{"id":76576,"date":"2023-04-03T09:13:52","date_gmt":"2023-04-03T06:13:52","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=76576"},"modified":"2025-09-10T18:12:06","modified_gmt":"2025-09-10T15:12:06","slug":"march-in-figures-inflows-to-defi-and-bitcoins-recovery-amid-the-banking-crisis","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/march-in-figures-inflows-to-defi-and-bitcoins-recovery-amid-the-banking-crisis\/","title":{"rendered":"March in Figures: Inflows to DeFi and Bitcoin\u2019s Recovery Amid the Banking Crisis"},"content":{"rendered":"<div class=\"wp-block-monthly-reviews-top-blk review_top_blk\">\n<h2 class=\"wp-block-heading\">Key highlights<\/h2>\n<ul class=\"wp-block-list\">\n<li>Bitcoin closed its best quarter since the start of 2021. Leading cryptocurrencies were in demand amid the crisis in the U.S. banking sector.<\/li>\n<li>&#8220;Fear and Greed Index&#8221; updated its annual high, signalling investor optimism.<\/li>\n<li>Liquidity inflows continued into the decentralised finance sector.<\/li>\n<li>On-chain indicators signal the potential for further upside in the first cryptocurrency.<\/li>\n<li>Profit-taking was largely concentrated on centralised exchanges by speculators. Hodlers remain steadfast.<\/li>\n<li>Hashrate and mining difficulty for digital gold reached new highs again.<\/li>\n<li>Investors showed strong interest in crypto derivatives. Open interest in options reached an all-time high.<\/li>\n<li>Depeg of USDC led to significant changes in the stablecoins segment.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Dynamics of Leading Assets<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"489\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/BTC-73-1024x489.png\" alt=\"Daily BTC\/USDT chart on Binance. Data: TradingView.\" class=\"wp-image-203059\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/BTC-73-1024x489.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-73-300x143.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-73-768x366.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-73-1536x733.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/BTC-73.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Daily BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<br \/><\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"457\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/ETH-63-1024x457.png\" alt=\"Daily ETH\/USDT chart on Binance. Data: TradingView.\" class=\"wp-image-203060\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/ETH-63-1024x457.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-63-300x134.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-63-768x343.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-63-1536x685.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/ETH-63.png 1834w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Daily ETH\/USDT chart on Binance. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/ETHUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>U.S. regulators charged several industry figures (Huobi, Coinbase, Justin Sun, SushiSwap). Despite the negative reaction to Bitcoin and the market (on March 10 the price dipped to $20,000), sentiment quickly turned bullish.<\/li>\n<li>A banking crisis began in the United States and amid macroeconomic instability, the crypto market posted notable gains, and its market capitalization returned to above $1 trillion. On March 30, Bitcoin hit a local high above $29,000.<\/li>\n<li>By the month\u2019s end, Bitcoin was up 22.96% and Ethereum 13.46%. In Q1 2023, both cryptocurrencies rose by 71.77% and 52.15%, respectively.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"403\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/gainers-33-1024x403.png\" alt=\"Gainers &#038; Losers of the month (projects with capitalization and volume over $200m). Data: Messari.\" class=\"wp-image-203061\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/gainers-33-1024x403.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/gainers-33-300x118.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/gainers-33-768x302.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/gainers-33-1536x604.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/gainers-33.png 1584w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Gainers &#038; Losers of the month (projects with capitalization and volume over $200m). Data: <a href=\"https:\/\/messari.io\/screener\/monthly-gainers-(copy)-E99DF2E8\">Messari<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"404\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/losers-31-1024x404.png\" alt=\"Gainers &#038; Losers of the month (projects with capitalization and volume over $200m). Data: Messari.\" class=\"wp-image-203062\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/losers-31-1024x404.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/losers-31-300x118.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/losers-31-768x303.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/losers-31-1536x607.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/losers-31.png 1585w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n<p>Among the successful projects in March, the Avalanche-based token Trader Joe (JOE) stood out. Platform trading volume rose significantly thanks to the prior integration of a new liquidity-provision model. Additionally, the DEX added support for Arbitrum, and after listing, its DAO received a substantial ARB allocation. Other gainers include Swipe (SXP) and Conflux (CFX). The former announced a rebranding to Solar, and the latter expanded in Asia with new partnerships.<\/p>\n<p>Losers of the month included Terra Luna Classic (LUNC) \u2014 amid the arrest of Terraform Labs founder Do Kwon \u2014 as well as Maker (MKR) and Fetch.ai (FET).<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-crypto-stocks review_single_blk\">\n<h3>Stocks of crypto-related companies<\/h3>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<p class=\"cryptostocks_label\"><strong>MicroStrategy (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-MSTR\/\" target=\"_blank\" rel=\"noopener\">MSTR<\/a>)<br \/><span>+10.78%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"review_half\">\n<p class=\"cryptostocks_label\"><strong>Coinbase (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-COIN\/\" target=\"_blank\" rel=\"noopener\">COIN<\/a>): <br \/><span>+3.48%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<p class=\"cryptostocks_label\"><strong>Bakkt (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NYSE-BKKT\/\" target=\"_blank\" rel=\"noopener\">BKKT<\/a>): <br \/><span>+17%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"review_half\">\n<p class=\"cryptostocks_label\"><strong>Galaxy Digital (<a href=\"https:\/\/ru.tradingview.com\/symbols\/TSX-GLXY\/\" target=\"_blank\" rel=\"noopener\">GLXY<\/a>): <br \/><span>+8.4%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-crypto-securities review_single_blk\">\n<h3>Mining equities performance<\/h3>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<p class=\"cryptostocks_label\"><strong>Canaan (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-CAN\/\" target=\"_blank\" rel=\"noopener\">CAN<\/a>): <br \/><span> \u22125.92%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"review_half\">\n<p class=\"cryptostocks_label\"><strong>Ebang International (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-EBON\/\" target=\"_blank\" rel=\"noopener\">EBON<\/a>): <br \/><span>\u22129.78%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<p class=\"cryptostocks_label\"><strong>Riot Blockchain (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-RIOT\/\" target=\"_blank\" rel=\"noopener\">RIOT<\/a>): <br \/><span>+56.58%<\/span><\/strong><\/p>\n<\/div>\n<div class=\"review_half\">\n<p class=\"cryptostocks_label\"><strong>Hut 8 (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-HUT\/\" target=\"_blank\" rel=\"noopener\">HUT<\/a>): <br \/><span>+12.8%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<div class=\"reviews_has_halves\">\n<div class=\"review_half\">\n<p class=\"cryptostocks_label\"><strong>Marathon Digital (<a href=\"https:\/\/ru.tradingview.com\/symbols\/NASDAQ-MARA\/\" target=\"_blank\" rel=\"noopener\">MARA<\/a>): <br \/><span>+21.45%<\/span><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Market sentiment, correlations and volatility<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"515\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-16-1024x515.png\" alt=\"Fear and Greed Index dynamics\" class=\"wp-image-203064\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-16-1024x515.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-16-300x151.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-16-768x386.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-straha-i-zhadnosti-16.png 1286w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Fear and Greed Index dynamics. Data: <a href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">alternative.me<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/indeks-straha-i-zhadnosti2-11.webp\" alt=\"Fear and Greed Index dynamics\" class=\"wp-image-203065\"\/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In March, the Fear and Greed Index updated its annual high, ahead of the next Federal Reserve meeting, reaching 68. This level is consistent with November 2021 when Bitcoin prices neared $20,000 and then moved to an all-time high.<\/li>\n<li>The index\u2019s low of 33 was recorded on March 12. The drop was attributed to panic following the depeg of the USD Coin (USDC) from the U.S. dollar.<\/li>\n<li>The index\u2019s trajectory points to investor optimism despite banking sector concerns and intensified regulatory pressure on sector players. This may signal the start of a new bull run.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"495\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-17-1024x495.png\" alt=\"90-day asset correlation indicators\" class=\"wp-image-203066\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-17-1024x495.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-17-300x145.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-17-768x371.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-17-1536x743.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/90-dnevnye-pokazateli-korrelyatsii-aktivov-17.png 1559w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">90-day asset correlation indicators. Data: <a href=\"https:\/\/www.blockchaincenter.net\/en\/cryptocurrency-correlation-study\/?timeframe=90days&#038;asset1=SP500&#038;asset2=BTC#correlationtable\">BlockchainCenter<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"525\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H-9-1024x525.png\" alt=\"Bitcoin BVOL24H intraday historical volatility index\" class=\"wp-image-203067\" style=\"width:818px;height:419px\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H-9-1024x525.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H-9-300x154.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H-9-768x394.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-indeksa-volatilnosti-BVOL24H-9.png 1335w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Bitcoin BVOL24H intraday volatility index dynamics. Data: <a href=\"https:\/\/www.bitmex.com\/app\/index\/.BVOL24H\">BitMEX<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In March, Bitcoin\u2019s statistical correlation with the U.S. stock market weakened significantly. Its correlation with the S&#038;P 500 fell to 0.27 (0.42 in February), and with the Dow Jones index to 0.25 (0.38 the previous month).<\/li>\n<li>Bitcoin price and gold moved in lockstep; however, the correlation between the two assets strengthened to 0.25 from 0.15 in February. Against the backdrop of the banking crisis, the digital asset demonstrates better performance relative to traditional financial instruments.<\/li>\n<li>The average BVOL24H over the last month stood at $3, higher than February\u2019s $2.1.<\/li>\n<li>The indicator reached a high of $6.1 on March 14, when prices rose above $26,000.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Macro backdrop<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/photo_2023-04-01_20-19-29.webp\" alt=\"Change in bank deposits in U.S. commercial banks. Data: Bloomberg.\" class=\"wp-image-203076\"\/><figcaption class=\"wp-element-caption\">Change in deposits in U.S. commercial banks. Data:<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-31\/us-bank-deposits-decline-sharply-for-a-second-straight-week\"> Bloomberg<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/forklog.com\/en\/news\/us-rescue-saves-svb-and-signature-bank-depositors-stablecoins-narrow-the-depegging\">The U.S. banking crisis has cooled. A ninth straight week of falling deposits in the sector (including <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-31\/us-bank-deposits-decline-sharply-for-a-second-straight-week\">$125.7bn<\/a> from March 16\u201322) and FDIC reserve exhaustion signal continued risks in the system.<\/li>\n<li>William Barr, Deputy Treasury Secretary and FDIC Chair Martin Greenberg and Janet Yellen <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-29\/us-regulators-grilled-on-preparations-for-digital-bank-run\">expressed confidence<\/a> in the health of credit institutions. Under the <a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%9F%D1%80%D0%BE%D0%B3%D1%80%D0%B0%D0%BC%D0%BC%D0%B0_%D1%81%D1%80%D0%BE%D1%87%D0%BD%D0%BE%D0%B3%D0%BE_%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8%D1%80%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F_%D0%B1%D0%B0%D0%BD%D0%BA%D0%BE%D0%B2_%D%A1%D0%A8%D0%90_(2023)#:~:text=%D0%9F%D1%80%D0%BE%D0%B3%D1%80%D0%B0%D0%BC%D0%BC%D0%B0%20%D1%81%D1%80%D0%BE%D1%87%D0%BD%D0%BE%D0%B3%D0%BE%20%D1%84%D0%B8%D0%BD%D0%B0%D0%BD%D1%81%D0%B8%D1%80%D0%BE%D0%B2%D0%B0%D0%BD%D0%B8%D1%8F%20(Bank%20Term,Valley%20Bank%20%D0%B8%20%D0%B4%D1%80%D1%83%D0%B3%D0%B8%D1%85%20%D0%B1%D0%B0%D0%BD%D0%BA%D0%BE%D0%B2.\">BTFP<\/a> Federal Reserve System <a href=\"https:\/\/www.zerohedge.com\/markets\/fed-balance-sheet-expands-bank-bailouts-biden-pushes-stricter-regs\">allocated<\/a> $64.4bn; total across all banking support programs stands at $383bn.<\/li>\n<li>Over the past three weeks, the central bank\u2019s balance sheet rose by $304bn, retracing almost two-thirds of the QT reduction since April 2022.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/photo_2023-04-01_20-19-32.webp\" alt=\"Federal Reserve balance sheet dynamics. Data: ZeroHedge.\" class=\"wp-image-203077\"\/><figcaption class=\"wp-element-caption\">Federal Reserve balance sheet dynamics. Data:<a href=\"https:\/\/www.zerohedge.com\/markets\/fed-balance-sheet-expands-bank-bailouts-biden-pushes-stricter-regs\"> ZeroHedge<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Stabilising sentiment reopens the case for a 25 basis point hike by the Fed at the May 3 meeting. The probability <a href=\"https:\/\/www.cmegroup.com\/markets\/interest-rates\/cme-fedwatch-tool.html\">rose to 48.4%<\/a>. During the peak of banking turmoil, traders leaned toward a cut or keeping rates unchanged.<\/li>\n<li>In March the Fed raised the target range to 4.75\u20135%. The path forward will depend on banking sector developments and upcoming macro data\u2014especially services inflation and employment (April 7).<\/li>\n<li>The Fed\u2019s liquidity injections helped the S&#038;P and Nasdaq-100 <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-03-31\/nvidia-and-meta-lead-nasdaq-100-s-powerhouse-first-quarter-gains\">close the first quarter up<\/a> 7% and 20.5%, respectively. Bitcoin tested the level above $29,000.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">On-chain data<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"447\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/MVRV-8-1024x447.png\" alt=\"MVRV Z-Score dynamics. Data: Look Into Bitcoin.\" class=\"wp-image-203080\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/MVRV-8-1024x447.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/MVRV-8-300x131.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/MVRV-8-768x335.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/MVRV-8.png 1459w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">MVRV Z-Score dynamics. Data: <a href=\"https:\/\/www.lookintobitcoin.com\/charts\/mvrv-zscore\/\">Look Into Bitcoin<\/a>.<\/figcaption><\/figure>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>The MVRV Z-Score reached its highest level since the start of May 2022 \u2014 0.6. The last time the metric was at such a level was ahead of the Terra collapse.<\/li>\n<li>A gradual move away from oversold green zone suggests continued market recovery.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"447\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/TSena-bitkoina-i-chislo-adresov-s-0.01-BTC-tysyach.-Dannye-Glassnode.-2.webp\" alt=\"Number of addresses with \u2265 0.01 BTC (thousands) and Bitcoin price. Data: Glassnode.\" class=\"wp-image-203081\"\/><figcaption class=\"wp-element-caption\">Number of addresses with \u2265 0.01 BTC (thousand) and Bitcoin price. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Favorites&#038;m=addresses.MinPointZero1Count&#038;s=1642668962&#038;u=1680284204&#038;zoom=\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/addresses-with-1-BTC.webp\" alt=\"addresses-with-1-BTC\" class=\"wp-image-203082\"\/><figcaption class=\"wp-element-caption\">Number of addresses with \u2265 1 BTC (thousand) and Bitcoin price. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=addresses.Min1Count&#038;s=1672513033&#038;u=1680285433&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>The number of small addresses \u2014 balance \u22650.01 BTC \u2014 continued to rise toward new highs after the late February\u2013early March dip that tested the $20,000 price level.<\/li>\n<li>A similar, though less pronounced, pattern is seen among other retail addresses \u2014 for example, those with \u22651 BTC balance. Since the start of the year, the metric for this category has grown by 1.3%.<\/li>\n<li>The growth in small-address balances may point to a gradual increase in new crypto investors and their desire to accumulate more digital gold amid turmoil in traditional finance.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Net-Transfer-Volume-from-to-Exchanges-1024x590.png\" alt=\"Net transfers of Bitcoins to and from exchanges. Data: Glassnode.\" class=\"wp-image-203083\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Net-Transfer-Volume-from-to-Exchanges-1024x590.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Net-Transfer-Volume-from-to-Exchanges-300x173.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Net-Transfer-Volume-from-to-Exchanges-768x442.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Net-Transfer-Volume-from-to-Exchanges-1536x885.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/Bitcoin-Net-Transfer-Volume-from-to-Exchanges.png 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Net transfers of Bitcoins to and from exchanges. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=transactions.TransfersVolumeExchangesNet&#038;mAvg=0&#038;mMedian=0&#038;s=1585314105&#038;u=1679918505&#038;zoom=1095&#038;utm_source=gn_insights&#038;utm_medium=insights_woc&#038;utm_campaign=woc_13_2023\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"590\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/liveliness-1024x590.png\" alt=\"Liveliness\" class=\"wp-image-203085\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/liveliness-1024x590.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/liveliness-300x173.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/liveliness-768x442.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/liveliness-1536x885.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/liveliness.png 2000w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Liveliness indicator dynamics. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=indicators.Liveliness&#038;s=1522238778&#038;u=1679918778&#038;zoom=1825&#038;utm_source=gn_insights&#038;utm_medium=insights_woc&#038;utm_campaign=woc_13_2023\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Analysts at Glassnode <span data-descr=\"\u043f\u0440\u0438\u0448\u043b\u0438 \u043a \u0432\u044b\u0432\u043e\u0434\u0443\" class=\"old_tooltip\">concluded<\/span> that amid March\u2019s rally investors boosted the inflow of Bitcoin to centralized platforms to 4,180 BTC (<span data-descr=\"14-day exponential moving average\" class=\"old_tooltip\">14D-EMA<\/span>) \u2014 a maximum since Terra\u2019s collapse in May 2022. The trend underscores profit-taking by many market participants.<\/li>\n<li>However, observations suggest that over 90% of coins moved to exchanges in late March belonged to speculators.<\/li>\n<li>For hodlers, the stance remains unyielding, as shown by the <span data-descr=\"indicator of hodler behavior dynamics\" class=\"old_tooltip\">Liveliness<\/span>. The indicator continues to point to large players\u2019 willingness to hold Bitcoin and confidence in the asset\u2019s prospects.<\/li>\n<\/ul>\n<\/div>\n<h3 class=\"wp-block-heading\">Ethereum<\/h3>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"502\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chislo-validatorov-11-1024x502.png\" alt=\"Daily ETH burn rate and validators count\" class=\"wp-image-203087\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chislo-validatorov-11-1024x502.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chislo-validatorov-11-300x147.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chislo-validatorov-11-768x377.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chislo-validatorov-11.png 1347w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Daily ETH burn and validators count. Data: <a href=\"https:\/\/etherscan.io\/chart\/dailyethburnt\">Etherscan<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"514\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Balansy-Ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-ETH-zadejstvovannogo-v-smart-kontraktah-14-1024x514.png\" alt=\"Balances of Ethereum on centralized exchanges and the share of ETH offered in smart contracts\" class=\"wp-image-203088\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Balansy-Ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-ETH-zadejstvovannogo-v-smart-kontraktah-14-1024x514.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Balansy-Ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-ETH-zadejstvovannogo-v-smart-kontraktah-14-300x151.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Balansy-Ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-ETH-zadejstvovannogo-v-smart-kontraktah-14-768x385.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Balansy-Ethereum-na-tsentralizovannyh-birzhah-i-dolya-predlozheniya-ETH-zadejstvovannogo-v-smart-kontraktah-14.png 1425w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Balances of Ethereum on centralized exchanges and the share of ETH staked in smart contracts. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=&#038;m=distribution.BalanceExchanges&#038;s=1633167919&#038;u=1635759919&#038;zoom=30\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Since activation of EIP-1559, the Ethereum network has burned over 3 million coins. Of these, more than 92,000 ETH burned in March (around 85,000 ETH in February). The burn rate has accelerated for the third consecutive month, aided by market recovery and rising DeFi activity.<\/li>\n<li>According to Ultrasound Money, over the last 30 days the supply of Ethereum decreased by 33,000 ETH. The largest net outflow (8,500 ETH) occurred through Uniswap-related operations, with transfers between network participants (~5,450 ETH) following.<\/li>\n<li>As of March, the share of ETH and its locked value in smart contracts rose to 26.96%. <span class=\"old_tooltip\" data-descr=\"\u043c\u0435\u0440\u044b\" >. <\/span><\/li>\n<li>Over the period, total Ethereum on centralized exchanges fell by 3.5%. The two latest metrics point to growing investor interest in decentralized applications of the ecosystem ahead of the Shapella upgrade, which <span data-descr=\"\u0430\u043a\u0442\u0438\u0432\u0438\u0440\u0443\u044e\u0442\" class=\"old_tooltip\">will activate<\/span> on 12 April.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"502\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chislo-validatorov-12-1024x502.png\" alt=\"Total ETH staked and validators count\" class=\"wp-image-203089\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chislo-validatorov-12-1024x502.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-Kontrakte-Ethereum-2.0-i-chislo-validatorov-12-300x147.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chislo-validatorov-12-768x377.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-kolichestva-ETH-na-depozitnom-kontrakte-Ethereum-2.0-i-chislo-validatorov-12.png 1347w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Total ETH staked and validators count. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=ETH%202.0&#038;m=eth2.StakingTotalVolumeSum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"596\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-32-ETH-12-1024x596.png\" alt=\"Ethereum 2.0 addresses with balance \u2265 32 ETH\" class=\"wp-image-203090\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-32-ETH-12-1024x596.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-32-ETH-12-300x175.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-32-ETH-12-768x447.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-chisla-adresov-Ethereum-2.0-s-balansom-32-ETH-12.png 1148w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Ethereum 2.0 addresses with a balance of \u2265 32 ETH. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&#038;category=ETH%202.0&#038;m=addresses.Min32Count\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In March, the number of validators rose by 3.5% to 570,653. The amount of assets in staking surpassed 18 million coins. Since the start of the year, the metric has grown by almost 14%.<\/li>\n<li>The number of unique addresses that deposited 32 ETH or more remained essentially unchanged over the month.<\/li>\n<\/ul>\n<\/div>\n<h3 class=\"wp-block-heading\">Lightning Network<\/h3>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"551\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-Lightning-Network-16-1024x551.png\" alt=\"Lightning Network capacity dynamics\" class=\"wp-image-203092\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-Lightning-Network-16-1024x551.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-Lightning-Network-16-300x161.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-Lightning-Network-16-768x413.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-emkosti-seti-Lightning-Network-16.png 1261w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Lightning Network capacity dynamics. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=lightning.NetworkCapacitySum&#038;s=1667260800&#038;u=1669841999&#038;zoom=\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"552\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-seti-Lightning-Network-15-1024x552.png\" alt=\"Number of nodes and channels in Lightning Network\" class=\"wp-image-203093\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-seti-Lightning-Network-15-1024x552.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-seti-Lightning-Network-15-300x162.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-seti-Lightning-Network-15-768x414.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/CHislo-nod-i-kolichestvo-kanalov-seti-Lightning-Network-15.png 1186w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Number of nodes and channels on the Lightning Network. Data: <a href=\"https:\/\/studio.glassnode.com\/dashboards\/btc-lightning-network\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>At month\u2019s end, Lightning Network capacity fell by 7%. In February the metric had recorded an all-time high of 5,206 BTC.<\/li>\n<li>The number of nodes and channels also dropped by 22% and 19% respectively. The trend may reflect rising popularity of services that provide users with payment infrastructure, such as Kraken\u2019s offering.<\/li>\n<li>According to <a href=\"https:\/\/mempool.space\/lightning\">mempool.space<\/a>, almost 55% of nodes are hosted on Google and Amazon cloud servers.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Mining, Hashrate, Fees<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"464\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/hashrate-19-1024x464.png\" alt=\"Bitcoin hashrate dynamics, EH\/s.\" class=\"wp-image-203095\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/hashrate-19-1024x464.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/hashrate-19-300x136.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/hashrate-19-768x348.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/hashrate-19.png 1315w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Bitcoin hashrate dynamics, EH\/s. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Miners&#038;m=mining.HashRateMean&#038;s=1669891218&#038;u=1677667218&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Slozhnost-majninga-bitkoina..webp\" alt=\"Bitcoin mining difficulty\" class=\"wp-image-203096\"\/><figcaption class=\"wp-element-caption\">Bitcoin mining difficulty. Data: <a href=\"https:\/\/charts.coinmetrics.io\/network-data\/\">Coin Metrics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Against a recovering market, Bitcoin\u2019s hashrate (7 MA) hit a fresh high near ~350 EH\/s. Since the start of the year, the metric has risen by ~26%. The steadily rising trend signals confidence in Bitcoin\u2019s long-term prospects and in mining.<\/li>\n<li>The mining difficulty, closely tied to hashrate, again <span data-descr=\"deployed\" class=\"old_tooltip\">reached<\/span> an all-time high \u2014 46.84 T. Since the start of the year the indicator has risen by ~33%.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"550\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-8-1024x550.png\" alt=\"Hashprice dynamics\" class=\"wp-image-203097\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-8-1024x550.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-8-300x161.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-8-768x413.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Hashprice-8.png 1459w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Hashprice dynamics. Data: <a href=\"https:\/\/data.hashrateindex.com\/chart\/bitcoin-hashprice-index\">Hashrate Index<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Despite rising difficulty, Bitcoin\u2019s hashprice resumed its recovery \u2014 at the end of March it stood at $0.08373, and by month-end around $0.078. <\/li>\n<li>The hashprice is up about 31% year-to-date, largely offsetting the drop in mining profitability from higher difficulty.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dohody-bitkoin-majnerov-po-mesyatsam..webp\" alt=\"Bitcoin miners\u2019 earnings by month. Data: Glassnode.\" class=\"wp-image-203098\"\/><figcaption class=\"wp-element-caption\">Bitcoin miners\u2019 earnings by month. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=Miners&#038;m=mining.RevenueSum&#038;s=1669909142&#038;u=1677685142&#038;zoom=90\">Glassnode<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>Total miner revenue rose 21% month-on-month to $757.8 million \u2014 the highest in ten months.<\/li>\n<li>The share of fees in miner revenue rose above 3% for the first time since June 2021. This reflects stronger on-chain activity, as shown by daily transaction counts in the Bitcoin blockchain (<a href=\"https:\/\/ycharts.com\/indicators\/bitcoin_transactions_per_day#:~:text=Basic%20Info,registered%20on%20the%20Bitcoin%20network.\">the measure reached May 2021 levels<\/a>). At the same time, Ordinals-related activity in March <a href=\"https:\/\/dune.com\/dgtl_assets\/bitcoin-ordinals-analysis\">slowed<\/a>.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-srednej-komissii-za-BTC-i-ETH-tranzaktsiyu.-2.webp\" alt=\"Average fee per BTC and ETH transaction. Data: Coin Metrics.\" class=\"wp-image-203099\"\/><figcaption class=\"wp-element-caption\">Average fee per BTC and ETH transaction. Data: <a href=\"https:\/\/charts.coinmetrics.io\/crypto-data\/?config=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%3D%3D\">Coin Metrics<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>In the last month the average fee per Bitcoin transaction rose 98% from $1.56 to $3.09. On March 24, the measure peaked at $4.14, a level not seen for a little over a year.<\/li>\n<li>The average Ethereum transaction fee remained largely unchanged, hovering above $5. Despite <a href=\"https:\/\/ycharts.com\/indicators\/ethereum_transactions_per_day#:~:text=Ethereum%20Transactions%20Per%20Day%20is,3.10%25%20from%20one%20year%20ago.\">a drop in activity<\/a>, on March 11 the metric exceeded $16 but quickly returned to balanced levels.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Volume of trades<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"562\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-14-1024x562.png\" alt=\"Trading volume on leading spot exchanges, $ billions.\" class=\"wp-image-203101\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-14-1024x562.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-14-300x165.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-14-768x421.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-14-1536x843.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/obem-torgov-14.png 1684w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Trading volume on leading spot exchanges, $ billions. Data: <a href=\"https:\/\/www.theblockcrypto.com\/data\/crypto-markets\/spot\">The Block<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>In March, trading volume on leading platforms rose 8% to $843bn.<\/li>\n<li>Despite the elimination of fees on the BTC\/USD pair on Binance, activity across the board did not change meaningfully. Platform-wide volume rose amid market activity, reaching $556bn.<\/li>\n<li>Most ForkLog-tracked exchanges improved their positions, with Gate.io notably rising from $20bn to $43bn in March.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Futures and options<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"563\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/fyuchersy-25-1024x563.png\" alt=\"Bitcoin and Ethereum futures volume, trillions $. Data: Glassnode.\" class=\"wp-image-203103\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/fyuchersy-25-1024x563.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/fyuchersy-25-300x165.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/fyuchersy-25-768x422.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/fyuchersy-25-1536x844.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/fyuchersy-25.png 1738w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Futures volume for Bitcoin and Ethereum, in trillions. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=derivatives.FuturesVolumeDailySum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"561\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/optsiony-25-1024x561.png\" alt=\"Options volume for Bitcoin and Ethereum, in billions. Data: Glassnode.\" class=\"wp-image-203104\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/optsiony-25-1024x561.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/optsiony-25-300x164.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/optsiony-25-768x421.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/optsiony-25-1536x842.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/optsiony-25.png 1802w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Options volume for Bitcoin and Ethereum, in billions. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;category=&#038;m=derivatives.OptionsVolumeDailySum\">Glassnode<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>For the first time since summer 2022, Bitcoin futures volume exceeded $1.3 trillion. The best quarter since last November was also seen for Ethereum-based contracts \u2014 $703bn.<\/li>\n<li>Options were in demand amid market recovery \u2014 $32.1bn for Bitcoin and $14.6bn for Ethereum (figures close to historical highs).<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"442\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/OI-fyuchersy-3-1024x442.png\" alt=\"Open interest in Bitcoin futures and options. Data: Coinglass.\" class=\"wp-image-203105\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/OI-fyuchersy-3-1024x442.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/OI-fyuchersy-3-300x130.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/OI-fyuchersy-3-768x332.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/OI-fyuchersy-3.png 1389w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Open interest in Bitcoin futures and options. Data: <a href=\"https:\/\/www.coinglass.com\/BitcoinOpenInterest\">Coinglass<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"412\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/OI-optsiony-4-1024x412.png\" alt=\"Open interest in Bitcoin futures and options. Data: Coinglass.\" class=\"wp-image-203106\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/OI-optsiony-4-1024x412.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/OI-optsiony-4-300x121.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/OI-optsiony-4-768x309.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/OI-optsiony-4.png 1404w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Despite elevated activity in Bitcoin futures, open interest has trended lower since late 2023 (from 660,000 BTC in October to 407,000 BTC at the end of March).<\/li>\n<li>Meanwhile, the aggregate Bitcoin option open interest reached a record high of 523,000 BTC. The subsequent quarterly expiry pulled the figure back to around 326,000 BTC.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">DeFi<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"486\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore-18-1024x486.png\" alt=\"Change in the value of assets locked in DeFi sector.\" class=\"wp-image-203109\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore-18-1024x486.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore-18-300x142.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore-18-768x365.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-stoimosti-sredstv-zablokirovannyh-v-DeFi-sektore-18.png 1318w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Change in the value of assets locked in the DeFi sector. Data: <a href=\"https:\/\/defillama.com\/\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"508\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-5-ekosistem-po-stoimosti-zablokirovannyh-sredstv-5-1024x508.png\" alt=\"Top ecosystems by value of locked funds, in $ billions. Data: DeFi Llama\" class=\"wp-image-203110\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-5-ekosistem-po-stoimosti-zablokirovannyh-sredstv-5-1024x508.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Top-5-ekosistem-po-stoimosti-zablokirovannyh-sredstv-5-300x149.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Top-5-ekosistem-po-stoimosti-zablokirovannyh-sredstv-5-768x381.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Top-5-ekosistem-po-stoimosti-zablokirovannyh-sredstv-5.png 1295w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top ecosystems by value of locked funds, in $ billions. Data: <a href=\"https:\/\/defillama.com\/chains\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>In March, TVL in smart contracts of DeFi projects rose 3.5%, to $84.44 billion over the period. At the peak, driven by the Arbitrum ARB airdrop, TVL reached $86.44 billion.<\/li>\n<li>In the backdrop of ARB distribution, Layer-2 TVL grew 14% for March. Ethereum remains the undisputed leader, accounting for more than 66% of the total.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"604\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/DeFi-top20-1024x604.png\" alt=\"Top-20 DeFi coins by market cap. Data: Messari \" class=\"wp-image-203111\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/DeFi-top20-1024x604.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/DeFi-top20-300x177.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/DeFi-top20-768x453.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/DeFi-top20.png 1257w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Top-20 DeFi coins by market capitalization. Data: <a href=\"https:\/\/messari.io\/screener\/defi-assets-(copy)-563C5306\">Messari<\/a> (as of 01.04.2023).<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Top-5-DeFi-proektov-na-baze-Ethereum-po-stoimosti-zablokirovannyh-sredstv-17.webp\" alt=\"Top-5 DeFi projects on Ethereum by locked funds value, in $ billions.\" class=\"wp-image-203112\"\/><figcaption class=\"wp-element-caption\">Top-5 DeFi projects on Ethereum by locked funds value, in $ billions. Data: <a href=\"https:\/\/defillama.com\/chain\/Ethereum\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Most DeFi top-20 assets ended March in the red. MakerDAO (MKR) suffered the worst, down 21%, due in part to the depeg of the platform\u2019s DAI stablecoin following USDC issues.<\/li>\n<li>The strongest performer was Solar (SXP), up 94%. The price movement is linked to the migration to its own blockchain and Binance\u2019s support for the token.<\/li>\n<li>On Ethereum, Lido remains the leader in TVL for liquid staking. Its TVL rose almost 20% in March, driven by the approaching Shapella hard fork.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/TVL-po-osnovnym-sektoram-DeFi-3.webp\" alt=\"TVL by main DeFi sectors. Data: DeFi Llama.\" class=\"wp-image-203113\"\/><figcaption class=\"wp-element-caption\">TVL by main categories of DeFi apps. Data: <a href=\"https:\/\/defillama.com\/categories\">DeFi Llama<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Kapitalizatsiya-populyarnyh-bitkoinov-na-Ethereum-17.webp\" alt=\"Market cap of popular BTC on Ethereum, in $ billions. Data: Dune Analytics.\" class=\"wp-image-203114\"\/><figcaption class=\"wp-element-caption\">Market capitalization of popular BTC on Ethereum, in $ billions. Data: <a href=\"https:\/\/dune.com\/eliasimos\/btc-on-ethereum_1\">Dune Analytics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Decentralised exchanges continued to dominate the overall DeFi TVL \u2014 at the time of writing, they account for about 22% of the total, or $18.69bn.<\/li>\n<li>March saw a notable inflow into liquidity-providing DApps \u2014 the segment\u2019s TVL rose 15%, with Ethereum accounting for more than 66% of the total.<\/li>\n<li>Over the period, the aggregate market cap of \u201cBitcoin on Ethereum\u201d shrank by almost 10%, to $4.57bn.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"550\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche-14-1024x550.png\" alt=\"Daily transactions in Polygon, Ethereum, BSC and Avalanche ecosystems\" class=\"wp-image-203115\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche-14-1024x550.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche-14-300x161.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche-14-768x412.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-dnevnogo-chisla-tranzaktsij-v-ekosistemah-Polygon-Ethereum-Binance-Smart-Chain-i-Avalanche-14.png 1235w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Daily transaction counts in the Polygon, Ethereum, Binance Smart Chain and Avalanche ecosystems. Data: <a href=\"https:\/\/tronscan.org\/#\/data\/stats2\/transaction\/txOverviewStatsType\">Tron<\/a>, <a href=\"https:\/\/etherscan.io\/chart\/tx\">Etherscan<\/a>, <a href=\"https:\/\/bscscan.com\/chart\/tx\">BscScan<\/a>, <a href=\"https:\/\/arbiscan.io\/chart\/tx\">Arbiscan<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>The Tron blockchain remains the leader in on-chain activity. In March the network processed an average of 7.06 million daily transactions, above February\u2019s 6.8 million.<\/li>\n<li>The Arbitrum metric rose by 55% \u2014 as an L2 solution it processed 955,466 transactions on average, still below Ethereum\u2019s ~1.07 million.<\/li>\n<li>Meanwhile, in terms of intraday activity, the network repeatedly outpaced Ethereum\u2019s blockchain in transactions. For example, during the ARB airdrop, transactions exceeded 2.73 million.<\/li>\n<\/ul>\n<\/div>\n<h3 class=\"wp-block-heading\">DEX and L2<\/h3>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Screenshot_1-1-1.webp\" alt=\"Trading volume on decentralised Ethereum exchanges, $ billions\" class=\"wp-image-203338\"\/><figcaption class=\"wp-element-caption\">Trading volume on decentralised Ethereum exchanges, in $ billions. Data: <a href=\"https:\/\/duneanalytics.com\/hagaetc\/dex-metrics\">Dune Analytics<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"lazy\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/l2-14.webp\" alt=\"l2-14\" class=\"wp-image-203119\"\/><figcaption class=\"wp-element-caption\">TVL in Ethereum Layer-2 protocols. Data: <a href=\"https:\/\/l2beat.com\/\">L2BEAT<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>March saw notable revival in the decentralised exchange segment \u2014 trading volume reached $129bn. Of that, Uniswap accounted for $72.8bn, SushiSwap for $17.8bn, and Curve for $17.5bn.<\/li>\n<li>This was driven by several factors. In the wake of a successful ARB drop, users redirected substantial liquidity to DeFi and actively used DEXs. The ARB distribution itself also drew funds into protocols.<\/li>\n<li>In early March the industry also faced triggers. As noted, the SEC <span data-descr=\"\u043d\u0430\u043f\u0440\u0430\u0432\u0438\u043b\u0430\" class=\"old_tooltip\">took action against<\/span> SushiSwap\u2019s leadership, affecting its volumes. <span data-descr=\"\u0422\u0440\u0443\u0434\u043d\u043e\u0441\u0442\u0438\" class=\"old_tooltip\">Difficulties<\/span> at the USDC issuer also aided the metric\u2019s rise as investors rushed to exit the asset (stablecoins were in demand in DeFi).<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Stablecoins<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"579\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/stejblkoiny-22-1024x579.png\" alt=\"Market capitalisation of stablecoins, $bn\" class=\"wp-image-203120\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/stejblkoiny-22-1024x579.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/stejblkoiny-22-300x170.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/stejblkoiny-22-768x434.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/stejblkoiny-22-1536x868.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/stejblkoiny-22.png 1638w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Market capitalisation of stablecoins, in $bn. Data: <a href=\"https:\/\/studio.glassnode.com\/metrics?a=USDT&#038;category=&#038;m=market.MarketcapUsd\">Glassnode<\/a>, <a href=\"https:\/\/messari.io\/\">Messari<\/a>.<\/figcaption><\/figure>\n<p>In March, stablecoins\u2019 market capitalisation slipped to $131bn, influenced by the U.S. banking crisis.<\/p>\n<p>On March 11, the second-largest stablecoin USD Coin (USDC) lost parity with the U.S. dollar due to problems at Silicon Valley Bank (SVB), which was closed during the banking turmoil. The issuer Circle <span data-descr=\"\u0445\u0440\u0430\u043d\u0438\u043b\" class=\"old_tooltip\">held<\/span> $3.3bn in the bank, which were blocked. The company immediately announced plans to use its corporate reserves and external capital to cover the shortfall, but investors did not stop. <\/p>\n<p>Because USDC is actively used in DeFi and as collateral for other assets, a cascading effect followed \u2014 decentralised stablecoins DAI and FRAX also lost their dollar pegs. The situation was resolved in favour of SVB clients \u2014 authorities announced a rescue, and USDC returned to its $1 target.<\/p>\n<p>Despite the resolution, USDC\u2019s market cap continued to decline, finishing March down by $9.1bn. In contrast, Tether (USDT) grew by $8.7bn.<\/p>\n<p>In March, True USD (TUSD) issuance doubled, supported by Binance (rising from $1bn to $2bn). As Binance gradually exits Binance USD (BUSD), it converted stablecoins into SAFU reserves in TUSD and USDT. Moreover, Binance\u2019s zero-fee trading now operates only in the BTC\/TUSD pair.<\/p>\n<\/div>\n<h2 class=\"wp-block-heading\">NFT<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/marketplejsy.webp\" alt=\"Daily NFT marketplace volume, ETH.\" class=\"wp-image-203124\"\/><figcaption class=\"wp-element-caption\">Daily NFT marketplace volume, ETH. Data: <a href=\"https:\/\/dune.com\/hildobby\/NFTs\">Dune Analytics<\/a>.<\/figcaption><\/figure>\n<p>The Blur marketplace cemented its position as the leading platform in the NFT space, eclipsing OpenSea. In March, daily volumes were on average three times higher.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"583\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/kollektsii-5-1024x583.png\" alt=\"NFT collection activity.\" class=\"wp-image-203126\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/kollektsii-5-1024x583.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/kollektsii-5-300x171.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/kollektsii-5-768x437.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/kollektsii-5.png 1116w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Activity by NFT collections. Data: <a href=\"https:\/\/cryptoslam.io\/\">Cryptoslam<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/blokchejny-5.webp\" alt=\"NFT sales across blockchains.\" class=\"wp-image-203127\"\/><figcaption class=\"wp-element-caption\">NFT sales across blockchains. Data: <a href=\"https:\/\/cryptoslam.io\/\">Cryptoslam<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Flagship BAYC collections showed weakness, while premium tokens CryptoPunks drew renewed interest from NFT collectors.<\/li>\n<li>Solana ecosystem performed well with DeGods and y00ts delivering strong results.<\/li>\n<li>Among blockchains, Polygon, ImmutableX and Arbitrum showed positive momentum.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/ordinals-1.webp\" alt=\"Bitcoin Ordinals issuance fees. Data: Dune Analytics.\" class=\"wp-image-203128\"\/><figcaption class=\"wp-element-caption\">Fees for issuing Bitcoin Ordinals. Data: <a href=\"https:\/\/dune.com\/dgtl_assets\/bitcoin-ordinals-analysis\">Dune Analytics<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>In March, Yuga Labs held an auction for TwelveFold NFT on Bitcoin, raising $16.5m and reaffirming the Bitcoin-Ordinals trend.<\/li>\n<li>Ordinals surpassed 700,000 in total, and a peak 13 BTC in protocol fees was paid by March 24. In total, users paid 153 BTC for NFT issuance.<\/li>\n<li>PlayStation maker Sony filed a patent for NFT products in 2021. The document <span class=\"old_tooltip\" data-descr=\"describes\" >describes<\/span> infrastructure enabling holders to own and transfer NFTs across platforms.<\/li>\n<li>According to media, an Amazon NFT marketplace launch is planned for April. Meta, by contrast, <span class=\"old_tooltip\" data-descr=\"rejected\" >rejected<\/span> pursuit of NFT initiatives.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Activity of major players<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"424\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin-1-1024x424.png\" alt=\"Top public companies holding Bitcoin in reserves\" class=\"wp-image-203131\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin-1-1024x424.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin-1-300x124.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin-1-768x318.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Krupnejshie-publichnye-kompanii-uderzhivayushhie-v-rezervah-bitkoin-1.png 1184w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Major public companies holding Bitcoin in reserves. Data: <a href=\"https:\/\/bitcointreasuries.net\/\">Bitcoin Treasuries<\/a>.<\/figcaption><\/figure>\n<ul class=\"wp-block-list\">\n<li>One of the largest Bitcoin holders, MicroStrategy, <span class=\"old_tooltip\" data-descr=\"\u0434\u043e\u043a\u0443\u043f\u0438\u043b\u0430\" >toped up<\/span> 6,455 BTC between February 16 and March 23, 2023. The total purchase was around $150m, acquired at an average price of $23,238.<\/li>\n<li>Marathon Digital Holdings also increased its digital reserves substantially, aided by <span class=\"old_tooltip\" data-descr=\"\u0440\u0435\u043a\u043e\u0440\u0434\u043d\u044b\u043c \u043f\u043e\u043a\u0430\u0437\u0430\u0442\u0435\u043b\u044f\u043c \u0434\u043e\u0431\u044b\u0447\u0438\" >record mining outputs<\/span> \u2014 averaging 11.4 BTC per day.<\/li>\n<li>Riot notably <span class=\"old_tooltip\" data-descr=\"\u0443\u0432\u0435\u043b\u0438\u0447\u0438\u043b\u0441\u044f\" >surged<\/span> due to record mining in 2022 (5,554 BTC \u2014 up 46% versus the prior period).<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-otkrytogo-interesa-po-bitkoin-fyuchers-na-CME.webp\" alt=\"Open interest in Bitcoin futures on CME. Data: CFTC.\" class=\"wp-image-203132\"\/><figcaption class=\"wp-element-caption\">Open interest in Bitcoin futures on CME. Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"468\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-positions-5-1024x468.png\" alt=\"Long and short positions of retail traders (Nonreportable). Data: CFTC.\" class=\"wp-image-203133\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-positions-5-1024x468.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-positions-5-300x137.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-positions-5-768x351.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Pozitsii-melkih-igrokov-Nonreportable-positions-5.png 1167w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Long and short positions of retail traders (Nonreportable). Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Open interest (OI) in Bitcoin futures on the CME fell by 5% over the month, but the uptrend remains intact.<\/li>\n<li>At month-end the number of long and short positions among large players (Non-Commercial and Commercial) were roughly level, though among retail traders long positions were notably dominant.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Byki-i-medvedi-sredi-krupnyh-trejderov-na-CME-i-obshhee-chislo-igrokov-2-1024x460.png\" alt=\"Bulls and bears among large CME futures traders and overall player count\" class=\"wp-image-203134\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Byki-i-medvedi-sredi-krupnyh-trejderov-na-CME-i-obshhee-chislo-igrokov-2-1024x460.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Byki-i-medvedi-sredi-krupnyh-trejderov-na-CME-i-obshhee-chislo-igrokov-2-300x135.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Byki-i-medvedi-sredi-krupnyh-trejderov-na-CME-i-obshhee-chislo-igrokov-2-768x345.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Byki-i-medvedi-sredi-krupnyh-trejderov-na-CME-i-obshhee-chislo-igrokov-2.png 1092w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Bulls and bears among large CME futures traders and total number of traders. Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Byki-i-medvedi-sredi-krupnyh-trejderov-na-CME-i-obshhee-chislo-igrokov-2-1024x460.png\" alt=\"Bulls and bears among large CME futures traders and overall player count\" class=\"wp-image-203134\"\/><\/figure>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<ul class=\"wp-block-list\">\n<li>The total number of large CME futures traders continued to rise, reaching a record 122 by month-end.<\/li>\n<li>The total number of Ethereum futures traders fell to November 2022 levels, yet the figure remains on an upward trajectory.<\/li>\n<\/ul>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-two-halves-wrapper reviews_has_halves\">\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Otkrytyj-interes-po-Ethereum-fyuchersam-na-CME-6.webp\" alt=\"Open interest in Ethereum futures on CME. Data: CFTC.\" class=\"wp-image-203135\"\/><figcaption class=\"wp-element-caption\">Open interest in Ethereum futures on CME. Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<div class=\"wp-block-monthly-reviews-half review_half\">\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dinamika-pozitsij-krupnyh-igrokov-kategorii-Commercial-po-Ethereum-fyuchersam-4.webp\" alt=\"Position dynamics of large players (Commercial) trading Ethereum futures on CME. Data: CFTC.\" class=\"wp-image-203136\"\/><figcaption class=\"wp-element-caption\">Position dynamics of large institutional players (Commercial) trading Ethereum futures on CME. Data: <a href=\"https:\/\/www.cftc.gov\/dea\/futures\/deacmesf.htm\">CFTC<\/a>.<\/figcaption><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\">\n<li>Open interest in Ethereum futures on CME was down 37.5% by the end of March, but the upward trend remains intact.<\/li>\n<li>Among Commercials with rising edge, longs outnumber shorts, indicating optimism among large market participants ahead of <span class=\"old_tooltip\" data-descr=\"Shapella upgrade\">the Shapella upgrade<\/span>.<\/li>\n<\/ul>\n<\/div>\n<h2 class=\"wp-block-heading\">Venture rounds<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-venture-single has_ventures\"><strong>$109m<\/strong><\/p>\n<p>Ledger hardware wallet developer <span class=\"old_tooltip\" data-descr=\"\u043e\u043f\u0438\u0441\u0430\u043d\u044b\" >Ledger<\/span> raised in a Series C round at a higher valuation \u2014 $1.42bn.<\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-venture-single has_ventures\"><strong>$50m<\/strong><\/p>\n<p>Scroll, Ethereum startup. Reports suggest a valuation of about $1.8bn.<\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-venture-single has_ventures\"><strong>$50m<\/strong><\/p>\n<p>EigenLayer, the restaking protocol team, in Series A. Company valued at $250m and native tokens at $500m.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-venture-single has_ventures\"><strong>$40m<\/strong><\/p>\n<p>Fetch.ai from DWF Labs. Blockchain startup valued at $250m.<\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-venture-single has_ventures\"><strong>$40m<\/strong><\/p>\n<p>CCP Games studio developing a blockchain-based game in the EVE universe. Investment round led by Andreessen Horowitz.<\/p>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-venture-single has_ventures\"><strong>$28m<\/strong><\/p>\n<p>Web3 AI-driven social network OP3N in Series A. Valuation put at $100m.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Regulation<\/h2>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-flags review_has_flag\">\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Frame-8.webp\" alt=\"Ukraine\" class=\"wp-image-203144\"\/><\/figure>\n<\/div>\n<\/div>\n<p>Crypto exchanges <span class=\"old_tooltip\" data-descr=\"\u043f\u0440\u0438\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u0438\u043b\u0438\">halted<\/span> operations on hryvnia bank cards for Ukrainian users amid the fight against illegal gambling.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-flags review_has_flag\">\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/SSHA.webp\" alt=\"USA\" class=\"wp-image-199568\"\/><\/figure>\n<\/div>\n<\/div>\n<ul class=\"wp-block-list\" id=\"block-a1657cf2-5bcc-447c-bcfb-02a473166669\">\n<li>In the United States, policymakers proposed taxing miners 30% of electricity costs.<\/li>\n<li>The U.S. Internal Revenue Service plans to classify NFTs as tangible art and tax accordingly.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-flags review_has_flag\">\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Frantsiya-1.webp\" alt=\"France\" class=\"wp-image-203149\"\/><\/figure>\n<\/div>\n<\/div>\n<p>French authorities <span class=\"old_tooltip\" data-descr=\"\u043f\u0440\u0438\u043d\u044f\u043b\u0438\">adopted<\/span> new rules for registering crypto companies.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-flags review_has_flag\">\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Belarus-1.webp\" alt=\"Belarus\" class=\"wp-image-203157\"\/><\/figure>\n<\/div>\n<\/div>\n<p><strong>Belarus<\/strong> <span class=\"old_tooltip\" data-descr=\"\u043f\u0440\u043e\u0434\u043b\u0438\u043b\u0430\">extended<\/span> tax relief for the Bitcoin industry until 2025.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-flags review_has_flag\">\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Dania.webp\" alt=\"Denmark\" class=\"wp-image-203159\"\/><\/figure>\n<\/div>\n<\/div>\n<p><strong>Denmark<\/strong> court <span class=\"old_tooltip\" data-descr=\"\u043e\u0431\u044a\u044f\u0441\u043d\u0438\u043b\">explained<\/span> the principles of taxing profits from Bitcoin.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-flags review_has_flag\">\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Tajland.webp\" alt=\"Thailand\" class=\"wp-image-203160\"\/><\/figure>\n<\/div>\n<\/div>\n<p><strong>Thailand<\/strong> <span class=\"old_tooltip\" data-descr=\"\u043e\u0441\u043b\u0430\u0431\u0438\u043b\">relaxed<\/span> tax rules for issuers of investment tokens.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-flags review_has_flag\">\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Evrosoyuz.webp\" alt=\"European Union\" class=\"wp-image-203163\"\/><\/figure>\n<\/div>\n<\/div>\n<p><strong>European Parliament<\/strong> <span class=\"old_tooltip\" data-descr=\"\u043f\u0440\u0438\u043d\u044f\u043b\">passed<\/span> a law on digital wallets and will require crypto platforms to <span class=\"old_tooltip\" data-descr=\"\u0441\u043e\u0431\u043b\u044e\u0434\u0430\u0442\u044c\">comply with<\/span> AML requirements.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-flags review_has_flag\">\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Britaniya.webp\" alt=\"United Kingdom\" class=\"wp-image-203164\"\/><\/figure>\n<\/div>\n<\/div>\n<p>Bitcoin <span class=\"old_tooltip\" data-descr=\"\u0432\u044b\u043d\u0435\u0441\u0443\u0442\">will be categorized<\/span> in a separate category on UK tax returns.<\/p>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-flags review_has_flag\">\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Gonkong-1.webp\" alt=\"Hong Kong\" class=\"wp-image-199564\"\/><\/figure>\n<\/div>\n<\/div>\n<p>Hong Kong\u2019s financial regulator <span class=\"old_tooltip\" data-descr=\"\u043f\u0440\u043e\u0432\u0435\u0434\u0435\u0442\">will hold<\/span> a meeting between crypto firms and banks, \u201cto foster direct dialogue and knowledge sharing.\u201d<\/p>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-main-blk review_single_blk\">\n<div class=\"wp-block-monthly-reviews-thirds-wrapper reviews_has_thirds\">\n<div class=\"wp-block-monthly-reviews-third review_third\">\n<div class=\"wp-block-monthly-reviews-flags review_has_flag\">\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Frame-8.webp\" alt=\"Ukraine\" class=\"wp-image-203144\"\/><\/figure>\n<\/div>\n<\/div>\n<div class=\"wp-block-monthly-reviews-third review_third\"><\/div>\n<\/div>\n<\/div>\n<h2 class=\"wp-block-heading\">Month\u2019s materials<\/h2>\n<div class=\"wp-block-monthly-reviews-month-best review_month_best\">\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin closed its best quarter since early 2021, the Fear and Greed Index hit its yearly high, and DeFi apps saw liquidity inflows. ForkLog\u2019s March analytics report.<\/p>\n","protected":false},"author":1,"featured_media":76577,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"4","cryptorium_level":"","_short_excerpt_text":"Bitcoin closed its best quarter since early 2021; Fear and Greed index at yearly high; DeFi liquidity inflows. March ForkLog recap.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1740],"class_list":["post-76576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-industry-in-numbers"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"1","layout_type":"4","short_excerpt":"Bitcoin closed its best quarter since early 2021; Fear and Greed index at yearly high; DeFi liquidity inflows. March ForkLog recap.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/76576","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=76576"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/76576\/revisions"}],"predecessor-version":[{"id":76578,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/76576\/revisions\/76578"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/76577"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=76576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=76576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=76576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}