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Spot Bitcoin ETFs Back To Positive Returns With $308 Million Inflows – Details
According to data from SoSoValue, the US-based spot Bitcoin ETFs have recorded over $300 million in net inflows over the past week, representing a return to the market’s positive trajectory after a bearish first week in Q4 2024. Meanwhile, the Spot Ethereum ETFs still retain a negative performance despite a reduction in net outflows. Related Reading: US Spot Bitcoin ETFs Become Second-Largest Holder Of BTC Behind Satoshi Spot Bitcoin ETFs Halt Three-Day Decline With $254 Million Inflow Following the $300 million net outflow recorded in the first week of October, the spot BTC ETF market opened last week on a positive note recording net inflows of $236.19 million on Monday, October 7. However, these investment funds soon experienced a three-day downturn resulting in cumulative outflows of $179.98 between October 8-10. On Friday, October 12, these Bitcoin ETFs registered aggregate inflows of $253.54 million, representing the highest daily capital investment over the past two weeks. The majority of these gains came from Fidelity’s FBTC which attracted inflows of $117.10 million. Ark & 21 Shares ARKB also saw inflows of $97.58 million, while Bitwise’s BITB garnered $38.81 million from investors. Meanwhile, VanEck’s HODL and Invesco’s BTCO also recorded significant inflows of $14.26 million and $7.88 million. All other Bitcoin spot ETFs including BlackRock’s IBIT experienced zero inflows, except Grayscale’s GBTC which produced a net outflow of $22.09 million. Following the recent weekly gains, the total net assets of the spot Bitcoin market increased to $58.66 billion, representing 4.71% of the BTC market cap. BlackRock’s IBIT accounts for about 40% of these assets holding 369,640.1 BTC, valued at $23.30 billion. Grayscale’s GBTC initially ranked as the largest Bitcoin spot ETF holding 600,000 BTC tokens. However, massive levels of outflows valued at $20.19 billion allow the fund to sit second with 220,177.5 BTC valued at $13.85 billion. Related Reading: Bitcoin ETF Options Set To Supercharge Price Volatility, Expert Warns Spot Ethereum ETFs Maintain Negative Return Streak In other news, the spot Ethereum ETFs produced another dismal performance in the past week, recording net outflows of $5.22 million. While this value represents a $25.47 million reduction from the figures reported in October’s first week, it marks the 10th week of negative returns in the 12 trading weeks for the Spot Ether ETFs. Interestingly, these funds only recorded a single day of daily inflow ($3.06 million) in the past week. The total net outflows of spot Ethereum ETFs are currently valued at $558.88 million. Meanwhile, the total value traded in this market stands at $143.54 million. At the time of writing Ethereum trades at $2,459 with a 0.78% gain in the last day, while Bitcoin remains valued at $62,725 following a 0.22% price rise in the same period. Featured image from Crypto Valley Journal, chart from Tradingview CoinTurk News
Bitcoin Price Holds Above $63,000 — Here’s The Next Critical Resistance Level
The Bitcoin price has been relatively quiet in October, but things seem to be looking up after the premier cryptocurrency broke the $63,000 mark on Saturday, October 12. However, the crypto has to scale a major resistance level if the current bull run is to get back on track. $64,000 The Resistance Level To Watch: Analyst In a Quicktake post on CryptoQuant, an analyst with the pseudonym ShayanBTC has put forward an interesting prognosis for the Bitcoin price in the short term. According to the crypto expert, $64,000 and $55,000 are two crucial levels that every BTC investor should watch over the coming days. This analysis is based on the Realized Price Unspent Transaction Output (UTXO) age bands. This on-chain metric is relevant for assessing Bitcoin market behavior, as it measures the holding pattern of different investor groups through a set of different realized prices. Related Reading: Bitcoin Investors Accumulate Almost $1 Billion In BTC As Exchange Reserves Falls Towards New Lows The UTXO age bands metric highlights the average price at which Bitcoin holders acquired their coins while considering how long they’ve held the assets. The most notable age bands in this metric are the 3-month to 6-month (short-term) cohort and the 6-month to 12-month (long-term) cohort. ShayanBTC highlighted in their post that the realized prices of Bitcoin holders in the short-term and long-term cohorts have served as critical support or resistance levels in the past. Historically, when the Bitcoin price struggles to breach the average purchase price of these cohorts, it implies a bearish trend for the flagship cryptocurrency. ShayanBTC added: Conversely, if Bitcoin can break above this realized price, it suggests growing bullish momentum, as new buyers are willing to hold even at higher levels. According to data from CryptoQuant, the Bitcoin price is currently hovering between the realized prices of these two cohorts. As of this writing, the realized price for short-term holders stands at $64,000, while the realized price for long-term holders stands at around $55,000. As it stands, the price of Bitcoin seems set to test the resistance level and 3-6 month holders’ realized price of $64,000. ShayanBTC noted that a successful breakthrough above this price level could indicate further bullish momentum and potential resumption of the bullish trend. On the flip side, if the Bitcoin price fails to breach this $64,000 level, it could signal fresh selling pressure from short-term holders. Ultimately, this could lead to a deep correction toward the $55,000 level. Bitcoin Price At A Glance As of this writing, Bitcoin is valued at $63,249, reflecting a mere 1.1% increase in the past day. According to data from CoinGecko, the flagship cryptocurrency is up by more than 2% in the last seven days. Related Reading: SUI Eyes Bullish Breakout As Crypto Traders Go Long Above $2 – What’s Next? Featured image from iStock, chart from TradingView CoinTurk News