Market
BlackRock and Fidelity’s Bitcoin ETFs Dominate the 2020s
Eric Balchunas published a list of the highest-performing ETFs of the 2020s, and two Bitcoin ETFs made the cut. BlackRock’s IBIT and Fidelity’s FBTC were both “stud level,” with over $10 billion in assets under management (AUM).
The beginning of October has seen new outflows for FBTC, but IBIT retained its streak of positive growth.
Bitcoin ETFs Rise to Become Top Performers
Eric Balchunas, the Senior ETF Analyst at Bloomberg, recently compiled a list of top-performing ETFs launched since 2020, at least in terms of AUM. Two of the Bitcoin ETFs launched this year, BlackRock’s IBIT and Fidelity’s FBTC, made the cut. Of these top performers, only the Bitcoin ETFs were launched after the 2022 bear market.
There’s been about 2,000 ETFs launched this decade, here’s the top 10 biggest by assets. All over $10 billion = stud level. Half the list is low-cost legacy active eg [JP Morgan], [Dimensional Fund Advisors], [Capital] Group. IBIT and FBTC stunning given how young they are,” Balchunas wrote on X (Twitter)
Read More: What Is a Bitcoin ETF?
IBIT has been performing particularly well lately. The SEC greenlit options trading for IBIT in late September, a significant milestone of approval. This new investment tool is likely to attract new liquidity and institutional investors. For example, IBIT enjoyed over $111 million in inflows on September 28.
Read More: An Introduction to Crypto Options Trading
FBTC, for its part, has not enjoyed similar breakthroughs lately. “Uptober” started off with a downward trend in the crypto market, and IBIT was the only Bitcoin ETF that maintained its streak of inflows.
FBTC, on the other hand, was the biggest loser, with $144.67 million in outflows. This comes only days after FBTC reported higher inflows than IBIT.
Ultimately, IBIT is showing no signs of stopping. The ETF reached $1 billion in trading volume on October 2, and the main possible concern on its horizon is BlackRock’s recent amendment filing. For now, IBIT is looking like the clear standout of the Bitcoin ETF market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
How Ethereum Price Can Wipe Out $700 Million Reaching $2,600
Ethereum’s (ETH) price is eyeing a significant rebound after losing nearly 9% of its value in the last seven days. As the altcoin builds momentum for the potential surge, shorts, who expect ETH’s price to keep decreasing, might face increased pressure.
In this analysis, BeInCrypto looks at the factors that could drive Ethereum’s value higher. It also highlights the possible impact on traders looking to profit from the cryptocurrency’s price movement.
Ethereum Targets Comeback, Shorts Under Pressure
In anticipation of “Uptober,” a term used to describe a bullish October, several analysts predicted that ETH could reach $3,000. But after a sorry start to the month, Ethereum’s price fell from $2,600 to $2,360, driving large-scale liquidation in long positions.
However, recent data shows that the table might be able to turn, and shorts might be at risk. One key metric forecasting this is Ethereum’s Coin Holding Time. This metric measures how long a coin has been held without being transacted or sold.
A decrease in holding time suggests that more holders are selling their assets, which typically signals bearish sentiment. Such activity often precedes downward price pressure, indicating that confidence in holding the coin may be waning.
Read more: How to Buy Ethereum (ETH) and Everything You Need to Know
However, in this case, the Coins Holding Time has surged by 58% during the same period as Ethereum’s recent price decline. This increase is a bullish indicator for ETH, as it suggests that long-term holders are accumulating or maintaining their positions despite the price drop.
Such behavior could be crucial in helping the cryptocurrency recover and potentially erase some of its recent losses. If this continues, ETH’s price could jump toward $2,600. According to Coinglass, an increase to $2,644 could drive over $700 million in short liquidations
If validated, this development could also lead to a short squeeze. For those unfamiliar, a short squeeze happens when a cryptocurrency’s price moves significantly higher, prompting traders who bet on a decrease to close their positions.
ETH Price Prediction: Bull Market Could Return
Despite ETH’s decline, bulls appear to be defending the price as the swing lows still formed an ascending line. As long as this stays the same, then it might not take a long period for ETH to rebound and resume its uptrend.
However, it is important to note that significant buying pressure is needed to bring this prediction to life. From the daily chart below, Ethereum’s price might climb to $2,450 if the uptrend line remains intact.
Should buying pressure intensify, the altcoin’s value could also climb to $2,690. In that scenario, Ethereum would no longer bid goodbye to the bull market, which could help drive the price toward $3,202.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
On the other hand, a breakdown below the section trendline might invalidate this forecast. In that scenario, ETH’s price might drop below $2,300 to $2,295.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Cardano (ADA) Struggles: Can Bulls Prevent Further Losses?
Cardano price started a fresh decline from the $0.3850 resistance. ADA is consolidating above $0.3350 and might attempt a recovery wave.
- ADA price started a downward move below the $0.3550 support level.
- The price is trading below $0.350 and the 100-hourly simple moving average.
- There is a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair (data source from Kraken).
- The pair could continue to move down if it stays below the $0.360 resistance zone.
Cardano Price Dips Again
After testing the $0.4150 resistance, Cardano struggled to continue higher. ADA formed a short-term top and started a fresh decline like Bitcoin and Ethereum. There was a move below the $0.3850 and $0.3650 support levels.
The price even declined below $0.350 before the bulls appeared. A low was formed at $0.3360 and the price is now consolidating losses. There was a minor move above the $0.3420 level. The price tested the 23.6% Fib retracement level of the downward move from the $0.3853 swing high to the $0.3360 low.
Cardano price is now trading below $0.360 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $0.3500 zone. There is also a short-term bearish trend line forming with resistance at $0.3480 on the hourly chart of the ADA/USD pair.
The first resistance is near $0.360 or the 50% Fib retracement level of the downward move from the $0.3853 swing high to the $0.3360 low. The next key resistance might be $0.3740. If there is a close above the $0.3740 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $0.400 region. Any more gains might call for a move toward $0.4150.
More Downsides in ADA?
If Cardano’s price fails to climb above the $0.3500 resistance level, it could start another decline. Immediate support on the downside is near the $0.340 level.
The next major support is near the $0.3350 level. A downside break below the $0.3350 level could open the doors for a test of $0.3220. The next major support is near the $0.300 level where the bulls might emerge.
Technical Indicators
Hourly MACD – The MACD for ADA/USD is gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level.
Major Support Levels – $0.3400 and $0.3350.
Major Resistance Levels – $0.3500 and $0.3600.
Market
Pavel Durov’s Shocking Admission on Telegram User Privacy
Telegram CEO Pavel Durov admitted that his platform has been disclosing user IPs, phone numbers, and addresses to law enforcement since 2018. Crypto security experts are dismayed by this revelation.
Nevertheless, Toncoin’s price has remained relatively stable.
A Longstanding Policy
Pavel Durov, founder and CEO of messaging app Telegram, claimed that his company has been disclosing user information since 2018. This revelation comes on the heels of Durov’s recent arrest for allegedly enabling criminal activities on the platform. Since his release, he first claimed that Telegram would crack down on illegal material, but he clarified those comments today.
“Whenever we received a properly formed legal request via relevant communication lines, we would verify it and disclose the IP addresses/phone numbers of dangerous criminals. This process had been in place long before last week,” Durov stated.
Read More: Crypto Telegram Groups To Join in 2024
This clarification, however, revealed a longstanding secret policy. Durov claimed that Telegram’s principles of freedom, privacy, and protection for activists remain unchanged.
However, some in the crypto space have disagreed. Deddy Lavid, CEO of Web3 security firm Cyvers, gave an exclusive interview with BeInCrypto to elucidate these general misgivings.
“Telegram’s disclosure of user IP addresses is a significant concern for the Web3 community, as it undermines the privacy and decentralization Web3 stands for. Many users frequently share wallet addresses over Telegram channels, and if Telegram links these wallet addresses to IPs, it could potentially expose a user’s identity,” Lavid told BeInCrypto.
Durov claimed that Telegram’s policy of cooperation with law enforcement has remained unchanged, and the authorities have only increased their requests in recent weeks. However, his tone has noticeably changed.
“[This policy] could allow centralized platforms to connect users’ personal information to their blockchain activity. To mitigate this, Web3 projects probably will consider shifting towards decentralized communication tools that prioritize data privacy and protect users from such vulnerabilities,” Lavid added.
In the hours since Durov’s announcement, Toncoin (TON) has dropped slightly in valuation, but nothing substantial has materialized yet. It is unclear if this sense of dismay from the crypto security sector will translate into a real bearish turn for TON as a whole.
Read More: What Are Telegram Mini Apps? A Guide for Crypto Beginners
Still, a price drop may happen in the future. TON’s price has already fluctuated, corresponding to Durov’s legal troubles, and this incident might prove no different.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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