Spot Bitcoin exchange-traded funds (ETFs) in the United States experienced net inflows for the fourth consecutive day, concluding the month with robust activity.

As of March 28, the daily total net inflow for spot Bitcoin ETFs in the U.S. amounted to $183 million, contributing to a cumulative total net inflow of approximately $12.13 billion. Data from SoSo Value indicates these positive trends.

Among the spot bitcoin ETFs, BlackRock’s iShares Bitcoin ETF recorded the largest net inflow of $95.12 million, followed by Fidelity’s Wise Origin Bitcoin Fund with a net inflow of $69.09 million.

Conversely, the Grayscale Bitcoin Trust observed net outflows, with nearly $105 million exiting the product during this period.

Spot bitcoin ETFs have garnered significant attention and adoption since their approval earlier this year. Despite a decline in volumes from their peak in early March, cumulative volumes are steadily progressing towards $200 billion, reaching $177.9 billion as of March 27, according to data from The Block.

Assets under management and on-chain holdings for spot bitcoin ETFs have also stabilized since their previous highs earlier in the month.

The current price of Bitcoin sits at $69,841, exhibiting a slight decrease of less than 1% for the day, according to The Block’s Price Page.

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In a recent blog post, Ethereum co-founder Vitalik Buterin shared his thoughts on memecoins and their potential to contribute positively to the cryptocurrency space. Buterin expressed his general disapproval of negative memecoins but emphasized the importance of fostering “good ones” that make constructive contributions.

Highlighting one of his moral principles, Buterin stated his lack of enthusiasm for memecoins associated with totalitarian political movements, scams, or rugpulls, which often result in disappointment and harm to participants. He acknowledged the recent surge of intentionally offensive memecoins, including those containing racial slurs or references to sensitive historical events like the Holocaust, expressing concern about their negative impact.

Despite these concerns, Buterin recognized the value of people’s desire for enjoyment and suggested that the crypto space should embrace this trend by promoting high-quality, fun projects that contribute positively to the ecosystem and society. He advocated for a balance, aiming for more good memecoins that support public goods rather than solely enriching insiders and creators.

Buterin proposed charity coins as an example of memecoins that could align with this vision, where a portion of the token supply or ongoing fees are dedicated to charitable causes. His remarks come amid ongoing discussions within the industry about the role of memecoins, with some expressing frustration over their potential to overshadow legitimate projects and concern over their regulatory implications.

Recently, regulators such as the Financial Conduct Authority in the UK have issued warnings about the risks associated with memecoins, particularly concerning their promotion by influencers on social media platforms. The FCA emphasized the need for approval from authorized representatives before advertising or posting memes related to financial products or services, including cryptocurrencies.

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Bitcoin futures open interest on centralized exchanges has surged to a new peak, reaching $38 billion. This uptick in open interest correlates with Bitcoin’s price spike to $70,000, marking a 66% increase year-to-date.

The heightened open interest for Bitcoin futures suggests increased trading activity surrounding the leading cryptocurrency by market capitalization. CoinGlass reports that aggregated open interest for Bitcoin futures soared to its all-time high on Friday.

Since the beginning of 2024, the daily open interest in Bitcoin futures has surged, more than doubling from approximately $17.2 billion on January 1st. This rise parallels Bitcoin’s price surge, indicating a strong market sentiment and heightened interest among traders.

Open interest serves as a metric for the total value of all outstanding or “unsettled” Bitcoin futures contracts across exchanges. It reflects the level of market activity and trader sentiment towards a specific asset.

The current open interest figure coincides with a monthly volume exceeding $2.3 trillion in Bitcoin futures during March across various exchanges, marking the highest level since May 2021, according to data from The Block’s data dashboard.

Additionally, Ether futures’ total open interest stands at $13.8 billion, showing an almost 90% increase since the beginning of 2024. Ether’s trading price has surged to $3,500, reflecting a gain of over 53% year-to-date.

In recent months, the introduction of Bitcoin spot exchange-traded funds (ETFs) by firms like BlackRock has influenced market sentiment, leading to cumulative net inflows of over $12 billion into Bitcoin spot ETFs to date.

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Bitwise has submitted a filing for a spot Ethereum ETF with the Securities and Exchange Commission (SEC) amid growing uncertainty surrounding the approval timeline for such financial products.

Earlier this month, Bitwise’s CIO, Matt Hougan, suggested that the approval for spot ether ETFs would be better deferred beyond May.

Despite ongoing speculation, Bitwise has proceeded with its S-1 filing for the Bitwise Ethereum ETF, submitted to the SEC on Thursday. This decision aligns with comments from Hougan, emphasizing a possible approval delay, especially considering the SEC’s upcoming assessment of pending applications for spot ether ETFs.

While optimism initially surrounded the prospect of a spot ether ETF approval, drawing parallels with the successful launch of spot bitcoin ETFs in January, recent estimations by Bloomberg ETF analysts suggest a lower likelihood of approval in May, estimated at approximately 30%.

The emergence of spot bitcoin ETFs has seen substantial trading volume, exceeding $150 billion, and has generally been regarded as successful. However, uncertainties persist regarding the SEC’s stance on spot Ethereum ETFs, adding to the complexity of the approval process.

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Investment firm Kerrisdale Capital has released a report suggesting that MicroStrategy’s shares are overvalued, arguing that they trade at a premium compared to the underlying value of Bitcoin. Kerrisdale Capital, which holds a short position on MicroStrategy shares and is long on bitcoin through BlackRock and Fidelity’s spot bitcoin ETFs, highlighted the significant surge in MicroStrategy’s stock price amidst the recent rise in bitcoin’s price.

Kerrisdale Capital emphasized that while MicroStrategy’s shares have experienced remarkable growth, they believe the valuation is disproportionate to the actual value of the company’s Bitcoin holdings. The investment firm disclosed its short positions in MicroStrategy stock and expressed the potential for gains if the stock price declines. Despite achieving a new all-time high earlier in the week, MicroStrategy did not respond to requests for comment.

The landscape of investment options related to Bitcoin has evolved significantly, according to Kerrisdale Capital. The availability of various financial instruments, including spot bitcoin ETFs offered by major institutions like BlackRock and Fidelity, has provided investors with alternative ways to gain exposure to bitcoin. Kerrisdale Capital noted that this accessibility has diminished the uniqueness of MicroStrategy shares as a vehicle for Bitcoin investment.

In contrast, MicroStrategy has persistently pursued its strategy of amassing Bitcoin, currently owning roughly 214,250 bitcoins, equivalent to approximately 1% of the total supply of the cryptocurrency. Despite this significant bitcoin reserve, Kerrisdale Capital pointed out that MicroStrategy’s market capitalization has ballooned to nearly $32 billion, far exceeding the value of its bitcoin holdings.

Kerrisdale Capital disclosed its long positions in both BlackRock and Fidelity’s spot bitcoin ETFs, indicating its confidence in these alternative investment vehicles compared to MicroStrategy stock.

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