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Crypto Investment Products Rebound: $130M Inflows Signals Shift In Investor Sentiment

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CoinShares’ latest Digital Asset Fund Flows Weekly Report reveals that there’s been a significant milestone for crypto asset investment products, marking the first inflows in five weeks, amounting to $130 million. However, despite this positive development, Ethereum investors are still hesitant.

While the recent surge in funds is remarkable, note that volumes of Exchange-Traded Products (ETPs) are declining, with only $8 billion for the week against an April average of $17 billion. This drop in ETP volumes indicates that investors within this space are not as involved with the crypto market right now, making them account for only 22% of total volumes on trusted global exchanges, down from 31% over the previous month.

US Leads Inflows, Hong Kong’s Crypto Landscape Shifts

Geographically, the United States emerged as the primary recipient of inflows, with a total of $135 million pouring in, signaling a renewed interest in the market. Notably, Grayscale, a key player in the US, experienced its lowest weekly outflows since January, amounting to $171 million. Switzerland also saw a modest influx of $14 million.

However, the situation in Hong Kong presents a contrasting picture. After a record-breaking week of inflows, the region saw a sharp decline to just $19 million, indicating that much of the initial post-Bitcoin ETF launch capital was merely seed capital. Meanwhile, Canada and Germany continued to experience outflows, with a combined total of $35 million, bringing their year-to-date outflows to a significant $660 million.

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Bitcoin, the flagship cryptocurrency, experienced a notable uptick with US$144 million in inflows, marking a recovery from what had been a lackluster month. Conversely, short-Bitcoin ETPs witnessed outflows totaling $5.1 million, extending a trend of outflows over the past 8 weeks, totaling $18 million.

The regulatory landscape in the United States regarding Ethereum ETF applications has generated speculation. With minimal engagement from regulators, there is growing skepticism regarding the imminent approval of Ethereum ETFs. This sentiment was reflected in outflows from Ethereum-related products, amounting to $14 million for the week.

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Nevertheless, while the influx of funds into digital asset investment products is a positive indicator, there are nuances within specific regions and products. The crypto market continues to navigate regulatory uncertainties, which are impacting investor sentiment and behavior.

Related Reading | Bitcoin’s Reverse Flag Signals Potential Drop to $57.5-58K, Analysts Warn

Shiba Inu On The Rise: Analysts Predict a Potential Target of $0.0000445

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Shiba Inu (SHIB), a well-liked meme-oriented cryptocurrency, has passed through a lull period. After being quiet for some time, its value is on the rise again. Shiba Inu’s price currently stands at $0.00002367, with a trading volume of $334.98 million over the last 24 hours. Also, its total market capitalization reaches $13.95 billion for Shiba Inu. Particularly, the SHIB price has grown by 5.12% over the past 24 hours.

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Shiba Inu On The Rise: Analysts Predict a Potential Target of $0.0000445 5

Reasons Driving the Surge

The overall market sentiment is positive, particularly for Bitcoin, which has managed to recover from its recent dip, prompting a surge in alternative coins. Ethereum, Cardano, and Solana, among others, have also caught investors’ eye with their values increasing.

Furthermore, SHIB’s valuation may have been boosted by a huge increase in the Shiba Inu burn rate (up over 300% this past week alone with over 200 million tokens incinerated). This mechanism intends to reduce the large floating supply of the asset making it more rarefied thereby possibly increasing its value over time.

Furthermore, notable progress has been made with Shibarium, Shiba Inu’s layer-2 scaling solution. This solution, designed to support the development of the meme coin by lowering transaction fees and improving speed, recently underwent two crucial upgrades. These upgrades aimed to enhance user experience and ensure compatibility with popular wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.

Analyst Eyes $0.0000445 For Shiba Inu

Jonathan Carter, a well-known crypto analyst, has expressed optimism on Shiba Inu’s future price movements. On the daily time frame for Shiba Inu, Carter points out an eye-catching bullish flag pattern. This type of pattern normally shows a temporary pause during the upswing so that, thereafter, it could continue moving forward.

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Nevertheless, if SHIB moves through this pattern, the coin’s value may go up drastically. To be more specific, Carter predicts this breakout may lead to price levels close to $0.0000330 and $0.0000445, which are vital resistance areas for SHIB. As per Jonathan’s assessment, these thresholds indicate important steps towards the current upward movement of SHIB.

Related Reading |  Injective (INJ) On the Verge Of Breakout: Analyst Predicts $27 to $50 Price Range 

Bitcoin’s Hidden Potential: Analyst Predicts Bold Moves Ahead

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Bitcoin (BTC) is currently flying under the radar, different from the spotlight it usually finds itself in. Renowned crypto analyst Egrag Crypto has recently provided his insights, stating that despite Bitcoin not being a topic of heated debate now, the historical data regarding the 21 Exponential Moving Average (EMA) on the Monthly Time Frame shape significant price behaviors that could impact its future direction. 

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The analyst’s post clarifies a possible pattern where BTC, after breaking out from a bear market, tends to retest the 21 EMA. This except retest usually oscillates within 40% to 47% retrace. By taking the averages of these percentages, Egrag forecasts a decline of approximately 43%. This number might look scary in the beginning but it falls within the range of $42,000 and $50,000 that the 21 EMA has forecasted. This implies that any temporary fall is actually a correction, which if may give a stable foundation for a sustained long term growth. 

Egrag Crypto’s stance on Bitcoin is two-fold: short-run bearish but long-run super-bullish. He claims that the prevailing silence around BTC could be but a façade for its actual power. “Bitcoin is building a long-term trajectory,” he said, suggesting that the current market’s behavior, though subdued, is not without significance. 

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Source: Image by Egrag Crypto

Bitcoin’s Bullish Shift

The expected retest of the 21 EMA is more than just a figure but a prospect of an important bullish reversal in the future. This kind of transformation could change the playing field for Bitcoin, making it a source of great investment opportunities rather than the stagnant state it is in now. 

This analysis by Egrag Crypto is especially relevant now since it suggests that investors should focus on long-term trends rather than short-term fluctuations. In identifying the importance of the 21 EMA as a predictor, it helps to bring investments strategy with long-term goals rather than short-term ups and downs. 

Though Bitcoin is not here and now making out splashes, its currents are strong and it signals a potential rise. This gradual climb emphasizes the importance of a deep knowledge of market indicators such as the 21 EMA that is crucial in unraveling the future movements of Bitcoin.

Mark Cuban Vs SEC: Advocates For Japan-style Crypto Protection

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Continuing his tirade against the US regulator, billionaire entrepreneur Mark Cuban blasted the SEC, saying that they could take a cue from Japan on how to protect crypto investors. Following the infamous Mt. Gox incident, Japan implemented measures to protect investors. These exchanges that went bankrupt in the US survived in Japan, Cuban wrote.

If the SEC would follow Japan’s lead the fraud would be reduced significantly. And as a point of reference, the amount of fraud in bulletin board stocks rivals that of today’s crypto. The SEC will let you trade billions of shares of bankrupt companies that have announced they their shares will never have value. This is an institutional failure of the SEC, not a crypto issue. If the regulator has instituted audited collateral and segregation of funds requirements , we would not have seen FTX and others fail.

SEC
Mark Cuban Vs SEC: Advocates For Japan-style Crypto Protection 9

The billionaire investor was also engaged in a verbal duel with John Reed Stark, an ex-official of the Securities and Exchange Commission while debating about the regulation of cryptocurrencies. The heated debate on Crypto Twitter gained attention when Cuban accused SEC Chair Gary Gensler of undermining the crypto industry, and Stark, on the other hand, defended the regulator’s actions.

Cuban ended the discussion by advocating his support for cryptocurrencies, stating that their potential impact on the broader economy cannot be underestimated. He famously coined the term “Crypto Derangement Syndrome” to refer to an irrational hatred of cryptocurrencies and suggested that such negativity can be as detrimental as the exaggerated hype surrounding its potential.

SEC On Ethereum

Of late, Gensler has come under intense criticism after House Financial Services Committee Chairman Patrick McHenry came forward with serious allegations. This followed recent controversies surrounding the US regulator, including a federal judge rebuking the regulator for “gross abuse” of power. Adding fuel to the fire were the unredacted filings from Ethereum firm ConsenSys, revealing that Gensler believed ETH was a security for at least a year.

However, McHenry highlighted more shocking revelations, stating that evidence showed Chair Gensler intentionally misled both Congress and the public during a testimony last April. Citing new court filings, Gensler evaded clear answers about Ethereum’s classification as a security, a move McHenry now claims was a deliberate obscuring of the regulator’s position.

SEC Chair Gensler ‘Trying to Destroy’ Crypto Industry, Billionaire Sounds Alarm

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Mark Cuban, the renowned billionaire investor, has voiced scathing criticism against Gary Gensler and the U.S. Securities and Exchange Commission (SEC), accusing them of working actively to destroy the blossoming cryptocurrency industry. The SEC’s litigate-to-regulate approach instead of fostering compliance has critically affected crypto startups. He is dismayed that a regulatory structure heavily inclined towards registration rules has become an insurmountable obstacle for law-abiding companies.

Regulatory Obstacles for Crypto Companies

Cuban stresses that due to the SEC’s hard line, he has been discouraged from engaging in any investments involving token sales. It is not a reflection on the company’s potential, it is rather pragmatic given the regulatory roadblocks imposed by the SEC. The cost is too high, both in terms of time and legal fees, making it impossible for firms to operate within the SEC regulatory framework if they attempt to register or comply.

Moreover, Cuban points out this paradox where companies have had to go outside the US just to get away with unregulated scrutiny, which he finds unacceptable. He argues that such a confrontational approach by the SEC has created an environment where legitimate firms plus investors suffer the most. The absence of clarity and an intimidating process for compliance allowed dubious token offerings to thrive along with legitimate ventures, thereby confusing those who wish to invest in good opportunities.

In Cuban’s view, Gary Gensler’s legacy at the SEC is one marked by obstructive policies that hinder innovation and legitimate business operations. He contends that rather than fostering compliance and investor protection, the SEC’s actions have stifled growth and perpetuated uncertainty within the crypto market. Cuban underscores the urgent need for a regulatory framework that strikes a balance between fostering innovation and safeguarding investor interests.

Even though SEC places tough demands on cryptos, Cuban insists that the cryptocurrency industry still aims at adhering to them. However, he argues that today’s regulatory environment makes it practically impossible because it discourages rather than encourages firms’ abiding by rules. The present state of affairs calls for rethinking to ease the registration obstacles while improving the crypto market’s visibility.

Related Reading | Ethereum’s Evolution In Q1 2024: 9% Rise in Staking & Open Interest Surges by 50%

TRB Whales Reap $3.56M Profit Amidst Soaring Prices: Report

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Spot On Chain, a well-known analysis platform, has disclosed that eight whales have collectively earned $3.56 million in profits from Tellor (TRB) following its remarkable price surge of over 100% in the past week. In a recent X post, the platform reveals a significant move in TRB holdings. These investors strategically withdrew 82,849 TRB from Coinbase as a whole, which came out to an average price of about $80.2 per TRB from early March to May. This tactical move was followed by a correctly timed deposit of coin at a much higher value of about $123, an increase of 53.6% after a two-month hold period. 

These transactions embody an intentional strategy by these whales to exploit Tellor’s market momentum. The substantial uptick in Tellor’s price shows that the astute market strategies of these important investors have clearly provided a profitable opportunity. 

Strategic Whale Moves Reshape TRB Market Dynamics

The analysis of Spot On Chain provides insight into the strategic timing and big size of these transactions, revealing how large holders in the cryptocurrency market exploit significant price movements. The report also highlights the effects of whale activities on the general market dynamics of Tellor, thereby confirming the significant role played by key investors in setting the market environment. 

The latest busyness associated with Tellor coincides with the overall trend in the cryptocurrency market where the price volatility allows for good profits mainly for the strong holders and traders with skill. Furthermore, analysis by platform not only emphasizes the profit earned by these whales but also is an illustration of the fast-changing and sometimes instinctive nature of the cryptocurrency market. 

TRB remains a hot topic among investors, and these whales’ moves are likely to be closely watched by market participants, providing key trends and future moves within the Tellor market. This is a new chapter in the continuous narrative of Tellor’s market dynamics and the enormous power played by the big investors in the constantly changing crypto world. 

Solana Faces Downward Pressure; Future Hinges on $137-$147 Range, Analyst Says

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Solana (SOL) is currently under downward pressure, implying it may decrease in worth. However, SOL could not sustain the upward trend after recovering from its previous low of $119. In the past month, SOL has seen a significant decline of 16%, albeit this decrease was relatively small over the last week at 1%.

Broader market concerns arise as Bitcoin hovers around a critical support level. Thus, whether Bitcoin can maintain this level and resume its uptrend will determine the result. If Bitcoin bounces back successfully then there will probably be positive sentiment across the board as well. Conversely, further fall could occur if Bitcoin still plunges thereby affecting SOL’s performance negatively.

At the time of writing, Solana’s price sits at $143.98. Alongside­ this is a 24-hour trading value of $2.43 billion, and a total valuation of $64.58 billion. In the previous 24 hours, SOL’s price­ saw a small decrease of 0.56%.

SOL 1D graph coinmarketcap 2

Solana’s Future Hinges on $137 to $147 Range

Experts are care­fully watching how SOL holds up against key levels. Notably, Daan Crypto Trade­s, a well-known crypto expert, has share­d their thoughts on SOL’s path. The analyst says that SOL is currently ste­adying around the weekly support are­a after briefly touching the $115 mark.

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The key level for SOL’s future lies in maintaining a trading range between approximately $137 to $147. If it can do this, analysts anticipate a potential rebound towards weekly resistance levels, indicating a positive outlook. However, any upward movement is expected to be gradual and steady.

For those considering entering the SOL market, Daan Crypto Trades suggests keeping an eye on the $115 mark for potential opportunities. As Solana continues to navigate the complexities of the crypto market, investors remain alert for chances to capitalize on its potential growth.

However, market sentiment around Solana remains considerably bullish. According to technical indicators from Changelly, the Solana market has strong bullish sentiment, which stands at 93%. Moreover, the Fear & Greed Index shows that investors are greedy, with a score of 66. As such, this combination of data implies that within the trading universe, there is a positive and robust perspective toward Solana.

Related Reading |  Ethereum’s Price Fluctuations: Analysts Predict Possible Turnaround 

Solana Insider Turns $600 Into $153K in Just 15 Hours – Potential Rug Pull Risk

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According to the latest blockchain data from Lookonchain, a Solana insider allegedly converted a $600 investment into over $153,000 in just 15 hours while raising concerns about a potential “rug pull” scheme. The trader is also reported to be holding $2.5 million in unrealized profits from the suspicious transaction.

The allegations stem from an insider’s dealings with the Minette token, a new cryptocurrency affiliated with the VibeCat project on the Solana blockchain. According to the data, the insider initially withdrew 3.89 SOL tokens (worth around $600) from Binance before spending 2.89 SOL (around $445) to purchase 2.46 billion Minette tokens at the same block where the developer had provided initial liquidity.

Suspicions were raised when the insider allegedly sold 1.04 billion of the newly-acquired Minette tokens for 998.7 SOL, netting over $153,000 in just 15 hours while retaining 1.42 billion Minette tokens valued at a staggering $2.5 million.

Compounding concerns, reports indicate that the VibeCat developer did not burn the liquidity provider (LP) tokens for Minette, leading to fears of a potential “rug pull” where project developers abruptly abandon the project and run off with investors’ funds.

Analyst Jelle’s Bullish Stance On Solana (SOL)

Meanwhile, despite the controversy, the price of Solana’s native SOL token has continued its upward trajectory. At the time of writing, SOL is trading at $153.71 with a 24-hour trading volume exceeding $2 billion. The cryptocurrency has increased by 8.57% over the past day and an impressive 12% over the past week.

SOL 7D graph coinmarketcap
CoinMarketcap

According to CoinMarketCap data, Solana is presently the fifth-largest cryptocurrency by market capitalization, valued at around $68 billion. Jelle, a prestigious analyst, is optimistic about SOL despite falling by 45% from the recent peak since it has found support on an important level and may rise toward $200 before touching new highs again. According to him, SOL represents his primary alternative coin holding after Ethereum.

Even as Solana forges ahead amidst insider trading controversies and “rug pull” alarms, investors continue to focus intensely on this high-flying blockchain, carefully considering the alluring potentials versus the ever-present risks associated with volatile crypto markets.

Related Reading | THORChain (RUNE) Defies Market Trend: Analyst Forecast Surge Towards $12

WLD Poised For Breakthrough: Crypto Analyst Highlights Key Signals

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Famous crypto analyst CryptoBusy highlighted WLD, claiming the cryptocurrency is about to make a big move. In a recent X post, the analyst reports that several technical indicators indicate that WLD, a cryptocurrency created by Worldcoin and supported by advanced AI technology of OpenAI, is preparing for a potential rally. 

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The analysis highlights the appearance of a classic double-bottom pattern on WLD’s price chart. This pattern is typically seen as bullish and shows a possible reversal from the recent downtrend of the asset. The double bottom pattern is defined by two separate lows, which occur at almost similar price levels, signifying a powerful support level. 

In addition to the bullish sentiment, CryptoBusy pointed out the breakout of a trendline and its subsequent retest. The trendline, which was a resistance before, is now broken and tested to be supported. This is a breakout-retest pattern that is a signal of continuation of the upward momentum and indicates that the coin may be poised for more increases. 

WLD’s Strategic Position At Mid-Point Fibonacci

Another important factor that was pointed out is the relative position of WLD to 0.5 Fibonacci retracement level, computed from the swing low to the latest high. This mid-point Fibonacci level is generally perceived as a key support or resistance zone, and World Coinholding sustainably above this level might indicate a strong buying interest. 

Source: Chart by CryptoBusy

WLD is the native token of Worldcoin, a project utilizing advanced AI developed by OpenAI, the company behind ChatGPT. The embedding of cutting-edge AI gives Worldcoin an extraordinary opportunity in the crypto market, which might increase its functionality and adoption. 

Worldcoin is a project that will establish a digital worldwide identity and financial network utilizing AI to make transactions more efficient and secure. The support of OpenAI’s technology only reinforces WLD’s role as a futuristic digital asset with substantial growth opportunities. 

CryptoBusy’s analysis has stirred interest among crypto enthusiasts and investors, and now, many of them are following the price movements of Worldcoin. The double bottom pattern, line breakout, and strong 0 line. Level 5 Fibonacci seems appealing from a bullish perspective. 

With WLD still above these important levels, market participants are getting more hopeful of just how Worldcoin might pop. The combination of superior AI technology and relevant technical indicators make WLD a cryptocurrency to look closely at in the next few weeks. 

Polkadot Poised For Price Breakthrough: DOT Targets 17 Amid Key Upgrades

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The recent change from the famous cryptocurrency analyst Crypto Capo, emphasizes the current situation of Polkadot (DOT) which is about to face a very interesting turning point in the market. In a recent X post, the analyst highlighted that DOT is currently supported at a very significant level after it was rejected at a higher resistance level. This position is crucial for the short-term price action of Polkadot. 

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The analyst recommends that if this support level holds strong, DOT may test the $10-$11 resistance zone once again. Indeed, a breakout above this resistance implies DOT may rise up to $15-$17, which is a striking move for this digital currency. 

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Source: Chart by Crypto Capo

The proof to this bullish prediction is a number of core achievements within the DOT ecosystem, which represent strong fundamental basis. Among them, one of the most important ones is the Polkadot 2.0, an ambitious upgrade meant to improve efficiency and scalability of the network. This enhancement is of considerable significance, as it makes the network ready to serve in big scale operations and support more sophisticated applications. 

Polkadot’s Parachains: Pioneering Blockchain Diversity

Another important part of the founding strength of Polkadot is its pioneering Parachains technology. Parachains are different specific blockchains that operate in parallel within the Polkadot ecosystem each designed for a particular use case, which drastically increases the versatility and functionality of the network. 

In addition, by the adoption of blockchain gaming with the migration of key players like Mythical Games to the Polkadot framework, a new user base and diversification in gaming is brought. The shift not only extends the use case of Polkadot but also enters the rapidly growing market of blockchain games, which may bring more value and interest to DOT. 

Furthermore, Polkadot advancements in artificial intelligence using and integrations with PHA among others add another layer of technology improvement, making it more of a front runner platform in the blockchain space. The AI integrations are anticipated to fuel new solutions and applications, thus making the network more appealing to both developers and users. 

With Polkadot building further on these strong fundamentals and while it confronts with the present market dynamics, the issue now is how well it will be able to hold above the support level and benefit from the arising market prospects. Even though the insights that Crypto Capo offers seem optimistic, all investments, especially in the unpredictable world of cryptocurrencies, potential fluctuations that should be watched and considered are always present.