In the realm of cryptocurrency, the scene is painted in shades of red, signaling a downturn.

Telegram bots recently achieved a remarkable daily trading volume peak nearing $7.4 million. Specifically, a group of Telegram bots contributed significantly to DEX trading volumes, reaching close to $80 million last week, marking a notable surge and the highest since July, according to data from a Dune dashboard.

Within the crypto business landscape, the current correction in Bitcoin's value has dragged crypto-related stocks into a negative territory, with only one exception showing positive movement during both yesterday's trading session and pre-market activities at 7:30 am ET: Griid. Bitcoin mining company Griid is poised to open with a 3% increase on Friday following a slight 0.75% decline the previous day. Conversely, Argo, Coinbase, Marathon, and CleanSpark have collectively experienced a 12% drop before and after trading hours.

Despite the overall market trend, MicroStrategy and Coinbase stand out as the sole crypto stocks showing gains over the past month, with increases of 129% and 56%, respectively. In contrast, the majority of crypto stocks have declined by an average of 26% in the same period, a puzzling trend given Bitcoin's nearly 30% upward movement.

Analysts attribute the market unease to Bitcoin's upcoming halving next month, speculating that concerns about the doubling of BTC production costs are causing apprehension. Interestingly, Bitcoin's current price remains significantly above the estimated post-halving production cost, which some estimate to be slightly above $50,000 per coin for most mining operations (those with integrated power sources may have lower costs).

As of the end of February, Coinbase's short interest decreased by 18.5%, amounting to 12.92 million shares or 7.63% of the float, marking the lowest level in at least a year. MicroStrategy also saw a slight decline in short interest but remained higher than in November. Meanwhile, Grayscale's Ethereum Trust is experiencing its largest discount since October, now trading 18.2% below its Net Asset Value (NAV) as hopes for an ETF diminish.