Messari released its Q1 2024 Bitcoin State Report, with BTC prices up 69% month-on-month to $71,310, hitting a new high in April as the new halving cycle approached.
The success of BTC spot ETFs is a driver of price action, with inflows exceeding $12 billion in the first quarter. BTC spot ETFs currently hold 831,000 BTC, or about $59 billion.
Inscription transactions and fees fell 40% and 60% month-on-month. However, daily sales on NFT exchanges still exceeded $10 million. The halving in April will bring the launch of the Runes token protocol and Epic sats.
Miner revenue (USD) increased 34% month-on-month, and miners are exploring inscriptions and MEV as additional sources of income. Some miners have officially conducted block sales to meet the needs of Ordinals builders.
The TVL of the programmable Bitcoin layer increased 127% month-on-month. Dozens of new layers are being built to scale Bitcoin and increase its programmability, many of which are exploring bridging and state verification based on BitVM.