Cheatsheet: Can bitcoin maintain its momentum into the halving?

The halving is expected around April 20 and with share drops already upon us, can bitcoin maintain its momentum for roughly a month?

article-image

Artwork by Crystal Le

share

This is Cheatsheet, a primer on what’s happening in crypto today.

Bitcoin’s back at $66,000 after slowly climbing higher throughout Wednesday, a 5% uptick in the last 24 hours.

Ether (ETH) is trading around $3,500, following a similar trajectory. 

Floki is topping the charts this morning, up 26%. Axelar’s AXL and Kaspa’s KAS followed closely behind at 19% and 18%, respectively, at time of publication.

Render RNDR, Bittensor TAO and First Digital USD FDUSD all saw slight selling pressure between 2.4% and 1.1% early Thursday.

The halving’s nearly upon us

The fourth bitcoin halving is almost upon us, set to occur on or around April 20. 

Read more: The Bitcoin halving is about a month away — here’s what you can expect

In a note to institutional investors, Coinbase Institutional wrote, “given prior history, it would be easy to extrapolate that bitcoin’s strong recent performance (up 157% since mid-October) will continue up to and after the upcoming halving.”

However, analysts warned, investors should proceed with caution. 

As Cheatsheet’s been reporting throughout the week, thoughts on bitcoin’s price action ahead of the halving are a mixed bag. Some market commentators believe bitcoin’s entered a “danger zone” in the next month. Earlier this week, bitcoin (BTC) dropped 17% from its all-time high before regaining ground.

“Looking ahead, there are a number of macro factors that are likely to have a meaningful impact on bitcoin prices as well,” analysts wrote, citing the Federal Reserve and miners.

Crypto business

Coinbase sent a letter earlier this month to the Commodities Futures Trading Commission submitting a self-certification to list dogecoin, litecoin and bitcoin cash futures starting April 1. 

“Dogecoin’s enduring popularity and the active community support suggest that it has transcended its origins as a meme to become a staple of the cryptocurrency world,” Coinbase wrote in its letter about dogecoin.

Bloomberg analyst James Seyffart questioned on X if the Securities and Exchange Commission would take issue with the classification as “commodities futures” versus “securities futures.”

Loading Tweet..

Zooming out of cryptoland, Reddit is officially going public Thursday. 

Read more: Reddit eyes late March debut on NYSE: FT

According to a press release, the company priced at the top of its range at $34 a share. Back when the company publicly filed its S-1, it disclosed that it held bitcoin, ether and Polygon’s native token, MATIC. However, it specified that it held ether and bitcoin “for treasury purposes” and had also invested “excess cash reserves” to add to its bitcoin and ether holdings.

Elsewhere in the market:

  • Grayscale’s bitcoin ETF is still taking a beating when it comes to outflows, with nearly $387 million of outflows Wednesday.
  • For the third day in a row, bitcoin ETFs saw outflows across the board, with IBIT notching a mere $49 million in inflows.
  • MicroStrategy, in early Thursday trading, is seeing some positive momentum. Stock is up nearly 4% at time of publication to $1,600 a share.

On the ground

Loading Tweet..
Hold on, let me get my popcorn
Loading Tweet..
A meme come to life

Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

Former White House crypto official Bo Hines is expected to be the CEO of the new project

article-image

In bonds, stablecoins and billionaires, a reminder of what makes crypto special

article-image

21Shares exec says CPI and PPI data supports a Fed rate cut, with market leaning toward a 25bps decrease

article-image

The Ethereum co-founder suggested LINEA holders would be eligible for other airdrops in cryptic tweet

article-image

The layer-2’s biggest release yet brings benefits — but a post-upgrade outage caused a chain reorg

article-image

Crypto is shifting into risk-on mode — pump.fun dominates meme activity, while Lido leans on treasury maneuvers