Category: Cryptocurrency News

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An on-chain analyst has explained why the Bitcoin spot exchange-traded funds (ETFs), although important, may be something other than the drivers in the market. Bitcoin Spot ETFs Compared With Other Capital Flows On The Network In a new post on X, on-chain analyst Checkmate has discussed how the different capital flows in and out of Bitcoin stack up against each other. The first netflow of interest is naturally the total capital netflow itself. This netflow is calculated using the Realized Cap indicator. The Realized Cap is a capitalization model for BTC that calculates the asset’s total valuation by assuming that the “real” price of any coin in circulation was the price at which it was last moved on the network. The last transaction of any token was likely the last time it changed hands, so the price at its time would make up for its current cost basis. As the Realized Cap essentially sums up the cost basis of every coin in circulation, it tells us about the amount of capital the investors have used to purchase the cryptocurrency. Related Reading: Only 66% Of Ethereum Holders In Profit Despite 21% Price Jump Therefore, the changes in this metric would reflect the incoming or outgoing capital from the sector. Below is the chart shared by the analyst that shows how the monthly version of this netflow has looked like for Bitcoin during the past year. As the graph shows, the change in the Bitcoin Realized Cap has been positive for almost this period, suggesting that a net amount of fresh capital has only been flowing into the asset. Currently, BTC is observing net inflows worth $12 billion per month. Checkmate has also attached the data for the flows related to the spot ETFs in the same chart. The green curve represents the monthly change for the ETFs excluding GBTC, while the red one corresponds to the GBTC outflows. The former stands at a positive $3.7 billion per month, while the latter is at a negative $0.93 billion per month. The capital flows related to these financial instruments don’t make up for anywhere near most of the market. “At best, the ETFs are 20% of the influence,” notes the analyst. “They are important, but not the driver.” The final metric in the chart is related to the supply change of the Bitcoin long-term holders (LTHs), who are the investors holding onto their coins since more than 155 days ago. Related Reading: Bitcoin Whales Participate In $588 Million Selloff: Is There More To Come? It would appear that these HODLers had been selling earlier in the year. Still, recently, their supply change has again flipped into positive territory, with their combined balance now growing at a rate of $1.6 billion per month. BTC Price In a sharp move up, Bitcoin has recovered beyond the $61,300 mark during the past day. Featured image from Dall-E, checkonchain.com, chart from TradingView.com

Riot Platforms continues navigating its complex relationship with Bitfarms while expanding its operations.

A healthy portion of Bitcoin hodlers refuse to let go of their coins no matter what BTC price action delivers.

A scam email targeting residents of Montgomery County, Pennsylvania, is falsely soliciting Bitcoin payments to resolve supposed arrest warrants. The fraudulent emails claim to be from authorities like the “FDIC government office warrant division” and include misleading subject lines such as “Montgomery County Sheriff office false claims division.” These emails contain fake documents, including a […]

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Crypto investments remain volatile as Ethereum ETF flows turn negative, highlighting the market’s rapid evolution.

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To further diversify its crypto investment portfolio, asset manager and ETF issuer Grayscale has unveiled the launch of the Grayscale MakerDAO Trust. This latest addition to Grayscale’s product suite allows investors to gain exposure to MKR, the utility and governance token underpinning the Ethereum-based MakerDAO ecosystem. Grayscale Expands Crypto Portfolio MakerDAO is an autonomous organization operating a decentralized finance (DeFi) protocol, providing users access to a permissionless, open stablecoin system and various other on-chain financial services.  According to Tuesday’s announcement by the firm, through the Grayscale MakerDAO Trust, investors can now participate in the growth and development of the protocol’s MKR ecosystem. Related Reading: Cardano Is Not ‘Dead’: Crypto Analyst Predicts Surge To $5 “As demand for crypto exposure continues to grow, Grayscale is committed to expanding our suite of products and providing innovative investment opportunities,” said Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research. “The launch of the Grayscale MakerDAO Trust allows investors to experience the growth of the entire MakerDAO ecosystem, aiming to remove DeFi’s dependency on traditional finance infrastructure by providing a permissionless, decentralized, and open stablecoin system,” Sharif-Askary also stated. The new trust functions similarly to Grayscale’s other single-asset investment vehicles, with the fund solely invested in MKR tokens. The trust is now open for daily subscription by eligible individual and institutional accredited investors, providing them a convenient way to gain exposure to the MakerDAO protocol. This announcement comes on the heels of Grayscale’s recent launches of the Grayscale Bittensor Trust, dedicated to the TAO token supporting the Bittensor Protocol, and the Grayscale Sui Trust, focused on the SUI token underpinning the Sui Layer 1 blockchain. MKR Price Action Grayscale’s news sparked a spike in the MKR token, which hit an 8-month low of $1.7 on August 5 amid the broader market crash and global economic uncertainties that led to an increased sell-off.  MKR is trading at $2.10, up nearly 6% in the last few hours, coupled with a 16% increase in trading volume in the 24-hour time frame, amounting to $124 million, indicating investor interest in the token’s prospects.  Related Reading: Strong Bearish Signal Appears In Solana Chart, Where Is Price Headed Next? MKR must consolidate above the $2.06 level to further capitalize on this latest surge, as it has acted as a resistance wall for the token over the past few days before Tuesday’s bullish news on the MKR/USDT daily chart. This would be key for MKR’s future advances and the potential to surpass its next resistance barrier at $2.16.  However, if there is a resurgence of demand and buying pressure for the token and the broader market, which can also contribute to MKR’s 10% surge last week, it would position MakerDAO’s native token to tackle its next resistance at $2.31, $2.42 and $2.73 on its way to reclaiming the $3 mark.  Featured image from DALL-E, chart from TradingView.com