Bitcoin BTCUSD The outflow from exchanges continues as spot ETFs become more popular in the US. Meanwhile, the BRC-20 euphoria lost traction by mid-March 2024.
Bitcoin 
BTCUSD Loss of fees by 33%: main reason
Bitcoin BTCUSD, the largest blockchain network, has seen aggregate transaction fees drop by 33.1% over the past few days. Such an estimate was shared by blockchain data analytics platform IntoTheBlock in its latest weekly newsletter.
In this week's newsletter we focus on the signs of greed developing in the crypto markets. We evaluate the level of leverage in cryptocurrencies and analyze the consequences it can have for investors 👇https://t.co/8X8vEyqUG7 — IntoTheBlock (@intotheblock) March 16, 2024
Bitcoin BTCUSD There was a significant drop in fees due to the decreasing activity of BRC-20 tokens or Bitcoin ordinals. Compared to NFTs on programmable blockchains, these ultra-low-cost tokens contributed to an increase in BTC fees in the third quarter of 2023.
Meanwhile, $700 million worth of BTC has been withdrawn from CEXes as spot ETFs in the US continue to set records. As of March 16, 2024, they have accumulated over $12 billion in liquidity from institutional investors.
Ethereum fees 
ETHUSDthe second largest blockchain, reached an annual high for the second time in a row with Uniswap 
UNIVERSITY Exchange leader in terms of gas consumption.
However, ETH’s outflow from exchanges – which is a key indicator of bullish sentiment – lags that of Bitcoin BTCUSD Network.
Crypto Correction Is Coming: Indicators from IntoTheBlock
Analysts also shared a number of very alarming signals for Bitcoin BTCUSD and altcoin holders. Markets may be overheated as funding rates on derivatives exchanges have risen to multi-month highs.
The funding rates on Binance and Bybit reached values of 0.06% and 0.09%, respectively. APY rates for stablecoin-based investment products also rose, also indicating overheated markets.
The momentum of DeFi lending sends similar messages: Aave Finance 
SPIRIT has increased its debt ratio by 114% in the last year.
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