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In recent developments, Bitcoin may be witnessing a shift in momentum as institutional outflows diminish.
According to data from the UK-based investment firm Farside, the Grayscale Bitcoin Trust (GBTC) experienced a modest reduction of $170 million on March 22.
This comes amid discussions surrounding the United States Spot Bitcoin exchange-traded funds (ETFs), which have faced challenges, including decreased inflows and record-high outflows from GBTC, signaling a potential consolidation phase before Bitcoin tests its all-time high again.
Notably, the series of GBTC outflows coincided with reports of the bankrupt crypto lender Genesis liquidating its GBTC holdings.
This sell-off could be nearing its end, potentially easing the downward trends observed in ETFs.
Investor Alistair Milne highlighted a significant slowdown in GBTC selling, leading to a decrease in net outflows from Bitcoin ETFs to -$51.6 million. Milne’s observation raises the possibility of a momentum shift in the market.
Supporting this perspective, statistician Willy Woo introduced a new model that correlates ETF inflows with Bitcoin’s price movements, suggesting the most intense selling phase might have concluded.
READ MORE: SEC Delays Decision on Ether ETFs, Casting Doubt on Approval Odds Amidst Growing Skepticism
Woo anticipates continued market choppiness leading up to the Bitcoin halving event, echoing a sentiment for potential consolidation.
Echoing optimism, WhalePanda, a pseudonymous commentator, predicts a sideways market trend, potentially setting the stage for Bitcoin’s ascent to new all-time highs.
The commentator points to a significant demand for Bitcoin inflows to match the coin’s daily emission rate, which is expected to halve soon, further tightening supply.
However, GBTC faces criticism for its diminishing assets under management (AUM), now holding just half of its AUM since its ETF conversion.
Critics argue that GBTC’s reduction is beneficial for the Bitcoin ecosystem, with Vijay Boyapati blaming it for market instability and hindering Bitcoin’s growth.
Despite these challenges, spot Bitcoin ETFs have been historically successful, amassing $12.15 billion in cumulative flows.
Cathie Wood of ARK Invest anticipates more institutional engagement in the near future, signaling continued interest and investment in Bitcoin.
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In the last 24 hours, an astonishing transfer of half a trillion Shiba Inu (SHIB) tokens by anonymous “whales” has caught the crypto community’s attention.
The question on everyone’s mind is: What’s the strategy behind these massive movements, and is there a connection among these whales? Analyzing transaction data could shed some light on the matter.
Diving into the specifics, it appears that a handful of significant players are orchestrating these shifts, moving SHIB across various wallets and exchanges.
A notable transaction includes the movement of 77.18 billion SHIB to a Coinbase wallet.
Additionally, 205 billion SHIB were shuffled between different wallets, with a substantial 53.06 billion SHIB transfer directed to Robinhood’s wallet.
The interconnectedness of these transactions remains unclear, yet the synchronicity hints at potential coordination.
The SHIB/USDT chart by TradingView highlights SHIB’s volatile price journey, currently hovering around the $0.000027 mark.
After experiencing a sharp increase, SHIB seems to be in a minor retreat.
READ MORE: Terraform Labs Co-Founder Do Kwon to Be Released in Montenegro Amid Extradition Deliberations
Presently, the critical support level is at $0.000019, which SHIB has successfully maintained above in recent times.
This stability offers a glimmer of hope for the future. SHIB faces resistance at approximately the $0.000030 level.
Surpassing this barrier could signal the beginning of another upward trend, potentially reaching new highs.
Looking forward, SHIB’s potential to capitalize on recent transactions and a general market shift towards bullishness could set the stage for a significant price increase.
With the market showing signs of recovery after a recent downturn, SHIB’s trajectory might be poised for an upward movement, spurred on by the mysterious yet impactful actions of these anonymous whales.
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The past week has been a rollercoaster for the cryptocurrency market, marked by significant events that shaped the landscape.
Unexpectedly, meme coins grabbed headlines, major cryptocurrencies experienced setbacks, and prominent figures voiced their opinions on the market’s future.
In a surprising turn of events, the “Book Of Meme” (BOME/USD) made remarkable gains, outshining its competitor, the so-called “Dogecoin Killer,” Shiba Inu (SHIB/USD).
On Sunday, BOME reported a 6.4% increase in its price and a significant 13.4% rise in trading volume, with a notable $1.5 billion in trades.
This surge was further bolstered by Binance’s announcement of BOME’s upcoming listing on both its spot market and futures platform.
The same week, major cryptocurrencies faced a downturn, with Tuesday highlighting a dramatic fall.
The sector saw over $650 million in liquidations within a day, largely due to Bitcoin’s (BTC/USD) decline below the $63,000 mark.
This drop resulted in an 8% shrinkage of the market cap within a mere 24 hours.
READ MORE: Bitcoin Futures Volatility Surges: Open Interest Hits $36 Billion Amid Price Fluctuations
In the midst of market turmoil, Robert Kiyosaki, the author of ‘Rich Dad Poor Dad,’ shared his investment insights.
He advocated for gold, silver, and Bitcoin as preferable investments over stocks and bonds, citing China’s economic volatility and its “foolish” financial strategies as a backdrop for his advice.
Further adding to the discourse, 10x Research released a report forecasting a downturn in Bitcoin’s value.
This prediction came to pass as Bitcoin fell by 13% over the week, underscoring the report’s identification of risk factors and potential support levels should the downturn persist.
Controversy also arose from Peter Schiff, a known Bitcoin skeptic, who criticized CNBC’s “Squawk Box” for allegedly displaying a bias towards Bitcoin.
He accused the show of highlighting the cryptocurrency’s successes while overlooking its failures, specifically pointing out a lack of coverage on a significant 6% loss Bitcoin suffered overnight.
These developments reflect the volatile nature of the cryptocurrency market, with fluctuations driven by various factors from market sentiment to economic conditions, illustrating the unpredictable journey of digital currencies.
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In a startling revelation, Bryan Pellegrino, the co-founder and CEO of LayerZero, has publicly accused Kyle Davies, co-founder of the now-collapsed Three Arrows Capital (3AC), of attempting to sway his company into transferring its entire treasury to 3AC shortly before its liquidation.
Pellegrino made these claims in a response to Davies’ comments on a podcast, via an X post.
According to Pellegrino, Davies sought to secure LayerZero’s treasury by “promising better rates than other borrowers as a last-gasp effort,” showcasing a desperate move ahead of 3AC’s financial turmoil.
The accusations surfaced after Davies, on the Unchained YouTube interview podcast, refrained from issuing an apology to investors for 3AC’s downfall, sparking controversy.
Pellegrino’s assertions shed light on 3AC’s strategy of soliciting loans from various entities despite its impending insolvency, a tactic Pellegrino criticized for exploiting personal and professional relationships, including those with prominent figures like BitMex co-founder Arthur Hayes.
The crypto community and observers have rallied behind Pellegrino, condemning Davies’ conduct and the broader implications of 3AC’s practices, which relied on deceitful loan acquisition.
The backlash also saw X users, including @basedkarbon, criticizing Davies’ lack of tact in handling the situation.
Three Arrows Capital, founded by Davies and Su Zhu in 2012, managed an impressive $10 billion in assets by 2021.
However, the firm’s fortunes plummeted to $3 billion by April 2022, primarily due to the catastrophic fallout from the TerraUSD stablecoin crash, triggering a widespread crypto market crash.
The firm’s decline culminated in a Chapter 15 bankruptcy filing on July 1, 2022, as it sought to shield its assets from creditors amidst a dire financial crisis.
The collapse of 3AC had a profound impact, ensnaring numerous investors and companies in its wake. The bankruptcy proceedings revealed debts amounting to $3.5 billion owed to 27 entities, including a staggering $2.3 billion to Genesis Global Trading.
The fallout also severely affected Blockchain.com and Voyager Digital, with the latter filing for Chapter 11 bankruptcy after being unable to recover approximately $670 million loaned to 3AC.
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Bitcoin has recently experienced a significant pullback, dropping over 10% from its all-time high, amidst signs of slowing demand for spot Bitcoin exchange-traded funds (ETFs).
Bloomberg reported on Friday that analysts from JPMorgan Chase and Co. are cautioning that this downward trend could continue.
This sentiment is reflected in the substantial outflows from a group of 10 spot Bitcoin ETFs, marking the largest four-day withdrawal since these products were launched on January 11.
As it stands, Bitcoin is navigating through one of its most challenging weeks this year, with a 4% decrease in value, and is currently trading at approximately $65,400.
JPMorgan strategists, including Nikolaos Panigirtzoglou, are maintaining their stance that Bitcoin remains overbought.
They had previously forecasted in February that the cryptocurrency’s price could face further declines, especially with the approaching halving event in April, which will cut the supply of Bitcoin from mining.
These strategists point to the combination of sustained open interest in CME Bitcoin futures and the dwindling ETF flows as clear bearish indicators.
They noted, “The pace of net inflows into spot Bitcoin ETFs has slowed markedly, with the past week seeing a significant outflow.
“This challenges the notion that the spot Bitcoin ETF flow picture is going to be characterized as a sustained one-way net inflow.”
They anticipate continued profit-taking as the halving event nears, especially given the current overbought market positioning.
Moreover, last month, JPMorgan predicted a potential decline in Bitcoin’s price to around $42,000 post-April, as the excitement around the halving event fades.
Despite reaching a peak of nearly $73,798 on March 14, the enthusiasm among retail traders appears to be diminishing, as highlighted by Naeem Aslam, chief investment officer at Zaye Capital Markets.
He remarked, “The fact that the rally didn’t really take off from the all-time high like before made many question the strength of the rally.”
Conversely, investment firm Bernstein has upgraded its year-end forecast for Bitcoin to $90,000 from $80,000, buoyed by the cryptocurrency’s recent performance and the initial reception to new spot BTC ETFs.
Analysts Gautam Chhugani and Mahika Sapra from Bernstein have expressed optimism, citing the onset of a new BTC bull cycle, robust inflows into ETFs, expansion of miner capacity, and record miner revenues.
These elements collectively bolster the attractiveness of Bitcoin miners as investment avenues for equity investors interested in the cryptocurrency space, even as Bernstein revises its expectations for the April halving event.
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In a landmark case, Jian Wen, a former hospitality worker, has been convicted of money laundering in a UK court specializing in significant fraud cases, following the discovery of a staggering $2.5 billion in Bitcoin under her control.
The Southwark Crown Court’s ruling came after a detailed investigation into Wen’s financial activities, which included the purchase of luxury properties and expensive jewelry.
This investigation examined 48 electronic devices and thousands of files, many in Mandarin, the BBC reported.
Wen’s sudden shift in lifestyle from residing above a Chinese restaurant to renting a lavish six-bedroom house in North London, with a monthly rent of $21,420, signaled the authorities to her trail.
Moreover, her attempt to buy a $30 million mansion in London was a critical lead that prompted further scrutiny by the officials, Cointelegraph noted.
Wen’s ambitious real estate ventures in London, coupled with her inability to pass money-laundering checks despite claiming substantial earnings from Bitcoin mining, raised suspicions.
READ MORE: Bitcoin Futures Volatility Surges: Open Interest Hits $36 Billion Amid Price Fluctuations
The UK police branded the case as the largest Bitcoin seizure in the country, with Wen convicted for her involvement in a money laundering arrangement, awaiting sentencing on May 10.
Chief Crown Prosecutor Andrew Penhale stressed the growing use of cryptocurrencies like Bitcoin in criminal operations, facilitating asset disguise and transfer by fraudsters.
Contrary to the authorities’ stance on cryptocurrencies being widely used for money laundering, a recent US Treasury Department report argued that cash remains the preferred medium for such illicit activities, due to its anonymity and stability.
Adding to the discourse, Nasdaq’s “Global Financial Crime Report” shed light on the financial crime landscape, noting that approximately $3.1 trillion in illicit funds circulated through the global financial system in 2023.
Interestingly, the report did not specifically mention Bitcoin or cryptocurrencies, indicating a broader perspective on financial crime beyond the digital currency realm.
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Multichain liquid staking platform StaFi is launching its Liquid Staking as a Service (LSAAS) testnet, in anticipation of its mainnet launch, StaFi 2.0. The latest iteration of its liquid staking platform will introduce a host of new features to push the protocol as the leading infrastructure solution for Ethereum-based and Cosmos blockchain staking.
Since its launch, StaFi has created solutions to extend liquid staking across multiple blockchains. With the current liquid staking model only servicing single blockchains, such as Lido Finance for Ethereum staking only, the StaFi 2.0 launch will allow users to stake on multiple blockchains. This is expected to unlock greater utility and economic rewards for stakers while enhancing blockchain security across multiple blockchains.
As StaFi co-founder Liam Young explained during the unveiling of the LSAAS testnet launch, the launch of its testnet will “provide a major boost for Layer 1 blockchains’ security” as well as “opening new opportunities for yield generation”.
“The launch of the StaFi 2.0 testnet is a major milestone in our journey to mainnet,” he continued. “The future of blockchain development is intertwined with liquid staking. StaFi 2.0 will play a crucial role in realizing that vision through pioneering Liquid Staking as a Service.”
The testnet supports liquid staking derivatives (LSD) for leading Layer 1 ecosystems such as Ethereum, EVM layer2s, and Cosmos. The CosWasm LSD framework supports diverse deployment approaches including Neutron, the native smart contract platform secured by Cosmos. StaFi 2.0 also supports native Cosmos chain deployment.
Notwithstanding, the LSAAS framework will also accelerate the development and upgrades of LSD innovations. It will facilitate the rapid deployment of highly secure and capital-efficient LSDs on layer1 and layer2 blockchains, opening the platform to more staking options and products.
Following the launch of StaFi’s LSAAS testnet, users on the platform can start experimenting with innovative LSD products and experience the convenience of being able to access Liquid Staking as a Service.
A successful testnet period will be followed by the unveiling of the StaFi 2.0 mainnet and a later launch of the innovative LRT Stack to power new re-staking applications. The timeline for the LRT unveiling is yet to be confirmed.
StaFi 2.0 will be a revolutionary liquid staking upgrade, transforming the platform into an infrastructure layer for stakers and LSD products. Additionally, it will support multiple virtual machines (VMs) including EVM and WASM, aiming to pioneer a new staking mechanism for the billion-dollar liquid staking industry and bring re-staking to several Layer 1 and Layer 2 blockchains.
As users and developers test and familiarize themselves with the LSAAS testnet, developers from StaFi will acquire the necessary information needed to further innovate the platform before its mainnet launch. It will allow further developments and bug fixes based on users’ feedback ahead of its mainnet launch schedules for Q3 later this year.
The United States Securities and Exchange Commission (SEC) has once more deferred its decision on the Grayscale Ethereum Futures Trust exchange-traded fund (ETF) application.
Initially set for March 31, the SEC pushed back the deadline to May 30, allowing more time to evaluate the application and address the concerns it raises.
This postponement follows a previous delay in December 2023, when the SEC sought further public feedback on the proposed ETF, which aims to invest in Ethereum futures contracts.
The SEC’s hesitance to make a swift decision underscores its cautious approach, emphasizing the need for thorough consideration: “The Commission finds that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
Grayscale’s push for the Ethereum Futures Trust ETF began in September 2023, seeking permission to list and trade shares under the New York Stock Exchange Arca Rule 8.200-E.
Bloomberg ETF analyst James Seyffart suggests that Grayscale’s move is strategic, using the futures ETF bid to potentially sway the SEC towards approving a spot Ether ETF.
According to Seyffart, approval of the futures ETF could strengthen Grayscale’s case for its spot Ether ETF.
READ MORE: Bitcoin Rallies Amid Fed’s Interest Rate Decision, Showcasing Resilience Against ETF Outflows
The SEC’s deliberation on Grayscale’s spot Ether ETF also lingers, with a decision postponed on January 25, following the call for public comments.
This delay reflects growing skepticism within the crypto community about the SEC’s stance on cryptocurrency-based ETFs, heightened by the approval of spot Bitcoin ETFs on January 10.
Industry observers, like Capital founder John Lo, anticipate increased scrutiny from the SEC on all forthcoming crypto-based ETF applications, particularly those related to Ether.
Lo remarks, “Scrutiny towards cryptocurrency ETFs has only grown… No doubt, the SEC internally views that as a huge loss for themselves,” referring to the SEC’s perceived forced approval of Bitcoin ETFs after its litigation with Grayscale.
The SEC’s cautious stance extends beyond Grayscale, affecting other asset management giants like BlackRock and Fidelity.
In early March, the SEC announced delays in deciding on BlackRock’s iShares Ethereum Trust and Fidelity’s Ethereum Fund, indicating a broader pattern of regulatory hesitation towards Ethereum ETFs.
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Ether recently encountered significant resistance at the $4,100 level on March 12, leading to a 9% drop in its price over the past week, a sharper decline than the broader cryptocurrency market, which saw a 2.5% decrease in total market capitalization.
This downturn has prompted speculation about the durability of Ether’s current $3,200 support level.
A key potential driver for Ether is the possibility of the U.S. Securities and Exchange Commission (SEC) approving a spot Ethereum exchange-traded fund (ETF), with a decision expected by May 23.
Yet, Bloomberg’s James Seyffart remains skeptical of approval, stating, “However, Bloomberg senior ETF analyst James Seyffart does not consider approval as his base scenario.”
Despite the price setback, the Ethereum network saw significant upgrades with the Dencun hard fork on March 13, aimed at improving scalability and layer-2 data processing.
This update has led to reduced transaction fees on platforms like Arbitrum, Optimism, and Base, bolstering the case for layer-2 solutions among Ethereum users.
Cointelegraph highlights this trend, noting, “Data indicates a surge in 7-day volumes for Arbitrum, Optimism, and Base by 145%, 144%, and 203%, respectively, thereby alleviating some of the downward pressure on Ether’s price that was attributed to high gas fees.”
However, competition from networks like BNB Chain and Solana, which offer lower base-layer transaction fees, remains fierce.
1Despite this, Ethereum continues to see positive ecosystem developments, even as regulatory scrutiny in the U.S. intensifies, with the SEC investigating connections to the Ethereum Foundation to potentially classify Ether as a security.
The recent SEC actions, especially in light of Ethereum’s shift to proof-of-stake, have led to a mixed response from the market and industry figures.
Some, like Van Buren Capital and lawyer Scott Johnsson, view the SEC’s scrutiny as a potential obstacle to Ether ETF approvals, while Coinbase’s chief legal officer, Paul Grewal, contends, “The SEC has no valid reason to reject the Ether ETP applications.”
Market sentiment, as gauged by the ETH options 25% delta skew, reflects a cautious stance, with a recent shift from 0% to 5%, indicating skepticism but not outright bearishness towards the $3,200 support.
Despite this, Ethereum’s position as a leading network, with a total value locked (TVL) of $94 billion and BlackRock’s initiative to launch a tokenized asset fund on Ethereum, underscores its enduring significance.
This backdrop suggests that, despite current challenges, Ether’s foundational support level remains robust.
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