Lưu trữ cho từ khóa: CryptoCurrency

DeFi

Spot Bitcoin ETFs see outflows of $105.19m, Ether ETFs break 9-day outflow streak

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Spot Bitcoin ETFs see outflows of $105.19m, Ether ETFs break 9-day outflow streak

Spot Bitcoin exchange-traded funds in the United States experienced their second consecutive outflow day on Aug. 28, while spot Ethereum ETFs broke their nine-day outflow streak.

According to data from SoSoValue, the 12 spot Bitcoin ETFs logged net outflows of $105.19 million, led by ARK 21Shares ARKB for the second consecutive day, with $59.3 million leaving the fund. The investment product saw an even larger outflow of $102 million the previous day.

Fidelity’s FBTC reported net outflows of $10.4 million, while VanEck’s HODL saw $10.1 million in outflows. Meanwhile, Bitwise’s BITB and Grayscale Bitcoin Mini Trust also witnessed negative flows of $8.7 million and $8.8 million respectively.

Grayscale’s GBTC saw the smallest outflows of $8 million on the day — its lowest withdrawal since mid-July. However, its total outflows to date have amassed to $19.75 billion. 

Per Coinglass data, Grayscale has seen more than 60% of its Bitcoin holdings in the GBTC reduced since the fund was converted into an ETF. Once the largest Bitcoin ETF, the fund has now been overtaken by BlackRock’s IBIT, which became the top fund just five months after its launch. IBIT continues to dominate the Bitcoin ETF market, holding about 357,736 BTC, worth approximately $22.2 billion.

The remaining six BTC ETFs remained neutral on the day, marking the second consecutive day without inflows for Bitcoin ETFs.

At the time of writing, Bitcoin (BTC) was up 0.3% over the past day, trading at $59,640, per data from crypto.news.

Spot Ether ETFs break 9-day outflow streak

Meanwhile, the nine-spot Ethereum ETFs collectively saw inflows of $5.84 million on Aug. 28, a flip following nine consecutive days of outflows.

BlackRock’s ETHA and Fidelity’s FETH were the only funds to report inflows of $8.4 million and $1.3 million, respectively, on the day. These inflows were offset by Grayscale’s ETHE, which logged outflows of $3.8 million, bringing its total outflows since its launch date to $2.55 billion.

These investment vehicles have also seen their daily trading volume rise to $151.5 million on Aug. 28, an increase over the previous day. The spot Ether ETFs have experienced a cumulative net outflow of $475.48 million to date. At the time of publication, Ethereum (ETH) was also up 3.5%, exchanging hands at $2,544.

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Theo Crypto News

Altcoin

Polygon on-chain activity spikes despite MATIC price dip

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Polygon has recorded a notable increase in on-chain activity despite the bearish flip in crypto that has sent MATIC plummeting.

While the Polygon (MATIC) price could continue to struggle amid the weakness that currently engulfs Bitcoin (BTC) and the broader crypto market, analysts say the surge in on-chain activity suggests a potential reversal for MATIC.

Data shows Polygon’s network has witnessed a spike in both daily active addresses and dormant coins movement.

Polygon on-chain activity spikes

Santiment notes that Polygon has witnessed a significant spike in dormant MATIC coins on the move. The platform points to the Age Consumed metric, an indicator that tracks movement of dormant tokens by measuring how many long held coins are moving across addresses.

Age Consumed data is a calculation that multiplies the number of coins on the move by the duration since their last transfer.

Notable also is the sharp increase in daily active addresses. According to Santiment’s data, a total of 3,369 addresses interacted on-chain on Polygon as the Age Consumed metric spiked. The active addresses count was the second-highest day of the year. 

IntoTheBlock data also shows a surge in active addresses since Aug. 26, with more than 1,000 new addresses on Aug. 27.

Polygon MATIC new and daily active addresses chart. Source: IntoTheBlock

What does this mean?

An increase in the Age Consumed metric often suggests a flip in sentiment for long-term holders. Historically, this has coincided with the particular token’s price witnessing notable changes.

Polygon has been among the many networks declining since crypto’s retrace began back in March. However, a notable spike in on-chain activity may be a sign that a MATIC reversal may be brewing soon. Active addresses and dormant coin spikes are common signals preceding this.

Santiment wrote on X.

In Polygon’s case, the Age Consumed measure spiked to 69 billion MATIC as the altcoin’s price dropped amid the latest crypto weakness. The local top relating to this was around $0.58, and Polygon’s price has dropped 14% so far.

Despite this weakness, the two on-chain indicators suggest investors may view MATIC’s dip as an opportunity to buy low.

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Theo Crypto News

DeFi

Bitcoin L2 network Mezo launches yield token stBTC

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Mezo, a Bitcoin layer-2 network aiming to expand the decentralized finance (DeFi) market on the flagship blockchain, has launched its liquid-staked Bitcoin token, stBTC.

The introduction of stBTC brings Bitcoin (BTC) yield to Mezo, the Pantera-backed project announced on Aug. 28.

StBTC is a token backed 1:1 with tBTC, the Bitcoin bridge token powered by The Threshold Network.

According to Mezo, users can now mint stBTC against their Wrapped Bitcoin (WBTC) and tBTC, a Bitcoin-backed token that allows holders to participate in Ethereum (ETH) DeFi applications.

Expanding BitcoinFi

Mezo claims that depositing WBTC and tBTC on Mezo and minting stBTC will allow users to earn yield across DeFi apps in the growing Bitcoin DeFi space. BTC holders can mint the liquid-staked token and leverage its benefits on Curve Finance while maintaining exposure to their bitcoins.

“As early HODLers, many of us have watched our Bitcoin grow in value over the years. But we’ve also watched DeFi unfold, often feeling like we had to choose between holding our Bitcoin and participating in these new financial opportunities.”

Mezo on X.

According to Mezo’s post, decentralized exchanges, lending markets, and Bitcoin L2 platforms that have deployed tBTC include Morpho Protocol, Silo Finance, Beefy, and Velodrome. The team plans to expand to top DeFi and DEX platforms, including Aave, GMX, and Synthetix.

Thesis, the venture studio behind projects such as AcreBTC, Fold Bitcoin, and Taho, is also the developer of Mezo.

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Theo Crypto News

Bitcoin

Altcoins suffer heavy losses as Bitcoin drops below $59k

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On Aug. 28, most altcoins, including Fantom, Sui, FET and Lido DAO, saw double-digit drops, while Bitcoin, the largest crypto asset, dropped 6% over the past day.

At the time of writing, Fantom (FTM), a scalable blockchain platform for DeFi, was down 14% in the last 24 hours. In the same timeframe, the daily trading volume of crypto assets hovered around $294 million while its market cap had slumped by 14%, which now stands at $1.219 billion.

Sui (SUI), the native token of the Sui blockchain network, also dropped 11.8%, exchanging hands at $0.8302, according to data from crypto.news. In the same period, the token had a daily trading volume of $343 million. Meanwhile, the crypto asset’s market cap fell to $2.16 billion, bringing it down to the 44th largest cryptocurrency per CoinGecko.

Artificial Superintelligence Alliance (FET), a partnership between blockchain networks Fetch.ai, SingularityNET, and Ocean Protocol to create decentralized AI is also being affected by the recent Bitcoin price action. At press time, it was down 13.7% in the last 24 hours, being traded at $1.22 with a daily trading volume of $525.6 million. The token’s market cap had fallen to $3 billion.

Lido DAO (LDO) was also seen in the red with a drop of 13%, trading at $1.04 at the time of publication. Its daily trading volume stood at $109.3 million, while the token also witnessed a drop in its market cap to $938 million. The crypto asset has fallen to 80th rank among the top 100 leading cryptocurrencies.

Bitcoin drops below $59K

Due to Bitcoin’s significant influence and market dominance, a sharp decline in the altcoin market is often linked to Bitcoin’s performance. Substantial price drops tend to create a ripple effect across the cryptocurrency market, leading to widespread declines in altcoin values as investor confidence wanes and market sentiment turns bearish.

Bitcoin (BTC) fell 6% over the past day to $58,609 on Aug. 28 morning. Its 24-hour lows and highs were recorded as $58,059 and $62,963, respectively. Furthermore, the Fear and Greed index currently stands at 30, suggesting that the crypto market is in a state of fear per data from Alternative.

A recent report from Glassnode suggests that Bitcoin’s recent price drop is linked to the market reaching a balanced state that might not last. The report focuses on the MVRV ratio, which measures whether Bitcoin holders are in profit or loss by comparing the current market price to the price at which coins were last moved.

Recently, the MVRV ratio has hovered around its long-term average of 1.72, a level that typically signals a shift between a bull and bear market. This suggests that after the initial excitement of the Bitcoin spot ETFs, investor profitability has levelled out, leading to a cooling in the market and contributing to the recent price decline.

Some analysts linked Bitcoin’s recent price drop to the escalating Russia-Ukraine conflict, where risk-on assets like Bitcoin are often the first to be sold off.

However, crypto analyst Ash Crypto speculated that smart money is accumulating Bitcoin between $50,000 and $65,000, anticipating a breakout once the accumulation phase ends, likely by the end of September.

BTC price and RSI chart – Aug. 28 | Source: crypto.news

The Relative Strength Index for Bitcoin currently stands at 44.56, suggesting that Bitcoin is neither oversold nor undervalued at its current price level.

Bitcoin’s funding rate also dropped to negative 0.004%. This abrupt change is often indicative of a rise in the number of trades betting against Bitcoin’s price, which followed $96.5 million in liquidations over the past 24 hours.

Historically, such a sudden change in an asset’s funding rate often leads to a price movement in the opposite direction. In Bitcoin’s case, this could mean a short-term price rebound.

Overall, the crypto market experienced more than $320 million in liquidations in the past day, with $285 million from long positions and $35 million from shorts being wiped out.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

Bitcoin

Spot Bitcoin ETFs see outflows of $127m led by ARKB’s largest negative flow to date

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Spot Bitcoin exchange-traded funds in the United States have seen net outflows of $127.05 million on Aug. 28 led by ARK 21Shares’ ARKB.

Data from SoSoValue indicates that the 12 U.S. spot Bitcoin exchange-traded funds experienced net outflows on Aug. 28, breaking an eight-day streak of positive inflows. During this eight-day period, these funds had attracted $756 million in inflows.

On Tuesday, the U.S. spot Bitcoin funds saw net outflows amounting to $127.05 million. Notably, ARK 21Shares’ ARKB led the outflows with $101.97 million in negative flows — its largest outflow to date, according to SoSoValue’s data. Grayscale’s GBTC reported net outflows of $18.32 million, while Bitwise’s BITB saw $6.76 million in outflows. Valkyrie’s BRRR was not updated at the time of writing.

Spot Bitcoin ETFs inflow/outflow | Source: SoSoValue

Meanwhile, the remaining eight funds, including BlackRock’s IBIT, saw no flows on the day. Excluding BRRR, the total trade volume for U.S. spot Bitcoin funds reached $1.2 billion. Since January, these funds have collectively seen net inflows totaling $17.95 billion.

At the same time, the broader market is seeing developments that could impact investor behavior.

Nasdaq has filed with the U.S. Securities and Exchange Commission to list Bitcoin Index Options, which will track Bitcoin’s price via the CME CF Bitcoin Real-Time Index. This move, pending regulatory approval, aims to improve market transparency and offer investors better tools to manage and hedge their crypto positions.

Additionally, CME Group is planning to introduce smaller-sized Bitcoin futures contracts, which could appeal to retail investors.

At the time of writing, Bitcoin (BTC) was down 5.8% over the past day, trading at $59,160, per data from crypto.news.

Ether ETFs continue to record outflows

Meanwhile, the nine-spot Ethereum ETFs collectively saw a significant drop in outflows, which stood at $3.45 million on Aug. 28, marking the ninth consecutive day of outflows.

Grayscale’s ETHE led the outflows once again, with $9.2 million leaving the fund, bringing its total outflows to the $2.55 billion mark since its launch on July 23. Meanwhile, Fidelity’s FETH and Bitwise’s ETHW were the only offerings to record inflows of $3.9 million and $1.9 million, respectively. The remaining six ETH ETFs saw no flows on the day.

These investment vehicles have also seen their daily trading volume rise to $129.9 million on Aug. 28, an increase over the previous day. The spot Ether ETFs have experienced a cumulative net outflow of $481.32 million to date. At the time of publication, Ethereum (ETH) was also down 8%, exchanging hands at $2,463.

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Theo Crypto News

Phân tích

Bitcoin’s funding rate shows potential rebound on the way

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Bitcoin’s fall below the $60,000 mark has triggered a market-wide downturn but its funding rate hints at an incoming price surge.

Bitcoin (BTC) slipped 6% in the past 24 hours and is trading at $59,200 at the time of writing. Its daily trading volume saw a 46% surge, reaching $41 billion. Notably, the BTC price touched a local bottom of $58,100 as fear dominated the crypto market.

BTC price and RSI – Aug. 28 | Source: crypto.news

CryptoQuant analyst Julio Moreno shared in an X post that Bitcoin saw increased exchange inflows on Aug. 27, before the selloff. Large BTC holders also took part in the inflows as the cryptocurrency market and the leading asset showed signs of being overbought.

Data from crypto.news shows that the Bitcoin Relative Strength Index rose to 75 on Aug. 24 and has been consistently declining over the past four days — currently sitting at 25. The indicator shows that Bitcoin is currently oversold at this price point.

According to data provided by Coinglass, Bitcoin’s funding rate plunged to negative 0.004% after the massive selloff. The sudden shift in the funding rate shows that the amount of trades betting on BTC’s price fall has increased after the asset saw $96.5 million in liquidations over the past 24 hours.

Historically, a sudden shift in an asset’s funding rate usually sends the price in the opposite direction. In this case, Bitcoin’s price could see a short-term rebound.

In total, the crypto market witnessed over $320 million in liquidations over the past day — $285 million longs and $35 shorts have been wiped out. 

The global cryptocurrency market cap also declined by 7% and is currently sitting at $2.17 trillion with a 24-hour trading volume of $108 billion, per data from CoinGecko.

However, it’s important to look out for major macroeconomic events and political movements that could potentially influence the financial markets.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News

DeFi

TON blockchain resumes operations following DOGS fuelled outage

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Telegram-backed The Open Network came to a standstill on Aug. 28 as block production halted due to network overload caused by the hype around the new memecoin DOGS.

Data from TON Explorer revealed that no new blocks had been created for a close to seven-hour period, with block 39987437 being the last one mined before the outage. However, at the time of writing, block production had resumed.

The TON-based memecoin platform Tonk Inu first flagged the incident, stating that the launch of DOGS had resulted in high volumes of traffic, which likely led to the outage. 

The official X account for the TON blockchain acknowledged the issue, citing “abnormal load,” highlighting that roughly 20 million transactions had been executed on the network over the past 48 hours. 

“Several validators are unable to clean the database of old transactions, which has led to losing the consensus.”

Due to the increased load, TON validator nodes reportedly lost consensus. TON Core, the network’s development team, had urged validators to restart their nodes at 4:00 AM UTC. This coordinated restart was aimed at resetting the validators’ processes, clearing the backlog of tasks, and returning them to synchronization.

Meanwhile, the TON team has assured the community that all assets will remain safe and pending transactions will be processed.

Prominent cryptocurrency exchanges like Binance, Bybit, and OKX suspended transactions to and from the TON blockchain following the outage.

While it hasn’t been officially confirmed whether the hype around DOGS (DOGS) had led to the outage, TON community member Justin pinned the blame on the new memecoin.

DOGS was launched on Aug. 26 and raked over $1.7 billion in trading volume within the first ten hours. Blockchain explorer Tonscan noted the following day that the memecoin had generated “quite a lot of traffic,” resulting in some “central services” being temporarily suspended at the time.

As previously reported by crypto.news, the launch of DOGS had also disrupted the functioning of multiple crypto exchanges and caused an overload for the Telegram Wallet. 

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Theo Crypto News

DeFi

CoinDCX’s Okto becomes first Web3 wallet licensed in UAE’s RAK DAO

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Okto wallet, the self-custodial wallet developed by Indian crypto exchange CoinDCX, has secured a business license from RAK Digital Assets Oasis, a free-trade zone in the United Arab Emirates.

According to a press release shared with crypto.news, the new license positions Okto as the first web3 wallet to have received a license to operate in RAK DAO. With this new license, Okto is expected to gain a strategic advantage in the region.

The Okto wallet was launched in 2023 and has since amassed over one million users. With support for over ten blockchain networks, including Ethereum, Base, BSC, Arbitrum, Solana, and Polygon, users can create new self-custody wallets, import existing ones, or export them to other platforms.

Neeraj Khandelwal, co-founder of CoinDCX, noted that this milestone would “accelerate the adoption of Web3 among the mainstream audience.”

“We are honoured to have received the business license from RAK Digital Assets Oasis. Self-custody is revolutionary as it grants complete ownership of assets to users. Okto has onboarded over a million users in one year.”

Neeraj Khandelwal, co-founder of CoinDCX

This development follows CoinDCX’s expansion in the UAE, which began with its June 2024 acquisition of BitOasis, the first crypto exchange to register with the UAE Financial Intelligence Unit in 2021.

RAK DAO was inaugurated in October 2023 by Ras Al Khaimah’s ruler, Sheikh Saud bin Saqr Al Qasimi. It is the UAE’s first economic free zone focused on crypto, Web3, blockchain, and artificial intelligence. The zone offers a business-friendly regulatory environment with tax benefits.

Since its establishment, RAK DAO has forged partnerships with key players in the blockchain and cryptocurrency space. In July, mining giant Phoenix Group pledged to invest $100 million in Ras Al Khaimah by 2030. Before that, RAK DAO signed a Memorandum of Understanding with stablecoin issuer Tether to promote the adoption of cryptocurrency payments.

By March 2024, over 100 entities had received licenses to operate in the region. 

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Theo Crypto News

DeFi

DOGS get listed on Bitget’s PoolX platform, short traders expect downfall

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DOGS, the recently launched TON-based meme coin, has secured a listing on another popular crypto exchange while short traders continue to bet on its price fall.

According to a press release on Aug. 27, DOGS has been listed on Bitget’s PoolX platform following a successful pre-market phase that began on July 12.

The pre-market period generated significant trading activity and interest within the TON community, allowing early Bitget users to engage with DOGS before its wider release.

During this phase, Bitget also conducted a gas-free airdrop campaign, enabling users to claim DOGS tokens without incurring transaction fees. By connecting their accounts through the DOGS Telegram mini-app, participants could easily gain access to their tokens.

With DOGS now available on PoolX, users can stake USDT to enter a giveaway pool of 5 million DOGS, running until 9 AM UTC on Sept. 2.

PoolX on Bitget is a platform feature that lets users stake cryptocurrencies or participate in liquidity mining to earn rewards. By staking assets in PoolX, users can gain additional tokens or interest, offering a way to earn passive income without active trading. 

The DOGS token began trading on major centralized exchanges, including Binance, Bybit, OKX, Bitget, and Gate, on Aug. 26 at 12 pm UTC. Within the first 10 hours, the Telegram-native meme coin reached a market cap of $624 million, with a trading volume of $1.74 billion.

Following the launch of DOGS, Telegram Wallet and these crypto exchanges experienced temporary disruptions as millions of users flocked to trade the DOGS token.

The meme coin has since declined by 27% and continues to drop, according to hourly charts on CoinGecko. The memecoin was trading at $0.0012, with its daily trading volume at $1.67 billion.

According to Coinglass data, the total open interest for DOGS has seen a massive surge to $90.38 million, reflecting a massive increase in trader interest in the memecoin. This suggests that a large influx of new money is driving the price rally.

Additionally, market intelligence data reveals that the total funding rates aggregated by DOGS are at 0.0094%, indicating traders’ bullish sentiment on the continued rise in DOGS’s price.

However, an increase in open interest while the price falls typically reflects a bearish outlook, with traders expecting further declines in the cryptocurrency’s price.

At the time of writing, the token was also trending on Google and social media platforms like X and Telegram.

Meanwhile, analysts’ opinions are divided regarding the future of DOGS. Some express concern that distributing the token through airdrops could lead to immediate selling pressure, casting doubt on its long-term value.

Conversely, others believe in the potential of DOGS, citing strong community support and the broader trend of meme coins. They suggest that despite potential volatility, the token could maintain or even increase its value if the community remains active and supportive.

The launch of the Dogs token coincided with the arrest of Telegram founder and CEO Pavel Durov, who created the mascot “Spotty,” now synonymous with the DOGS token.

This development has galvanized the crypto community, leading to the emergence of the #FREEDUROV campaign, which has quickly gained traction across social media platforms. Some market observer suggest that a favorable outcome in Durov’s legal situation could potentially lead to bullish momentum for DOGS.

Tổng hợp và chỉnh sửa: ThS Phạm Mạnh Cường
Theo Crypto News