Market
Bitcoin Runes Dominate BTC Transactions

Bitcoin transactions continue to grow following the halving, with data showing that much of the recorded demand comes from the Runes protocol.
Since its launch, Runes has recorded at least 150,000 daily transactions, dethroning BRC-20, which now struggles to achieve 10,000 transactions.
Runes Dethrone BRC-20 and Ordinals as Protocol Transactions Surge
On-chain data shows that the Runes token standard has effectively sidestepped BRC-20 and Ordinals. According to Dune Analytics, the number of transactions on Rune has averaged at least 150,000 per day since its debut on April 20. The highest it has ever been was 753,584 on April 23.
On average, the share of Bitcoin transactions on Runes protocol relative to BRC-20 and Ordinals is also higher for Runes, coming in at around 40%. This trajectory comes as Runes makes creating fungible tokens on Bitcoin more efficient, unlike BRC-20, which uses the Ordinals protocol.
BRC-20 tokens and Ordinals have been controversial in the past amid complaints that they clog up the network and cause fee increases. Relative to simple peer-to-peer transactions, it is complex to create and transfer BRC-20 tokens. At the very least, one would need more space on the blockchain.
Read more: Crypto Inscriptions: What Are They And How Do They Work?

Casey Rodarmor, BTC developer and the creator of Bitcoin Ordinals and Runes, discussed the protocol’s pros and cons in his last appearance on Hell Money Podcast.
“If Runes are successful, they’ll drain liquidity, technology, and attention away from other cryptocurrencies, and bring it back to Bitcoin. I’m not creating a shitcoin [but] a venue for people to create shitcoins, which is possibly worse and more dangerous. We’ll see,” he said.
The Game-Changers for Bitcoin’s Future
Runes, BRC-20, and Ordinals have enabled Bitcoin to evolve and become more than just a store of value. Now, it is a platform for creative expression and complex financial instruments. The three token standards have progressively developed atop each other’s strengths and weaknesses, each better than the next.
Runes launched on April 20, when the fourth BTC halving happened. It increases the efficiency of creating fungible tokens on the Bitcoin network:
- Enables off-chain transactions, thereby reducing congestion on the Bitcoin network and therefore facilitates more transactions to be processed quickly and cost-effectively.
- Faster confirmation times and lower fees for users, which increase accessibility and practicality of Bitcoin transactions for everyday use.
Read more: Bitcoin NFTs: Everything You Need To Know About Ordinals
The main similarity between BRC-20 and Runes is that both use Bitcoin and pay fees in BTC to create new tokens. BRC-20, launched in February 2023, was developed to create a standard for fungible tokens on Bitcoin. Its key highlights were affordability, speed, and increased accessibility relative to its forerunner, Ordinals. It also brought programmability, unlike Ordinals.
Ordinals launched in January 2023. Through Ordinals, Rodarmor enabled the creation of NFT-like “inscriptions” on the Bitcoin network. He described the Ordinals “theory” as a lens to view the Bitcoin blockchain and see the “trackable satoshis pop into view like Pokémon in the tall grass.” Its main challenge was high fees.
Read more: Top 5 BRC-20 Platforms To Trade Ordinals in 2024
Social media analytics and investment tools confirm growing interest in Runes. According to Lunarcrush, BRC-20 has up to 37,169 interactions, while Ordinals has 34,299. Meanwhile, Runes has 53,008 at the time of writing.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
VanEck Sets Stage for BNB ETF with Official Trust Filing

Global investment management firm VanEck has officially registered a statutory trust in Delaware for Binance’s BNB (BNB) exchange-traded fund (ETF).
This move marks the first attempt to launch a spot BNB ETF in the United States. It could potentially open new avenues for institutional and retail investors to gain exposure to the asset through a regulated investment vehicle.
VanEck Moves Forward with BNB ETF
The trust was registered on March 31 under the name “VanEck BNB ETF” with filing number 10148820. It was recorded on Delaware’s official state website.

The proposed BNB ETF would track the price of BNB. It is the native cryptocurrency of the BNB Chain ecosystem, developed by the cryptocurrency exchange Binance.
As per the latest data, BNB ranks as the fifth-largest cryptocurrency by market capitalization at $87.1 billion. Despite its significant market position, both BNB’s price and the broader cryptocurrency market have faced some challenges recently.
Over the past month, the altcoin’s value has declined 2.2%. At the time of writing, BNB was trading at $598. This represented a 1.7% dip in the last 24 hours, according to data from BeInCrypto.

While the trust filing hasn’t yet led to a price uptick, the community remains optimistic about the prospects of BNB, especially with this new development.
“Send BNB to the moon now,” an analyst posted on X (formerly Twitter).
The filing comes just weeks after VanEck made a similar move for Avalanche (AVAX). On March 10, VanEck registered a trust for an AVAX-focused ETF.
This was quickly followed by the filing of an S-1 registration statement with the US Securities and Exchange Commission (SEC). Given this precedent, a similar S-1 filing for a BNB ETF could follow soon.
“A big step toward bringing BNB to US institutional investors!” another analyst wrote.
Meanwhile, the industry has seen an influx of crypto fund applications at the SEC following the election of a pro-crypto administration. In fact, a recent survey revealed that 71% of ETF investors are bullish on crypto and plan to increase their allocations to cryptocurrency ETFs in the next 12 months.
“Three-quarters of allocators expect to increase their investment in cryptocurrency-focused ETFs over the next 12 months, with demand highest in Asia (80%), and the US (76%), in contrast to Europe (59%),” the survey revealed.
This growing interest in crypto ETFs could drive further demand for assets like BNB, making the VanEck BNB ETF a potentially significant product in the market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Recovery Stalls—Are Bears Still In Control?

XRP price started a fresh decline from the $2.20 zone. The price is now consolidating and might face hurdles near the $2.120 level.
- XRP price started a fresh decline after it failed to clear the $2.20 resistance zone.
- The price is now trading below $2.150 and the 100-hourly Simple Moving Average.
- There is a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair might extend losses if it fails to clear the $2.20 resistance zone.
XRP Price Faces Rejection
XRP price failed to continue higher above the $2.20 resistance zone and reacted to the downside, like Bitcoin and Ethereum. The price declined below the $2.150 and $2.120 levels.
The bears were able to push the price below the 50% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high. There is also a connecting bearish trend line forming with resistance at $2.120 on the hourly chart of the XRP/USD pair.
The price is now trading below $2.150 and the 100-hourly Simple Moving Average. However, the bulls are now active near the $2.10 support level. They are protecting the 61.8% Fib retracement level of the recovery wave from the $2.023 swing low to the $2.199 high.
On the upside, the price might face resistance near the $2.120 level and the trend line zone. The first major resistance is near the $2.150 level. The next resistance is $2.20. A clear move above the $2.20 resistance might send the price toward the $2.240 resistance. Any more gains might send the price toward the $2.2650 resistance or even $2.2880 in the near term. The next major hurdle for the bulls might be $2.320.
Another Decline?
If XRP fails to clear the $2.150 resistance zone, it could start another decline. Initial support on the downside is near the $2.10 level. The next major support is near the $2.0650 level.
If there is a downside break and a close below the $2.0650 level, the price might continue to decline toward the $2.020 support. The next major support sits near the $2.00 zone.
Technical Indicators
Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now below the 50 level.
Major Support Levels – $2.10 and $2.050.
Major Resistance Levels – $2.120 and $2.20.
Market
Experts Raise Red Flags Over Finances

Circle’s initial public offering (IPO) filing has raised concerns among industry experts, who are sounding alarms over the company’s financial health, distribution costs, and valuation.
While the move marks a significant step toward mainstream financial integration, experts’ skepticism casts doubt on the company’s long-term prospects.
Analysts Highlight Red Flags With Circle IPO
On April 1, BeInCrypto reported that Circle had filed for an IPO. The company plans to list its Class A common stock on the New York Stock Exchange (NYSE) under “CRCL.”
Circle’s IPO filing reveals revenue of $1.67 billion in 2024, a notable increase from previous years. However, a closer examination of the company’s financials has uncovered some challenges.
Matthew Sigel, Head of Digital Assets Research at VanEck, noted that revenue increased 16% year over year. Yet, at the same time, the company reported a 29% decrease in EBITDA year over year, indicating a decline in operational profitability. Additionally, net income fell by 42%, reflecting a significant drop in overall profitability.

Sigel pointed out four factors contributing to the decline in these financial metrics. He explained that the company’s rapid expansion and new service integrations negatively impacted net income.
Furthermore, the discontinuation of services like Circle Yield reduced other revenue streams. This, in turn, exacerbated the decline in profitability.
“Costs related to restructuring, legal settlements, and acquisition-related expenses also played a role in the decline in EBITDA and net income, despite overall revenue growth,” Sigel added.
Importantly, he focused on Circle’s increased distribution and transaction costs. Sigel revealed that the cost rose due to higher fees paid to partners like Coinbase and Binance.
A related post by Farside Investors on X (formerly Twitter) shed further light on these expenses.
“In 2024, the company spent over $1 billion on “distribution and transaction costs,” probably much higher than Tether as a % of revenue,” the post read.
This prompts speculation that Circle may be overspending to maintain its market share in the competitive stablecoin sector. The company’s historical performance further fuels skepticism.
Farside Investors added that in 2022, Circle recorded a staggering $720 million loss. Notably, the year was marked by significant turmoil in the crypto industry, including the high-profile collapses of FTX and Three Arrows Capital (3AC).
This suggests that Circle may be vulnerable to market shocks. Thus, it calls into question the company’s risk management capabilities—especially in the inherently volatile crypto market.
“The gross creation and redemption numbers are a lot higher than we would have thought for USDC. Gross creations in a year are many multiples higher than the outstanding balance,” Farside Investors remarked.
In addition, analyst Omar expressed doubts about Circle’s $5 billion valuation.
“Nothing to love in the Circle IPO filing and no idea how it prices at $5 billion,” he questioned.
He drew attention to several concerns, including the company’s gross margins being severely impacted by high distribution costs. The analyst also pointed out that the deregulation of the US market is poised to disrupt Circle’s position.
Additionally, Omar stressed that Circle spends over $250 million annually on compensation and another $140 million on general and administrative costs, raising questions about its financial efficiency. He also noted that interest rates—core income drivers for Circle—will likely decline, presenting additional challenges.
“32x ’24 earnings for a business that just lost its mini-monopoly and facing several headwinds is expensive when growth structurally challenged,” Omar said.

Ultimately, the analyst concluded that the IPO filing was a desperate attempt to secure liquidity before facing serious market difficulties.
Meanwhile, Wyatt Lonergan, General Partner at VanEck, shared his predictions for Circle’s IPO, outlining four potential scenarios. In the base case, he forecasted that Circle would capitalize on the stablecoin narrative and secure key partnerships to drive growth.
In a bear case, Lonergan speculated that poor market conditions might lead to a Coinbase buyout.
“Circle IPOs, the market continues to tank, Circle stock goes with it. Poor business fundamentals cited. Coinbase swoops in to buy at a discount to the IPO price. USDC is all theirs at long last. Coinbase acquires Circle for something close to the IPO price, and they never go public,” Lonergan claimed.
Lastly, he outlined a probable scenario where Ripple bids up Circle’s valuation to a staggering $15 to $20 billion and acquires the company.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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