USD → Stocks → Crypto Fund Flow Pattern
Bitcoin (BTC) is hovering around 75,000 USD, seemingly following the trend of the U.S. stock market, which has recently hit record highs. While Bitcoin’s gains are more modest compared to stocks, improvements in on-chain metrics and continued accumulation suggest a gradual build-up of upward momentum.
As of 9:02 a.m. (South Korean time) on March 26, Bitcoin’s price in South Korea, based on Bithumb exchange data, was 110,777,000 KRW (approximately 74,870 USD), up 1.13% from the same time the previous day.
Concurrently, CoinMarketCap reported the global Bitcoin price at 75,091 USD, a 0.55% increase from 24 hours earlier.
XWIN Research Japan, a crypto analytics firm, noted that while the S&P 500 and Nasdaq have reached all-time highs, Bitcoin remains 40% below its peak, with Ethereum down 52%. They added that gold and silver have also entered a correction phase, indicating selective capital flows into specific asset classes.
The firm explained that typically, funds flow from crude oil to dollars, then to stocks, and finally to cryptocurrencies. Currently, the stock market is leading the charge, with the crypto market following suit.
They also highlighted that on-chain data shows declining Bitcoin holdings at major exchanges and sustained buying pressure, indicating structural improvements. The current Bitcoin market appears to be experiencing a lag rather than weakness, establishing a foundation for potential future gains.
Proof-of-Work Mining: An Energy Waste
Analysts have raised concerns about the energy efficiency of proof-of-work (PoW) mining methods, such as those used for Bitcoin.
On Thursday, Jeremy Allaire, Chief Executive Officer (CEO) of Circle, stated in a podcast that traditional PoW mining is inefficient in terms of energy use, describing the current method as essentially close to being an energy waste.
He suggested that integrating artificial intelligence (AI) computations could lead to a more productive structure.
However, Allaire cautioned that while Bitcoin still dominates the market, its long-term advantage remains uncertain as computing environments rapidly evolve.
North Korean Hacking Group Involved in 53 Projects
A North Korean hacking group has reportedly been involved in 53 blockchain projects over a six-month period.
On Thursday, Decrypt reported that the Ethereum Foundation had uncovered numerous instances of North Korean-linked hacking groups infiltrating the crypto industry.
The foundation stated that their security program identified about 100 North Korean information technology (IT) operatives over six months, with evidence of their involvement in more than 50 crypto projects.
The investigation revealed security vulnerabilities, prompting immediate countermeasures. Blockchain analysis firm Chainalysis estimates that North Korean hackers stole approximately 2 billion USD worth of digital assets last year.
Polkadot Revises Hack Damage Estimate from 230,000 USD to 2.5 Million USD
Hyperbridge, Polkadot’s cross-chain bridge protocol, has significantly increased its estimate of damages from a recent hack, from 230,000 USD to 2.5 million USD.
On Thursday, Hyperbridge announced on X (formerly Twitter) that they were adjusting their loss estimate from the unauthorized issuance and sale of 1 billion Polkadot tokens.
Initially believed to affect only the Ethereum network, further investigation revealed fund outflows from other chains, including Base, BNB Chain, and Arbitrum.
Some stolen funds are reportedly being moved to exchanges. The project team is considering additional measures to compensate users if fund recovery efforts fail.