Leading crypto exchange-traded product (ETP) issuer 21Shares has launched a product offering exposure to Bitcoin (BTC) layer2 (L2) network Stacks (STX).

The total number of transactions settled by the Bitcoin network crossed 800 million during the first quarter of the year, taking the cumulative value to $107 trillion, according to Reflexivity Research. BTC has settled an average of $8.2 trillion in transactions yearly since its launch, with its volume steadily rising.

With Binance firmly in the cross-hairs of US regulators this week, we investigate how the market has responded by deep diving into net coin flows through the exchange. We also assess the supply dynamics of Bitcoin, to gauge the shaking of holder confidence.

Bitcoin hit new month-to-date lows of $27,240 on Bitstamp on April 4 following rumors that Binance CEO Changpeng Zhao (CZ) was wanted by Interpol. However, the rumors lacked evidence and markets rebounded, with Bitcoin now trading above $28,000. Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, stated that the trend for Bitcoin remains upwards, and he predicts that it will continue to $40,000, with $30,000 as a target. Fellow trader Crypto Tony also remained upbeat, stating that he sees no short hedges unless Bitcoin closes solidly below the equilibrium level of the current range at $27,700.

The forward-looking bitcoin volatility index (DVOL) of crypto options exchange Deribit is offering insights into the market's expectations for price turbulence over the next 30 days, similar to CBOE's volatility index, VIX, for equities. A key difference this year is that while the VIX continues to serve as Wall Street's fear gauge, rising during bouts of risk aversion, the DVOL has developed a positive correlation with bitcoin's price. The positive correlation means call options tied to bitcoin are more attractive than puts during bearish moves. DVOL measures bitcoin's 30-day expected volatility using Deribit's options order book. According to observers, the fear of missing out could soon drive stronger demand for options and push DVOL higher.

Bitcoin experienced a sharp price drop after rumors circulated on Twitter and a few crypto media outlets claiming that Binance CEO Changpeng Zhao was served with a Red Notice by Interpol, although he quickly denied the rumors. BTC experienced a drop driving it by over a grand lower to $27,200, but it bounced back to roughly $28,000 as of writing. Meanwhile, Dogecoin briefly exceeded $0.1 in another surge propelled by Elon Musk, while the other notable gainer from the larger-cap alts is Shiba Inu. The total crypto market cap has declined by $10 billion in a day and is now at $1.175T.

Dogecoin's price surged as much as 30% on Monday, reaching an intraday high of around $0.1026, and its daily traded volume is up approximately 458% to stand at about $4.16 billion during the early Asian market on Tuesday.

Decentralized finance's (DeFi) market capitalization as a percentage of the global cryptocurrency market cap has hit fresh lows not seen since July 2022. DeFi's dominance is currently at 4.1%, down from 4.05%. This coincides with increased market-share gains for bitcoin, which has increased its dominance from 37.93% to 44.41% over the past 90 days, amid worries about a western banking crisis. XRP is also outperforming bitcoin, potentially reflecting investor sentiment surrounding a pending lawsuit brought by the US Securities and Exchange Commission against associated payments firm Ripple.

Bloomberg's senior commodity strategist, Mike McGlone, has stated that Bitcoin (BTC) is "untouchable" despite ongoing regulatory pressures in the crypto sector. He also believes that those who don't have some crypto exposure are "seriously silly." McGlone stated that there is so much disdain about regulators pushing back on the whole space, but Bitcoin sticks out because "you can't do anything to this, and you can't kill it and it's just unprecedented; it is untouchable." He added that Ethereum could be considered a security, which is why Bitcoin is fine and impressive. McGlone is still bullish on BTC but expects the price to go down again in step with other assets if a recession hits. He believes it's "seriously silly" to risk not having some exposure to crypto or trying to stand in its way. (Cointelegraph)

Bitcoin's correlation to gold has surged to its highest level in over a year, standing at 50%, according to research from blockchain analytics firm Kaiko. Meanwhile, its correlation to the stock market has fallen to roughly 20% since December.