Morgan Stanley MSBT ETF Collects $34M Day-One Inflows as Cardano (ADA) Developers Lead All Chains openPR.com
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The National Pension Service, South Korea’s national pension fund, has reported purchases of nearly $34 million in MicroStrategy shares.
NPS is South Korea’s largest public pension fund and the third-largest in the world with over $729 billion worth of assets.
Wu Blockchain shared the news via X:
South Korea’s National Pension Service (NPS) disclosed that it bought 245,000 shares of MicroStrategy in the second quarter of this year, worth about $33.75 million. Previously, NPS bought 282,700 shares of Coinbase in the third quarter of last year. NPS manages $729.77 billion…
— Wu Blockchain (@WuBlockchain) August 16, 2024
Details filed with the US Securities and Exchange Commission indicate the NPS acquired 245,500 of MicroStrategy shares at a total of $33.5 million. The filing relates to the fund’s investments in the quarter ending June 30, 2024.
According to news outlet Infomax, the National Pension Service’s investment in shares of the US-based MicroStrategy accounts for 0.04% of the fund’s total investment in US stocks.
Apart from MSTR, the fund also holds more than $51 million in Coinbase shares, $31.5 million in Roblox and over $61 million in shares of Block, Inc. The fund also holds shares of AI-chip powerhouse Nvidia, and tech giants Google and Microsoft.
MicroStrategy shares up 92% YTD
While the MicroStrategy stock has plummeted 20% as the crypto market struggles with choppy conditions. Despite falling from highs of $180 in mid-July to currently around $131, MSTR remains more than 92% up year-to-date.
MicroStrategy, as well as top crypto related companies such as Coinbase, are largely bullish amid growth and projections for Bitcoin. For Michael Saylor-led MicroStrategy, part of the success has come after adopting the strategy of adding BTC to its balance sheet.
MSTR has soared alongside Bitcoin since MicroStrategy first bought BTC in 2020, the latest surge coming amid Bitcoin’s push to reclaim $60k.
Saylor said in a recent post on X that MSTR has outperformed 499 of the 500 stocks in the S&P 500.
Four years ago today, MicroStrategy adopted #Bitcoin as its primary treasury reserve asset; since then $MSTR has outperformed 499 of 500 stocks in the S&P 500. pic.twitter.com/Db7GVeyc9a
— Michael Saylor
(@saylor) August 11, 2024
The company acquired an additional 12,222 BTC in Q2, 2024, adding more than $805 million in BTC to its haul. Currently, MicroStrategy holds 226,500 BTC worth over $13 billion.
The U.S. Spot Bitcoin ETF outflows narrowed to $34.4 million on Thursday, May 2. This marks a significant reversal from Wednesday’s gigantic outflow of over $563 million. Moreover, the recent rebound came amid a broader market recovery as the Bitcoin (BTC) price inched closer to $60,000, rebounding from the recent correction.
Bitcoin ETF Outflows Slow Down
According to data by Farside UK, the Grayscale Bitcoin Trust (GBTC) again led the outflows with $54.9 million drained out. Hence, the GBTC outflows have totalled to 327,000 BTC since inception. Despite the broader negative flow, notable inflows were observed into the Ark 21Shares Bitcoin ETF (ARKB).
ARK bought the dip in Bitcoin price with $13.3 million inflows, suggesting continued interest from institutional players. Meanwhile BlackRock’s IBIT Bitcoin ETF recorded zero flows again with Fidelity’s FBTC mirroring the move.
However, Valkyrie’s BRRR ETF recorded a net inflow of $2.3 million. Whilst, Franklin Templeton’s EZBC Bitcoin ETF tailed ARKB with $3.4 million influx on Thursday. In addition, Invesco Galaxy’s BTCO ETF recorded an inflow of $1.5 million.
Earlier, the BlackRock’s IBIT ETF witnessed the first day of outflows on Wednesday with $36.7 million withdrawn. Moreover, the Fidelity Bitcoin ETF overshadowed GBTC outflows for the first time with a negative flow of $191.1 million while the latter registered a net outflow of $167.4 million.
Also Read: BlackRock Sees Sovereign Wealth Funds, Pensions Dive into Bitcoin ETFs
Hong Kong ETF Inflow & Market Recovery
The crypto market also witnessed resilience as Bitcoin’s price rebounded from $56,500 to $60,000, indicating underlying support despite outflow concerns. This price recovery reflects ongoing investor confidence in Bitcoin’s long-term prospects despite short-term fluctuations. Furthermore, Ethereum (ETH) topped $3,000 and the other altcoins followed with notable gains.
In contrast to the outflow trend in traditional ETFs, the Hong Kong ETF market presented a different narrative. Official inflow numbers for Hong Kong ETFs revealed a significant $248 million under management. Notably, these ETFs allow in-kind contributions, enabling direct deposits of Bitcoin instead of solely relying on market purchases. This unique feature offers flexibility to investors and potentially contributes to the growing popularity of crypto ETFs.
Additionally, news of Europe’s BNP Paribas investing in the BlackRock Bitcoin ETF boosted investor confidence. Though the bank invested a modest amount of $41,684 in IBIT, it signals growing institutional interest and positive exposure for the crypto market.
Also Read: European Bank With $600B AUM Invests In BlackRock Bitcoin ETF
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Scorpion Casino’s $3.4M Presale Pulls in Investors, Beats Hype Around Dogecoin and PulseChain Surge Analytics Insight
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Shiba Memu brings AI to the meme sector, giving it the potential to become sustainable.
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Investors have bought over $3.4 million of Shiba Memu as investor interest returns on Shiba Inu.
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Shiba Memu could benefit from AI and meme mania to follow the price trends of her peers.
Meme cryptocurrencies are an exciting asset class. The interest emanates from the ability to return by triple or more digit percentages in a short period. Shiba Inu, one of the leading meme cryptocurrencies, has been under increased whale buying lately. Conversely, Shiba Memu (SHMU), a meme token on presale, has been riding the meme mania. Investors have bought over $3.4 million, banking on the prospects of a disruptive AI meme project.
Does Shiba Inu buying suggest a rally is coming?
Shiba Inu’s transaction value crossed the $47 million mark on September 21. The intense buying has coincided with the stabilisation of Shiba Inu’s price above $0.000007. Although no bullish signs have been recorded so far, the buying suggests the selling pressure is low. Consequently, a price recovery could be on the horizon as the risk sentiment improves.
Overall, Shiba Inu’s interest implies a strong belief in meme crypto investments. The meme sector market has grown to over $20 billion in market cap from $0 in early 2020. Due to the growth potential, the search for quality meme projects has been on. A potential rally in Shiba Inu could boost sentiment and benefit upcoming tokens such as Shiba Memu.
Shiba Memu, a bigger Shiba Inu rival?
In comparison, Shiba Memu and Shiba Inu are both meme cryptocurrencies. They are driven by hype and market sentiment.
However, unlike its predecessor, Shiba Memu is novel as it taps into the power of AI. Shiba Memu uses AI to self-market itself and become powerful. As such, it can self-promote on social networks and forums, helping it generate online frenzy.
The self-marketing concept is crucial to the value proposition of Shiba Memu. Rivals like Shiba Inu have relied on social media frenzy and influencers to gain traction. When the frenzy is lacking, these tokens relinquish gains. Due to this reason, investors have decried the lack of sustainability in the meme sector.
Leveraging AI for self-marketing makes Shiba Memu capable of delivering sustainable returns. AI works 24/7, learning all the time and reinventing its marketing interventions. Shiba Memu team believes the capability can enable the project to become a leader in the crypto market.
Shiba Memu’s unique presale attracts investors.
Unlike other presales, Shiba Memu is unique and beneficial to its investors. The token is made to rise each day on presale at 6 PM GMT. For instance, while SHMU’s initial price was $0.011125, it has now risen to $0.030475.
Supposing you bought the token at the initial price, you receive nearly three times the current value. The price will continue to increase up to the end of the presale. The tokenomics guarantees returns for investors buying at the presale.
Shiba Memu prediction in 2024
Predicting a meme cryptocurrency is speculative since these tokens have heightened volatility. Nonetheless, the price movements of other meme cryptocurrencies can help predict SHMU.
Reflecting, meme tokens like Dogecoin, Shiba Inu, and PEPE have been market movers. Dogecoin has moved from being labelled as a joke coin to the top 10 tokens by market cap. Shiba Inu retains the second spot among the most valuable meme cryptocurrencies. PEPE surprised the market this year as it returned by over 10,000%.
The above points to the potential that Shiba Memu carries. The value could rise suddenly when the token is listed on centralised exchanges in 2024. The price could be boosted by the frenzy around meme tokens and the AI application. With signs of a stabilising crypto sector, Shiba Memu could also benefit from improved sentiment to gain value.
Voyager Dispatch $3.4M Shiba Inu Tokens To Coinbase TronWeekly
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Voyager Sends 250 Billion Shiba Inu Tokens to Coinbase Worth $3.4M Watcher Guru
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