# 🟣 Is the Bull Market DONE?

> Or Just Getting Started…

**Published by:** [Web3 Academy](https://paragraph.com/@web3academy/)
**Published on:** 2024-03-20
**Categories:** cryptocurrency, web3
**URL:** https://paragraph.com/@web3academy/is-the-bull-market-done

## Content

GM DOers! 😎 Over the past 7 days, Bitcoin dumped from $72k to $62k… 📉And Ethereum from $4k to $3.1k… 📉This heavy correction led to the wider crypto market losing $400 billion in 7 days. 🤯 So is this it? Did the bull market just get canceled? Is it time for endless sleepless nights and to re-apply for that old McDonald’s job? Scooter🏄‍♂️ @Scooter_420 “Its just a little dip, the bitcoin halving is in 33 days” 6,152 4:25 AM • Mar 19, 2024 Not at all – this is a totally normal correction that I think we were due anyway, because frankly, the market got really heated lately, which I’ll explain below. We’ve also seen Bitcoin crash to <$10k on BitMex and Bitcoin ETFs having a negative flow day for the first time in a while. So, let’s dive in and recap WTF happened in the markets this week. Memecoin Pre-sale Mania 🤡A new meta has taken over crypto over the last few days: Memecoin Presales. In short: Investors transfer funds to random crypto wallets posted on X by various crypto influencers promising huge returns. As a reward, they get token airdrops. Yesterday, ZachXBT reported that almost 800k $SOL (~$150 million) was raised from 33 presales.Source: ZachXBTAs you can expect, a bunch of these presales were complete scams and ‘investors’ got rugged. But one funny thing happened. The ‘dev’ behind the memecoin $SLERF accidentally burned all of the proceeds received in the presale (over $10 million). Slerf @Slerfsol Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop. Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I am so fucking sorry. 4,997 9:35 AM • Mar 18, 2024 So presale investors never got their airdrop, but SLERF went on to reach over $800 million in market cap, and surpassed the trading volume of all Solana-based tokens except for $SOL.Imagine waking up, seeing that your token did over 100x since the presale, only to check X to see that all your money was burnt by ‘accident’. Horror. Because of all of this mania, BonkBot, the leading trading bot on Solana, did more trading volume than blockchains like Base and Polygon. 😅 ◢ J◎e McCann 🧊 @joemccann So @bonkbot_io just did more trading volume in the past 24 hours than all trading on @coinbase's Base L2 and all of @0xPolygon. @solana is The Chain for Retail 563 2:26 AM • Mar 19, 2024 Due to a lot of trading, Solana's revenues increased (because of how much gas users paid), making it closer to Ethereum's revenues—going from being 17 times lower a month ago to just 2.9 times lower at one point this week. mert | helius.dev @0xMert_ the gap has reduced to 2.9x 23 4:25 AM • Mar 19, 2024 Solana also flipped Ethereum in Google searches. mert | helius.dev @0xMert_ seems solana has flipped ethereum in worldwide google search interest much bigger news than people realize 870 7:35 AM • Mar 18, 2024 So it’s clear that Solana was the main beneficiary from this memecoin frenzy. However, when the music stopped, Solana started to take a big hit in price. Understandable. moon @MoonOverlord Wow SOL is down a bit? It’s almost like you guys sent $100 million dollars to scammers who turned around and dumped all your SOL on the market 2,484 12:34 AM • Mar 20, 2024 Bitcoin’s Crash to <$10k and ETF Cooldown 🥶Bitcoin's price on BitMEX suddenly dropped to ~$9k from $67k. gaut is doing nothing @0xgaut some guy got filled on old limit orders at $10,000 BTC on bitmex and is currently euphoric 7,162 1:48 AM • Mar 19, 2024 This sudden drop freaked out the global market a bit, making Bitcoin's price fall around 7% during that time. Some think that this sell-off was caused by a user who suddenly sold 850 BTC ($55.49 million) on the open market. Because of this, BitMEX is digging into what happened and has even put a temporary hold on withdrawals for some accounts. In other (even less exciting) news, Bitcoin ETFs have had a negative flow day for the first time in a good while. James Seyffart @JSeyff We've got a negative flow day for the Cointucky Derby #Bitcoin ETFs thanks to $GBTC's $643 million outflow day 976 6:37 AM • Mar 19, 2024 Of course, the outflows were mainly led by Grayscale ETF holders, who are exiting because of Grayscale’s high fees. zerohedge @zerohedge Bitcoin ETFs: biggest outflow from Grayscale yet. Nobody else selling even during market rout days 1,259 4:47 AM • Mar 19, 2024 Good news though… Grayscale’s working on lowering their ETF’s fees soon. James Seyffart @JSeyff It’s happening! @Grayscale just filed to launch the “Grayscale Bitcoin Mini Trust” expecting this to have a competitive fee. It will trade under the ticker $BTC and will come from a spinoff from $GBTC. This means $GBTC holders will get some % of holdings spun off into $BTC. 1,632 2:41 PM • Mar 12, 2024 Wrapping Up – The Bull Market’s NOT Done! 👀If we look beyond the noise, we understand that the bull market is just getting started. Yesterday, BlackRock announced that they’re building on Ethereum. Robert Leshner @rleshner Congratulations @BlackRock and @Securitize on the launch of the BlackRock USD Institutional Digital Liquidity Fund! This is another great milestone for the tokenization of assets! sec.gov/Archives/edgar… 1,818 8:13 PM • Mar 19, 2024 BlackRock teamed up with Securitize, experts in turning real world assets (RWAs) like property into digital tokens, to start a new fund, to which they deposited 100 million $USDC. Watcher.Guru @WatcherGuru JUST IN: BlackRock launches digital asset fund and deposits $100 million $USDC on the Ethereum network. 15.8K 9:56 PM • Mar 19, 2024 They haven't said exactly what they'll invest in, but it's likely about making real-world stuff ownable through digital tokens. This is HUGE! In other news, Standard Chartered increased its year-end $BTC price forecast by 50% to $150,000. Bitcoin Archive @BTC_Archive JUST IN: Standard Chartered raises #Bitcoin target to $150K this year and $250K for 2025. 3,966 1:54 PM • Mar 18, 2024 TradFi diving head-first into crypto. That should make you bullish, not scared, regardless of market corrections. My two cents. 👇 Think of these market dips as sort of like taking a breather during a marathon. They're totally normal and super necessary for the market to climb even higher – without these little breaks, we'd burn out way quicker than anyone would like. If you're new here or don't have a plan, these dips can be scary. But in reality, these are the opportunities you get to buy your favorite coins on sale and beef up your portfolio for the rest of the bull market. Also, this is an opportunity to differentiate the strong assets from vaporware. Look for the tokens that recover quickly during these dips, i.e. $BTC, $ETH & $SOL – generally, these recoveries show that these investments will outperform this cycle. Then look at the assets that get completely rekt, i.e. go down 30, 40 or 50% in a matter of days – these are heavily speculative assets held by short term traders and paper hands, which will probably get crushed during market corrections. Lastly, remember that as we get closer and closer to the peak of this cycle, these roller coaster dips will happen more often. This is just part of the game, and, in a way, a sign that we're heading in the right direction. Before I wrap up, I wanted to share the message that I sent to PRO members in Discord yesterday – this should give you a good overview of where I stand right now.I share these kinds of insights regularly in the PRO Discord channel with the goal of helping PROs invest successfully in crypto. If you’d like to join us, then go PRO, and you’ll get instructions on how to join the Discord in the welcome email.Go PRO TodayThanks for reading. And remember, you're strong, you’re powerful, you’re alpha! ❤How'd you feel about our read today?⭐⭐⭐⭐⭐ Loved it!⭐⭐⭐ Decent!⭐ Kyle, step it up!Are You Fairly New to Crypto & Web3?Let us help you wrap your head around this industry that’s constantly transforming. Take our Free 1-hour Web3 Rabbit Hole Course to learn the foundational components you need to start building and investing successfully.Take FREE Rabbit Hole Course NowRecommended Tools 🛠Secure Your Crypto w/ a Hardware Wallet – Get a Ledger TodayJoin us on Discord | Follow us on TwitterAdvertise with Web3 Academy Disclaimer: This article is for informational purposes only and not financial advice. Conduct your own research and consult a financial advisor before making investment decisions or taking any action based on the content.

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