses remained at 5%, finding robust support around $2,500.
Ethereum Network Transaction Peak: The Ethereum network witnessed a notable surge in daily transactions, reaching a multi-year high. The 7-day average increased from 1.1M to 1.3M, mirroring levels not seen since November 2021.
Transaction Volume Surge: Reflecting this heightened activity, the transaction volume on the network experienced a surge. The economic throughput surged from $2.8B to over $4B within the past week.
Circulating Ether in Profit: Interestingly, data reveals that an impressive 91.5% of the circulating supply of Ether is currently in profit.
While ETF development is seen as positive for crypto, recent hype may attract short-term traders seeking rapid gains, partially explaining Bitcoin’s 10% decline post-approval.
Bitcoin's weekly price chart reveals that the 50-week Simple Moving Average (SMA) has crossed above the 200-week SMA for the first time, signaling a “golden cross”, according to CoinDesk.
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South Korea's Ministry of Economy and Finance brings exhilaration to crypto holders with a discussion to eliminate the planned income tax on crypto gains, akin to financial investments. Deputy Minister Jeong Jung-hoon plans to submit amendments to the income tax law in late January. The time-sensitive nature of these changes coincides with the national election for the National Assembly on April 10, underscoring South Korea's forward-thinking approach to the evolving crypto landscape.
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Less Crypto In Crime
Blockchain analytics company Chainalysis has shared its 2024 Crypto Crime Trendssurvey, highlighting a substantial decline in crypto funds sent to illicit addresses. It comes down from $39.6B to $24B for a 40% decrease in 2023 compared to 2022. The other good news is that crypto scams and hacks also saw significant drops of 29.2% and 54.3%, respectively. We’ve got you covered if you need a little reminder on the good security measures.
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The Solana Phone: Chapter 2
Solana Mobile looks to make waves in the tech sphere with the launch of “Chapter 2” – the eagerly awaited successor to the Saga crypto smartphone. With an integrated crypto wallet and dApp store as well as custom Android software, Chapter 2 promises an enhanced user experience. Enthusiasts can pre-order a device by placing a $450 non-refundable deposit, anticipating the market debut in the first half of 2025. Saga's journey has been marked by challenges and success driven by the Solana-based memecoin Bonk, which saw phones fetching thousands of dollars on eBay.
The Week’s Most Interesting Data Story
Low on BTC?
The Short-Term Holder Supply (coins up to 155 days old and ready for potential transfer) has hit thrilling multi-year lows, currently around 2.4M BTC! If that has been the effect of the lengthy US spot Bitcoin ETFs approval process, one has to wonder how the upcoming Bitcoin Halving could impact supply?
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Well, well, well, Dir. of Global Macro @Fidelity.
This section has evolved from crypto Twitter to Wall St Twitter.