📉 $BTC #Santiment : Bitcoin's onchain activity is approaching historic lows as traders have dramatically slowed transactions in the 2 months since its all-time high. This isn't necessarily a sign of more BTC dips, but rather a signal of crowd fear and indecision.

📊 $ETH #CryptoQuant : #Dencunupgrade has decoupled Ethereum's transaction fees from network activity, reducing the burn rate even with high activity.

This leads to lower user fees but challenges the deflationary mechanism set by The Merge, requiring significantly increased network activity to maintain deflation.

📊 $ETH fees hit a 6-month low, reflecting a shift in activity to over 50 live Layer 2 networks.

This aligns with Vitalik Buterin's 2020 roadmap aiming to enhance scalability by offloading transactions from the Mainnet, according to #IntoTheBlock .

An increasing number of transactions are now being settled on Ethereum Layer 2s. Last month, the three largest L2s hit a record 82% transaction share of all Ethereum transactions.

📊 $XVS #Messari . Venus status for Q1:
▪️ TVL Venus grew by 128% to $2.7 billion;
▪️ Venus is the fifth largest lending protocol by market capitalization;
▪️ The number of Venus Prime users increased by 113%

📈 #IntoTheBlock : Optimism's $OP token has been outperforming with a 48% increase from its lows on April 13.

Thanks to this increase, it has once again surpassed $ARB in market cap.

⛏ $BTC #CryptoQuant : Signs that the average bitcoin miner is under pressure after the halving:
◾️ As revenue has declined sharply after the halving, Miners are currently underpaid by the most since March 2020, the COVID crash.
◾️ As a result, hashrate has declined and the network experienced today its fourth negative difficulty adjustment of the year.
◾️ Indeed, we can see the lower hashrate indirectly with the -5.6% difficulty adjustment, the largest negative adjustment since November 2022, a month after the FTX collapse.

🤑 $BTC #Santiment : bitcoin's market value has rebounded to $59.3K, and the percentage of the network's available supply in profit is at 84.4%. This BTC ratio is at its lowest level in 2 months. Lower levels generally justify more bullish conditions.

⛏ $BTC #CryptoQuant : There's still not a major bitcoin miner capitulation as mining operations with access to efficient equipment and low cost electricity continue to be profitable.

In contrast, retail miners with older equipment and higher electricity costs are not profitable.

Chart shows break-even cost of different ASICs and the range of electricity cost for miners (red and green areas).

🤔 $BTC #Santiment : The last three times the bitcoin 30-day #MVRV dropped below -9% in the last two years, the price of BTC surged by 64%, 63%, and 99%, respectively.

The BTC 30-day MVRV is currently at -11.6%, suggesting it may be time to buy the dip!

🎢 $BTC Ali Martinez: By rising above $66,250, bitcoin will gain the strength to push towards $69,150. And if this resistance barrier is breached, then BTC can advance toward a new all-time high of $92,190.

🐳 $ADA #Santiment : Cardano's whale transactions exceeding $100K in value has exploded to the highest amount since November 8th. These spikes in whale activity historically correlate with potential price reversals. ADA's market cap has shrunk -43% since March 13th.

⛏ $BTC #CryptoQuant : Bitcoin miners are extremely underpaid right now as daily revenues have plummeted to the lowest since Nov 2022.

The miner profit/loss sustainability reached the lowest since June 2021

📊 $BTC #ETF #IntoTheBlock : Recent trends in ETF flows have shown a net negative, though the outflows have been relatively minor, primarily originating from Grayscale.

Despite concerns that the halving might trigger a 'sell the news' event among institutions, the data suggests these fears were unfounded.

However, it appears that a new catalyst is necessary to initiate another round of institutional accumulation.

🐳 $ADA #IntoTheBlock : Cardano whales are busy, with an average large transaction volume of $13.84B a day in the last 7 days.

For comparison, this is a third of Bitcoin's current volume, 5x as much as Litecoin's volume and over 16x that of Dogecoin.

🌐 Evolution of the $BTC blockchain through the development of new L1 and L2 protocols

⛏📈 Contrary to history and expectations, after halving, the difficulty of $BTC mining rose to a record high

🧐 $BTC #IntoTheBlock : Observe The Trend:
▪️ Long-term Bitcoin holders typically begin to sell off their holdings at the onset of a bull market and continue this trend through and beyond the cycle's peak.
▪️ Data indicates that these seasoned holders initiated their sales in January and accelerated in late March.
▪️ While this trend may initially seem alarming, it's a natural part of Bitcoin’s historical market cycles. Importantly, there is plenty of time remaining when compared to previous cycles.

📊 #CryptoQuant : $BTC price on a pause as demand has continued to slowdown. Part of this due to ETF inflows basically stoping.

Liquid inventory (in terms of months of demand) has increased from 15 in late March to 24 currently.

We need demand growth to accelerate again for price to rally.

🤔 #IntoTheBlock : #MVRV , or Market Value to Realized Value, compares an asset's purchase value to its total market capitalization.

The MVRV indicator for Pendle, a protocol facilitating the tokenization and trading of future yields, has spiked to 4.26.

Additionally, the coin has experienced a 53% increase in the last 30 days.

Historically, an MVRV above 3 suggests a selling point. Whether this trend holds true for $PENDLE remains to be seen, only time will tell.

📊 $BNB #Messari . BNB Chain status in Q1:
▪️ Market capitalization +89%;
▪️ Income of $ +70%;
▪️ Average daily active addresses +26%;
▪️ DeFi TVL +67%;
▪️ Average daily volume on DEX +193%