News

Bitcoin ETF outflows slow down, $100k BTC still in sight

Published

1 month ago

November 17, 2024

Spot Bitcoin exchange-traded funds recorded two consecutive outflow days as the top cryptocurrency corrected almost 3% after the U.S. Federal Reserve hinted that further interest rate cuts might not be coming.

After three consecutive inflow days bringing in over 2.43 billion between Nov. 11 and Nov. 13, the weekly inflows were offset by two consecutive outflow days.

On Nov. 14, Bitcoin ETF products saw their third-largest outflow since launch, with approximately $400.7 million withdrawn. Outflows eased the following day as BTC rebounded from support near $87,500, with $239.6 million exiting the funds, according to data from Farside Investors.

BlackRock’s IBIT was the only fund to record inflows on Nov. 15, as it continued its seven-day inflow streak, bringing in $130.4 million. Outflows came from:

Fidelity’s FBTC: $175.1 million
ARK and 21Shares’ ARKB: $108.6
Grayscale’s Bitcoin Mini Trust: $47 million
Grayscale’s GBTC: $22.5 million
VanEck’s HODL: 7.7 million
Bitwise’s BITB: 7.4
Valkyrie’s BRRR: $1.7 million.

The other three ETF offerings saw no flows on the day.

BTC set for $100,000

Bitcoin’s drop to a weekly low of $86,572, along with Federal Reserve Chair Jerome Powell’s Nov. 14 speech in Dallas. Powell stated there’s no urgency to lower rates, which seems to have driven the ETF outflows. However, this hasn’t dampened the broader market’s optimism.

Prominent Bitcoin advocates such as Michael Saylor and Matthew Sigel, along with the larger crypto community, remain optimistic about BTC’s trajectory, predicting it could reach $100,000 by year-end—or potentially climb even higher.

As reported by crypto.news, Saylor a n ticipates Bitcoin hitting $100,000 before the end of 2024, attributing this outlook to Donald Trump’s victory in the U.S. elections, which he described as the “biggest event for Bitcoin in the past four years.”

Polymarket bettors are also highly bullish on Bitcoin, with a poll suggesting a 65% chance of BTC reaching $100,000 before New Year’s Eve.

On X, pseudonymous trader Crypto Eagles told his 99,000+ followers that Bitcoin has broken out of a multi-year inverse head and shoulders pattern — a bullish structure often preceding upward rallies — setting the stage for a potential climb to six figures.

$BTC has broken out of the inverse head and shoulders pattern on the weekly timeframe with substantial volume, signaling robust bullish momentum.
If this bullish momentum persists, Bitcoin could surpass the coveted $100k mark, ushering in a new phase of price discovery and… pic.twitter.com/pVeJRdv0Kt
— Crypto Eagles (@CryptoProject6) November 16, 2024

Analyst Rekt Capital, whose commentary previously suggested BTC price targets in the range of $120,000 to $160,000, said in a Nov. 16 post that Bitcoin has only just entered its parabolic phase, which historically lasts around 300 days. With the current cycle only 11 days in, there’s a lot of room for further growth from current levels.

#BTC has only just begun its Parabolic Phase in the cycle
Historically, this phase has lasted on average ~300 days
Bitcoin is only on Day 11 of its Parabolic Phase$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) November 16, 2024

At the time of writing, Bitcoin (BTC) was trading above $90,900, up 1.3% in the past 24 hours, while IntoTheBlock’s market sentiment indicator signaled a mostly bullish outlook.

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Financeflux

Stablecoin Issuer Tether Invests $775,000,000 Into YouTube Rival Rumble

Published

24 minutes ago

December 23, 2024

admin

Tether, the issuer of the largest stablecoin by market cap, is announcing a $775 million investment into YouTube alternative Rumble.

Rumble says in a press release that it will be using $250 million of the proceeds to support “growth initiatives” and the remaining capital to fund a self-tender offer for up to 70 million of its Class A common stock.

Tether has agreed to acquire 103,333,333 Rumble Class A shares at $7.50. Meanwhile, Rumble chairman and CEO Chris Pavlovski will retain his controlling stake in the company.

Says Pavlovski,

“I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth.”

On top of Rumble’s prioritization of free speech and decentralization, Tether CEO Paolo Ardoino says that the company also intends to look into a crypto payment solution for the YouTube rival.

“Tether’s investment in Rumble reflects our shared values of decentralization, independence, transparency, and the fundamental right to free expression. In today’s world, legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative. This collaboration aligns with our long-standing commitment to empowering technologies that promote freedom and challenge centralized systems, as demonstrated through our recent collaborations and initiatives.

Rumble’s dedication to fostering open communication and innovation makes them an ideal ally as we continue building the infrastructure for a more decentralized, inclusive future. Lastly, beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble.”

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blockchain games

Solana L2 Sonic includes TikTok users in airdrop

Published

59 minutes ago

December 23, 2024

admin

Solana GameFi network Sonic will airdrop free tokens to TikTok users for joining its crypto game.

Layer-2 gaming-centric Solana-native network Sonic plans to send SONIC tokens to TikTok users onboarded via its social media blockchain game. The Solana (SOL) Virtual Machine protocol designed its SonicX game directly on TikTok, similar to The Open Network developers behind Telegram mini-games.

The idea revolves around tapping existing web2 audiences for web3 projects, accessing millions of users already on platforms like Telegram and TikTok.

Over 1 billion monthly active users log on to TikTok, with numbers expected to reach more than 2 billion by 2029.

SonicX, the first TikTok App Layer from Sonic SVM, will distribute $SONIC tokens to all eligible TikTok users. Over 2 million users have already joined via a seamless onboarding flow—no external wallet setup or gas fees required.
Sonic on X

Social media-native games became widely popular on TON and Telegram. Projects like Notcoin (NOT) and Hamster Kombat (HMSTR) amassed millions of users in a few short months.

However, the trend appeared shortlived as protocols experienced a sharp drop in activity post-token airdrop. Hamster Kombat lost over 80% of its users right after its cryptocurrency distribution. Crypto giants like Binance and Gate have also released reports detailing a drop in Telegram mini app vitality.

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Bitcoin

Metaplanet makes largest Bitcoin bet, acquires nearly 620 BTC

Published

13 hours ago

December 23, 2024

admin

Tokyo-listed Metaplanet has purchased another 9.5 billion yen ($60.6 million) worth of Bitcoin, pushing its holdings to 1,761.98 BTC.

Metaplanet, a publicly traded Japanese company, has acquired 619.7 Bitcoin as part of its crypto treasury strategy, paying an average of 15,330,073 yen per (BTC), with a total investment of 9.5 billion yen.

According to the company’s latest financial disclosure, Metaplanet’s total Bitcoin holdings now stand at 1,761.98 BTC, with an average purchase price of 11,846,002 yen (~$75,628) per Bitcoin. The company has spent 20.872 billion yen in total on Bitcoin acquisitions, the document reads.

The latest purchase is the largest so far for the Tokyo-headquartered company and comes just days after Metaplanet issued its 5th Series of Ordinary Bonds via private placement with EVO FUND, raising 5 billion yen (approximately $32 million).

The proceeds from this issuance, as disclosed earlier, were allocated specifically for purchasing Bitcoin. These bonds, set to mature in June 2025, carry no interest and allow for early redemption under specific conditions.

Metaplanet buys dip

The company also shared updates on its BTC Yield, a metric used to measure the growth of Bitcoin holdings relative to fully diluted shares. From Oct. 1 to Dec. 23, Metaplanet’s BTC Yield surged to 309.82%, up from 41.7% in the previous quarter.

Bitcoin itself has seen strong performance this year, climbing 120% and outperforming assets like the Nasdaq 100 and S&P 500 indices. However, it has recently pulled back from its all-time high of $108,427, trading at $97,000 after the Federal Reserve indicated only two interest rate cuts in 2025.

Despite the retreat, on-chain metrics indicate that Bitcoin is still undervalued based on its Market Value to Realized Value (MVRV-Z) score, which stands at 2.84 — below the threshold of 3.7 that historically signals an asset is overvalued.

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