Billions of dollars in leverage vanished within the crypto market as Bitcoin (BTC) took a sudden 14% nosedive within a few hours after briefly hitting a fresh all-time high. Traders using options and futures to get exposure to Bitcoin are facing a staggering $1 billion loss after the cryptocurrency lost its price peak on March 5th, 2024, where it also recorded a new all time high (ATH).

Declining OI

On March 6th, Santiment, an on-chain analytics provider, noted a significant decline in total open interest (OI) on exchanges for Bitcoin, Ethereum, and Solana following the recent all-time high experienced by BTC. The open interest of Bitcoin plunged by $1.46 billion (-12%), whereas Ethereum dropped by $967 million (-15%) and Solana tumbled by $424 million (-20%).

Santiment explained that most of the speculation on the price of Bitcoin revolved around traders opening long positions, expecting the flagship crypto to surpass its all-time high and maintain a price above $70,000. A smaller portion of the downturn came via liquidated short positions as Bitcoin touched its new high.

Part Of The Process

This decrease in open interest suggests a temporary removal of speculative excess within the markets, according to Santiment. Open interest refers to the total number of open positions traders have taken on a derivatives contract. It increases when traders open new positions and decreases when they close existing ones.

While the sudden downward movement of Bitcoin might have rattled the market, many experts view derivatives flush-outs as a normal part of price fluctuations. One notable crypto trader known as Daan Crypto Trades highlighted that about $3 billion in open interest was lost during this correction, with approximately 312,500 traders being liquidated, totaling $1.13 billion in liquidations over the past 24 hours.

MicroStrategy recently made an announcement regarding its intention to offer $600 million in aggregate principal convertible senior notes due 2030. This offering will be conducted privately to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended.

Going All In

MicroStrategy intends to utilize the proceeds generated by selling the notes for the acquisition of additional Bitcoin (BTC) and for general corporate purposes. Additionally, there is a provision allowing MicroStrategy, subject to specific conditions, to repurchase all or part of the notes in cash with a starting date of March 22nd, 2027.

Furthermore, bondholders will possess the right to demand MicroStrategy to repurchase all or part of their bonds for cash by September 15th, 2028. The convertible notes will offer the choice of conversion into cash, shares of class A common stock, or a blend of both, at the discretion of MicroStrategy itself.

The Thought Process

The significant investment in Bitcoin by MicroStrategy stems via its strategic belief in the long-term potential and value proposition of the cryptocurrency. Michael Saylor has been a vocal advocate for Bitcoin for several years now, viewing it as a reliable store of value and a hedge against inflation.

MicroStrategy choosing to allocate a substantial portion of its treasury reserves to Bitcoin is driven by several factors, namely the preservation of purchasing power, diversification of assets, long-term investment profitability, and an overall effective corporate treasury strategy.

Overall, the decision to buy substantial amounts of Bitcoin aligns with an overall strategic vision by both the company as well as Michael Saylor and reflects its confidence in the future utility and value of the flagship cryptocurrency.

Shiba Inu, the cryptocurrency popularly dubbed as the Dogecoin Killer, witnessed a remarkable surge in value over a 24 hour period, posting a staggering increase of over 90%. Recent developments have positioned the meme crypto ahead of its competitors, including Dogecoin, Pepe, and BONK. More surprisingly, it even managed to surpass both Bitcoin and Ethereum.

SHIB Explodes

Analysis by LunarCrush, a platform specializing in social media insights, reveals a significant uptick of 51% in discussions related to Shiba Inu across various social platforms within a single day. This surge has propelled Shiba Inu back into the top 10 cryptocurrencies by market capitalization, with its valuation reaching $25 billion, inching closer to the $27 billion market cap of Dogecoin.

This notable ascent in the crypto market saw the price of SHIB reach $0.00002 on March 2nd, 2024. Weekly charts depict a dramatic price surge, often referred to by traders as a God Candle, with SHIB seeing its value skyrocket by 120% since February 29th. Over the past week, Shiba Inu has recorded gains totaling 289%, marking a resurgence to price levels last observed in the early stages of May 2022.

Fears Of A Sell-Off

However, despite the excitement surrounding Shiba Inu, cautionary signs are emerging for investors. The Relative Strength Index (RSI), a key metric for assessing price movement, currently stands at an elevated 98.36949660, surpassing the typical overbought threshold of 70, which often indicates the potential for a subsequent decline or significant price correction.

Furthermore, other technical indicators such as the Commodity Channel Index (CCI), and Williams Percent Range echo the indiciation of the RSI, suggesting that Shiba Inu may be primed for a sell-off, paving the way for a market correction. As of the time of writing, SHIB is trading at just under $0.00004, reflecting a notable increase of 90.15% over the past 24 hours, according to data by CoinGecko.

Investment mogul and SkyBridge founder, Anthony Scaramucci, has once again championed the transformative potential of Bitcoin (BTC). In a recent statement, he compared Bitcoin not to gold but to Berkshire Hathaway, portraying it as a wealth-generating engine for investors.

Not only has his steadfast endorsement of Bitcoin aligned with his consistent advocacy for its adoption, but the persistent support for Bitcoin by Anthony underscores its transformative potential, while its exceptional performance against gold solidifies its position as a lucrative investment avenue.

Renewed Interest In Crypto

Bitcoin, often likened to Berkshire Hathaway, symbolizes a compounding tool for wealth creation. The analogy by Anthony drew attention to the sheer transformative capability of Bitcoin akin to the renowned American conglomerate, led by Warren Buffett. With a market capitalization surpassing $700 billion, Berkshire Hathaway exemplifies enduring success in the investment realm.

The enthusiasm for Bitcoin by both Anthony and the crypto community in general remains unwavering, supported by its remarkable performance metrics. Over the last decade, while gold saw a modest 30% gain adjusted for inflation, Bitcoin soared by an impressive 3,700% since its inception. This translates to annual returns averaging 45%, showcasing the unparalleled potential of Bitcoin and its ability to outshine traditional assets like gold.

Qatar Looking To Get Involved

Recent speculation surrounding Qatar potentially incorporating Bitcoin into its reserves has fueled excitement in the crypto market. While unconfirmed, this prospect highlights the overall growing recognition of crypto as a legitimate asset class. The interest shown by Qatar in Bitcoin began circulating in 2023, further reinforcing its status in the global investment landscape.

In the current market scenario, Bitcoin trades at $63,459, marking a substantial 21% increase over the past week. However, it faces resistance near its previous all-time high of $69,000, with $62,000 serving as its immediate support level. The Relative Strength Index (RSI) on the weekly timeframe signals strong momentum and potential for further appreciation.

ETFs (Exchange Traded Funds) tied to Bitcoin (BTC) are swiftly climbing the ranks among commodity ETFs, surpassing the largest silver trusts and aiming to overtake the leading gold trusts next. Recent data by HODL15Capital highlights a noteworthy achievement for the crypto sector, indicating that Bitcoin spot ETFs have exceeded Silver ETFs in terms of asset management size.

BlackRock And Fidelity On The Rise

Specifically, the BlackRock iShares BTC ETF has reached an AUM (Asset Under Management) milestone of $10.03 billion, marking a significant 35.2% gain year-to-date. In contrast, iShares Silver Trust (SLV) lags behind with an AUM of $9.626 billion, experiencing a 4.8% decline on a YTD basis. Essentially, the BlackRock Bitcoin ETF has surpassed the largest Silver Trust, with gold trusts remaining the next contenders.

Following closely is Fidelity WiseOrigin Bitcoin ETF, boasting an AUM of $6.55 billion and a comparable 35.2% annual gain like the BlackRock ETF. Consequently, both BlackRock and Fidelity saw their respective Bitcoin spot ETFs rank higher than SPDR Gold MiniShares Trust and Invesco Diversified Commodity Strategy, which have AUM of $6.325 billion and $4.465 billion, respectively.

Oil Market Making A Comeback

Both BlackRock and Fidelity outperformed the Physical Gold Shares ETF, which has a AUM of $2.685 billion. Positioned at ninth in the commodity ETF leaderboard is ARK 21Shares Bitcoin ETF, with an AUM of $2.175 billion, surpassing Invesco DB Commodity Index Tracking with a 35.2% gain since January.

Similarly, Bitwise Bitcoin ETF secures the 11th position, outperforming the United States Oil Fund and U.S. Natural Gas Fund. On an annual scale, the United States Oil Fund is the only commodity showing a positive gain like the Bitcoin ETFs, while the U.S. Natural Gas Fund records the most significant decline, with an 18.4% negative growth since January.

Exciting news in the world of venture capital funding and Web3! 🚀 🚀Here's a roundup of recent investments between 27th February to 4th March, 2024, courtesy of CryptoWeekly:


CredShields in Singapore secured $1M in funding in a Series Unknown round led by Draper Associates on 03/01/2024. CredShields provides next-gen security tools for next-gen applications. Users can get overall coverage of their security requirements across all verticals in a single place.


Quantex in the United States raised $150K in a Seed round on 02/29/2024. After transitioning to a Systems/DevOps Engineer in 2017, Andrew Elkhoury leveraged his experience to spearhead Quantex's development. In October 2020, he initiated Cryptiswap, a non-custodial swap platform, which launched in April 2021.


Bakkt in the United States announced a significant $50M Post-IPO Equity investment on 02/29/2024. Bakkt focuses on building viable solutions that enable their clients to grow with the crypto economy through a regulated approach.


Arkis, also in the United States, successfully raised $2.2M in Pre-Seed funding from gumi Cryptos Capital (gCC) on 02/27/2024. Arkis offers multichain, undercollateralized leverage powered by portfolio margin while also ccelerating the maturity of decentralized finance.


Eightco Holdings, Inc. Holdings in the United States received $810K in Post-IPO Equity funding on 02/27/2024. Eightco Holdings is a dynamic technology-focused company committed to driving growth and innovation through strategic acquisitions and management.


Coinweb.io in the United Kingdom secured $650K in a Seed round with GDA Capital on 02/27/2024. Coinweb is designed for mass adoption, focusing on revolutionising scalability and interoperability via an open- source, consensus-free, and decentralised platform.


Sphere Labs in the United States announced a $2.8M Seed round led by Jump Trading on 02/27/2024. Sphere focuses on improving money movement, from wire, bank transfer, cards, and more, to provide support for every major network. Sphere also concentrates on tracking users' subscriptions, invoices, and payment links both efficiently and seamlessly.


BuildBear Labs in Singapore closed a $1.9M Seed round with 1kx on 02/27/2024. BuildBear is a revolutionary DevTool designed from the ground up to ensure your creation is production-ready from the get-go. Their robust platform empowers users with continuous, automated testing powered by the lightning-fast Phoenix Engine.


Congratulations to these companies and exciting times ahead! Be sure to follow CryptoWeekly for all the latest updates regarding crypto, fundraising, and Web3.

Bitcoin has stabilized around the $62,000 mark following a significant surge in its price by over $10,000 during the past week. Meanwhile, alternative coins have resumed their upward trajectory, experiencing substantial gains via tokens such as DOGE, SHIB, BCH, UNI, ADA, among others.

There has been speculation in recent weeks about the possibility of an upcoming surge in altcoin prices, potentially signaling the onset of a new phase of heightened altcoin activity. This speculation seems to be materializing, at least to some extent.

In parallel, Bitcoin experienced a notable week, starting with a surge on Monday to surpassing $60,000 by Tuesday and Wednesday, reaching a 26-month high of $64,000. However, it faced resistance at this level and saw a significant pullback, though it quickly recovered most of its losses.

Altcoin Frenzy

Various altcoins including Cardano, Polkadot, Chainlink, Polygon, Litecoin, and Ripple have demonstrated impressive gains, ranging between 6-10% on a daily basis. The meme coins, in particular, have seen remarkable price increases, with DOGE rising by 20% and hovering near $0.15, while SHIB has surged by almost 70%, trading above $0.000021.

Bitcoin Cash has also seen significant gains, increasing by more than 25% in value and approaching the $400 mark. Other major altcoins like UNI and ETC have also experienced double-digit growth. Consequently, the dominance of Bitcoin over alternative coins has diminished, with its dominance metric dropping to below 50% on platforms like CoinGecko. The total market capitalization of the cryptocurrency market remains close to $2.5 trillion.

US Stocks Experience Resurgence

While the resurgence of Bitcoin dominates headlines, the enthusiasm extends beyond cryptocurrencies, with increased demand for bullish stock options and the resurgence of speculative trading reminiscent of the 2021 investment landscape. Three years after speculative fervor swept through the US investment scene, the appetite for thrill-seeking is resurfacing, even ahead of any easing by Jerome Powell & Co. on monetary policies.

Alongside renewed enthusiasm for meme coins, there has been a surge in demand for bullish stock options, reminiscent of the investing trends of 2021. Companies that thrived during the pandemic, such as Carvana Co. and Beyond Meat Inc., have seen significant boosts, catching skeptics off guard.

Although risky debt issued by Corporate America is not the playground for small traders, it is on the rise amid the ongoing credit supercycle. Coupled with impressive earnings by Big Tech giants, major stock indices have recently hit new highs.

Despite growing concerns among traders about the economy and the timing of potential interest rate adjustments by the Federal Reserve, this earnings season has provided investors with ample reasons to continue pouring money into stocks.

Vanguard Group CEO Tim Buckley is set to retire by the end of 2024, sparking discussions regarding potential shifts regarding the stance the company could take when it comes to Bitcoin ETFs under new leadership. The company has already begun the process of selecting a new CEO. Greg Davis, Chief Investment Officer, has been appointed as President, effective immediately.

Vanguard, known for its unique position among asset managers, is not currently involved with Bitcoin ETFs in any capacity, prompting speculation about policy changes under incoming management. While Tim was in charge, Vanguard saw its assets surged by 80% to $9 trillion, highlighting his significant impact on overall growth.

Critiques And Predictions

Despite the aforementioned success, Vanguard elected to go with a relatively conservative approach towards cryptocurrency, particularly its avoidance of Bitcoin ETFs. Unsurprisingly, this drew attention and criticism by numerous clients eager to diversify their portfolios with digital assets.

Under Buckley though, Vanguard remained firmly committed to traditional investment values, resulting in the exclusion of Bitcoin ETFs when it came to its offerings. This strategy has been commended for its alignment with overall core principles while also facing criticism via investors interested in digital currencies.

Time For Change

Bloomberg senior analyst Eric Balchunas recently suggested that Vanguard may eventually reconsider its stance on cryptocurrencies to meet the growing demand for diverse investment options, especially with the expansion of its advisory services.

Eric noted that while the current position of Vanguard on cryptocurrencies resonates with its conservative identity and would likely have pleased its founder, John Bogle, the evolving investment landscape and the desire to access alternative asset classes may very well prompt a shift going forward.

In any case, Vanguard finds itself at a crucial juncture, with the financial community observing closely to see if the departure of Buckley will indeed usher in a more receptive approach to Bitcoin ETFs and digital assets, reflecting the changing preferences of investors.

Merrill Lynch of Bank of America Corp and Wells Fargo & Co are now offering spot ETFs (Exchange Traded Funds) that invest directly in Bitcoin (BTC), the largest cryptocurrency globally, to some of their affluent clients.

Renewed Interest

This decision mirrors the increasing demand and mainstream acceptance of Bitcoin ETFs, especially as BTC reaches new highs, recently surpassing $60,000 according to the information provided by CoinGecko.

Moreover, the aforementioned banks will reportedly provide the approved Bitcoin ETFs to specific asset management clients through brokerage accounts that require such products, as per various undisclosed sources. Many other notable institutions, such as Grayscale and MicroStrategy, are already involved with crypto so this decision certainly makes sense.

The Future Is Bright

The United States Securities and Exchange Commission (SEC) approved nearly a dozen Bitcoin ETFs in January, marking a significant development after years of industry speculation and rejections. ETFs enable investors to participate in the crypto market without directly holding the corresponding digital asset.

Generally speaking, Bitcoin ETFs are viewed as a means to attract both institutional and retail investors to the cryptocurrency market, while also enhancing liquidity and transparency. Nonetheless, they bring associated risks including volatility, security vulnerabilities, and regulatory uncertainties.

Bitcoin mining stocks have experienced a significant decline, up to 27%, over the past three trading days despite the recent surge experienced by Bitcoin (BTC). According to Mitchell Askew, the lead analyst at Blockware Solutions, there have been two instances of a similar divergence in 2023, offering a favorable chance to invest in mining stocks at reduced prices.

Caution Advised

One analyst suggests this downturn may be due to unwarranted caution regarding the upcoming halving, implying it could present another attractive opportunity to acquire mining stocks at lower costs. Since February 27th, the two largest Bitcoin miners, Marathon Digital Holdings (MARA) and Riot Platforms (RIOT), have declined by 18.5% and 21.9%, respectively, according to data by Google Finance.

CleanSpark (CLSK) saw a substantial decrease of 27.5%, while TeraWulf (WULF) also experienced a decline of 25.4%. Various notable figures in the industry, like gold advocate Peter Schiff, have observed this trend, speculating whether the drop in Bitcoin mining stocks signals potential trouble for the flagship crypto. One cryptocurrency trader mentioned a shift in sentiment towards mining stocks as Bitcoin approached the $65,000 mark, indicating a cautious approach amid rising prices.

Looking Ahead

Mitchell Askew suggested that investors might be wary of investing in Bitcoin miners due to the looming halving event, which would reduce miner rewards by half. He emphasized that there have been two significant instances in the past year where both Bitcoin and mining stocks plummeted, presenting favorable opportunities to invest at lower prices.

According to Askew, these pullbacks are normal given the volatility of these assets and should be seen as opportunities rather than causes for concern. Looking ahead, Jaran Mellerud, one of the founders and chief mining strategists at Hashlabs Mining, believes the three to four months following the Bitcoin halving could be crucial for publicly-listed miners in the United States, speculating that some high-cost miners may relocate offshore to maintain profitability.

However, Askew disagrees, stating that it would be foolish to believe that the halving would render them unprofitable, as they have some of the lowest energy costs and have been investing in the latest hardware to prepare for the reduced block subsidy.

The ongoing upward trend exhibited by Bitcoin (BTC) may persist following a significant technical signal detected during the weekend, triggered by the flagship cryptocurrency experiencing a recent breakthrough of key resistance levels. As of the time of this writing, BTC is trading at just under $62,000.

No Signs Of Selling

Katie Stockton, the founder of Fairlead Strategies, communicated to clients that Bitcoin convincingly surpassed the $48,600 resistance level, signaling an intermediate-term bullish development in its chart. Having surged over 40% in the past month, Bitcoin reached its highest point since November 2021. Its year-to-date increase is 44%, with a remarkable 160% gain over the past year.

Stockton suggests that short-term technical indicators hint at an upcoming consolidation phase in the coming days before Bitcoin resumes its climb to test a final resistance at $64,900, as indicated by Markets Insider. In a previous analysis, Stockton emphasized this positive momentum, highlighting that several key indicators portray a favorable long-term momentum without signs of overbought conditions on the monthly chart, suggesting no immediate sell signals.

ETFs Triggered The Surge

Several factors, including the recent introduction of spot Bitcoin exchange-traded funds (ETFs), have contributed to this price surge, attracting significant investments. Bitcoin has sustained a winning streak for five consecutive days, aiming for its strongest monthly performance since October 2021, amidst the launch of spot Bitcoin ETFs in the U.S. in early January.

These ETFs have garnered substantial inflows, surpassing $6 billion in net inflows and continuing to drive demand for the leading cryptocurrency. Furthermore, the price surge anticipates its upcoming halving event, which will halve the coinbase reward miners receive per block found to 3.125 BTC, exerting additional pressure on the available supply.

Yesterday, a security breach occurred within the MetaMask wallet of Serenity Shield, resulting in the unauthorized transfer of over 7 million SERSH tokens. This incident caused a significant drop in the value of the token, sparking concerns among holders regarding the future of the platform.

Damage Control

The compromised wallet, which held liquidity for the SERSH token, belonged to Serenity Shield, a platform specializing in data storage solutions. The breach was announced via X (formerly Twitter), with approximately $5.6 million worth of SERSH tokens being transferred to a third-party wallet.

Following the hack, the price of SERSH plummeted by more than 90%, initially trading around $0.8 before falling sharply to $0.0073. Although the price briefly recovered above the $0.2 support level, it continued to decline, eventually settling in the $0.016-$0.017 range within 24 hours, marking a decrease of over 70% according to CoinMarketCap data.

In response to the security breach, all SERSH trading on centralized exchanges was suspended, and users were advised to not make any transactions on the PancakeSwap exchange as a precautionary measure. To safeguard the community, Serenity Shield proposed relaunching the SERSH token through a secure smart contract. Holders who acquired the token before the incident would be eligible for a 1:1 token replacement, limited to transactions conducted on decentralized exchanges and excluding those made after a specified snapshot timeframe.

Hacks Still Commonplace

Regarding transactions on CEXs, the team stated that they would collaborate with the respective platforms to devise a replacement process. Notably, a similar incident led the crypto gaming platform PlayDapp to migrate to the new PDA token after suffering a security breach.

Addressing community speculation, Serenity Shield clarified via Telegram that while the project itself had not been hacked, one of its hot wallets containing SERSH tokens had been compromised. Further investigation revealed a connection between the addresses involved in the hack and a previous security breach at the crypto exchange OKX in December 2023.

This incident underscores the ongoing challenges faced by the crypto community in 2024, prompting experts to advise vigilance against suspicious activities and links as scammers target prominent figures and projects within the crypto sphere.