“Should Have Bought” is a news podcast featuring the ForkLog editorial team and friends, discussing the week’s major industry events and the hottest tokens.
This episode covers: a disappointing April for Bitcoin and Ethereum, the sentencing of Changpeng Zhao, record outflows from spot ETFs, and pessimistic forecasts.
Special guest: Nikita Zuborev, analyst at BestChange aggregator.
Participants: ForkLog authors Lena Jess, Aleksey K., Vasily Smirnov.
Symbolic Four Months for CZ
The founder of the largest cryptocurrency exchange Binance, Changpeng Zhao (CZ), has been sentenced to four months in prison.
During the court session, the US Department of Justice demanded a “significant” sentence for CZ to deter others from breaking the law on a large scale.
However, the judge, lawyers, and even prosecutors acknowledged during the hearings that Zhao differs from typical defendants. He was considered a philanthropist who committed an offense for the first time and a responsible family member willing to accept the consequences of his actions.
First Losing Month Since Last August
The price of digital gold showed a negative monthly trend for the first time since August 2023, declining by 12% in April—from $70,000 to $61,000. The price correction during this period was the largest since June 2022.
The second-largest cryptocurrency by market capitalization, Ethereum, fell below the $3,000 level.
Amid the correction, analysts at Standard Chartered pointed to the risks of digital gold falling to $50,000. Renowned technical analyst Peter Brandt even suggested the bull rally might have peaked despite the recent halving.
However, by the end of the week, the market slightly recovered. Bitcoin managed to approach the $63,000 level again, while Ethereum held above the $3,000 mark.
Record Outflow from Spot ETFs
On May 1, the outflow from spot Bitcoin ETFs reached a record high since the approval of the products—$563.8 million. BlackRock’s IBIT recorded negative dynamics for the first time—-$36.93 million.
The cumulative inflow into the products since their registration decreased to $11.2 billion. By the end of April, the figure had fallen by $343.5 million.
Previously, Bernstein described the slowdown in inflows into Bitcoin-based exchange-traded funds as temporary. The company’s analysts confirmed a price target for digital gold of $150,000.
Robert Mitchnick, head of digital assets at BlackRock, predicted a new wave of investments in Bitcoin ETFs. In his view, pension, target, and sovereign wealth funds will soon adopt these new instruments.
An Airdrop That Falls Short of Expectations
The restaking protocol EigenLayer, whose TVL exceeds $15 billion, announced the launch of the EIGEN token. The claim will begin on May 10, with the second phase of the campaign starting a month later.
The community criticized various aspects of the airdrop, including:
- excessive focus on venture investors;
- amounts distributed to ordinary users;
- regional restrictions;
- long vesting period.
However, the project team soon made some adjustments to the distribution rules.
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