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Bloomberg Analyst Predicts $1B Influx from VanEck Spot Bitcoin ETF on ASX

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2 weeks ago

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The introduction of VanEck‘s spot Bitcoin ETF on the Australian Securities Stock Exchange (ASX) is set to significantly enhance the digital asset market in the Asia Pacific region. According to Bloomberg analyst Eric Balchunas, the ETF’s debut could funnel approximately $1 billion in assets under management into Australian digital asset ETFs, bolstering regional growth.

VanEck Spot Bitcoin ETF Boosts Asia Pacific Markets

Balchunas suggests that the VanEck spot Bitcoin ETF is not just a local phenomenon but a regional booster. The projected $1 billion increase in AUM in Australia could mirror significant inflows similar to those observed in larger markets like the United States. Furthermore, similar growth is anticipated in other parts of Asia, with Hong Kong and South Korea each expected to see an additional $1 billion in AUM. This suggests a potential $3 billion uplift across the Asia Pacific digital assets sector.

The enthusiasm for spot Bitcoin ETFs in Australia follows their approval and successful integration in other global markets. This trend underscores a growing international acceptance and interest in cryptocurrency investment vehicles. Therefore, the Australian market’s embrace of this ETF marks a pivotal step in expanding digital asset accessibility in the region.

Also Read: Not A Single Spot Bitcoin ETF Saw Inflows on Tuesday, New Outflows At $152 Million

BlackRock’s IBIT ETF Defies Market Outflows

A robust trading volume marked the debut itself. On its first day, the VanEck spot Bitcoin ETF saw a total trading volume of 1.9 million AUD. VanEck contributed an initial $985,000 (657,000 USD) to this figure, demonstrating a strong market reception. This fund serves as a feeder for the $647 million VanEck Bitcoin Trust in the United States, tying the Australian market’s performance directly to broader, more established cryptocurrency funds.

While the initial influx is promising, the broader picture shows a mixed sentiment in the global Bitcoin ETF market. For instance, despite general inflows, some established funds like Grayscale’s GBTC and Fidelity’s Wise Origin Bitcoin Fund experienced significant outflows, reflecting the ongoing volatility and varied investor strategies within the cryptocurrency market.

Contrastingly, not all Bitcoin ETFs are facing a downturn. BlackRock’s IBIT ETF, for instance, has bucked the trend, recently amassing an inflow of $1.48 million, which increased its total to a remarkable $14.67 billion. This growth starkly contrasts the outflows experienced by other funds in the sector, highlighting a divergence in investor confidence and market strategies.

Also Read: Hashdex Files 19b-4 For Combined Spot Bitcoin and Ethereum ETF

 

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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.





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Ethereum Whale Faces Liquidation, ETH Price Nosedive

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19 mins ago

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July 4, 2024

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A significant Ethereum whale is on the brink of liquidation due to the ongoing decline in ETH prices. This whale has deposited 12,374 ETH to Compound and borrowed $31.4 million in stablecoins. If Ethereum’s price drops to $2,984, the whale’s long positions will be liquidated.

Currently, Ethereum is trading at $3,124, down from the $3,500 zone earlier this week. This 10.42% decline since Monday has intensified concerns about the whale’s potential liquidation. The situation worsened today with a 3.03% drop, followed by a marginal rise and another 3.09% decline.

Ethereum and Bitcoin Prices Drop Sharply

The crypto market is seeing significant activity among large holders amid this price downturn. Another whale recently acquired 9,425 ETH worth over $30 million from Binance. This fresh wallet also purchased a variety of other cryptocurrencies, totaling $120 million in altcoins.

This large acquisition includes BNB, MATIC, LINK, AVAX, and top meme coins like Shiba Inu, Dogecoin, Pepe Coin, and Floki. The ETH purchase was the largest among these transactions. These moves are drawing attention as they occur during substantial market volatility.

Ethereum’s price drop is closely following Bitcoin’s recent decline. Bitcoin has been falling sharply since Monday, driven by sales from major players and miners. Analyst Charles Edwards noted that long-term Bitcoin holders are actively selling their BTC.

Glassnode data shared by Edwards indicates a 374,000 Bitcoin negative flow. This translates to approximately $24 billion worth of Bitcoin being dumped on the market. Additionally, the U.S. and German governments have recently sold significant amounts of Bitcoin and Ethereum.

Also Read: Dogecoin Whale Bags 90M Tokens Amid Market Crash, What’s Next For DOGE?

ETH Price Drop Could Trigger Liquidations

The potential liquidation of a giant Ethereum whale could have broader market implications. If Ethereum’s price falls to the critical $2,984 level, it may trigger further sell-offs. This could exacerbate the current downtrend and lead to more liquidations.

The ongoing selling pressure from Bitcoin is also affecting the overall market sentiment. As major holders and governments offload their assets, it creates additional downward pressure. Investors are closely watching these developments to gauge the market’s next moves.

Market analysts are providing varied perspectives on the situation. Some believe the whale’s liquidation risk underscores the fragility of highly leveraged positions. They argue that such scenarios highlight the importance of risk management in volatile markets.

Others are focusing on the broader market dynamics at play. They point to the influence of Bitcoin’s performance on Ethereum and other cryptocurrencies. As Bitcoin faces significant sell-offs, it drags down the entire market, including Ethereum.

Also Read: US Government Shifts $14M Bitcoin Amid $BTC Dip, New Selloff Incoming

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

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.





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Hamster Kombat Sparks Speculations On Airdrop

Published

2 hours ago

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July 4, 2024

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The recent buzz of the P2E (play to earn) crypto sector, Hamster Kombat, a Telegram-based game, has continued amassing investor attention. Notably, as the token’s airdrop looms to take place this month, the Hamster Kombat community has recently posted on X, sparking discussions across the global crypto community.

In its post dated July 4, the community raised questions about when the launch, airdrop, and token generation will take place. The post has promptly attracted the attention of noteworthy prominencies.

Hamster Kombat Airdrop

With its post on X, the Hamster Kombat community sparked discussions around “wen launching?; wen airdrop?; wen TGE?.” Moreover, discussions also involved what the community was cooking for future developments.

Intriguingly, Azara.ton, a Co-builder at Ton France, also posted showcasing a sense of trust in the P2E project. These chronicles, collectively, have added an optimistic tint to the upcoming crypto on the TON blockchain.

CoinGape Media previously reported that the Telegram project plans its TGE and rolling out in-game token utility this month. However, the global community has yet to witness an official announcement from the project.

Also Read: Crypto Crackdown By South Korea To Delay Global Crypto Market Recovery, Here’s Why

Hamster Kombat P2E

Meanwhile, the Telegram game continues to garner attention among market participants across the globe. The gameplay mandates a user to complete 10 levels with their hamsters, reaching from bronze to the “Lord” level.

Completing this promises rewards with the upcoming airdrop, which the project says is underway.

In-game features include buying cards for passive income opportunities. These cards, varying from Markets, PR & Team, and many others, ‘mine’ the coins earned in-game for reward facilitation. Moreover, the game also offers attractive features like daily rewards, further magnetizing users globally.

Meanwhile, the community’s Telegram page spotlighted that Pavel Durov, founder and CEO of Telegram, also started playing the game. These developments, collectively, have echoed optimism for the P2E project across the crypto sector.

Also Read: Dogecoin Whale Bags 90M Tokens Amid Market Crash, What’s Next For DOGE?

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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.

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.





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Dogecoin Whale Bags 90M Tokens Amid Market Crash, What’s Next For DOGE?

Published

3 hours ago

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July 4, 2024

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In an unprecedented development witnessed amid the broader crypto market’s phenomenal crash today, a Dogecoin whale turned heads with its massive accumulation. Recent on-chain insights reveal that a whale bagged a whopping 90 million DOGE from the Binance crypto exchange.

This accumulation has glimmered hope for Dogecoin’s future price endeavors despite its recent dip to the $0.11 price level. So, let’s delve deeper into the accumulation and DOGE’s current market dynamics.

Whale Bags 90M Coins Igniting Optimism

According to the insights provided by the blockchain tracker Whale Alert, 90 million DOGE tokens, worth $10 million, was accumulated by the whale address DGmzv39riE. This accumulation underscored the whale’s undeterred sense of confidence in the asset.

Crypto market whales are large-scale investors who market participants closely monitor to judge market mood, risks, and sentiment. Notably, massive accumulations usually add a bullish tint to a coin’s future prospects.

Further, as per data by Blockchair, the abovementioned address held a whopping 1.42 billion DOGE, worth $157.30 million. This data weighs the balance towards the bullish side for Dogecoin, as, despite the recent crash, the whale has refrained from selling. This could also mean that further price pumps may be imminent, as the correction is a short-term part of the ongoing bull run.

Simultaneously, at press time, DOGE remained in the negative territory despite the buying pressure brought upon the whale.

Also Read: Crypto Crackdown By South Korea To Delay Global Crypto Market Recovery, Here’s Why

DOGE Price Pullback, What’s Next

As of writing, the DOGE price chart showed signs of a pullback, tanking 7.08% to $0.1101. Its 24-hour lows and peaks were recorded as $0.1103 and $0.1196, respectively.

It is worth noting that Dogecoin corrected 10.46% over the past week, whereas the monthly chart showed a 30% crash. This slumping action comes in line with the broader market volatility.

Besides, a recent analysis by CoinGape Media spotlighted that an extended bearish movement could pave the road for DOGE to hit the $0.1 support level. Nonetheless, the whale accumulation has sparked riveting market sentiments, pushing Dogecoin market participants onto a hot seat.

Coinglass data added on to this uncertainty as DOGE’s Futures OI dipped 3.42% to $578.21 million, whereas derivatives volume upsurged 64.80% to $1.64 billion. This data hinted at uncertain investor sentiments prevailing in the market.

Also Read: Ripple Vs SEC Update — Lawyers Reveal How SEC’s Reply Impact Final Decision

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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.

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.





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