24/7 Cryptocurrency News
BlackRock Bitcoin ETF Inflows Hit Speedbreaker As US Election Odds Shift
Published
5 hours agoon
By
adminOn Friday, the total inflows into US spot Bitcoin ETFs finally hit a speedbreaker as the dynamic of the US elections shifted just three days before the results. Kamala Harris seems to be taking the lead in some of the swing states while Donald Trump continues to lead in others. All of the nine BTC ETFs yesterday, saw net outflows of $55 million with the BlackRock Bitcoin ETF (IBIT) seeing zero inflows for the first time in nearly a month.
BlackRock Bitcoin ETF Inflows Hit Speedbreaker
This week, except Friday, BlackRock’s IBIT led the most inflows contributing nearly around $2.2 billion so far. It has been single-handedly dominating the BTC ETF inflows in the last month of October.
However, on Friday, the spot Bitcoin ETF inflows hit a speedbreaker with $54.9 million in outflows. Fidelity reported $25.6 million in outflows, followed by ARK with $24.1 million, per Farside Investors data. On the other hand, the BlackRock Bitcoin ETF registered zero inflows for the first time in the past several trading sessions. This signals a possible pause in the demand after record-breaking contributions.
The spot Bitcoin ETFs have seen significant inflows and now hold more than 5% of the total BTC supply, surpassing 1 million Bitcoin holdings. Interestingly, BlackRock’s IBIT alone holds 2% of the total supply.
💥BREAKING: Yesterday the Spot #Bitcoin ETF saw $54.94 MILLION outflow! pic.twitter.com/kUEF6icGf6
— Crypto Rover (@rovercrc) November 2, 2024
Furthermore, Friday’s outflows coincide with a shift in the US election dynamics as Kamala Harris once again gains ground in the swing states. Thus, investors could be taking a wait-and-watch approach moving ahead.
Is Donald Trump Losing Ground?
As per the Polymarket data, the odds of Doland Trump victory slipped 4.5 percentage points on Friday, with his overall winning prediction now at 58.1% while Kamala Harris has gained the same amount moving to 41.9%.
As a result, the broader crypto market has paused waiting for some clear indications for the further move. After moving all the way to $73,000 earlier this week, the Bitcoin price has once again dropped under $70,000 as of October closing.
Popular crypto analyst Ki Young Ju noted that ETF flows would be crucial for Bitcoin to gain further highs. He wrote:
“Stablecoins alone can’t provide enough buy-side liquidity for Bitcoin. The BTC-to-stablecoin ratio is 6.05, meaning BTC reserves are six times higher than stablecoins, similar to the last ATH. ETF flows and Coinbase USD liquidity will be crucial for the next few months”.
Apart from Bitcoin, altcoins have also been under a bit of selling pressure with the Ethereum (ETH) price slipping to $2,500 as bulls fail to gain enough traction.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: 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.
Source link
You may like
Bitcoin Is Surging—So Why All the Crypto Layoffs?
Ethereum whales tracking popular meme coin Cutoshi after CoinMarketCap listing
Solana-based GRASS Token Rallies 125% In Three Days of Launch, Here’s Why
how cryptocurrency is reshaping virtual worlds
Crypto Reverses Early Gains, Bitcoin Dives Back to $69K
Mathematically Forecasting Peak Bitcoin Price For The Next Bull Cycle
24/7 Cryptocurrency News
Solana-based GRASS Token Rallies 125% In Three Days of Launch, Here’s Why
Published
2 hours agoon
November 2, 2024By
adminSolana-based decentralized physical infrastructure network (DePIN) Project Grass has been gaining massive traction recently with the GRASS token airdrop happening earlier this week on October 28. the governance token GRASS has gained massive traction with a staggering 125% happening just over the past three days.
What’s Behind the GRASS Price Rally?
As of press time, the GRASS price is trading 60% up at $1.82 with its market cap soaring to $450 million and daily trading volumes shooting past $400 million and is among the trending cryptocurrencies for this week. Interestingly, the GRASS token airdrop earlier this week turned out to be the largest within the Solana ecosystem with nearly 1.5 million addresses claiming the governance token.
Prior to this, the popular decentralized exchange Jupiter held the record for the largest Solana airdrop with nearly 639,000 users claiming the tokens. During the initial distribution of the GRASS token on Monday, October 28, it led to an outage on Solana’s largest wallet Phantom.
Over 2.8 million wallets are eligible to receive GRASS tokens, the governance token for the Solana-based DePin project, as they connected within the required timeframe.
One of the major reasons behind this current GRASS price rally has been the growing expectation of listing on Tier-1 exchanges. On the other hand, the futures open interest for the governance token per the Coinglass data has surged by 73% to $90.33 million. Also, the daily trading volume for GRAS futures has surged by 146% to $1.30 billion.
More Understanding About the Solana-based DePIN Project
Grass is one of its one-of-a-kind DePIN projects featuring an open internet-scale web crawl that scrapes and validates data to train AI bots. Millions of users have already downloaded its browser extension and mobile app that collects and cleans the website data while receiving GRASS tokens as rewards. Andrej Radonjic, CEO of Wynd Labs, a core contributor to Grass, said:
“Historically, your bandwidth has been stolen from you by companies that pay developers to sneak software into your free apps. They then turn around and allow F500’s and AI companies to use your device to scrape valuable web data. Today marks the first time ever that users are receiving network ownership for sharing their bandwidth. This bucks a 20+ year trend in an industry that has been reliant on extractive incentive structures”.
The GRASS token will also serve for staking on the protocol, enabling “web traffic flow through the network” and covering bandwidth costs.
Strong Market Momentum Supporting the GRASS Token Rally
Driven by several market shifts, the GRASS token has experienced impressive growth over recent days. Some of the supporting factors for this rally include:
- Rising Bullish TGEs: Token Generation Events (TGEs) are regaining popularity, showing a robust market interest.
- Utility Over Memes: Investor focus is shifting from meme coins to utility tokens, with GRASS capturing significant attention.
- DePIN Sector Dominance: DePIN remains a leading vertical, underscoring the market’s sustained interest in decentralized physical infrastructure.
- Evolving Tokenomics: The trend of low-float, high-FDV models is pivoting towards larger initial unlocks—25% in the case of GRASS—a strategy that has proven effective.
- High Volume Without Binance: Despite not being listed on Binance, GRASS hit nearly $500 million in volume, indicating strong demand.
- Valuation Strategy: Initially pegged at a $600 million valuation, the decision to start lower and allow community gains has paid off, boosting momentum.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: 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.
Source link
24/7 Cryptocurrency News
Donald Trump’s Victory Odds Fall, Here’s How Bitcoin and Altcoins React
Published
9 hours agoon
November 2, 2024By
adminAs per the data from Polymarket, Donald Trump’s chances of a presidential victory dropped by a strong 4.5% just three days before the announcement of the results. As a result, Bitcoin and altcoins in the broader crypto market have taken a pause in any directional move unless things become clear further.
Donald Trump Loses Majority In Swing States
Over the past week, former President Trump held the victory odds strongly to more than 60% per the Polymarket data. However, on Friday evening, these numbers dropped by 4 percentage points. At 58.1% now, Donald Trump still maintains a lead by 16 percentage points over his rival and Democratic nominee Kamala Harris.
The two states where Harris is once again gaining ground over Trump are Wisconsin and Michigan. However, he holds a formidable lead in other states like Arizona, Pennsylvania, Nevada, and Georgia.
Latest Swing State Odds (% chance of winning)
🟥 Arizona • Trump 76% – Harris 24%
🟥 Georgia • Trump 72% – Harris 28%
🟥 Pennsylvania • Trump 57% – Harris 43%
🟥 Nevada • Trump 63% – Harris 37%
🟦 Wisconsin • Trump 49% – Harris 51%
🟦 Michigan • Trump 42% – Harris 58%… pic.twitter.com/L3bToKaSwC— Polymarket (@Polymarket) November 1, 2024
Just over the last two days, Donald Trump’s winning percentage numbers have dropped ten odd percentage points. Investors have already taken massive bets over the rising victory odds of Donald Trump over the past month. However, this recent swing can bring some jitters across the investor community.
As per the latest WSJ report a French user is betting more than $38 million on Donald Trump’s victory while stating that he has no political motive. The user identified himself as a French national who previously lived in the United States and worked as a bank trader. If Trump wins, the user stands to gain over $80 million, but a Kamala Harris victory could mean a total or significant loss.
Bitcoin and Altcoins Take a Pause
Following the surge to $73,000 earlier this week, the Bitcoin price plunged on the last day of October to settle under $70,000. However, yesterday’s correction dragged the altcoins even lower with ETH, SOL, XRP, and others falling by even greater percentage points.
Bitcoin speculators are increasingly drawn to leveraged futures positions as anticipation builds around the upcoming U.S. election. Meanwhile, data reveals that approximately 180,000 BTC previously held by long-term holders have shifted, de-risking into the hands of significant ETF buyers.
Like a Moth to a Flame#Bitcoin speculators are pouring into leveraged futures positions in the lead up to the US election.
At the same time, ~180k $BTC held by Long-Term Holders have de-risked into heavy ETF buyers.
My latest piece is live for @_checkonchain subscribers 👇 pic.twitter.com/2DO2PObLMh
— _Checkmate 🟠🔑⚡☢️🛢️ (@_Checkmatey_) November 2, 2024
This trend indicates a cautious but active repositioning among seasoned investors, balancing speculative and long-term strategies in the lead-up to the election. For the first time in the last eight trading sessions, the total inflows into spot Bitcoin ETFs turned negative as victory chances for Donald Trump dropped further. The BlackRock Bitcoin ETF IBIT has been dominating the inflows over the past two weeks, with total inflows crossing $26 billion in a significant milestone.
The Ethereum price took a dive under $2,500 with top traders like Peter Brandt predicting further crash. However, if the bulls support the levels of $2,480, we could witness a rebound from here. As of press time, the ETH price is trading at $2,509 with a market cap of $302 billion.
The TD Sequential just flashed a buy signal on the #Ethereum 4-hour chart, hinting at a potential rebound! For this bullish setup to hold, $ETH needs to stay above the $2,480 support. pic.twitter.com/EzDpkmcUl1
— Ali (@ali_charts) November 1, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: 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.
Source link
24/7 Cryptocurrency News
Judge Grants More Time For US Government To Negotiate FTX Donation Return
Published
13 hours agoon
November 2, 2024By
adminA U.S. federal judge has granted the government additional time to negotiate the return of up to $13.25 million in political donations made by former FTX executives Sam Bankman-Fried and Nishad Singh. Judge Lewis Kaplan, presiding over the case, approved the government’s request to extend negotiations with various political action committees (PACs) until January 15, 2025.
The US government is working to reclaim funds that Bankman-Fried and Singh donated to Democrat-aligned PACs and liberal advocacy groups before FTX’s collapse.
US Government Pushes PACs For Return of $13.25M in Donations from FTX’s Executives
In a recent court filing, the US government formally requested more time to negotiate with political action committees (PACs) that received donations linked to Sam Bankman-Fried and Nishad Singh. Judge Lewis Kaplan approved the request, allowing the US until January 15, 2025, to continue its discussions.
The PACs in question, including the Senate Majority PAC, Emily’s List/Women Vote, and the Future Forward PAC, are largely Democrat-aligned organizations. The US government is seeking the return of funds contributed in the names of Bankman-Fried and Singh, which reportedly total $13.25 million.
According to testimony, Singh stated he made some donations at Bankman-Fried’s instruction, even signing blank checks used for political contributions.
Court Filing Details Negotiation Efforts with PACs
The court documents indicate that the government is currently negotiating with several PACs to determine the forfeitability of the donations received. The Future Forward PAC, which reportedly received $1 million in Singh’s name and $5 million from Bankman-Fried, and GMI PAC, which received $2 million, are among those targeted in the recovery efforts. Senate Majority PAC and Women Vote were also recipients, with donations amounting to $2 million and $2.25 million, respectively.
These negotiations follow broader efforts by the US government to address donations tied to FTX executives amid allegations of fraudulent activity by Bankman-Fried and his associates. Several political organizations have reportedly returned funds previously donated by the executives, while others have redirected the money to charitable causes.
As part of the ongoing investigation, Bankman-Fried’s former colleague Nishad Singh recently received a sentence of time served and three years of supervised release. Nishad will avoid prison after providing testimony against Bankman-Fried.
The case has drawn attention to the legal considerations around political contributions from sources facing allegations of financial misconduct.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: 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.
Source link
Bitcoin Is Surging—So Why All the Crypto Layoffs?
Ethereum whales tracking popular meme coin Cutoshi after CoinMarketCap listing
Solana-based GRASS Token Rallies 125% In Three Days of Launch, Here’s Why
how cryptocurrency is reshaping virtual worlds
Crypto Reverses Early Gains, Bitcoin Dives Back to $69K
BlackRock Bitcoin ETF Inflows Hit Speedbreaker As US Election Odds Shift
Mathematically Forecasting Peak Bitcoin Price For The Next Bull Cycle
Shiba Inu Millionaire bets on ETFSwap price to rally 6,444% to $2 before DOGE hits $1
SUI Eyes Potential Breakout Amid Market Retrace, Is $2.30 Next?
Donald Trump’s Victory Odds Fall, Here’s How Bitcoin and Altcoins React
Bitcoin's Price Does Matter — A Lot
These 3 DOGE alternatives could transform a $750 investment into $1 million by 2025
$18,883 Drained From Wells Fargo Account, Bank Says Reimbursement Not Happening, Customer Says She’s Leaving
Judge Grants More Time For US Government To Negotiate FTX Donation Return
Coinbase Is Embarrassing Itself By Not Buying Bitcoin
182267361726451435
Top Crypto News Headlines of The Week
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Citigroup Executive Steps Down To Explore Crypto
Washington financial watchdog warns of scam involving fake crypto ‘professors’
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Trending
- 2 months ago
182267361726451435
- 24/7 Cryptocurrency News3 months ago
Top Crypto News Headlines of The Week
- Donald Trump3 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin4 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Opinion4 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Bitcoin3 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
- Altcoins3 months ago
Ethereum Crash A Buying Opportunity? This Whale Thinks So
✓ Share: