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Bitcoin ETF Inflows Spike Again, BlackRocks Leads Scooping $182 Million
The total inflows to the spot Bitcoin ETFs surged once again on Friday, May 24, clocking a total of $251 million in net inflows. This is a healthy uptick from the probable slowdown in BTC ETFs on Wednesday and Thursday. As of press time, the Bitcoin price is trading 2.31% up at $68,628 with a market cap of $1.352 trillion.
Bitcoin ETF Inflows On The Rise
After a poor start to the month of May, the inflows in spot bitcoin ETF have resumed again. Over the last two weeks, the total inflows in spot Bitcoin ETFs have exceeded more than $2 billion. This comes as the broader market sentiment improves with the approval of the spot Ethereum ETF earlier on Thursday, May 23.
As of May 24, the total net inflow of Bitcoin spot ETFs has reached $252 million, spanning ten consecutive days of inflows.
Among the notable ETFs contributing to this trend, Grayscale ETF GBTC recorded a single-day inflow and outflow of $0.00. Meanwhile, BlackRock ETF IBIT saw an inflow of $182 million, and Fidelity ETF FBTC experienced an inflow of $43.7083 million.
As BlackRock continues to lead the Bitcoin ETF market with majority inflows, it’s slowly closing the gap with Grayscale to become the largest ETF in terms of AUM. The BlackRock Bitcoin ETF IBIT currently holds 284,526 Bitcoins worth a total of $19.32 billion. On the other hand, Grayscale’s GBTC holdings stand at 289,257 worth a total of $19.64 billion.
May 24 Update:
9 ETFs added 1,228 $BTC(+$83.4M).#Blackrock added 1,321 $BTC(+$89.7M) and currently holds 284,526 $BTC($19.32B).#Grayscale decreased 243 $BTC(-$16.5M) and currently holds 289,257 $BTC($19.64B).https://t.co/UkXfbomoCM pic.twitter.com/aZuevdvb4z
— Lookonchain (@lookonchain) May 24, 2024
This sustained influx of funds into Bitcoin spot ETFs reflects continued investor interest and confidence in the cryptocurrency market, despite recent fluctuations in prices and market conditions.
BTC ETFs to Dominate the Market
The arrival of regulated Bitcoin investment products will bring more institutional money to the asset class. Speaking on the approval of spot Ethereum ETF, Geoffrey Kendrick, the head of forex and digital assets research at Standard Chartered Bank, said that he maintains his expectation of robust inflows for spot bitcoin exchange-traded funds (ETFs), which leads him to anticipate a year-end price target of $150,000 for BTC.
Kendrick also highlights the attractiveness of a portfolio comprising both BTC and ETH ETFs, suggesting that the industry has received further validation following the SEC’s decision on ETH.
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.
In an unprecedented event, a dormant Ethereum whale caused a stir across the broader market on Friday, heavily dumping tokens amid the hovering bullish sentiment. Recent data pointed out that the whale dumped nearly $224 million worth of tokens, raising price drop concerns among crypto enthusiasts globally. Despite that, ETH price soared today, setting off waves of speculation over future movements across the industry.
Dormant Ethereum Whale Wakes Up To Sell, Investors Apprehensive
According to the latest data by Lookonchain, an Ethereum whale that was dormant for eight years was revived and started selling. According to the data, the whale used various addresses to sell a staggering $224 million worth of the abovementioned token.
Notably, this whale accumulated 398,889 ETH at around just $2.4 million between January 18 and March 10, 2016, at an average cost of $6 per token. Following eight years of dormancy, the whale revived on November 7, 2024, and commenced offloading.
Meanwhile, the whale has been recorded selling 73,356 ETH, worth $224.42 million, the latest data showed. This massive dump brought selling pressure to the asset. Besides, the colossal amount of Ethereum remaining with the whale has sparked speculations over his future moves.
On the other hand, it’s also noteworthy that the latest Whale Alert data indicated nearly 20.8 million ETH dumped to Coinbase. Although these dumps raised bearish market sentiments, the top crypto by market cap has defied usual trends to trade in the green territory.
ETH Price Soars Defying Selling Pressure
Despite the abovementioned selloffs, ETH price today traded dominantly in the green at $3,337, up 5% intraday. Its 24-hour low and high were $3,147 and $3,428.46, respectively. Intriguingly, the monthly chart for the token showcased 29% gains. This bullish trajectory has raised uncertain investor sentiments over the coin’s future movements.
Further, Coinglass data pointed out a 10% increase in Ethereum’s futures OI to $70.79 billion. Moreover, even the derivatives volume soared 63% to $70.79 billion. This data further points to a bullish scenario for the token, adding to market speculations amid massive selloffs.
Additionally, a recent CoinGape Media report spotlighted key indicators that signal further gains for Ethereum price. Considering these bullish trends and the recent rally in the crypto’s price, it appears that market watchers continue to remain optimistic about the asset despite the recent selloffs.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: 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.
One of the top Neiro Ethereum holders has surprisingly sparked bearish sentiments amid a bull market, heavily dumping the dog-themed meme token. Recent on-chain data pointed out that the 2nd largest holder of the token, Wintermute, took action to dump $3M worth of coins. This dump has raised substantial investor concerns, further solidified by the coin’s waning price movement amid a broader bull market.
Top Neiro Ethereum Holder Offloads Over 100M Coins
According to data by Arkham Intelligence, Wintermute deposited 35 million Neiro Ethereum tokens worth $3.08 million to Bybit over the past three days. Notably, the market maker remains the 2nd largest holder of the crypto, holding 10.9% of the total supply worth 108.95 million tokens.
Besides, it’s noteworthy that the same market maker totally withdrew 121.466M of the same token from Bybit before the abovementioned selloff to become the 2nd largest holder of this Shiba Inu dog breed-themed crypto. Nevertheless, despite the selloff weighing in, Wintermute is still the 2nd largest holder of the asset.
In light of this dynamic, market participants remain apprehensive as future selloffs by the top holder could negatively influence the renowned meme coin’s price movements. Meanwhile, despite a bullish sentiment over top meme coins, as witnessed by Dogecoin, Pepe coin, Bonk, and other tokens’ phenomenal gains, the Neiro Ethereum selloff has solidified market concerns.
Token Price Remains Volatile
At the time of reporting, NEIRO price traded near the flatline over the past 24 hours to rest at $0.079. The coin’s intraday low and high were $0.0753 and $0.08385, respectively. Notably, the weekly chart for the crypto showcased a 10% dip. This waning action has sparked severe market concerns in the wake of the abovementioned selloff.
However, a recent CoinGape Media report revealed that Neiro Ethereum has partnered with the market maker DWF Labs, adding investor intrigue on future price movements. Notably, another massive holder of the crypto is GSR Markets, a renowned market maker, holding 33.52 million tokens. Wintermute and GSR collectively hold 142.47 million tokens worth 14.25% of the total supply.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: 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.
A hidden Bullish Divergence pattern has just been identified on the Dogecoin price chart, signaling possibilities of a significant uptrend. With this new technical pattern, a crypto analyst has projected a target of $0.7 for the Dogecoin price.
Bullish Divergence Hint At Dogecoin Price Surge
On November 20, crypto analyst Trader Tardigrade on X (formerly Twitter) announced the appearance of a hidden bullish divergence on the Dogecoin 4-hour Relative Strength Index (RSI) chart. Based on this unique technical indicator, the analyst’s Dogecoin price analysis suggests that the meme coin may be gearing up for a significant rally to the upside.
Typically, an RSI hidden bullish divergence occurs when the price of a cryptocurrency forms higher lows while its RSI forms lower lows. This indicates that despite Dogecoin’s RSI showcasing declining momentum, its price is still maintaining strength, suggesting a higher potential for an uptrend continuation.
Recently, the Dogecoin price has been on a major bullish run, as it skyrocketed from above $0.1 to over $0.35 in just a few weeks. This impressive rally has allowed the popular meme coin to test the $0.4 resistance level, a critical threshold that could trigger a significant rally for the Dogecoin price.
Based on Trader Tardigrade’s Dogecoin chart, the RSI Hidden Bullish Divergence can be seen forming at around the $0.37 price level. The analyst has set a bullish target at $0.7 for Dogecoin, highlighting a steady but continuous growth from its current price if it can maintain positive momentum.
As of writing, the price of Dogecoin is trading at $0.38, marking a 165.19% surge over the past month, according to CoinMarketCap. Despite repeatedly failing to break the $0.4 threshold, Dogecoin could see an 84.2% price increase from its current value if the projected positive growth driven by the Hidden Bullish Divergence holds valid. This would effectively push the meme coin close to or even above it’s All-Time High (ATH) of $0.73 in May 2021 during the last bull market.
DOGE Targets New ATH
In another X post, crypto analyst, Steph, has maintained an optimistic outlook on the Dogecoin price. According to Steph, Dogecoin could be gearing up for a new ATH this bull cycle.
The analyst shared a 2-year Dogecoin price chart, pinpointing a bullish target between $1.4 and $1.8 for the meme coin. Following the target’s position on the Dogecoin chart, the analyst suggests that this ATH rally could either take place before the end of 2024 or in 2025.
Based on current market trends, this massive price surge to a new ATH could be potentially driven by Elon Musk’s influence through his newly proposed organization, the Department of Government Efficiency (D.O.G.E). Additionally, Donald Trump’s upcoming inauguration as the 47th United States (US) President could also serve as a strong catalyst that could propel the Dogecoin price higher.
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