Cardano Whales & Sharks Ramp Up ADA Holdings as Midnight Sees Strong Institutional Backing ZyCrypto
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Crypto Market Prediction: Ethereum (ETH) Is Back, Bitcoin (BTC) Breaks Bears at $110,000, Shiba Inu (SHIB) Ramp Deletes Zero TradingView
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Ethereum‘s price performances in the ongoing bull cycle may be lagging behind other notable crypto assets like Bitcoin, Solana, and XRP, which have formed new all-time highs. However, optimism about its price prospects still lingers as evidenced by a persistent accumulation of the digital asset
Confidence In Ethereum Growin Among Investors
Despite Ethereum’s price struggling to initiate a major rally, an encouraging sentiment has been spotted among investors. Recently, ETH investors have ramped up accumulation at a significant rate over the last two weeks.
Kyle Doops, a technical expert and host of Crypto Banter Show shared the development after examining the key Ethereum New Accumulation metric. Data from Kyle Doops reveals a surge in wallet activity, with both small and large-scale investors increasing their ETH holdings.
The expert stated that this trend reflects unwavering confidence from investors in spite of recent market fluctuations. Furthermore, the expanding interest suggests strong faith in ETH’s potential in the long term, which is attracting many institutional and retail participants.
Ethereum’s network expansion and dominance of the Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT) sectors may have played a pivotal role in the persistent accumulation. Meanwhile, if the accumulation phase extends, it could act as a precursor for the altcoin’s next major price movement.
However, waning market performance threatens its uptrend in the short term. Even in the face of market uncertainty, Kyle Doops claims that Ethereum’s future appears increasingly promising, demonstrating his optimism about the asset’s capability.
This robust investor activity is also indicated by the Ethereum Estimated Leverage Ratio metric, which has been climbing for some period. A rise in this key metric indicates heightened risk as traders take on more positions with high leverage.
The surge in high-leverage positions appears to have been climbing as ETH consolidates between the $3,200 and $3,500 price range. Given the prolonged stasis within the price range, Kyle Doops believes that a bullish breakout is likely at this point.
However, he has urged investors to be cautious as high leverage may cause liquidations and volatility as seen in the past whereby the development has led to a volatile price action for the altcoin.
A Strong Rally For ETH On The Horizon?
ETH continues to face significant resistance at the $3,500, raising uncertainty about its next price direction. However, market expert and trader Milkybull has expressed his confidence in ETH’s prospects, predicting a move to unprecedented levels.
Examining ETH’s 1-month chart, the analyst claims that the infamous rise of ETH that will push it to the $12,000 milestone is gathering steam. His bold forecast is supported by a Rising Wedge pattern, which typically oversees notable price spikes.
At the time of writing, ETH was trading at $3,381, demonstrating an almost 5% rise in the last 24 hours. Investors are betting significantly on the renewed upward momentum as trading volume has increased by more than 60% in the past day.
Featured image from Unsplash, chart from Tradingview.com
IMC Chicago, a major trading firm with assets under management totaling $169 billion, has revealed substantial increases in its Bitcoin ETF holdings for the second quarter of the fiscal year. The firm’s latest 13F filings highlight a strategic shift towards Bitcoin funds by Ark 21Shares and Grayscale. However, the catch here is that the firm isn’t a HODLer since the market maker is subject to adopting various trading strategies.
IMC Chicago’s Bitcoin ETF Holdings
According to the latest 13F SEC filing, IMC Chicago significantly boosted its exposure across various Bitcoin ETFs. Notably, its holdings in Ark 21Shares’ ARKB Bitcoin ETF surged from $1 million to $13.41 million. This underscores a bullish stance on this particular investment vehicle at least in the short-term.
Similarly, investments in Bitwise’s BITB ETF saw an increase of $1.92 million, bringing IMC Chicago’s total allocation to $20.54 million in this fund. Moreover, the firm also entered Grayscale’s GBTC with a fresh investment of $5.37 million, marking a notable addition absent from its Q1 filing.
Conversely, IMC Chicago scaled back its positions in certain ETFs. It reduced its holdings in Invesco Galaxy Bitcoin ETF by $572,868 and completely divested $9.71 million from VanEck’s HODL ETF. Fidelity’s FBTC also saw a decrease, with IMC Chicago trimming its allocation by $8.21 million, now holding $2.52 million in this fund.
Overall, IMC Chicago’s total investment in BTC ETFs reached $52.83 million for Q2, up from $48.37 million in the previous quarter. This uptick reflects not only a growing Institutional appetite for crypto exposure.
The implications of such trading strategies, focused more on short-term gains rather than long-term holding (“HODLing”), could have several effects on the Bitcoin ETF market. Increased trading activity from financial giants like IMC Chicago could potentially boost liquidity and market depth for these ETFs. However, the risk of increased volatility also looms, as short-term trading strategies can amplify price swings and market fluctuations.
Also Read: Bitcoin ETF Inflows Push Total AUM To New ATH Above $16 Billion
ETF Inflows Surge Beyond $300 Million
On Monday, July 15, Spot Bitcoin ETFs in the US witnessed a historic surge in investor interest, with total net inflows reaching $301 million. This marked the seventh consecutive day of positive flows amid significant institutional influx revealed in 13F filings. Leading the charge were BlackRock’s ETF IBIT and Ark Invest’s ETF ARKB, each attracting net inflows of $117.2 million. Additionally, Fidelity’s FBTC saw a notable influx of $36.1 million, underscoring growing confidence in cryptocurrency investments.
The total assets under management (AUM) for all nine U.S. Spot BTC ETFs soared past $16.1 billion, a significant milestone since their inception. BlackRock, spearheading this growth, has emerged as a dominant player in the market, contributing substantially to the increased AUM.
The surge in inflows follows a pivotal endorsement from BlackRock CEO Larry Fink, who highlighted Bitcoin’s evolving role in investment portfolios. In a recent interview, Fink stated, “I’m a major believer that there is a role for Bitcoin in portfolios. I believe you’re going to see that as one of the asset classes that we all look at. I look at it as digital gold, as I said before.”
Also Read: Ethereum To Outperform Bitcoin After Spot Ether ETF Launch: Kaiko
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.
Dogecoin Whales Ramp Up Activity With 600% Surge In Mega Transactions ZyCrypto
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Litecoin (LTC) and Shiba Inu (SHIB) Holders Ramp Up Investment in Kelexo (KLXO) Lending, Aiming for 50X Growth … Cryptonews
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Wall Street investors are having a gala ride with the S&P 500 already up by 4.5% since the beginning of 2024 and 20% over the last year. Tech giants like Meta have announced robust results for 2023 driving the market higher on Friday, February 2. However, market veterans like Robert Kiyosaki flash a warning sign while predicting a doomsday for the stock and the bond market, but backing Bitcoin.
Robert Kiyosaki: Bitcoin Offers Wealth Protection
Rich Dad author Robert Kiyosaki offers a cautionary perspective on the current surge in the stock market, challenging perceptions of a robust economy. He said that the robust results from the “Magnificent 7” firms could be an illusion as they are backed by U.S. government funding. Kiyosaki urges investors to exercise vigilance, signaling a potential downturn in both the stock and bond markets.
Highlighting his preference for Bitcoin, Kiyosaki positions the cryptocurrency as a safeguard against wealth erosion resulting from monetary practices. He points to figures such as Federal Reserve Chairman Powell, Treasury Secretary Yellin, and Wall Street bankers, alleging that they contribute to wealth theft through inflation, taxation, and stock price manipulation.
Emphasizing the protective attributes of Bitcoin, Kiyosaki underscores his choice to save and invest in the cryptocurrency, steering clear of traditional assets like stocks, bonds, and fiat currency.
BTC And Traditional Equity Markets
Last year in 2023, Bitcoin (BTC) and the broader cryptocurrency markets managed to break free from the traditional equity market, outperforming the latter by a huge margin. However, the equity market has been filling the gaps with a strong rally in the S&P 500 in January, and the Bitcoin price staying stable.
By design, Bitcoin seeks to be the hedge to the traditional equity market while taking the role of digital gold. with the launch of Bitcoin ETF, the asset class maturity has improved amid strong strong institutional inflows.
There’s a high chance that with the Bitcoin ETFs live in the market, institutions can move their funds here, along with Gold, as a hedge against any equity market crash. This will be the real test of Bitcoin showing its characteristic of being a hedge to the traditional market.
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.
On-chain data shows Bitcoin long-term holders have ramped up their selling recently, something that could lead to further plunge in the crypto’s price.
Bitcoin Exchange Inflow CDD Has Spiked Up Over The Last Day
As pointed out by an analyst in a CryptoQuant post, the current rise in the CDD is the largest since 6th October.
A “Coin Day” is the quantity that 1 BTC accumulates after staying still for 1 day in a single address. If a coin that has amassed some number of Coin Days finally moves to another wallet, its Coin Days counter resets, and the Coin Days are said to be “destroyed.”
The “Coin Days Destroyed” (CDD) metric keeps note of the total number of such Coin Days being destroyed throughout the network on any given day.
Another version of this indicator is the “exchange inflow CDD,” which measures only those Coin Days that were reset because of transactions to centralized exchanges.
Now, here is a chart that shows the trend in the Bitcoin exchange inflow CDD over the past month:
The value of the metric seems to have spiked up during the last day or so | Source: CryptoQuant
As you can see in the above graph, the Bitcoin exchange inflow CDD has shown a sharp rise in its value recently.
There is a cohort in the BTC market called the “long-term holder” (LTH) group, which includes all investors who hold onto their coins for long periods without moving them.
Related Reading: Bitcoin Capitulation Deepens As aSOPR Metric Plunges To Dec 2018 Lows
Because of the dormancy of their coins, thes LTHs accumulate a large numbers of Coin Days. As such, whenever these holders do move their coins, the CDD usually spikes up due to the scale of Coin Days involved.
The current spike in the Bitcoin exchange inflow CDD thus suggests that some LTHs have deposited their coins to exchange wallets.
As the exchanges in question are spot platforms, it’s possible that this movement of coins was made for selling purposes.
From the graph, it’s apparent that both the previous big spikes in the indicator were followed by declines in the price of Bitcoin.
If the latest surge was also because of LTHs preparing to dump their coins, then the crypto is likely to observe bearish trend this time as well.
BTC Price
At the time of writing, Bitcoin’s price floats around $16.4k, down 2% in the last week. Over the past month, the crypto has lost 15% in value.
Looks like the price of the coin has been back to moving sideways in the last few days | Source: BTCUSD on TradingView
Featured image from Zdeněk Macháček on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Fantom is the best performer amongst the top 100 cryptocurrencies by market cap today following a crucial integration.
FTX, the native coin of the Fantom blockchain, is up by more than 18% in the last 24 hours. The coin is outperforming the other major cryptocurrencies after rallying by nearly 20% so far today.
The rally comes after Fantom Foundation announced that Ramp Network had integrated Fantom. Ramp is a company that builds vital infrastructure connecting crypto to the global financial network.
According to the Fantom team, users onboarding to Fantom via Ramp can expect efficient and reliable transaction settlement. Fantom builders can connect to the Ramp SDK with just a few lines of code, the Fantom Foundation added.
FTM’s rally comes as the broader cryptocurrency market recovers from the slump it suffered earlier this week. The total cryptocurrency market cap stands at $1.03 trillion, up by more than 2% in the last 24 hours.
Bitcoin is trading around $20,600 and could rally towards $21k soon after adding more than 1% to its value today. Ether is also trading close to $1,600 after rallying by 2% in the last 24 hours.
Key levels to watch
The FTM/USD 4-hour chart is bullish, as Fantom has been performing well over the past few hours. The technical indicators show that FTM is outperforming the broader crypto market.
The MACD line is above the neutral zone, indicating bullish momentum. The 14-day relative strength index of 72 also shows that FTM could soon enter the overbought region.
At press time, FTM is trading at $0.2753 per coin. If the positive trend continues, FTM could surge past the $0.3208 resistance level before the end of the day.
With the support of the broader cryptocurrency market, FTM could rally past the $0.450 resistance level over the coming days.
Where to buy Fantom now
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Binance
Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.
Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.
As the market ushers in another week of trading, the price of Ethereum has been struggling to hold above $1,100. This coveted point which it had broken last week remains an important technical level, which is why bulls continue to fight to hold it. However, with the decline of the digital asset’s price below $$1,200, its liquidations have been ramping up and in the last four hours, it had briefly surpassed bitcoin as more traders lose their positions.
Over $30 Million Ethereum Liquidated
Ethereum liquidations shot past bitcoin liquidations as its price continued to decline. In the last 24 hours, there have been more than 28,000 ETH liquidated as the market declines. This follows the general liquidation trend in the market given that the price of Ethereum had failed to test $1,500 as expected. In total, more than $32 million ETH had been liquidated from traders across the last day.
The same streak was recorded in the pioneer cryptocurrency, Bitcoin, whose liquidations had reached $35 million in the same time period. This translated to 1,740 BTC positions liquidated in this time period, and other altcoins had followed the same losing streak.
Related Reading | Bitcoin Funding Rates Are Climbing As Price Continues To Struggle
In total, the crypto market has seen more than 118 million in liquidations. While over 46,000 traders have been rekt in the same 24-hour period. Most of these traders have been long traders who were seemingly following the recovery trend that had rocked the space towards the end of last week.
Is ETH In Full Recover?
Ethereum has been doing quite well lately. The digital asset has been able to fend off the bears which have tried to drag down the price below $1,000 and had maintained the fight through last week. This had brought it above its 20-day moving average and had set it for a bullish trend for the first time in a month.
ETH trending above $1,100 | Source: ETHUSD on TradingView.com
However, this was only short-lived as the low liquidity of the weekend had gotten to the digital asset. ETH had fallen below $1,200 and even now continues to struggle to hold $1,140 after losing its fight at the $1,160 support.
Related Reading | Crypto Traders Lose $280 Million Following Bitcoin’s Break Above $22,000
This puts the next support at $1,100, where the bulls have been mounting up. However, it has also pushed its significant resistance point backward to $1,277 which would trigger a tug of war. As such, ETH’s immediate future remains hard to predict.
Featured image from Payments Journal, charts from TradingView.com
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