Altcoin
Bloomberg Analyst Predicts $1B Influx from VanEck Spot Bitcoin ETF on ASX
![](https://coin2049.io/wp-content/uploads/2024/06/Australia-Bitcoin-ETF.webp.webp)
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.
VanEck’s first-ever listing of spot bitcoin ETF on ASX this week could help bring in $1b of AUM into Aussie digital asset ETFs (equiv of $72b in US). This on top of our estimates of $1b for HK and $1b for South Korea adds up to $3b potential for Asia Pacific region. Here’s nice… pic.twitter.com/OUSiahUK05
— Eric Balchunas (@EricBalchunas) June 21, 2024
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
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.
Altcoin
Binance Expands Support For WIF, ZK & ZRO, Price Rally Ahead?
![](https://coin2049.io/wp-content/uploads/2024/07/Upcoming-Binance-Listing-For-2024.webp.webp)
In a bid to enhance its trading offerings and user experience, Binance, one of the world’s top crypto exchanges, announced the addition of new trading pairs. The exchange will launch new spot trading pairs for Dogwifhat (WIF), zKSync (ZK), and LayerZero (ZRO). Increased adoption by a popular exchange like Binance could also boost the price for these cryptocurrencies.
Binance Lists New Spot Trading Pairs
According to the latest Binance announcement, on Wednesday, July 3, 2024, at 14:00 UTC, the CEX will open trading for the WIF/BRL, ZK/USDC, and ZRO/USDC pairs. This move marks another step in Binance’s ongoing efforts to provide its users with diverse trading options and robust market opportunities. Moreover, the provision of USD Coin (USDC) as the quote currency is also crucial to note here as this comes after Circle bagged the MiCA e-money license.
Furthermore, the inclusion of Brazilian Real (BR as a trading pair is particularly noteworthy. It highlights Binance’s strategy to integrate more fiat currencies, making the platform more accessible to users worldwide. In addition to the new trading pairs, Binance will also enable Trading Bots services for WIF/BRL, ZK/USDC, and ZRO/USDC.
For context, trading bots on Binance are automated systems that allow users to execute trades based on pre-defined strategies. This feature is designed to help traders optimize their trading processes and potentially improve their trading outcomes. Moreover, the availability of Spot Algo Orders for these pairs means users can leverage advanced trading tools to maximize their market engagement.
In addition, to incentivize trading, Binance will offer discounted taker fees on all existing and new USDC spot and margin trading pairs until further notice. This discount aims to lower trading costs for users, thereby encouraging higher trading volumes and liquidity in the market. However, trading these new pairs is subject to regional restrictions and eligibility criteria.
Also Read: Bitcoin Price Slips Below $63K As Entity Dumps $114M BTC To Binance, What’s Next?
Implication On WIF, ZK & ZRO Prices
The addition of WIF, ZK, and ZRO trading pairs is expected to create significant market interest and potential price movements. Moreover, the integration of these assets into Binance’s trading ecosystem provides them with greater visibility and liquidity, which could drive their value up. Market participants will be closely watching the performance of these pairs post-launch to gauge investor sentiment and market dynamics.
Recently, Dogwifhat rebounded from lows and surpassed the $2 mark. At press time, WIF price marked a sideways action, trading at $2.24 on Tuesday, July 2. On the other hand the zKsync crypto plunged 3.26% to $0.1768. However, LayerZero rallied unprecedentedly with over 17% gains, trading at $3.97. Moreover, the latest listing could also propel the ZRO price higher.
Also Read: Binance Rejoices Partial Victory Against SEC As Legal Battle Continues
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.
Altcoin
Whale Sacks 1.2 Tln Coins Amid Monthly Crash, Is Price Gearing Up For Rally?
![](https://coin2049.io/wp-content/uploads/2024/05/PEPE-Meme-Coin.webp.webp)
A Pepe coin whale has again sent tongues wagging across the broader crypto industry today, primarily with its massive PEPE accumulation. On-chain insights revealed that a staggering $1.2 trillion PEPE was bought from the Binance crypto exchange amid Pepe coin’s monthly crash.
Notably, despite a roughly 20% price fall recorded over the past month, the staggering amounts of coins accumulated have ignited optimistic market sentiments over the frog-themed meme coin’s future price action. So, let’s gain a deeper understanding of why.
Colossal Accumulation Glimmers Hope For Future Price Movements
With such massive accumulations coming into the light, the usual market sentiments take an optimistic turn. These accumulations reflect whales’ confidence in the asset’s potential to offer significant gains ahead, sparking hope for the coin’s future.
According to data highlighted by Whale Alert, 1.23 trillion PEPE, worth $14.74 million, was bought from Binance today, June 2. The purchase order was made by the whale address 0x835678a6.
This massive accumulation has reflected a sense of confidence in Pepe coin’s potential to offer gains ahead, as also mentioned above. Meanwhile, the transaction brings additional buying pressure to the digital asset.
Also, it’s worth noting that the whale entered the PEPE market at a $0.000011 price level. On the other hand, the PEPE price shows signs of consolidation today, moving sideways.
Also Read: Terra Luna Classic Delegates Another 30M LUNC To Hexxagon, What’s Happening?
Pepe Coin Market Performance
At press time, the PEPE price gained 0.23% to trade at $0.00001148. Its 24-hour bottoms and tops were recorded as $0.00001133 and $0.0000117, respectively, illustrating signs of consolidation.
Coinglass data further rationalized Pepe coin’s turbulent movement, as its Futures OI surged while derivatives volume noted a significant dip. PEPE OI jumped 7.32% to $142.06 million, whereas its derivatives volume dropped 20.98% to $799.11 million. This data pointed to increased investor interest but reduced market activity, birthing uncertain sentiments on price.
Besides, the RSI moved along 46, underscoring the asset’s neutral stance in the market. Should further buying pressure persist, as in the one mentioned above, Pepe coin could see a significant upside momentum ahead.
Conversely, recent reports by CoinGape Media have spotlighted colossal PEPE whale dumps to exchanges, aligning with its current bearish movement.
Also Read: Binance Rejoices Partial Victory Against SEC As Legal Battle Continues
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.
Altcoin
New Chainlink Whales Snap Up $30M Tokens, Will LINK Price Recover 21% Monthly Loss?
![](https://coin2049.io/wp-content/uploads/2024/07/LINK-price-recover.webp.webp)
In the past week, a significant movement for Chainlink (LINK) reveals that fresh whale wallets have started accumulating the cryptocurrency. The LINK price has dropped over 21% in the last 30 days, however, whales have shown consistent interest in accumulation. Hence, 54 newly activated wallets withdrew a substantial amount of LINK from Binance lately.
Chainlink Whales Accumulation
According to Lookonchain, an on-chain analytics platform, these fresh wallets have snapped up 2.08 million LINK, equivalent to approximately $30.28 million, from Binance. This trend is in sync with the behavior of LINK’s large holders. The existing whale holders have largely refrained from moving their holdings to exchanges for sale over the last month.
This activity is closely tied to LINK’s current price trends. At the press time, the LINK price was trading at $14.61, having suffered a 21% decrease over the past month. As LINK’s price has dropped, the net flow of the cryptocurrency from large holders to exchanges has also seen a significant reduction. In the past 30 days, this flow has decreased by a whopping 110%.
Moreover, the net flow ratio of LINK large holders to exchanges currently stands at -0.06%. For context, this metric assesses the proportion of crypto transferred by whales to exchanges compared to the total exchange net flow. Hence, it suggests that a smaller fraction of large investors’ holdings is being sent to exchanges.
A negative value in this metric is generally interpreted as a bullish signal. It implies that these investors are accumulating rather than offloading their assets. Moreover, market analysis based on the Market Value to Realized Value (MVRV) ratio for LINK suggests that the current conditions might present a buying opportunity for those anticipating a price rebound.
Currently, the medium-term trend for LINK appears bullish, supported by an ascending trendline. However, the coin has recently entered a correction phase amidst broader market consolidation. The formation of a lower high at $19.2 at the end of May indicates that buyers currently lack the momentum needed to push for new highs.
Also Read: Swiss Government Bank Launches XRP, ADA, SOL, AVAX & DOT Trading
Will LINK Price Recover?
Despite the correction, the $12.5 price level has emerged as a critical support, as the price has bounced off this level multiple times. Should the LINK price manage to break above the overhead trendline, it would signal a continuation of the uptrend. On the flip side, a break below the lower trendline could indicate a prolonged correction and a shift in market sentiment.
These recent movements in LINK holdings and price trends highlight a potential turning point for the cryptocurrency. The substantial accumulation by new large holders suggests confidence in LINK’s future performance, even as the broader market undergoes consolidation. The fact that large holders are not rushing to sell off their assets at the current lower prices supports the notion of a bullish outlook.
Furthermore, Michaël van de Poppe, a popular crypto analyst, spotlighted Chainlink’s resilience amid bearish trends. He noted that the LINK price always bounces back from lows. Moreover, he deemed Chainlink as the “prime example” for altcoins that rebound swiftly after major corrections.
In a post on X, Poppe stated that the LINK price “corrected in the first half of 2022, after which it surged by more than 120% in the second half of 2022. The same has occurred in 2023, resulting in a strong increase in price in the second half of the year of close to 150%.”
He added, “The same is happening in 2024, where you can see that we’re having a case of strong downward momentum on the altcoins (Chainlink has corrected by more than sixty percent), while the second half seems apparent for a potential reversal.” The analyst concluded, “Nicely, you can see that you’ll be having a bottom in May/June, which, after the last big correction is the same occurrence again.”
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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