Both bitcoin and ethereum experienced a tepid week over the last seven days, with BTC seeing a slight increase of 0.5% and ETH declining by 3.8%. Conversely, several crypto assets posted gains, with notcoin (NOT) rising 214% against the U.S. dollar. NOT Tops the Charts With 214% Increase, TAO Declines 14% The TON-based crypto asset […]
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Bitcoin Spot ETF Records Consecutive Weeks Of Inflows As Investor Confidence Grows
Ethereum exchange-traded funds (ETF) have been the talk of the town – and rightly so – after the United States Securities and Exchange Commission (SEC) approved the listing of the investment products during the week. Meanwhile, the Bitcoin spot ETF market continued its resurgence on one side, marked by a second consecutive week of positive inflows.
This streak of positive inflows represents a complete shift from previous weeks when investment activity was dangerously low. However, this recent turnaround reflects a rise in investor confidence over the past two weeks.
Bitcoin Spot ETF: 2 Million In Net Inflows In One Day
On Friday, May 24, the US Bitcoin spot ETF market saw another day of positive inflows, marking the 10th consecutive day of significant investment into these funds. According to data from SoSoValue, the market recorded a total net inflow of approximately 2 million to close the week.
Breaking this down, BlackRock amassed a substantial percentage of the total daily investment, with the IBIT ETF posting an inflow of 2 million. Grayscale Bitcoin Trust (GBTC), on the other hand, did not attract any capital on Friday, ending the week with zero daily outflows and inflow.
Other ETF issuers, such as Fidelity, Bitwise, and ARK Investment, also witnessed impressive inflows on Friday. Most notably, Fidelity’s FBTC came second to BlackRock’s fund after attracting about .7 million on the last day of the week.
More importantly, this positive inflow day means that the Bitcoin spot ETF market has amassed significant investment every day for the second week in a row. And after the close of Friday’s trading session, the net inflow in the past week stood at an impressive .06 billion.
This sustained positive trend in terms of capital inflow suggests that investor confidence in Bitcoin ETFs might be back at an all-time high. The last time there was a consistent positive capital inflow into these products, the Bitcoin price rose to a new all-time high.
With Ethereum spot ETFs on the brink of trading in the US, crypto exchange-trade products seem to be in fashion at the moment. And they might just be the catalyst that the crypto market – particularly Bitcoin – needs to resume what is left of the bull cycle.
Bitcoin Price At A Glance
As of this writing, Bitcoin is valued at ,868, reflecting a 2.5% price increase in the last 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by 3% on the weekly timeframe.
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This week bitcoin appreciated over 6% against the U.S. dollar, while ether increased more than 3% in the same period. Meanwhile, more than twelve alternative cryptocurrencies saw double-digit gains between 10% and 33.4%. Weekly Crypto Highlights: Double-Digit Gains and Losses Across the Board As of Monday, the total value of the crypto economy stands at […]
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Bitcoin Bulls “Warming Up” As Spot ETF Inflows Exceeds $1.3 Billion In 2 Weeks
Even after the upswing mid-this week, Bitcoin prices remain wavy, considering price action in lower time frames. The coin is retesting ,000 at spot rates, but traders expect the breakout to have been confirmed, pushing BTC prices toward ,000.
Since the surge to all-time highs in March, the coin has been on a steady downtrend, as shown in the formation on the daily chart.
BTC Liquidity Is High Despite Accumulation: Analyst
Therefore, as doubt creeps in, Willy Woo, a Bitcoin on-chain analyst, is calming down market participants, saying the coin is preparing for sharp gains in the days ahead.
Though prices are flat-lining in the daily chart, what’s important to note, Woo says, is the level of liquidity.
Sharing a chart on X, Woo emphasized Bitcoin’s position within its liquidity cycle. The Bitcoin liquidity cycle is simply a chart showing the boom and bust periods of the world’s most valuable coin. Every cycle in history is highly influenced by the availability and flow of capital in and out of the asset.
The analyst is upbeat, arguing that though prices are down from all-time highs and appear stuck in a consolidation, the coin is still in a “warm-up” phase. Woo adds that the current consolidation period means the long-term risk is low in light of the relatively high liquidity.
Comparing the current state of affairs to past price action, the analyst predicts that Bitcoin prices will likely surge. When “the floodgates open” and new capital enters the market, prices will shoot higher, but so will risk.
Bitcoin Uptrend Just Getting Started?
Ki Young Ju, the founder of CryptoQuant, a crypto analytics platform, has supported Woo’s position. To X, Ju said Bitcoin is in the middle of a bull cycle.
To explain this view, the founder noted that Bitcoin’s capitalization has been growing faster than the realized cap. The realized cap is a metric that aims to gauge the total value of all coins in circulation based on the price at which they were last moved.
This trend has persisted for roughly two years historically. If this pattern holds, the bull cycle could end by April 2025.
Amid this, interest in spot Bitcoin exchange-traded funds (ETFs) appears to be swelling. An ETF analyst, Eric Balchunas, said these derivative products have attracted a net inflow of over .3 billion in the last two weeks alone. This uptick effectively offset the negative flows seen in April.
Is The Crypto Winter Thawing? US Bitcoin ETFs Record First Inflows In Weeks – Coinshares
After experiencing outflows for four consecutive weeks, US spot Bitcoin exchange-traded funds (ETFs) have marked a notable shift in momentum, witnessing net inflows once again.
According to recent data from CoinShares, digital asset investment products have seen inflows totaling 0 million for the first time in five weeks.
This change suggests renewed investor interest in crypto-focused investment products, particularly in the United States, where most of these inflows, totaling over 0 million, occurred.
A Mixed Bag Of Global Investment Flows
Grayscale, a major player in the digital asset space, reported a significant decrease in weekly outflows, recording its lowest since January at 1 million. This trend indicates a potential stabilization in the market after a period of volatility and declining interest.
Meanwhile, interaction between US regulators and spot ETF issuers has remained minimal, particularly for spot Ethereum ETF applications.
This lack of engagement has fuelled speculation that approval for these ETFs might not be approaching, as reflected by the amount of outflows from Ethereum-based products. James Butterfill, Head of Research at Coinshares, particularly noted:
Low interaction by the US regulators with ETF issuer applications for a spot Ethereum ETF have increased speculation that the ETF approval is not imminent, this has been reflected in outflows which totalled USm last week.
On a global scale, the investment landscape showed mixed signals. After a week of record inflows likely driven by “seed capital” post-Bitcoin ETF launches, as highlighted by Butterfill, Hong Kong saw a significant drop to million in inflows.
Conversely, Switzerland experienced inflows amounting to million. Canada and Germany continued to see outflows, with their year-to-date figures reaching a combined 0 million, indicating sustained bearish sentiment in these markets.
Bitcoin has rebounded with 4 million in inflows, counteracting a generally “weak month.” In contrast, short-Bitcoin exchange-traded products (ETPs) recorded outflows totaling .1 million, up to million over the last eight weeks.
These figures highlight the volatile dynamics within the crypto market, with Bitcoin currently showing stronger performance than Ethereum.
Bitcoin And Ethereum Market Performance
Over the past 24 hours, Bitcoin surged nearly 3%, while Ethereum increased by only 1.2%. Despite these gains, both assets are down by 2.3% and 6% over the past week.
Amidst these market movements, crypto analyst Ali provided insights into Bitcoin’s potential paths. According to Ali, Bitcoin could climb to ,000 if it reclaims ,290 as a support level.
Failing to achieve this could see the flagship crypto drop to support at ,970, based on Market Value To Realized Value (MVRV) extreme deviation pricing bands, identifying this figure as the all-time mean.
If #Bitcoin can reclaim ,290 as support, it is likely to rise towards ,610. However, if it fails to surpass ,290, $BTC might retest support at ,970. pic.twitter.com/s4D1fTEU7k
— Ali (@ali_charts) May 12, 2024
Featured image from Unsplash, Chart from TradingView
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On Monday, the cryptocurrency market maintained steady growth, with its valuation reaching .3 trillion—an increase of 1.72% over the last 24 hours. Over the past week, six cryptocurrencies have posted double-digit gains, while around two dozen have experienced significant losses. Crypto Asset Market Sees Varied Performance This week saw a mixed performance within the crypto […]
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Positive Market Turn: US Bitcoin ETFs See Substantial Inflows After Last Week’s Outflows
According to statistics, U.S. spot bitcoin exchange-traded funds (ETFs) saw their second consecutive day of positive inflows after recording approximately 8.3 million on Friday. During Monday’s trading sessions, the U.S.-based bitcoin ETFs accumulated 7 million in positive inflows, with Grayscale’s Bitcoin Trust (GBTC) also marking its second consecutive day of inflows. US Spot Bitcoin ETFs […]
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This Week’s Crypto Watchlist: Top Coins Poised For Gains
In a post on X, crypto analyst Miles Deutscher laid out his strategic predictions for high-performing cryptocurrencies in the upcoming week to his 501,700 followers. His analysis delved deep into Bitcoin’s trading patterns, the surging AI-driven altcoin sector, and specific tokens that are displaying considerable potential due to recent developments and broader market dynamics.
Bitcoin And AI Crypto Tokens Are Set To Dominate This Week
At the forefront of Deutscher’s analysis, Bitcoin has recently returned to its previous trading range between ,000 and ,400 after experiencing a sharp drop. This movement was characterized as a significant deviation, suggesting manipulation or a shakeout of weak hands before a potential rally.
“Bitcoin is at the top of my watchlist for this week. Had a big fakeout/deviation to the downside, and now back within the range,” Deutscher stated. He pointed out that the key factor to watch is whether the current range’s lower boundary will hold, which could serve as a strong foundation for an upward trajectory.
Moreover, the AI sector has been particularly resilient and robust recently, bouncing back significantly amidst broader market recoveries. Deutscher highlighted the sector’s potential for outperformance, driven by several upcoming major events.
These include Apple’s Worldwide Developers Conference (WWDC), NVIDIA’s earnings announcement, and the anticipated release of ChatGPT 5. “AI is one of those unique narratives that retains constant mindshare due to its endless real-life news flow/hype,” Deutscher explained.
One specific AI token which Deutscher watches closely due to its alleged partnership with Apple is Render (RNDR), making it a prime candidate for speculation around the upcoming Apple event. Historically, RNDR has also led the AI token sector during market rotations.
Furthermore, Deutsches focuses on Near Protocol (NEAR), Fetch.ai (FET), AIOZ Network (AIOZ). He grouped these tokens together due to their correlation but noted their recent technical performance, where they bounced cleanly off daily support levels and established higher lows.
More Altcoins To Watch
TON: Recently the center of attention, TON experienced a drop after the Token2049 event in what Deutscher described as a “sell-the-news” scenario. However, recent investments by firms like Pantera signal continued interest and potential undercurrents of growth.
Ethena (ENA): With the market sentiment turning bullish again, Deutscher anticipates a return to positive funding rates, which typically benefit tokens like Ethena. Recent activity from the Ethena team, including increased reward boosts and optimistic social media posts from its founders, further bolster the bullish case. “Also hearing rumors of a T1 exchange listing,” Deutscher added, suggesting an impending increase in liquidity and exposure.
Jito (JTO): Jito is reportedly developing what Deutscher referred to as the “Eigen Layer of Solana,” aiming to replicate the success and hype surrounding the Eigen project’s layer solutions. Despite the challenges of a recent airdrop, Deutscher sees potential if the team executes well, particularly as the restaking narrative has not yet fully penetrated the market.
PopCat (POPCAT): Despite facing some fear, uncertainty, and doubt (FUD) related to copyright issues over the weekend, POPCAT continues to exhibit strong price action, pushing toward new highs. “POPCAT seems the best contender, for now, not a single cat meme coin has yet to hit a B market cap,” noted Deutscher, highlighting its standout performance.
Ethereum Finance (ETHFI): In the realm of liquidity reward tokens (LRT), ETHFI remains a notable mention despite a broader sector sell-off post-Eigen. Deutscher believes the selling may have been overreactive, and with total value locked (TVL) still on the rise, a reversion to mean on prices could be imminent.
SEI Network (SEI): As anticipation builds for the launch of the new layer one blockchain, Monad, later this year, SEI is seen as a strategic play. Categorized within the parallelized Ethereum Virtual Machine (EVM) narrative, SEI experienced a substantial sell-off but is poised for recovery as the market focus shifts towards upcoming launches.
Friend (FRIEND): After recommending FRIEND at .30, Deutscher continues to see upside potential, particularly as it approaches more significant centralized exchange listings. He advises keeping an eye out for major pullbacks as opportunities to buy.
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Although last week saw some progress compared to the previous one, bitcoin has only experienced a slight 2% increase, whereas ethereum has incurred a 1.6% loss during the same period. Among alternative cryptocurrencies, worldcoin (WLD) emerged as the standout performer, surging by 32.4% against the U.S. dollar, while render (RNDR) experienced a notable spike of […]
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USDT Stablecoin Supply on TON Blockchain Hits 130 Million in 2 Weeks
Since the introduction of USDT on the TON blockchain, the supply of this stablecoin has grown by over 70 million within just two weeks, totaling 130 million. While USDT operates across multiple blockchains, its presence on TON has positioned it as the eighth largest in terms of circulating supply. TON Blockchain Sees 70 Million Increase […]
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