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ETH Outperforms, Gold hits ATH, Saylor on Forbes cover
Defunct crypto exchange Mt. Gox moved almost a billion worth of Bitcoin, the second large BTC transfer in a week, as Bitcoin’s price fell to a four-month low on March 11.
Of the 11,833 Bitcoin (BTC) moved, 11,501 ($905.1 million) were sent into a new wallet, while the remaining 332 Bitcoin ($26.1 million) were transferred to a warm wallet, according to blockchain analytics firm Lookonchain, citing Arkham Intelligence data.
The transfer cost Mt. Gox just $2.13.
Transaction details of Mt. Gox’s $931 million transfer. Source: Arkham Intelligence
It comes less than a week after Mt. Gox moved 12,000 Bitcoin worth a little over $1 billion on March 6. Arkham noted that $15 million of those funds were sent to BitGo — one of the custodians facilitating Mt. Gox’s creditor repayments.
Blockchain analytics firm Spot On Chain said the 332 Bitcoin that recently went into the warm wallet may also be moved to assist with the repayments.
The movement coincided with a 2.4% price fall for Bitcoin to $76,784 over 30 minutes, CoinGecko data shows, retreating to November prices when the market was rallying on the back of US President Donald Trump’s election win.
While Bitcoin recovered from the slump to $79,275 soon after, Maelstrom chief investment officer Arthur Hayes advised investors to “be fucking patient” in a March 11 X post in which he predicted Bitcoin would bottom around the $70,000 mark.
Source: Arthur Hayes
Related: Bitcoin may benefit from US stablecoin dominance push
Mt. Gox’s main wallets now only hold 24,411 Bitcoin — worth $1.94 billion — after it started offloading around $9.2 billion worth of Bitcoin in June 2024, Spot On Chain data shows.
Mt. Gox’s change in Bitcoin holdings since 2015. Source: Spot On Chain
Last October, the defunct crypto exchange extended its deadline to fully repay its creditors, saying it would do so by Oct. 31, 2025.
Mt. Gox was the largest Bitcoin exchange between 2010 and 2014 — handling around 70-80% of Bitcoin trades before it collapsed from a hack that saw up to 850,000 Bitcoin stolen from the Tokyo-based platform.
Magazine: Train AI agents to make better predictions… for token rewards
Ether (ETH) price dropped below $2,600 on Feb. 24 and has since struggled to sustain a meaningful recovery. The latest correction toward the $2,000 level triggered over $918 million in leveraged long (bull) liquidations in ETH futures within 15 days, according to CoinGlass data. Traders now question what needs to happen for ETH to break above $2,500. Ether/USD (left) vs. total altcoin market cap (right). Source: TradingView / Cointelegraph Ether has underperformed the altcoin market by 10% during this period, as shown in the chart above. More concerningly, this decline followed a memecoin frenzy that boosted Ethereum’s main competitor, Solana (SOL). This suggests that additional factors are hampering ETH’s price, and four major issues need to be addressed before Ether can reclaim a bull market. For some, the upcoming Pectra upgrade on the Ethereum network falls short of what is needed to drive a meaningful turnaround, whether it lowers base-layer transaction fees or significantly enhances usability. Even if the changes do improve the user experience, analysts argue that Ethereum still lacks interoperability across different layer-2 solutions, both in terms of liquidity and user accessibility. Recent reports of empty blocks on the Ethereum testnet have added to risk perception at a time when investors were already skeptical. Regardless of whether this issue is unrelated to the upcoming upgrade or easily fixable, some traders worry that any potential delay could be perceived negatively by the market. In essence, fear remains the dominant sentiment, and for this to change, several pressing issues must be resolved. Critics argue that part of ETH investors’ disappointment stems from the rise of indirect competitors, such as the modular layer-1 Berachain, which focuses on integrating liquidity and governance for decentralized finance (DeFi) applications. 7-day protocol fees ranking, USD. Source: DefiLlama Berachain has successfully captured over $3 billion in deposits, as measured by total value locked (TVL) on DefiLlama. Similarly, Hyperliquid, a perpetual futures application hosted on its own blockchain, has surpassed $2.8 billion in open interest, outpacing competitors on the Ethereum network. In many ways, competition is growing beyond the traditional model. For ETH’s price to regain bullish momentum, traders need reassurance that the Ethereum network offers practical and clear advantages for its projects and users. Ultimately, Ethereum’s focus on decentralization and incremental improvements—whether justified or not—could be stemming demand compared to its competition. The lack of demand from institutional investors is evident in the spot exchange-traded fund (ETF) flows, which were negative in nine of the last 10 trading days, resulting in $406 million in net withdrawals. Some analysts suggested that demand could surge following the eventual approval of native staking on Ethereum ETFs, but this theory is now less certain, given that the ETH supply is increasing at 0.7% annually. Lower demand for blockchain processing has reduced the burn-fee mechanism, causing Ether to become inflationary. As a result, the adjusted native staking reward is now below 2.5%, while deposits in stablecoins yield up to 4.5% in most DeFi projects. Ultimately, the eventual inclusion of staking in spot ETFs is unlikely to be a game-changer for institutional demand. Related: DeFi TVL drops by $45B, erasing gains since Trump election Lastly, traders are concerned that the US Securities and Exchange Commission may approve a spot Solana ETF in 2025, creating direct competition for investors who currently only have access to Ether and Bitcoin (BTC) ETF products. Therefore, for ETH price to reach $2,500 and beyond, investors need clearer evidence that Ethereum offers sustainable advantages beyond its first-mover advantage. In summary, Ether’s future depends on Ethereum network upgrades, increased network usage, a subsequent decline in supply, and reduced friction for layer-2 interoperability, ensuring that the entire ecosystem benefits from its growth. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. Asset manager REX-Osprey is seeking to launch an exchange-traded fund (ETF) designed to hold the Movement Network’s native token, MOVE, according to a March 10 announcement. The filing comes as Movement, a layer-2 (L2) blockchain network, launches its public mainnet beta, Movement said. It is the latest example of a fund sponsor filing to list an ETF comprising an alternative cryptocurrency, or “altcoin.” “Traditional investors have expressed keen interest in gaining regulated exposure to emerging blockchain technologies without directly managing tokens,” Cooper Scanlon, Movement Labs’ co-founder, said in a statement. Movement is an Ethereum L2 blockchain designed using Move, a Rust-based programming language originally developed by Meta. Its public mainnet has approximately $250 million in total value locked (TVL), according to Movement. The MOVE token has a fully diluted value of around $5 billion, according to CoinMarketCap. The US Securities and Exchange Commission authorized ETFs holding Bitcoin (BTC) and Ether (ETH) to list in the US in 2024 but has not yet approved any altcoin ETFs. “Breaking the pattern of ETFs limited to long-established cryptocurrencies opens doors for institutional capital to support next-generation blockchain innovation,” Rushi Manche, Movement Labs’ co-founder, said in a statement. REX-Osprey has filed for a MOVE ETF. Source: SEC Related: Bitwise files to list a spot Aptos ETF — the 36th largest cryptocurrency Asset managers are seeking the SEC’s approval to list ETFs for holding upward of half a dozen different altcoins. On March 5, asset manager Bitwise filed to list a spot Aptos ETF in the US — a token created by a team led by two former Facebook (now Meta) employees in 2022. On Feb. 25, US securities exchange Nasdaq requested to list a Grayscale ETF holding the Polkadot network’s native token, DOT (DOT). Other altcoin ETFs awaiting approval include those holding Litecoin (LTC), Solana (SOL) and Official Trump (TRUMP), among others. US President Donald Trump, who started his second term in January, said he wants America to become the “world’s crypto capital” and has appointed pro-crypto leaders to key regulatory agencies, including the SEC. Bloomberg Intelligence has set the odds of the SEC approving Solana and Litecoin ETFs at 70% and 90%, respectively. Magazine: Meet lawyer Max Burwick — ‘The ambulance chaser of crypto’ Arthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025 Expert Sees Bitcoin Dipping To $50K While Bullish Signs Persist Aptos Leverages Chainlink To Enhance Scalability and Data Access Bitcoin Could Rally to $80,000 on the Eve of US Elections Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals Sonic Now ‘Golden Standard’ of Layer-2s After Scaling Transactions to 16,000+ per Second, Says Andre Cronje Crypto’s Big Trump Gamble Is Risky Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500x
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Ethereum’s upgrades and increased competition
Weak onchain activity and institutional demand
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Altcoin ETFs abound
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