Connect with us

Market

Bitcoin ETF Outflows Reach $1.13 Billion Amid Market Uncertainty

Published

on


In the past seven trading days, spot Bitcoin (BTC) exchange-traded funds (ETFs) have witnessed significant outflows amounting to $1.13 billion.

This development has raised concerns among investors and traders about Bitcoin’s stability and future trajectory.

Behind the Spot Bitcoin ETF Outflows: Shifts in Market Sentiment and Dynamics

According to SoSo Value data, the spot Bitcoin ETFs have recorded outflows from June 13 until June 24. Grayscale Bitcoin Trust (GBTC) and Fidelity Wise Origin Bitcoin Fund (FBTC) are the biggest contributors to these significant outflows, with $90 million and $35 million outflows as of June 24, respectively.

Read more: What Is a Bitcoin ETF?

Spot Bitcoin ETF Outflows for the Last Seven Trading Days.
Spot Bitcoin ETF Outflows for the Last Seven Trading Days. Source: SoSo Value

The crypto research firm 10x Research highlights that the current ETF selling contrasts sharply with the bullish buying seen in February and March, which was driven by perceived institutional adoption of Bitcoin. In today’s market, the bearish sentiment reflects ETF selling as institutions potentially exit the market, significantly impacting market confidence and trading behaviors.

This shift is evident in the actions of many multi-strategy hedge funds. Previously long on Bitcoin ETFs and short on Chicago Mercantile Exchange (CME) Bitcoin futures, these funds are now unwinding their positions. This decision, driven by an annualized funding rate below 10%, is reflected in the decline of open interest in Bitcoin CME futures, matching the volume of sold Bitcoin spot ETFs.

Bitcoin Open Interest. Source: 10x Research

Moreover, speculative trading activity in futures, driven by institutional buying through ETFs, has expanded the funding rate. Institutions adopted a delta-neutral strategy, buying ETFs and selling futures to lock in yields.

Arbitrage funds, which constitute 30-40% of the $14.2 billion Bitcoin ETF inflows, have traditionally leveraged a delta-neutral strategy by buying spot Bitcoin and selling futures. The current market conditions have prompted a reassessment of this strategy, reflecting a broader shift in institutional behavior and market sentiment.

Bitcoin ETF Buyers Flat as Market Faces Price Drop

Furthermore, 10x Research pointed out concerns about over-bullish sentiment regarding spot Ethereum ETFs, especially given the weak Bitcoin ETF inflows. This concern is amplified by the fact that the average Bitcoin ETF buyer is now flat, with an average entry price of $60,000-$61,000.

The continuous outflows from these ETFs coincide with Bitcoin’s current price movement. On June 24, Bitcoin’s price plummeted from $64,076 to $59,495, marking an approximately 7% decrease. According to 10x Research, several factors contributed to this sell-off, including distributions from Mt. Gox, sales by the German government, Bitcoin miners, ETFs, and OG wallets.

“Hypothetically, this adds up to $16-18 billion, similar to the year-to-date Bitcoin ETF inflows,” Markus Thielen from 10x Research noted.

10x Research has also identified multiple sell signals for Bitcoin. These signals include significant volatility and price range indicators predicting declines. These factors suggest deeper declines could occur before a potential rebound from lower levels.

However, 10x Research noted that Bitcoin is currently deeply oversold. Additionally, the Greed and Fear Index is at one of its lowest levels, often indicating market bottoms. This condition gives crypto influencers bullish sentiments, prompting them to advise buying the dip.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

Despite the significant outflows from spot Bitcoin ETFs and the current BTC price situation, several institutional investors still show their bullishness toward the cryptocurrency. Earlier this week, corporates like MicroStrategy and Japanese firm Metaplanet announced significant Bitcoin purchases. Furthermore, spot Bitcoin ETFs in Hong Kong have seen an increase in Bitcoin amount, from 3,842 BTC on June 21 to $3,911 on June 24.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Market

Report Alleges Massive Meme Coin Sniping on Pump.fun

Published

on


According to a new report from Pine Analytics, token deployers on Pump.fun systematically funded sniper wallets to buy their own meme coins. This impacted over 15,000 token launches on the platform.

These sniper wallets operated primarily during US trading hours, executing standardized, profitable strategies. Unrelated bot activity obscures their behavior, making it extremely difficult to isolate these wallets—and they can readily adapt to new countermeasures.

Snipers Roam Free on Pump.fun Meme Coins

Pump.fun has remained one of the most popular meme coin launchpads on Solana despite persistent controversies and other criticism.

However, Pine Analytics’ new report has uncovered a new controversy, discovering systematic market manipulation on the platform. These snipes include as much as 1.75% of all launch activity on Pump.fun.

“Our analysis reveals that this tactic is not rare or fringe — over the past month alone, more than 15,000 SOL in realized profit was extracted through this method, across 15,000+ launches involving 4,600+ sniper wallets and 10,400+ deployers. These wallets demonstrate unusually high success rates (87% of snipes were profitable), clean exits, and structured operational patterns,” it claimed.

Solana meme coin deployers on Pump.fun follow a consistent pattern. They fund one or more sniper wallets and grant them advance notice of upcoming token launches.

Those wallets purchase tokens in the very first block and then liquidate almost immediately—85% within five minutes and 90% in just one or two swap events.

pump.fun snipers
Figure: Pump.Fun Sniper Wallet Profits. Source: X/Pine Analytics

Pump.fun meme coin developers exploit this tactic to create the appearance of immediate demand for their tokens. Retail investors, unaware of the prior sell‑off, often purchase these tokens after the snipe, giving developers an unfair advantage. This constitutes market manipulation and erodes trust in the platform.

Pine Analytics had to carefully calibrate its methods to identify genuine snipers. Apparently, 50% of meme coin launches on Pump.fun involve sniping, but most of this is probably bots using the “spray and pray” method.

However, by filtering out snipers with no direct links to developer wallets, the firm missed projects that covered their tracks through proxies and burners.

In other words, the meme coin community does not have adequate defenses against systematic abuse on Pump.fun. There are a few possible ways that the platform could flag repeat offenders and sketchy projects, but adaptive countermeasures could defeat them. This problem demands persistent and proactive action.

Unfortunately, it may be difficult to enact such policies. Meme coin sniping is so systematic that Pump.fun could only fight it with real commitment.

Analysts think that building an on-chain culture that rewards transparency over extraction is the best long-term solution. A shift like that would be truly seismic, and the meme coin sector might not survive it.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Solana Leads Blockchain Metrics as SOL Momentum Builds

Published

on


Solana (SOL) continues to show strength across multiple fronts, maintaining a bullish structure on its Ichimoku Cloud chart while gaining momentum in key market metrics. The BBTrend indicator has turned higher again, signaling renewed buying pressure after a brief cooldown.

On-chain activity remains strong, with Solana leading all blockchains in DEX volume and dominating fee generation thanks to the explosive growth of meme coins and launchpad activity. With SOL now trading above a key resistance level, the path is open for further upside—though a loss of momentum could still trigger a retest of lower supports.

Solana Maintains Bullish Structure, but Momentum Faces Key Test

On Solana’s Ichimoku Cloud chart, the price is currently above the Kijun-sen (red base line) but has dipped below the Tenkan-sen (blue conversion line), signaling weakening short-term momentum.

The flattening Tenkan-sen and price behavior suggest possible consolidation or the early stages of a pullback. Still, with the price holding above the Kijun-sen, medium-term support remains intact.

SOL Ichimoku Cloud. Source: TradingView.

The overall Ichimoku structure remains bullish, with a thick, rising cloud and leading span A well above span B—indicating strong underlying support.

If Solana finds support at the Kijun-sen and climbs back above the Tenkan-sen, the uptrend could regain strength; otherwise, a test of the cloud’s upper boundary may follow.

SOL BBTrend.
SOL BBTrend. Source: TradingView.

Meanwhile, Solana’s BBTrend is currently at 6, extending nearly ten days in positive territory after peaking at 17.5 on April 14. The recent increase from 4.26 to 6 suggests renewed bullish momentum following a brief cooldown.

BBTrend, or Bollinger Band Trend, tracks the strength of price movement based on Bollinger Band expansion.

Positive values like the current one point to an active uptrend, and if the BBTrend continues to rise, it could signal stronger momentum and potential for another upward move.

Solana Dominates DEX Volume and Fee Generation as Meme Coins Drive Ecosystem Growth

Solana has once again claimed the top spot among all chains in DEX volume, recording $15.15 billion over the past seven days. The combined total of Ethereum, BNB, Base, and Arbitrum reached $22.7 billion.

DEX Volume by Chain.
DEX Volume by Chain. Source: DeFiLlama.

In the last 24 hours alone, Solana saw $1.67 billion in volume, largely fueled by its booming meme coin ecosystem and the ongoing launchpad battle between PumpFun and Raydium. Adding to this good momentum, Solana recently surpassed Ethereum in Staking Market Cap.

Protocols and Chains Fees.
Protocols and Chains Fees. Source: DeFiLlama.

When it comes to application fees, Solana’s momentum is just as clear. Four of the top ten fee-generating apps over the past week—PumpFun, Jupiter, Jito, and Meteora—are Solana-focused.

Pump leads the pack with nearly $18 million in fees alone.

Solana Breaks Key Resistance as Uptrend Targets Higher Levels, but Risks Remain

Solana has finally broken above its key resistance at $136, flipping it into a new support level that was successfully tested just yesterday.

Its EMA lines remain aligned in a bullish setup, suggesting the uptrend is still intact.

If this momentum continues, SOL price could aim for the next resistance zones at $147 and $152—levels that, if breached, open the door to a potential move toward $179.

SOL Price Analysis.
SOL Price Analysis. Source: TradingView.

The current structure favors buyers, with higher lows and strong support reinforcing the trend.

However, if momentum fades, a retest of the $136 support is likely.

A breakdown below that level could shift sentiment, exposing Solana to deeper pullbacks toward $124 and even $112.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Market

Crypto Firms Donated $85 million in Trump’s Inauguration

Published

on


According to a new report, 15 firms and individuals from the crypto industry donated more than $100,000 to President Trump’s Inauguration, totaling over $85 million.

Almost all of these companies apparently received direct or indirect benefits from Trump’s administration. This includes dropped legal proceedings, lucrative business partnerships, participation in Trump’s Crypto Summit, and more.

Crypto Industry Went All-In on Trump’s Inauguration

Since promising to bring friendlier regulations on the campaign trail, Donald Trump attracted a reputation as the Crypto President.

Trump’s Inauguration festivities included a “Crypto Ball,” and several prominent firms made donations for these events. Today, a report has compiled all crypto-related contributions of over $100,000, revealing some interesting facts.

Crypto Donations For Trump's Inauguration
Crypto Donations For Trump’s Inauguration. Source: Fortune

Since taking office, President Trump and his family have been allegedly involved in prominent crypto controversies, and these donations may be linked to several of them.

For example, eight of the donors, Coinbase, Crypto.com, Uniswap, Yuga Labs, Kraken, Ripple, Robinhood, and Consensys, had SEC investigations or lawsuits against them closed since Trump’s term began.

The commission might have dropped its probe against these companies anyway due to its changing stance on crypto enforcement. However, being in the President’s good books likely helped the process.

Further Alleged Benefits for Donors

In other words, nearly half the firms that made donations to Trump’s Inauguration have seen their legal problems cleared up quickly. This isn’t the only regulation-related benefit they allegedly received.

Circle, for example, recently made an IPO after openly stating that Trump’s Presidency made it possible. Galaxy Digital received SEC approval for a major reorganization, a key step for a NASDAQ listing.

Other donors, such as Crypto.com and ONDO, got more direct financial partnerships with businesses associated with the Trump family.

Previously, Ripple’s CEO, Brad Garlinghouse, anticipated a crypto bull market under Trump. Also, XRP, Solana, and Cardano were all unexpectedly included in the US Crypto Reserve announcement.

All three of these companies made major donations to Trump’s Inauguration.

It seems that most of the firms involved got at least some sort of noticeable benefit from these donations. Donors like Multicoin and Paradigm received invitations to Trump’s Crypto Summit, while much more prominent groups like the Ethereum Foundation got snubbed.

Meanwhile, various industry KOLs and community members have already alleged major corruption in Trump’s crypto connections.

While some allegations might lack substantial proof, the crypto space has changed dramatically under the new administration, for both good and bad.

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 ConditionsPrivacy Policy, and Disclaimers have been updated.



Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io


Fatal error: Uncaught wfWAFStorageFileException: Unable to save temporary file for atomic writing. in /var/www/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php:34 Stack trace: #0 /var/www/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php(658): wfWAFStorageFile::atomicFilePutContents('/var/www/wp-con...', '<?php exit('Acc...') #1 [internal function]: wfWAFStorageFile->saveConfig('livewaf') #2 {main} thrown in /var/www/wp-content/plugins/wordfence/vendor/wordfence/wf-waf/src/lib/storage/file.php on line 34