Top Five Digital Assets by Market Cap + Performance YTD

Key Narratives from Q1 

1. The Bitcoin exchange-traded fund (ETF) launch has been successful beyond the wildest expectations of investors, both in terms of inflows and performance. With a staggering $54 billion in assets under management (AUM) held across the 11 ETF issuers and average inflows of over $500 million per day with no signs of slowing or stopping, the ETFs will likely continue to be a major driving force for Bitcoin price action moving forward. 

Source: https://bitcoinetffundflow.com as of 3.28.2024

2. Ethereum (+55% YTD) activated its highly anticipated Dencun upgrade on March 13, resulting in a huge reduction in gas fees for layer-2 networks that integrated the update. According to Dune, median transaction fees on the layer-2 networks Arbitrum, Starknet, and Optimism have all dropped 95% since the upgrade. The Dencun upgrade is Ethereum’s biggest upgrade in well over a year and has been a success thus far. As layer-2 fees have dropped so quickly among Ethereum’s rollups, there is speculation that this could set up a fee war between many of these auxiliary networks, which will be competing for the same users by offering cheaper transaction fees.

Source: The Block as of 4.1.24

3. Solana (SOL) had a great start this year, up (+80% YTD) and outperforming both BTC (+65% YTD) and ETH (55%) as its DEFI ecosystem and native meme coins bring in record volumes. Trading volume on Solana decentralized exchanges (DEXs) averaged $33 billion per month this quarter and its DeFi protocols now have more than $4.65 billion in total value locked (TVL) according to DeFiLlama. Solana led the way in both Daily Transactions this quarter (2.2 billion) and Daily Active Addresses (850k) amongst all blockchains, according to Artemis.

Source: Artemis as of 4.1.24

In Case You Missed it (ICYMI)

• Every week, our Follow the Market blog delivers insights including cutting-edge analyses and foresight from some of the most seasoned professionals in the financial sector. Last week, we examined Balancing Act - Exploring the Dynamics between Bitcoin and the NASDAQ Commodity Index.

• We had a great conversation with Adam Blumberg of Interaxis around Tokenized Assests. Listen now to Flip the Coin: Crypto Conversations.    

• You may have heard a lot of excitement about the upcoming Bitcoin halving, but what exactly is "The halving"? Check out CoinFlip's breakdown of this important event.  

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