Twitter’s shareholders have overwhelmingly voted for Tesla CEO Elon Musk to take over the social media platform. “Approximately 98.6% of the votes cast at the special meeting approved the proposal to adopt the merger agreement,” the social media giant said. Shareholders Want Elon Musk to Take Over Twitter Twitter Inc. (NYSE: TWTR) announced Tuesday that […]
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The outflows from bitcoin ETFs in the last couple of months suggested strong bearish sentiment among institutional investors. However, there seemed to be a change in the tide last week when a remarkable inflow trend was recorded over a three-day period. These inflows into the BTC ETFs that provide long exposure showed that investors were expecting further upside for the digital asset, and the decline in short BTC exposure speaks truth to this. ProShares Outflows And Inflows The ProShares Bitcoin ETFs are the most popular in the market. The BITO ETF is one that offers long exposure, while the much newer BITI ETF allows investors to capitalize on short exposure. BITI, being launched in a bear market, grew quickly in terms of BTC exposure. However, the past week has shown a reluctance on the part of investors to bet against the price of bitcoin. Related Reading: Bitcoin Must Hold This Level Or Risk Falling To $10,000 BITI outflows for last Friday came out to a total of 1,060 BTC in a single-day period, the largest outflows the ETF has recorded since it launched. Furthermore, the outflows would continue into the new week, when BITI saw another 425 BTC leave. This brought the total exposure of BITI down to 3,580 BTC as of Monday. BITO ETF records inflows | Source: Arcane Research As for the BITO, it has been all shades of good news in the last week. A consecutive three days of inflows saw 1,650 BTC flow into the ETF. This follows a month of outflows for the ETF, showing more demand for long exposure to the digital asset. While BITI had seen 1,050 BTC in outflows on Friday, BITO had recorded inflows of 700 BTC on the same day. It suggests that investors are pulling out of their short positions and putting them into long positions. Bitcoin Not Out Of The Woods Even though there have been a lot of inflows into long bitcoin ETFs, the numbers still do not suggest a complete shift to the bullish sentiment among investors. BITI’s BTC exposure shows that even though there might be some movement to long ETFs, betting against the price of bitcoin still remains on the minds of investors. BTC declines to $20,000 | Source: BTCUSD on TradingView.com BITI’s current total exposure sits at 3,850 BTC, the same as it was back at its June and July peaks. So even though there have been outflows, there is still a strong sentiment to continue to short the digital asset. Related Reading: Investor Sentiment Sees Sharp Positive Spike Following Crypto Market Recovery BITO had recorded its strongest single-day inflows back on Friday, but it is yet to reverse the bearish trend completely. Even with such high inflows, the ETF is currently sitting at a three-month low. However, a positive from the three-day inflows was a recovery on the CME basis. Featured image from CryptoPotato, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
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The meme coin currently under the spotlight for its token-burning campaign hit a new burn rate high this Monday. Shiba Inu, the dog crypto, burned close to 200 million coins within the last 24 hours. According to SHIB Burn data, the burn rate of Shib tokens has spiked by about 3000% in the space of 1 day. Furthermore, most of the tokens sent to Shiba Inu’s burn wallet are from individual whale accounts. This burn initiative has taken off big since the beginning of this month. More than 500 million tokens went out of circulation in the first week. At this rate, it is possible the burn rate might hit 5000% in a few days. Related Reading: Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge Whale Accounts Invest Massively In Shiba Inu Even as the Shiba Inu tokens burn rate skyrockets, the token is drawing massive investments from individual whale accounts. Last weekend, two whales took up positions worth millions in the Shiba Inu ecosystem. The first one bought 702 billion SHIB coins costing close to a whopping $8.7 million. Another whale, in a first-time transaction, purchased 541 billion tokens worth almost $7 million, according to Ethescan.io data. Nonetheless, the newest whale on Shiba Inu continues to be anonymous, one of the benefits of decentralized finance. Will The Increased Burn Rate Have Any Effect On SHIB Price? As the number of tokens burned on the Shiba Inu protocol spikes, will it positively affect the price of SHIB tokens? This question remains on many minds as millions of SHIB tokens continue to go out of circulation. SHIB is currently trading at $0.00001233 after briefly dipping to 0.00001198 yesterday. The coin is doing quite well for itself amid the general crypto bear market, up about 93% in 1 year. It had hit an unprecedented all-time high of $0.00004217 close to the end of October 2021. However, it continued to drop amid general market volatility coming to rest at its current price. It is unclear if the increase in token burning will push the token any closer to its October 2021 peak. Shiba Inu Grows Closer to Its Trillion Token Burn Benchmark This recent burn benchmark brings the meme coin protocol closer to its goal of burning trillions of tokens. It will be an integral part of the launch of ShibaSwap 2.0 and the anticipated Shibarium Layer 2. As it stands, Shiba Inu devs are continually seeking innovative options to burn the tokens. Related Reading: NEAR Bulls Charge Their Way Past $4.7 Amid Lack Of Spike In Volume Finally, the dog token still has a lot of challenges to overcome in the coming days if its price is to climb. The soaring inflation, coupled with the scheduled CPI report release and next week’s FOMC meeting, is also part of it. In fact, SHIB’s price may plateau or even dip in the coming days despite the massive amount of coins burned. Featured image from Pixabay and chart from TradingView.com
There are fellow crypto enthusiasts looking for any speck of hopium on this sub. There are also those who complain that the market is trash and want prices to start mooning before they start back investing. This attitude is all backwards. It is now the absolute BEST time to buy. First off, you should never…
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So my ravencoin client on Windows was broken and I had to do a clean install, stupid me also permanently deleted my wallet.dat file in the process. When I entered my seed phrase in the fresh install and let it finish syncing my RVN was gone, I have no idea how to get it back…
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Currently, Ethereum has a market capitalization of about 200 billion dollars and the number of full nodes is about 10,000. If I could create a new blockchain mainnet with 100,000 full nodes, would its market capitalization be larger than Ethereum? submitted by /u/gotificial [link] [comments]
