This week’s Crypto Biz explores Hashdex filing for a combined spot Bitcoin and Ether ETF, Coinbase’s pre-launch market, Ripple’s challenges with regulators in the U.S., and more stablecoins delisting in Europe.
Onchain Highlights DEFINITION: The percentage of miner revenue derived from fees, i.e. fees divided by fees plus minted coins. Bitcoin miners are experiencing a notable shift in their revenue sources, primarily driven by changes in transaction fee dynamics. Recent data from Glassnode illustrates a fluctuating trend in the percentage of miner revenue derived from transaction […]
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McKinsey believes that tokenization of financial assets has advanced to a critical tipping point yet faces hurdles that hinder its widespread acceptance. According to the firm: “The digitization of assets seems even more inevitable now as the technology matures and demonstrates measurable economic benefits. Despite this visible momentum, broad adoption of tokenization is still far […]
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Analysts at global asset management firm Bernstein have revised their former Bitcoin target to $200,000, foreseeing the influx of Spot Bitcoin ETFs inflows catalyzing this massive price surge. Bernstein Analysts Raise Bitcoin Target To $200,000 In a note to clients, Bernstein analysts, Gautam Chhugani and Mahika Sapra predicted that Bitcoin could reach $200,000 by the end of 2025. This new price target comes after analysts foresaw BTC hitting $150,000 earlier in May. At the time, the analysts disclosed that they anticipated about $70 billion in inflows from Spot Bitcoin ETFs between 2024 and 2025. Related Reading: Here’s Why The Worldcoin (WLD) Price Surged Over 15% In One Day To Reach $3 Presently, the analysts have solidified their predictions, reiterating that Spot Bitcoin ETFs would be the trigger driving Bitcoin’s price to $200,000 next year. Analysts have estimated that Spot BTC ETFs could grow in demand to represent about 7% of the total BTC in circulation. They disclosed their expectations for Spot Bitcoin ETFs to grow significantly in adoption, highlighting possibilities of approvals from major wirehouses and large private banking platforms in Q3 and Q4. The analysts also disclosed that almost 80% of Spot Bitcoin ETF inflows are generated by self-directed retail investors who invest through brokerage platforms. They believe that institutional investors’ demand for Spot BTC ETFs is still in its early stages. However, as the market continues evolving institutional investors’ interest could rise, adding massively to the current inflows in Spot Bitcoin ETFs. Bernstein analysts wrote in their notes to clients that currently around $15 billion of net new flows have been brought in by ETFs combined. The cumulative inflows in Spot Bitcoin ETFs according to Farside data, have reached $14.66 billion since its launch on January 11. Due to the high demand and massive capital pouring into this asset class, analysts expect Spot Bitcoin ETFs to be equivalent to 7% of BTC’s circulating supply by 2025 and 15% by 2033. They also anticipate Spot Bitcoin ETF’s total Assets Under Management (AuM) to reach $190 billion by ‘the 25E market peak and a whopping $3 trillion by 2033. This bullish prediction underscores the analyst’s confidence in Spot BTC ETFs, despite it being a newly discovered asset class. In less than six months, the total assets under management for Spot Bitcoin ETFs have grown to $59.19 billion, with an average expense ratio of 1.07%. This massive growth has been spearheaded by leading asset management companies like BlackRock, Fidelity and others. BTC Price Enters Fresh Bull Cycle In their note, Bernstein analysts also declared that BTC has officially entered a new bull market cycle. The analysts disclosed that this bull cycle is currently driven by the recent Bitcoin halving event, which took place on April 20. Related Reading: Dogecoin Enters Final Stage Of Consolidation, Analyst Predicts 6,150% Rally To $7.5 They anticipate the rise of new catalysts that could trigger an increase in demand for BTC, propelling its price to new levels. In contrast, crypto analyst, Michael van de Poppe has predicted that BTC has likely reached its bottom between the price range of $63,000 and $65,000. As of writing, the cryptocurrency is trading at $63,865, reflecting a weekly decline of 4.76%. Poppe has suggested a potential reversal on the horizon, predicting that Bitcoin could find itself in upward momentum soon. Featured image created with Dall.E, chart from Tradingview.com
Constantly diluting supply with token unlocks, selling pressure from venture funds, lack of fresh inflows to crypto and seasonal trends all contributed to the brutal drawdown in altcoin prices.
Some traders say Germany’s Bitcoin selling is behind this week’s drop, but a negative reaction to concerning macroeconomic data is the likely culprit.
Anthropic says its Claude 3.5 Sonnet release is faster, cheaper, and beats OpenAI's latest model on most benchmarks. We put them to a head-to-head test.
Bitcoin continues to experience significant gloomy price movement, fueling a broader negative sentiment in the entire cryptocurrency market, which has led to heightened uncertainties among investors and traders. Despite this pessimistic movement in the past few days, popular cryptocurrency analyst and trader Javon Marks investigating Bitcoin’s price action has predicted an impending much greater bull […]
A recent report by Pantera Capital highlighted Solana’s (SOL) potential to become a dominant player in the blockchain ecosystem, drawing parallels between its monolithic architecture and Apple’s macOS. Authored by General Partner Franklin Bi, Portfolio Manager Cosmo Jiang, and Investment Analyst Eric Wallach, the report delves into Solana’s rising influence and its implications for the […]
The post Pantera believes Solana will dominate blockchain sector, compares its rise to Apple’s breakthrough with macOS appeared first on CryptoSlate.
The ZK token dump led to a 34.5% price decline in the token $0.18 after it hit a high of $0.32 shortly after launching.
Though Donald Trump began accepting Bitcoin for his 2024 campaign, he often criticized cryptocurrencies while in office.
The post Shiba Inu Faces Increased Selling Pressure as Network Activity Declines: What’s Next for SHIB’s Price? appeared first on Coinpedia Fintech News
Several months back, Shiba Inu was listed within the top 10 cryptocurrencies by market cap. Currently, it has dropped two spots. Amid a considerable downturn in the crypto market, with Bitcoin’s price dropping towards $63,000 in recent days, meme coins have been particularly affected. As a result, the price of SHIB is experiencing increased selling …
Memecoins are in red this week as most sectors of the crypto market struggle. Dogwifhat (WIF) has not been the exception. The memecoin sensation of Q1 saw a significant price drop following the movements of a whale. Recently, an address transferred millions of WIF to a crypto exchange, which ignited speculation about who was behind the transaction. Related Reading: LayerZero’s ZRO Token Airdrop Receives Backlash For ‘Proof-Of-Donation’ Mechanism 6 Million WIF To Binance On Friday, reports of a massive WIF transfer to Binance hit the crypto community. Per the report, one of the top dogwifhat holders moved millions to the largest crypto exchange. The whale transferred 5.97 million WIF, worth around $11 million, on June 21. Additionally, the address offloaded 48 million Trump Coin (DJT), approximately $500,000. After the news, the crypto community began speculating who was behind the transfer. Some users claimed the whale was crypto trader Ansem, who was very vocal about WIF. The trader was also part of the Las Vegas Sphere project, where users donated around $700,000 to project the token’s image in the Sphere. Users on X criticized Ansem for the alleged deposit, expressing their disappointment in his “capitulation”. Some investors took the opportunity to express their discontent with the trader for “grifting and dumping on investors.” The discussion sparked an important conversation: should Key Opinion Leaders (KOLs) not move their money? One user considers that Ansem, and all KOLs, are free to do what they want with their money. The user argued that KOLs are subjected to criticism regardless of their route. When people sell before you do, they are “jeet”. When KOLs sell some of their holdings or even move it around, they are “pump and dampers”. Several community members agreed and questioned if KOLs are “obligated” to hold a token until investors are happy with their profits. However, others argue that community members are “arbiters” of traders’ reputations. Dogwifhat Take A Blow, But Was It Ansem? Despite the rumors, online reports suggest the wallet is not linked to the crypto trader. After deep-diving into the address, a community member found that the address was not associated with Ansem. The post notes that the only reason it was linked to the trader was the large WIF balance and many Solana memecoins. However, the address has a record of selling their token at a loss “to FOMO into new shiny stuff.” Furthermore, the wallet seems to be linked to a now-deleted X account. At the time of writing, the trader has not acknowledged the rumors. After the reports, WIF’s price dropped from the $1.90 to the $1.80 price range. On the last day, the memecoin plunged from the $2.15 mark, representing a 13% decrease. Related Reading: Curve (CRV) Bounces 40% From All-Time Low As Whales Go On Shopping Spree The token has also seen a 25.3% and 36.1% drop in the weekly and monthly timeframes. Crypto analyst Bluntz forecasted a bearish $1 target for the dog-themed memecoin. Ultimately, the analyst stated that a descent to the $1 support level was “inevitable” before the “next parabolic leg.” As of this writing, WIF is trading at $1.83. Featured Image from Unsplash.com, Chart from TradingView.com
In a bold political move, the Winklevoss twins, renowned for their early investment in Bitcoin and co-founding the cryptocurrency exchange Gemini, have each contributed $1 million in Bitcoin to the reelection campaign of former President Donald Trump, Reuters reported. This hefty endorsement highlights a significant intersection between the worlds of cryptocurrency and politics, raising eyebrows […]
Bitcoin’s tumultuous week continues as data points to further downside in BTC price.
“Yes, illegal activity took place there, but come on,” the presidential hopeful wrote as he denounced Ulbricht’s draconian sentence.
”Off-the-shelf” wearables linked to a smartphone app could be useful in measuring disease progression, according to new research.
Osmosis Decentralized Autonomous Organization (DAO) is unanimously supporting a proposal to adopt a revenue share proposal that enables a zero-fee Bitcoin bridge to the Cosmos ecosystem via Nomic. The proposal has received overwhelming community support, with about 92% of DAO members favoring the zero-fee upgrade. Meanwhile, around 6% of the DAO members abstained from voting, […]
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The crypto community’s attention was recently drawn to a Shiba Inu (SHIB) investor who has made millions of dollars from the meme coin. The investor’s strategy again highlighted the benefits of conviction and patience in the crypto market. Shiba Inu Investor Makes Over $6 Million Unrealized Profit From SHIB On-chain analytics platform Lookonchain revealed in […]
Amidst a backdrop of declining Bitcoin prices and economic uncertainty, renowned crypto analyst Willy Woo has offered a forecast that suggests a complex road ahead for BTC, with potential gains on the horizon after some ‘inevitable’ turbulence. Bitcoin Rally Hangs On Miner Capitulation, How? Bitcoin’s current market behavior is largely influenced by its miners, whose actions can significantly impact its price. According to Willy Woo, the key to understanding when Bitcoin might start its recovery lies in observing miner capitulation and the subsequent recovery of the hash rate. Related Reading: Bitcoin And Solana Brace For Quiet Q3: What Crypto Traders Should Know Miner capitulation occurs when less efficient miners, unable to sustain profitability, are forced to sell their holdings and exit the market. This phase is critical as it typically decreases selling pressure, allowing for market consolidation and setting the stage for potential price increases. Woo points out that this cycle is not a quick one. Historical data from previous Halving events, which reduce the reward for mining Bitcoin, show that recovery can take time. I’ll break it down in simple terms. When does #Bitcoin recover? It’s when weak miners die and hash rate recovers. This one is for the record books as it’s taking a lot of time for miner capitulation post-halving. Probably can thank ordinal inscriptions boosting profits. pic.twitter.com/19MB0b8mHO — Willy Woo (@woonomic) June 20, 2024 The current cycle appears prolonged, with miners taking longer than usual to capitulate due to the profitability provided by new market mechanisms like ordinal inscriptions. This extended adjustment period might be difficult for investors, but it is a necessary step toward achieving a healthier market. Key Indicators to Watch: Hash Ribbons and Market Signals Willy Woo emphasizes the importance of monitoring Bitcoin’s hash ribbons. This indicator provides insights into the economic viability of Bitcoin mining. Related Reading: Bitcoin Miners’ Reserves Deplete Amidst High OTC Selling, What This Means A reduction in hash ribbons suggests that the cost of mining is becoming more aligned with the market price of Bitcoin, signaling that the worst of the sell-off may be over and a recovery could be forthcoming. In addition to hash ribbons, Woo advises investors to keep an eye on broader market signals. Here’s a view of just how much paper bets on #Bitcoin there is right now. The solid yellow chart is a z-score oscillator looking at how significant it is locally. We need a solid amount of liquidations still before we get the all clear for further bullish activity. https://t.co/tswxQwxlc1 pic.twitter.com/TwGG5tf50z — Willy Woo (@woonomic) June 19, 2024 For instance, the current speculative environment in Bitcoin, marked by a high volume of theoretical trading, requires a series of liquidations to achieve market balance. This clean-up phase, although painful, is essential for setting a solid foundation for the next bull run. The analyst noted: I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out. On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally. Look for compressions in this ribbon. Buy and hodl in these regions. Featured image from DALL-E, Chart from TradingView
Bloomberg analyst Eric Balchunas anticipates that additional asset managers will update their filings on June 21, with Ether ETFs potentially debuting on July 2.
Tokenization adoption will happen in waves led by assets such as mutual funds, bonds, loans, McKinsey said in a report.
Bitcoin has broken below the immediate support of $64,602, increasing the risk of a fall to the crucial $60,000 price level.
GME shares kept ticking down Friday amid increased volatility around GameStop options and a continued no-show from influencer Roaring Kitty.
July 2nd remains the slated date for the US Ethereum ETF launch, with amended S-1 filings underway and SEC's final approval pending.
The post Launch date for Ethereum ETF in the US reiterated as July 2nd by Bloomberg ETF analyst appeared first on Crypto Briefing.
Bitcoin’s short-term holder cost basis is crossed in a rare show of weakness as BTC price action fails to find support.
Data shows XRP is currently exhibiting an interesting on-chain behavior amidst a broader market uncertainty. This unusual behavior was highlighted by CryptoQuant, a crypto on-chain analytics company. The peculiar behavior is noteworthy because it is associated with a growing open interest in XRP in comparison to other cryptocurrencies, suggesting XRP is primed for a major price move. XRP Open Interest Surges According to CryptoQuant data initially noted by an analyst associated with the analytics platform, recent news involving the SEC and Ripple, XRP’s parent company, has seen the open interest for XRP resuming an uptrend. Related Reading: Bitcoin Crash Below $66,000 Stuns Market, Why A Drop To $54,930 Is Possible As per the CryptoQuant chart below, the open interest, which has generally been in an uptrend since April 15, recently took a hit in the first week of June and started to decline concurrently with a fall in the price of XRP. However, the open interest has now rebounded and has resumed its uptrend. Interestingly, this increase is more significant than that of other cryptocurrencies, considering many crypto prices have struggled in the past week. The rising open interest also relays the current sentiment among XRP investors, as it indicates that investors are opening more positions in anticipation of an increase in the price of XRP. How Will This Affect Price? Open interest refers to the total number of outstanding derivative contracts that haven’t been settled. Climbing open interest often signals more money flowing into the market. This is evident in the chart above, as increases in open interest have mostly been registered with a corresponding increase in the price of XRP. Furthermore, open interest is considered a leading indicator for many savvy investors. When it soars, it signals that new money is flowing into the market as traders open new positions. This increased activity and liquidity can foreshadow where an asset’s price might be headed next. Regardless of the direction in which the price heads, one outcome is nearly guaranteed: more volatility. Related Reading: Dogecoin Enters Final Stage Of Consolidation, Analyst Predicts 6,150% Rally To $7.5 At the time of writing, XRP is trading at $0.486 and has increased by 1.44% in the past seven days. Despite this meager increase, it’s interesting to note that XRP is currently the only asset among the top 20 largest cryptocurrencies still in the green zone in the past week. Adding to the bullish outlook is the strong trading volume over the past few days. According to data from Santiment, some traders are still bearish on XRP despite the fact that it is currently outperforming many other assets. XRP is also traders shorting to counter the bulls. However, as Santiment noted, this is a good sign for patient bulls, as the shorting activity can act as ‘rocket fuel’ for continued price rises when they eventually become liquidated. Featured image created with Dall.E, chart from Tradingview.com
Global banking giant Standard Chartered is entering the crypto space with a new spot trading desk for Bitcoin and Ethereum, as revealed in a Bloomberg report. This development positions Standard Chartered as one of the first major global banks to engage directly in the trading of the underlying crypto assets, an area that has seen […]
Bitcoin miners and the German government are selling their reserves, with Bitcoin's market dominance hitting a 3-year high.
The post Bitcoin miners unload their reserves at fastest pace in over one year, data shows appeared first on Crypto Briefing.
The post Top ETF Analyst Expects Wave of Amended ETH ETF Filings Today, Eyes SEC Approval by July 2nd appeared first on Coinpedia Fintech News
Bloomberg ETF analyst Eric Balchunas has indicated that a significant number of amended S-1 filings for Ethereum-based Exchange Traded Funds (ETFs) are expected to be submitted today. As a result, the Securities and Exchange Commission (SEC) is set to review these amendments, with the potential final approval setting the launch of ETH ETFs by July …