[ad_1] Spot Bitcoin exchange-traded funds (ETFs) in the U.S. attracted $1.8 billion in inflows last week, their 18th consecutive record day of demand. The surge comes as the successful Bitcoin ETFs continue maturing.Trading volumes across Bitcoin ETFs also rose 55% week-over-week to $12.8 billion. The past week’s haul was Bitcoin funds’ largest since mid-March when Bitcoin hit nearly $74,000.Significantly, the ETFs acquired around 25,700 BTC last week, almost equal to the entire new Bitcoin supply mined during that period. This absorption of new supply is tightening the market.The wave of inflows this month has already surpassed May’s total inflows. It follows…
Author: dfrancis36
[ad_1] Blockchain tracking firm Lookonchain says that whales – possibly institutional investors – are accumulating a decentralized exchange (DEX) altcoin. According to Lookonchain, fresh wallets have been accumulating the native token of GMX (GMX), a DEX that operates on the Arbitrum (ARB) and Avalanche (AVAX) blockchains offering spot and leveraged trading. The firm says the entity has already accumulated over $15 million worth of GMX from Binance. “Whales/institutions are buying GMX, and the price of GMX has increased by ~24% in [two days]. Six fresh wallets withdrew a total of 344,502 GMX ($15.3 million) from Binance in [two days]. Wallets:0x68fdea13878d7ce741cc596db55564909d9ecc8a0x4f63bce375be7785c5f6432ae601d5a2f440559c0x2f0220b802b4267380ba7ae316f089be31f2579b0x7ee198de1478257c7a23d879bea00f96a853eec10x28b2172086a4efa589becaad522a9526f59d07d00x441f9c411339a11f1dcd9f6e8ad736e21b290fc0″…
[ad_1] Solana (SOL) finds itself stuck in neutral. Once a frontrunner in the 2023 crypto bull run, SOL’s price has been range-bound between $155 and $170 for the past few days, leaving investors cautiously optimistic but undeniably perplexed. Technical Tug-of-War: Bulls Vs. Bears Technical indicators paint a conflicting picture for the high-speed blockchain darling. The dreaded “death cross” – a bearish signal formed when the 50-day moving average dips below the 200-day average – has materialized, suggesting a potential short-term price decline. However, the Relative Strength Index (RSI) remains neutral, hinting at some underlying buying pressure, albeit weak. The social media…
[ad_1] The State of Wisconsin Investment Board recently announced the purchase of $99 million worth of IBIT shares, BlackRock’s spot Bitcoin ETF. This marks the first investment in Bitcoin ETF shares by a public pension fund.While this is the first time a state pension has bought shares of a Bitcoin ETF, it’s not the first bitcoin investment by a pension fund. In October 2021, the Houston Firefighters’ Relief and Retirement Fund acquired an undisclosed amount of BTC through institutional bitcoin services provider NYDIG.That was before spot ETFs were available. Now that a safer, easier alternative exists to buying bitcoin outright,…
[ad_1] In hindsight, all it took for real institutional adoption of Bitcoin to take place was the introduction of a risk-minimized, easy-to-use product in the form of an exchange-traded fund (ETF). In January, the SEC approved nine new ETFs that provide exposure to Bitcoin through the spot market, a strict improvement over the futures-based ETFs that began trading back in 2021. In the first quarter of trading, both the size and number of institutional allocations to these ETFs have blown away consensus expectations. Blackrock’s ETF alone set a record for the shortest time an ETF has hit $10 billion in…
[ad_1] In an analysis, Moataz “Eljaboom” Elsayed, a crypto analyst and Forbes 40 under 40 nominee, has forecasted a significant surge in the value of Shiba Inu (SHIB). According to Elsayed, the meme-based cryptocurrency is poised for a potential increase that could see its value reach $0.00024, marking an unprecedented 1,105% gain from its current levels. Shiba Inu Price Set To Skyrocket 1,100%? In a review of SHIB’s price activity on the weekly chart (SHIB/USDT), Elsayed pinpointed a repeating pattern that initially occurred during the second quarter of 2021, shortly after Binance, a major crypto exchange, began trading SHIB. According…
[ad_1] The debate over Ethereum (ETH) gas fees has been a significant topic within the crypto space for quite some time now. Joining the fray is Uniswap protocol founder and Chief Executive Officer (CEO) Hayden Adams, who has suggested a future where Ethereum users no longer need to worry about gas fees. Hayden Adams Declares Demise Of Ethereum Gas Fees During the weekend, Hayden Adams, the inventor of Uniswap, one of the largest Decentralized Exchanges (DEX), took to the X (formerly Twitter) platform to share his thoughts on Ethereum’s gas fees. According to the founder, the term gas fee should…
[ad_1] Notcoin (NOT), a relatively new entrant in the cryptocurrency market, has recently formed a falling wedge pattern on its price chart. This technical formation is characterized by converging trendlines that slope downwards, signaling a potential bullish reversal. Typically, a falling wedge pattern occurs after a prolonged downtrend, indicating that the asset’s price is likely to break out to the upside. The emergence of this pattern in Notcoin’s chart is drawing attention from traders and investors who are keen to understand its implications for future price movements. A confirmed breakout from the falling wedge could signal the end of Notcoin’s…
[ad_1] Cardano, the blockchain network championed by Charles Hoskinson, is on the cusp of a major upgrade. The upcoming Chang hard fork, targeted for June, promises to usher in a new era dubbed the “Age of Voltaire.” While excitement simmers within the Cardano community, a crucial question lingers: will this translate to a price surge for ADA, the network’s native token? Hoskinson’s Vision Realized Cardano’s development has been a marathon, not a sprint, meticulously guided by Charles Hoskinson’s vision. Unlike some blockchain projects that prioritize rapid innovation, Cardano emphasizes rigorous testing and peer-reviewed research. One of the key features of…
[ad_1] Tron price is gaining pace above the $0.1150 resistance against the US Dollar. TRX is outperforming Bitcoin and could rise further above $0.1180. Tron is moving higher above the $0.1150 resistance level against the US dollar. The price is trading above $0.1155 and the 100-hourly simple moving average. There is a key bullish trend line forming with support at $0.1160 on the hourly chart of the TRX/USD pair (data source from Kraken). The pair could continue to climb higher toward $0.1200 or even $0.1220. Tron Price Regains Strength Recently, Bitcoin and Ethereum saw a fresh decline below $68,500 and…