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Bitcoin Heading to Six Figures As BTC ETF Net Inflows Accelerate to $20,000,000,000: Bitwise CIO Matt Hougan

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13 hours ago

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Bitwise chief investment officer Matt Hougan is unveiling the catalysts that he believes will push Bitcoin (BTC) to $100,000 and beyond.

Hougan says on the social media platform X that macroeconomic conditions and on-chain data appear to be suggesting that Bitcoin is poised to spark huge rallies.

According to the Bitwise executive, major central banks are adopting loose monetary policies as Bitcoin supply dwindles following this year’s halving event when BTC miner rewards were slashed in half.

“We’re heading to six-figure Bitcoin.

* ETF flows reaccelerating
* Election approaching
* Infinite deficits (bipartisan agreement!)
* Economic stimulus in China
* Global rate cuts (Fed, ECB)
* Halving supply shock starting to bite
* Whales accumulating.” 

Hougan also highlights Bitwise’s data on Bitcoin exchange-traded funds (ETFs), showing that inflows have exceeded $20 billion just this year. The chart reveals that BTC ETFs have massively outperformed their gold counterparts in terms of inflows during the first year of existence.

“This.”

Image
Source: Bitwise/X

Bloomberg senior ETF analyst Erich Balchunas explains the significance of the massive inflows witnessed by Bitcoin ETFs this year. According to Balchunas, gold ETFs had to wait for half a decade before seeing a comparable capital allocation.

“Bitcoin ETFs have crossed $20 billion in total net flows (the most important number, and most difficult metric to grow in ETF world) for the first time after a huge week of $1.5 billion.

For context, it took gold ETFs about five years to reach the same number. Total assets are now $65 billion, also a high water mark.” 

Image
Source: Eric Balchunas/X

At time of writing, Bitcoin is trading for $68,172.

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Bitcoin

Spot Bitcoin ETFs Draw Over $2 Billion Inflows As Ethereum ETFs Turn Green Again – Details

Published

9 hours ago

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October 20, 2024

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The US-based spot Bitcoin ETFs produced a magnificent performance in the past week recording $2.1 billion in net inflows. Meanwhile, their Ethereum counterparts have finally turned the corner registering their third positive weekly inflows since their trading debut in July.

Spot Bitcoin ETFs Record Highest Daily Inflow Since June

After a return to positive net flows in the second week of October, the spot Bitcoin ETFs attracted massive levels of investments in the past week which began with $555.86 million worth of inflows recorded on Monday, October 14, representing the highest daily inflows witnessed by these ETFs since June 4. 

According to data from SoSoValue, these Bitcoin ETFs experienced positive investments of similar sizes for the rest of the week culminating in a total inflow of $2.18 billion, which is the fourth-highest weekly net flow registered by these investment funds since their launch in January. 

Of these reported figures, over $1.14 billion was invested in BlackRock’s IBIT, which retains its position as the largest spot Bitcoin ETF with cumulative net inflows of $22.84 billion. Unsurprisingly, Fidelity’s FBTC came a distant second with inflows valued at $318.82 million. 

Bitwise’s BITB also attracted investments valued at $149.81 million while Grayscale’s GBTC broke a 21-week streak of outflows, recording its largest weekly inflow of $91.47 million. All other spot Bitcoin ETFs except Hashdex’s DEFI also experienced significant levels of inflows albeit below $50 million. 

Presently, the cumulative total net inflows of the spot Bitcoin ETFs stand at $20.98 billion. Meanwhile, these investment funds hold total net assets of $66.11 billion i.e. 4.89% of the Bitcoin market cap. These figures being achieved within ten months of trading demonstrate the enormous potential of these ETFs in driving Bitcoin adoption.

Spot Ethereum ETFs Back To Positive Netflows

In the past week, the spot Ethereum ETFs also recorded positive weekly inflows to the tune of $78.98 million.  While this figure seems significantly small compared to that of the Bitcoin ETFs, it represents the third positive net flow in thirteen weeks of trading.

Similar to their Bitcoin counterpart, BlackRock’s ETHA accounted for the majority of the reported figures with a $49.76 million inflow while Fidelity’s FETH emerged second, attracting investments valued at $43.52 million. The spot Ethereum ETFs continue to report a negative cumulative total net outflow of $479.99 million while holding 2.31% of the Ethereum market cap represented in $7.35 billion ETH.

At the time of writing, Ethereum trades at $2,649 with a 0.49% gain on the past day. Meanwhile, Bitcoin is valued at $68,168 following a minor decline in the last 24 hours.

Spot Bitcoin ETFs



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POPCAT cools, WYAC and PHIL meme coins pump double.digits

Published

20 hours ago

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October 20, 2024

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With Bitcoin up above $68,000, meme coins like Woman Yelling At Cat, Settled EthXY Token and Phili Inu spiked double digits.

According to CoinMarketCap, the global crypto market has slowly recovered from last week’s slump. The crypto market cap has jumped to $2.34 trillion from last weekend’s $2.17 trillion.

Bitcoin (BTC) is hovering above $68,000, and Ethereum (ETH) is trading around the $2,600 level. But in the last few hours, the market seems to be cooling down, with signs of a potential reversal.

Despite this uncertainty, these three meme coins are up by double digits.

Woman Yelling At Cat pumps 80%

The latest data from CoinGecko shows an interesting price trajectory for a Taylor Armstrong-inspired meme coin.

Woman Yelling At Cat (WYAC), which gets its name from a meme that spoofs an episode of “The Real Housewives of Beverly Hills,” surged from a 24-hour low of $0.02504 to a high of $0.05288.

The exact reason for the price surge is unclear. And yet, WYAC’s popularity is growing on social media, including X.

See the chart below.

POPCAT rally cools, WYAC and PHIL meme coins pump double digits - 1
1 month price chart from CoinGecko

However, the surge seems to have cooled down now. The WYAC coin now has a market cap of $45.5 million. Interestingly, the meme coin touched an all-time high on Oct. 17.

This recent surge has earned the meme coin its position as the largest gainer on CoinGecko’s list. On-chain data portal Alphanomics also shared that WYAC is one of the top five biggest price gainers in the last 30 days, with a 6200% surge.

SEXY and PHIL soar

After perusing the list of CoinGecko’s top gainers on Saturday, it’s clear Settled EthXY Token (SEXY) and Phili Inu (PHIL) are up by double digits.

SEXY is up by almost 80% from its 24-hour low of $0.2408. The meme coin has also retraced after pumping as high as $0.5241.

POPCAT rally cools, WYAC and PHIL meme coins pump double digits - 2
SEXY chart from CoinGecko

SEXY first launched in August 2023 on the Ethereum blockchain.

Third on the gainers list is PHIL with a 54% pump. The meme coin — featured on the 46th edition of the SHIB Magazine — is also up by over 130% in the last 30 days, with its price now hovering around the $0.04 level.

The rise in these not-so-popular meme coins comes as Popcat’s (POPCAT) relaxed price movement. The cat-themed Solana (SOL) meme coin is down by over 3% in the last 24 hours and 15% in the last seven days.

However, POPCAT has shown similar pullbacks following major pumps in the past. But the current trajectory of the meme coin remains unclear.





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Praxis takes home $525m, Blockstream follows suit with $210m

Published

23 hours ago

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October 19, 2024

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Praxis and Blockstream grabbed headlines this week, each with six-figure fundraising rounds, per the latest data.

Crypto VC funding has seen a noticeable spike over the last seven days compared to last week, when Ithaca led the pack with a $20 million raise. However, this week, as Bitcoin (BTC) reclaimed the $68,000 level, crypto.news analyzed and collected data from data from Oct. 13 to Oct. 19.

Here are the firms that topped the list, according to Crypto Fundraising.

Praxis, $525 million

  • Praxis is the first network state, which is building an online community of people with similar national consciousness.
  • The firm leads the week’s crypto VC funding with $525 million raised.
  • The primary investors in the fundraising include Gem Digital, Arch, Manifold, etc.

Blockstream, $210 million

  • Blockstream is building a crypto-financial infrastructure based on Bitcoin.
  • The company has raised $210 million from lead investor Fulgur Ventures.
  • Blockstream’s crypto VC funding stands at $621 million in total.

Azra Games, $42.7 million

  • Azra Games is a gaming studio that focuses on creating immersive-role playing games.
  • In a Series A led by Pantera, the company raised $42.7 million.

Yellow Card Financial, $33 million

  • Yellow Card Financial is a pan-African crypto exchange.
  • The exchange raised $33 million in a Series C led by Blockchain Capital.
  • Yellow Card Financial has raised a total of $89.5 million so far.

Towns, $25.5 million

  • Towns is a web3 group chat protocol that allows communities to build blockchain-based gatherings.
  • The firm has raised $25.5 million in a Series A by a16z Crypto, Benchmark and Framework.

Bitnomial, $25 million

  • Bitnomial is a crypto exchange based in the U.S. that offers futures and options trading for cryptocurrencies.
  • The exchange raised $25 million from Ripple via a Series C funding round.
  • Bitnomial has raised $36.6 million so far.

ZkPass, $12.5 million

  • The identity verification solution has raised $12.5 million in a Series A round, with a round valuation of $100 million.
  • ZkPass has raised $15 million till date.

Opacity Network, $12 million

  • Opacity Network is a zero-knowledge proof protocol that aids in enabling verification without disclosing any details.
  • The firm has raised $12 million in a seed funding round.

Solv Protocol, $11 million

  • Solv Protocol provides investors with access to crypto investments via a trustless fund infrastructure.
  • The company raised $11 million in a strategic round with a round valuation of $200 million.

Mento Labs, $10 million

  • Mento Labs is a platform that creates and operates multi-currency stable assets.
  • The firm has raised $10 million on Oct. 16.

Crypto VC funding rounds < $10 million

  • Predicate: The decentralized network raised $7 million.
  • ZeroBase: The ZK proof generation platform raised $5 million from investors like Binance Labs, Lightspeed Action, etc.
  • Drop Protocol: Drop Protocol raised $4 million in a seed funding round.
  • Plasma: The zero-fee payment platform raised $3.5 million.
  • Pell Network: Pell Network raised $3 million in a pre-seed round.
  • Blockcast: The content delivery network raised $2.85 million in a seed funding round.
  • The Arena: The Arena raised $2 million in a pre-seed round.
  • Hyve DA: The data availability network raised $1.85 million in a pre-seed round.
  • Surge: Surge raised $1.8 million in a pre-seed round from investors like Gerstenbrot Capital, CoinGecko, etc.
  • Hermetica: The DeFi platform raised $1.7 million in a seed round.
  • Lombard: Lombard raised $1 million from Binance Labs.
  • World of Dypians, CCData, Bracket Labs and Marketnode raised undisclosed amounts this week.

Check out our last week’s column from here.





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