An exceedingly rare event in the world of Bitcoin unfolded recently as an “epic sat,” the smallest unit of the cryptocurrency, was mined from the fourth Bitcoin halving block and subsequently sold for a staggering 33.3 Bitcoin (BTC), equivalent to approximately $2.13 million.
The transaction took place on cryptocurrency exchange CoinEx Global on April 25, merely five days after the block, numbered 840,000, was mined on April 20 by Bitcoin mining pool viaBTC, a partner of CoinEx.
The auction for this rare satoshi, denoted as “sat number 1,968,750,000,000,000,” commenced on April 22 and attracted a total of 34 bids before an undisclosed bidder secured ownership rights to the coveted sat.
The runner-up bid amounted to 20 Bitcoin.
CoinEx celebrated the successful conclusion of the auction, highlighting the significance of the event beyond mere financial transactions.
They emphasized, “This auction isn’t just a bidding event; it marked the community recognition, media attention, & widespread embrace of #Bitcoin.”
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An epic satoshi is the first satoshi mined in the initial new Bitcoin halving block, and with four halvings to date, only four of these rare sats exist.
Each epic sat is assigned a unique sequence number under the Ordinals number system, which relies on mining timestamps.
While an ordinary satoshi is currently valued at $0.00065, certain sats hold special significance within the Bitcoin ecosystem due to their rarity and unique identifiers.
Bitcoin Ordinals explorers like Ordiscan and OrdinalHub enable users to verify whether a Bitcoin wallet possesses a rare sat by examining the exact UTXO and output number.
Owners of such rare sats can then transfer them to an Ordinals-supported wallet.
ViaBTC, the entity responsible for mining the fourth halving block, received a substantial reward of 3.125 Bitcoin as the new block subsidy, along with an impressive 37.6 Bitcoin in reward fees, valued at $2.4 million at the time.
The next Bitcoin halving event is anticipated to occur around 2028 at block 1,050,000, halving mining rewards to 1.5625 Bitcoin.
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Bitcoin miners are experiencing a significant revenue surge due to the rise in transaction fees from Bitcoin Runes, a novel protocol for issuing fungible tokens on the Bitcoin network, as stated by Nazar Khan, the co-founder and CEO of TeraWulf.
Khan emphasized the impact of Runes on transaction fees, noting, “Runes significantly increased the transaction fees, so if anything, there was an increase in the hash price in the first 24-30 hours [after halving].
Since then, we’ve seen transaction fees come down, but compared to the average fees in 2023, they’re still pretty high.”
Given that the remainder of the Bitcoin block reward is a fixed issuance, transaction fees serve as the variable element for Bitcoin miners, Khan explained.
This surge in transaction fees provides a crucial financial boost for miners following the Bitcoin halving, which reduced block rewards from 6.25 BTC to 3.125 BTC.
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Although total Bitcoin transaction fees decreased from their peak of 1,257 on April 20 to 105 BTC on April 25, they remained notably higher compared to most of 2023, according to CryptoQuant data.
On average, transaction fees constituted 30% of Bitcoin block rewards post-halving, translating to almost an additional Bitcoin for miners on top of the existing block rewards, Khan revealed.
In contrast, transaction fees comprised only 10% of Bitcoin block rewards in 2023.
TeraWulf estimated a post-halving Bitcoin production cost of $37,000 per BTC, assuming a 10% average transaction fee.
However, with the current higher average transaction fees, TeraWulf anticipates a further reduction in Bitcoin production cost, thereby enhancing its profitability, Khan suggested.
Despite the halving of block rewards, TeraWulf remains positioned for expansion as the eighth-largest Bitcoin mining firm, boasting a market capitalization exceeding $750 million, according to Companies Market Cap.
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The Bitcoin Therapist, a well-known pseudonymous writer of a Bitcoin newsletter, recently recounted the serendipitous beginning of his cryptocurrency journey on X (formerly Twitter).
He described how a chance encounter with Bitcoin led him into the crypto world.
He began his crypto investments with Dogecoin, putting in a few thousand dollars.
To his surprise, the value of his investment tripled overnight.
After cashing out, he delved into researching Bitcoin and quickly became a firm believer in its potential.
“It took me a few days before it clicked,” he noted. Within a short span, he transitioned all his investments to Bitcoin, eventually going “100% all in on Bitcoin.”
Despite his early exit from Dogecoin, which later surged by 40 times, The Bitcoin Therapist expressed gratitude for his initial foray into cryptocurrencies, acknowledging the significant gains he made.
This experience starkly contrasted with the fate of many newcomers who lose their entire investment, commonly referred to in crypto slang as getting “REKT.”
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Reflecting on his journey, he stated, “Ironic, but true. I haven’t touched anything but Bitcoin since and I don’t intend to.”
Over the past three and a half years, Bitcoin has seen a price increase of 270%, while Dogecoin has astonishingly risen by 4,670%. This dramatic growth underscores the volatile and unpredictable nature of cryptocurrencies.
The narrative shared by The Bitcoin Therapist highlights the capricious paths to success within the cryptocurrency landscape, serving as a powerful reminder of the potential for financial transformation through fortuitous events.
He learned that chasing quick profits through lesser-known “meme coins” was less important than pursuing lasting financial independence through Bitcoin, which he valued for its rarity and potential as a liberating financial tool.
The Bitcoin Therapist has spent a year immersed in learning about various aspects of the crypto industry, gaining a deep understanding of the space.
His story emphasizes the importance of education and strategic investment in achieving financial freedom.
The broader implications of meme coins and Bitcoin’s role as a mainstream asset class are poised to be key discussion points at the upcoming Benzinga Future of Digital Assets event on November 19, where such expert insights will further illuminate the evolving dynamics of the cryptocurrency market.
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The impending debut of spot Bitcoin and Ether exchange-traded funds (ETFs) in Hong Kong won’t extend market access to investors in mainland China, as per insights from Bloomberg data analyst Jack Wang.
After Hong Kong gave the nod to spot BTC and ETH ETFs, three Chinese asset management firms—China Asset Management, Harvest Global Investments, and Bosera—set the stage for the spot crypto ETFs via their Hong Kong subsidiaries by April 30.
Despite the close affiliations of ETF issuers with mainland China, they won’t be facilitating Bitcoin or Ether exposure for investors in that jurisdiction.
“Mainland Chinese citizens will not be able to participate in this,” Wang affirmed during a Bloomberg webinar on April 24, referencing a directive from the Chinese State Council in September 2021 that prohibits financial institutions from engaging in crypto-related transactions.
“Even for the futures-based crypto ETF listed in Hong Kong—I actually tried to set a trade—the brokers will just directly reject the trade,” Wang noted, emphasizing the immediate disconnect of Chinese investors from this product.
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Wang further asserted that the launch of spot Bitcoin and Ether ETFs in Hong Kong won’t catalyze any positive changes in mainland China’s regulatory landscape nor open up the crypto market to Chinese investors.
“I would say it’s 100% not going to happen at least,” the analyst remarked.
Thomas Zhu, head of digital assets at China Asset Management, highlighted the potential eligibility of mainland Chinese investors to acquire crypto ETFs in Hong Kong contingent upon forthcoming regulatory adjustments.
Amidst buoyant anticipation surrounding the impending spot crypto ETF launch in Hong Kong, Bloomberg analyst James Seyffart underscored the dominance of Bitcoin ETFs in the United States, surpassing the total assets of all ETFs in Hong Kong.
“The U.S. ETF market is almost $9 trillion in assets—that’s trillion with a ‘T’. The entire Hong Kong ETF market is around $50 billion.
Mainland China ETFs are around $325 billion. We’re talking literal orders of magnitude differences in size and impact,” Seyffart elaborated in an X post on April 12.
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Despite facing various challenges, Bitcoin maintained its position above $63,000 on April 26. Outflows from spot Bitcoin exchange-traded funds (ETFs), regulatory concerns, and scrutiny from U.S. senators did not deter its stability.
Farside Investors reported that spot Bitcoin ETFs in the U.S. experienced a net outflow of $218 million on April 25, following a $120 million outflow the previous day.
Franklin Templeton was the sole provider to register inflows on April 25, suggesting that the trend of withdrawals was not solely due to high fees at Grayscale GBTC.
On April 25, U.S. Senators Elizabeth Warren and Bill Cassidy wrote to the U.S. Department of Justice and the Department of Homeland Security, seeking details on measures to address pseudonymous cryptocurrency payments related to child abuse material.
They referenced a Chainalysis report and emphasized the importance of punishing those involved in such illicit activities.
Despite these challenges, Bitcoin bulls find optimism in deteriorating global macroeconomic conditions.
The U.S. Personal Consumption Expenditures (PCE) rose by 2.8% year-over-year in March, exceeding the target set by the U.S. Federal Reserve.
This inflation rise is concerning, especially as first-quarter U.S. gross domestic product (GDP) growth was lower than expected at 1.6%.
Market expectations suggest that the Fed may maintain higher interest rates for an extended period.
George Mateyo, chief investment officer at Key Wealth, noted that while the prospects of rate cuts remain, they are not assured, and the Fed may require weakness in the labor market before considering cuts.
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Lawrence MacDonald, founder of “The Bear Traps Report,” projected that interest payments as a percentage of federal spending in the U.S. would increase to 12.3% in 2024.
Recent government bond auctions showed a tepid response from investors, with the five-year U.S. Treasury yield reaching its highest levels in nearly six months on April 25.
Bitcoin investors are cautious about the unsustainable trajectory of U.S. government fiscal policies, as lower interest rates to alleviate debt burden could lead to higher inflation.
The situation is not unique to the U.S.; Japan, the world’s fourth-largest economy, experienced a significant devaluation of its currency, the yen, reaching its lowest level since 1990, and a lower-than-expected inflation rate of 1.8% in April.
Geiger Capital, a user on the X social network, highlighted that the Bank of Japan (BOJ) is restricted from raising interest rates due to the country’s staggering 265% debt-to-GDP ratio.
While a weaker yen benefits exports, it hampers domestic consumption.
Moreover, as the largest holders of U.S. Treasurys, Japanese investors’ actions significantly impact the global economy.
In summary, Bitcoin’s price faced challenges from outflows in U.S. spot ETFs, regulatory pressures, and global economic downturns.
Nonetheless, some analysts believe that worsening global economic conditions may prompt additional stimulus measures by central banks, potentially benefiting Bitcoin due to its scarcity and resistance to censorship.
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Bitcoin experienced a decline leading up to the Wall Street opening on April 26, with prevailing trading conditions restraining bullish momentum.
According to data from Cointelegraph Markets Pro and TradingView, BTC retraced from its peak of $65,300 to the daily close.
The market remained ensnared within a stubborn trading range, influenced by problematic macroeconomic indicators and underwhelming performance from US spot Bitcoin exchange-traded funds (ETFs).
These ETFs witnessed net outflows exceeding $200 million the previous day, dampening what initially seemed a promising week start.
James Seyffart, an ETF analyst at Bloomberg, highlighted the downturn, noting, “5 ETFs saw outflows for a total of -$217 million. Franklin was the only ETF with an inflow at $1.9 million.”
As a subdued sentiment pervaded the crypto sphere, some observers speculated on the prolonged absence of a clear Bitcoin price trend.
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However, Michaël van de Poppe, founder and CEO of trading firm MNTrading, countered this narrative, foreseeing substantial divergence in altcoins leading to anticipated gains.
He remarked, “Bitcoin is still stuck in a range. I don’t think we’ll see much happening from here for the coming 3-6 months. Slow sideways, perhaps a grind. Expecting way more from Altcoins.”
On April 26, Bitcoin’s dominance in the overall crypto market stood at 55%, down from its recent peak of 57% on April 13 — the highest level in two years.
Meanwhile, renowned trader and analyst Rekt Capital, monitoring BTC price performance post-block subsidy halving, set a two-week timeframe for any significant downturns.
He cautioned, “In this cycle, Bitcoin has entered the Post-Halving ‘Danger Zone’ (purple) and is very near the Range Low.
“If additional downside volatility below the Range Low is to occur, it would be during these upcoming two weeks.”
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Bitcoin transactions soared to a historic pinnacle, registering a remarkable 926,842 transactions, merely three days post the Bitcoin halving event.
On April 23, Bitcoin witnessed an overwhelming surge in daily transactions, surpassing its previous high of 731,000 transactions recorded in December 2023, as per data from Glassnode.
This milestone was achieved in the aftermath of the Bitcoin halving on April 20, coinciding with the introduction of Bitcoin Runes, a novel protocol facilitating the issuance of fungible tokens within the Bitcoin network.
Constituting the majority of transactions on the Bitcoin network, Runes accounted for a striking 68% of all Bitcoin transactions. Dune data revealed a total of 3.6 million transactions related to Runes.
Nazar Khan, co-founder and CEO of TeraWulf, highlighted the significance of block space on Bitcoin, citing Runes and Ordinals as testament to this value:
“Runes and Ordinals are demonstrating the value of block space… The Bitcoin network is the most decentralized, secure, and robust network that exists, so there will be use cases and value derived from that block space.”
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Despite the record-breaking transaction volume, Bitcoin’s price remained relatively subdued, hovering just above the $64,000 mark. CoinMarketCap data indicated a decline of over 9% in the cryptocurrency’s price on the monthly chart.
However, the true potential for Bitcoin Runes may only materialize in the coming months, according to insights from Ignas, a pseudonymous decentralized finance (DeFi) researcher.
In an April 17 X post, Ignas suggested that while Runes had garnered significant attention within the Bitcoin community, the actual market opportunity might unfold after the initial surge of investor excitement subsides:
“Runestone, RSIC, and PUPS are already pumping, promising holders shiny new Rune token airdrops. And FOMO threads keep coming. But, like the NFT frenzy post-JPEG reveal, the market could soon cool off.”
Ignas cautioned that due to their initial lack of utility, Runes could experience trading dynamics reminiscent of volatile memecoins shortly after their launch.
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Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), recently greenlit the debut of spot Bitcoin (BTC) and Ether exchange-traded funds (ETFs), scheduled to commence trading on April 30, as per a Cointelegraph report.
The approved ETFs, spearheaded by China Asset Management (ChinaAMC), are poised to offer investors, both retail and institutional, a regulated avenue for delving into the world of digital assets.
Thomas Zhu, head of digital assets and family office business at ChinaAMC, emphasized the allure of these ETFs, stating, “The in-kind feature also attracts coin holders by offering the ease of converting coins to fully regulated ETFs managed by professional fund managers and regulated custodians.”
Hong Kong’s approach stands in contrast to the cash-centric model seen in the United States, with a focus on in-kind creation models that facilitate the generation of new ETF shares through BTC and ETH.
Rebecca Sin, an ETF analyst at Bloomberg, highlighted the significance of this strategy, noting, “Hong Kong is aiming for in-kind creation of the ETF, unlike the US, where the transaction is cash only — in the US, it’s cash in, Bitcoin ETF out, while Hong Kong aims for Bitcoin in, ETF out.”
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Anticipation surrounds the potential for a fee competition among ETF issuers in Hong Kong, with James Seyffart, another Bloomberg ETF analyst, suggesting, “A potential fee war could break out in Hong Kong over these Bitcoin and Ethereum ETFs.”
Harvest, in particular, is set to shake things up with a full fee waiver and a meager fee of 0.3% after the waiver.
Eric Balchunas, a senior ETF analyst at Bloomberg, expressed optimism regarding the lower-than-expected fees for the initial ETFs, deeming it a promising indicator.
He observed, “Fees are 30bps, 60bps, and 99bps which is on average lower than we thought, good sign.”
The impending debut of these ETFs in Hong Kong not only marks a milestone in the region’s financial landscape but also signals a significant step forward in the mainstream adoption of cryptocurrencies within a regulated framework.
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Australia has reached a significant milestone in the realm of cryptocurrency, now boasting 1,000 active crypto-fiat machines, making it the third-largest hub for Bitcoin ATMs globally.
This achievement, as of April 24, marks a notable growth in the country’s crypto infrastructure.
Coin ATM Radar data reveals that Australia joins the ranks of the United States and Canada in surpassing the 1,000 mark for Bitcoin ATMs.
Currently, Australia represents 2.7% of the global Bitcoin ATM network, showcasing a steady rise in adoption and accessibility within the country.
The United States, leading the global landscape, hosts the majority share of Bitcoin ATMs, accounting for 82.8% with a staggering 31,170 machines.
Following closely, Canada holds 7.8% of the global market share with 2,918 crypto ATMs.
Australia’s journey to becoming a prominent player in the crypto ATM space wasn’t always evident.
Historically considered an inactive market, the country experienced a surge in adoption since the latter part of 2022, largely fueled by the involvement of private enterprises.
By April 2023, Australia had surpassed Asia in Bitcoin ATM count, a region encompassing major economies like China, Japan, Singapore, and India.
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\With the current installation pace, Australia is on track to outpace Europe, which currently holds 4.3% of all active Bitcoin ATMs, totaling 1,617 machines.
Among other countries with notable crypto ATM presence are Spain (261 machines), El Salvador (215), Poland (211), Germany (194), and Hong Kong (157), showcasing a global trend towards increased accessibility to cryptocurrencies.
In a recent development reported by Cointelegraph, hackers who previously disclosed El Salvador’s Bitcoin ATM database have now released a portion of the source code for the country’s state-operated Chivo Bitcoin wallet.
The hacker group, CiberInteligenciaSV, shared the code on a public forum, emphasizing its origin from a government wallet and its availability for public scrutiny.
Local cybersecurity project VenariX issued a warning on April 22 regarding the impending leak, referencing announcements made by CiberInteligenciaSV’s Telegram channel regarding their plans to release the source code.
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On April 20, 2024, Bitcoin mining revenue reached a record-breaking $107.7 million, marking a historic high on the day of Bitcoin’s fourth halving event.
This milestone was primarily fueled by mining rewards and transaction fees as the cryptocurrency community rallied to participate in this pivotal moment.
The day saw an exceptional amount of activity with $2.4 million, or 37.7 BTC, spent in transaction fees alone by investors eager to secure a spot on the 840,000th Bitcoin block.
This block, pivotal due to the halving event, processed 3,050 transactions, averaging nearly $800 in fees per transaction.
The rush to record transactions on this significant block drove fees to unprecedented levels.
This surge in transaction fees was largely driven by the excitement surrounding the launch of Casey Rodarmor’s Runes Protocol, which coincided with the halving.
The enthusiasm to mint rare satoshis on the halving block added to the frenzy, pushing the day’s earnings for miners past the previous record of $78.7 million achieved on March 11.
At that time, Bitcoin had reached a new high of $71,415, which significantly influenced mining revenue as payouts are in BTC.
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The halving event itself, a mechanism designed to reduce the block reward by half periodically, cut the mining reward to 3.125 BTC per block.
This reduction is part of a deflationary model intended to control the supply of new bitcoins entering the market.
However, the excitement was short-lived. By the following day, the average transaction fee on the Bitcoin network had drastically dropped from a record high of $128 to just $8–$10 for medium-priority transactions, as reported by mempool.space.
This decline reflects a normalization of fees following the halving event hype.
As the Bitcoin community reflects on this monumental day, the impact of such events continues to underscore the volatile nature of cryptocurrency fees and mining revenues.
The dynamics of supply and demand in the blockchain space remain a fascinating aspect of its economic and technological landscape.
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