Messari's Bitcoin report for the first quarter of 2024 shows that BTC prices increased by 69% month-on-month to $71,310, a record high. The rally peaked in April as the new halving cycle approached. The success of the spot BTC ETF was the main driver of the price increase, with inflows exceeding $12 billion in the first quarter. The spot BTC ETF currently holds 831,000 BTC, worth $59 billion. Inscription transaction counts and fees fell 40% and 60% month-on-month. Despite this, NFT trading platforms still saw daily sales of more than $10 million. The April halving will launch the Runes token protocol and Epic sats. Miner revenue (in US dollars) increased by 34% month-on-month, and miners are exploring inscriptions and MEV as additional sources of income. Some miners have officially started selling blocks to meet the needs of Ordinals developers. The TVL of the programmable Bitcoin layer increased by 127% month-on-month. Dozens of new layers are currently being built to expand Bitcoin and increase its programmability, many of which are exploring BitVM-based bridges and state verification.
