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Ether ETFs experience significant net outflows amid market rally |
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Ether ETFs witnessed their largest net outflows since July, totaling over $79 million on Monday. Grayscale's ETHE product accounted for nearly all of the outflows, while Bitwise's ETHW saw minor inflows.
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News - Ether exchange-traded funds (ETFs) experienced their largest net outflows since July, with over $79 million exiting on Monday. This indicates a waning interest in the world's second-largest cryptocurrency among institutional investors. |
Grayscale's ETHE product bore the brunt of these outflows, accounting for nearly the entire amount. In contrast, Bitwise's ETHW saw minor inflows. Despite a broader crypto market rally fueled by recent Federal Reserve interest-rate cuts, which lifted ether prices by 11% over the past week, these outflows persisted. |
ETH's price and ETF battle - The disconnect between ether's price momentum and ETF flows suggests that investors remain uncertain about the asset's long-term growth prospects. |
Peter Chung, head of research at Presto Labs, attributed this shift in investor sentiment to the difficulty of understanding ether's "world computer" narrative compared to Bitcoin's "digital gold" meme. |
Traditional finance investors, he suggested, may find Bitcoin's investment thesis more relatable due to its well-established reputation as an inflation hedge. |
Celsius token soars 300% after successful repayment scheme |
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News - The native token of Celsius Network, CEL, experienced a dramatic price surge of over 300% just a month after the company initiated a $2.5 billion repayment scheme for its creditors. |
Court filings revealed that Celsius successfully repaid approximately $2.53 billion to 251,000 creditors, leading to a significant increase in the value of its token. |
While the price of CEL has shown some recovery, it remains far below its all-time high, indicating a long road ahead for full recovery. |
What's more? Many creditors, especially those with smaller claims, have yet to claim their digital assets. The relatively low amounts owed to these creditors may be a deterrent, as the effort required to claim the funds might not be worth the reward. |
The bankruptcy administrator for Celsius has made multiple attempts to reach out to eligible creditors and distribute their funds. |
However, challenges persist in reaching those with smaller claims, hindering the overall success of the repayment process. |
Ireland prioritizes MiCA compliance to foster crypto innovation |
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News - The European Union's Markets in Crypto-Assets Regulation (MiCA) has come into effect, marking a significant step towards a harmonized regulatory framework for the crypto space within the region. |
Ireland's Central Bank is at the forefront of MiCA implementation, emphasizing the importance of safe innovation in the crypto industry. |
The bank views blockchain-based technologies as one of the most notable advancements in financial services in recent years and believes that MiCA provides a framework for Europe to become a global leader in adopting these new technologies. |
What's more? MiCA introduces a range of obligations for issuers of crypto-assets and service providers, aiming to create a more secure and transparent environment for investors. |
To ensure consistent implementation across the EU, Ireland is working closely with other member states and the European Supervisory Authorities. |
The Central Bank of Ireland is also focused on improving the authorization process for crypto-asset service providers. By engaging with industry stakeholders, the bank aims to provide clearer guidance and expectations, fostering a more efficient and effective compliance process. |
Shiba Inu's exchange outflow surge, hinting at a potential price increase |
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Shiba Inu's price has experienced a recent surge, followed by a slight pullback, sparking speculation about its future direction. A significant outflow of SHIB from exchanges suggests that investors are holding onto their tokens rather than selling, indicating a bullish sentiment.
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News - Shiba Inu, the popular meme coin, has experienced a surge in price over the past week, followed by a slight pullback. However, recent indicators suggest that the bullish trend may continue. |
A significant outflow of SHIB from exchanges has been observed, indicating that investors are holding onto their tokens rather than selling. |
More details - This suggests growing confidence in the meme coin's future and could attract more buyers, potentially driving the price higher. |
Furthermore, the Network Value to Transaction (NVT) ratio for SHIB has declined. This indicates that transaction volume is outpacing market cap growth, suggesting that the current price may be a good entry point. |
Historical data shows that similar outflows have previously led to price increases for SHIB. Given the combination of positive indicators, it is possible that SHIB may be poised for further gains in the near future. |
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More stories from the crypto ecosystem |
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Did you know? |
The average American crypto-investor is 38 years old. On the contrary, the average American stock investor is 47 years old. Bitcoin's network has been functional for 99.99% of the time since its creation over 14 years ago. A prankster grabbed the spotlight during former Fed Chair Janet Yellen's speech before the House Financial Services Panel in mid-2017 after he flashed a 'Buy Bitcoin' sign. He was subsequently sent a donation of $10,000 by the community.
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Top 3 coins of the day |
Cardano (ADA) |
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What you should know - ADA is showing signs of a breakout from its descending wedge pattern, with a recent price increase to $0.3717. The wedge pattern suggests a potential trend reversal, which could push ADA toward higher levels if the bullish momentum continues. The Bollinger Bands are tightening, indicating that the market could be preparing for increased volatility. ADA's price is currently near the upper band, signaling possible bullish movement in the short term. Meanwhile, the Choppiness Index (CHOP) is at 58.21, indicating moderate market choppiness, suggesting that a clear trend may emerge soon. Key resistance lies around $0.4000, and a break above could see ADA testing the $0.4500. However, if it fails to hold support at $0.3450, further downside could follow. |
Polkadot (DOT) |
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What you should know - Polkadot is showing a positive move, trading at $4.539 with a 1.82% gain on the day. The price is breaking out of a falling wedge pattern, indicating a potential bullish reversal. The resistance zone around $5.50–$6.00 remains a key area to watch, as it has rejected DOT in the past. The RSI is at 57.02, signaling a bullish sentiment but not yet overbought, which means there is room for further upward movement. A sustained breakout from the current wedge could push DOT toward the resistance zone at $5.50. On the downside, support lies around $4.00, and failure to hold this level could signal more consolidation or a pullback. Overall, DOT is showing signs of recovery, but volume confirmation will be key for a stronger breakout. |
Aptos (APT) |
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What you should know - Aptos (APT) has been trading in a tight range between $6.00 and $8.00 over the past few months, indicating a range-bound movement. Currently, APT is priced at $7.87 after a slight drop of 1.01%, facing rejection at the upper boundary of the range. The Moving Average Convergence Divergence (MACD) shows a slight bullish crossover, which could hint at a potential upward breakout if the buying pressure continues. However, for a clear bullish move, APT must close above the $8.10 resistance zone. On the downside, if APT fails to sustain above $7.00, a retracement toward the lower boundary around $6.00 could be expected. |
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