TechFlow reports, Messari has released its Q1 2024 Bitcoin State Report. BTC price surged 69% quarter-on-quarter to $71,310, hitting an all-time high as the network approaches the new halving cycle in April.
The success of spot BTC ETFs has driven this price movement, with over $12 billion in capital inflows during the first quarter. Spot BTC ETFs currently hold 831,000 BTC, worth approximately $59 billion.
Ordinal inscriptions and associated fees declined by 40% and 60% quarter-on-quarter, respectively. However, NFT marketplace daily sales remain above $10 million. The upcoming halving in April will introduce the Runes token protocol and Epic sats.
Miner revenue (in USD) increased 34% quarter-on-quarter, with miners exploring inscriptions and MEV as additional revenue streams. Some mining firms have officially begun bulk sales to meet demand from Ordinals developers.
Total Value Locked (TVL) in programmable Bitcoin layers rose 127% quarter-on-quarter. Dozens of new layers are being built to expand Bitcoin’s capabilities and programmability, many of which are exploring BitVM-based bridging and state validation.
