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

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

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

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /