Bitcoin Speculative Appetite Declines Despite $65K Target

Crypto traders remain bearish on Bitcoin (BTC), despite predictions of a potential rise to $65,000. Investors are increasingly cautious amid rising scams, geopolitical uncertainties, and regulatory developments.

Investor Appetite for Bitcoin Speculation Drops

Recent data from Glassnode reveals a significant decline in Bitcoin’s “hot supply” metric—coins held for one week or less—falling from 5.9% in November to just 2.3% by March 20. This indicates investors are shifting away from speculative trading toward safer, longer-term positions amid market volatility and macroeconomic uncertainty.

Australia Proposes New Crypto Regulation Framework

The Australian government, led by Prime Minister Anthony Albanese, has announced plans to regulate crypto exchanges under existing financial services laws. The proposed framework includes:

• Mandatory Australian Financial Services Licenses for crypto exchanges and custody providers.
• Minimum capital requirements and asset safeguarding rules.
• Measures to address crypto-related debanking issues.

The government intends to release draft legislation for public consultation ahead of a closely contested federal election scheduled by May 17.

Canary Capital Files for Pudgy Penguins ETF

Asset manager Canary Capital has filed with U.S. regulators to launch an exchange-traded fund (ETF) backed by Pengu (PENGU), the governance token of the Pudgy Penguins NFT project. If approved, this ETF would:

• Hold spot PENGU tokens and Pudgy Penguins NFTs.
• Include other digital assets like Ethereum (ETH) and Solana (SOL) for operational purposes.
• Become the first U.S. ETF to directly hold NFTs.

PENGU currently has a market capitalization of approximately $438 million.

Coinbase Becomes Ethereum’s Largest Node Operator

Coinbase has emerged as Ethereum’s largest node operator, controlling 11.42% of all staked Ether (ETH). The exchange currently holds around 3.84 million ETH, valued at approximately $6.8 billion. Coinbase also reported exceeding its validator uptime targets, highlighting its growing influence within Ethereum’s staking ecosystem.

Key Points:

• Bitcoin speculative activity sharply declines amid market uncertainty.
• Australia announces new crypto regulatory framework ahead of elections.
• Canary Capital seeks approval for first-ever NFT-backed ETF in the U.S.
• Coinbase now controls over 11% of Ethereum’s staked ETH.