13 Consecutive Week of Inflows Send BTC AUM to A Record $56B and ETH’s Past $21B For The First Time

13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time

Solana, Polkadot, and XRP are also attracting inflows totaling $9.8 million, $5.2 million, and $3.1 million, respectively, with Tron the only one to record outflows.

Crypto asset investment products saw inflows of $151 million in the week ending November 12, representing the 13th consecutive week of inflows which brings the year-to-date inflows to a record $9 billion.

At $97.5 million, Bitcoin accounted for the majority of inflows that pushed its assets under management to a record $56 billion. For this year, the inflows now come to $6.5 billion, according to the latest weekly report of CoinShares.

Ethereum also continues to see inflows, with last week’s coming at $17 million, pushing the total AUM past $21 billion for the first time.

Altcoin inflows, meanwhile, were led by Cardano, with its inflows totaling $16 million last week. However, no discernible catalyst has been identified at this time yet but could be “due to increasing positive investor sentiment for “World computer” coins,” said James Butterfill, investment strategist at CoinShares. ADA -6.42% Cardano / USD ADAUSD $ 1.88
-$0.12-6.42%
Volume 3.4 b Change -$0.12 Open $1.88 Circulating 33.31 b Market Cap 62.77 b
10 h 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time 1 w Sharp Pick Up in Demand: BTC Price Aims for $69k as Inflows into Bitcoin Hit A New Record of $8.9 Billion 1 w Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List

Solana, Polkadot, and XRP are other altcoins attracting inflows totaling $9.8 million, $5.2 million, and $3.1 million respectively. Tron was the only crypto asset product recording outflows of $1 million. SOL -7.04% Solana / USD SOLUSD $ 220.12
-$15.50-7.04%
Volume 3.56 b Change -$15.50 Open $220.12 Circulating 303.47 m Market Cap 66.8 b
4 h Paradigm Launches Largest New Venture Capital Crypto Fund, Valkyrie and Coinbase Target DeFi 10 h 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time 3 d DeFi Still In The Early Stages With A Lot Of Potential But Faces Regulatory Hurdles: JPMorgan Report
DOT -8.24% Polkadot / USD DOTUSD $ 40.87
-$3.37-8.24%
Volume 2.97 b Change -$3.37 Open $40.87 Circulating 987.58 m Market Cap 40.36 b
10 h 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time 1 w Sharp Pick Up in Demand: BTC Price Aims for $69k as Inflows into Bitcoin Hit A New Record of $8.9 Billion 1 w Grayscale Adds Avalanche (AVAX) and Terra (LUNA) to its Investment Product Consideration List
XRP -6.95% XRP / USD XRPUSD $ 1.09
-$0.08-6.95%
Volume 4.82 b Change -$0.08 Open $1.09 Circulating 47.16 b Market Cap 51.29 b
10 h 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time 3 w Investors Continue to Take Profit on Ether While Pouring Money in Solana and A Record $1.45 Billion in Bitcoin 1 mon Ripple Joins The Digital Pound Foundation to Help In The Development of A CBDC In the United Kingdom
TRX -10.77% TRON / USD TRXUSD $ 0.11
-$0.01-10.77%
Volume 3.29 b Change -$0.01 Open $0.11 Circulating 71.66 b Market Cap 7.88 b
10 h 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time 1 w Sharp Pick Up in Demand: BTC Price Aims for $69k as Inflows into Bitcoin Hit A New Record of $8.9 Billion 3 w Tether (USDT) Market Cap Surpasses $70 Billion, Majority Issued on Tron Blockchain

Despite the positive flows, volumes remained subdued in the second half of the year averaging $750 million in daily volume versus $960 million in the first half of 2021.

Meanwhile, this week, crypto asset prices are taking a bit of a beating, with Bitcoin falling under $60,000 while Ether is going to nearly $4,100. With altcoins also sliding, the crypto market cap has fallen to $2.728 trillion.

It “would be unusual to keep moving up without corrections,” said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore. He argued that “we’re seeing a healthy pullback” after a prolonged rally.

According to some, new tax-reporting requirements for digital currencies that are part of the trillion-dollar bill signed by President Joe Biden into law is part of the reason for the small pullback to a level last seen earlier this month.

“We’ve seen the U.S. infrastructure bill get signed, which has initiated a selloff from traders who are concerned about regulation and taxation,” said Hayden Hughes, chief executive officer of Alpha Impact.

Amidst all this, after cracking down on cryptocurrency mining, China is now studying the option of levying punitive power prices for companies involved in it, as per National Development and Reform Commission spokeswoman Meng Wei.

Since June, Bitcoin has more than doubled in value, driven by the recently launched futures-based Bitcoin exchange-traded funds (ETF) in the US. Over this past weekend, the network went through a major upgrade since 2017 called Taproot.

“There is a lack of news, and this is some pure selling of spot and some additions of short selling. Outside of this, there is no significant news,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds.

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Author: AnTy

Gold Reverses the Trend as Funds Record Biggest Two Weeks of Inflows since October

Bitcoin, meanwhile, has been having its record outflows amidst the recent correction. Gold price is also on an uptrend above $1,900 while BTC is struggling for a strong move.

Gold has been performing well since March as it continues to climb towards its all-time high of $2,075 per ounce from August 2020.

Last year, in mid-March, the precious metal prices crashed along with the rest of the asset classes, falling to $1,450. And in less than five months, gold prices surged by over 43%.

But even since this ATH, gold has been going down, falling to about $1,675 in March this year. Now, yet again, following the 19.3% drawdown, gold prices are back on track to the upside.

This week, it went to $1,912 and is currently trading around $1,890, back at early January levels.

Interestingly, the upside in gold prices coincides with the downside in Bitcoin prices which has been falling throughout this month. Last month, BTC made its ATH at nearly $65k and then dumped about 54% to $30k low last week too late January levels.

Bitcoin price is being choppy right now, trading between $32k and $42k.

As we reported, towards the end of last year, gold started recording huge outflows. In the six months to April, over $20 billion left bullion-backed ETFs. Meanwhile, bitcoin started seeing tons of inflows helping the cryptocurrency break into new highs.

But, since late April, bitcoin has been seeing record outflows, though mere 0.2% of total assets under management (AUM). This is the exact opposite of what the bullion has been experiencing.

ETF Gold Assets Falling

Gold funds have had their biggest two weeks of inflows since October as traditional hedge gets back in the limelight partly at the expense of Bitcoin. While Bitcoin is struggling with weak price actions as it takes rest following its 1,610% uptrend from March 2020 to April 2021, gold is seeing its revival amidst weaker dollar and falling inflation-adjusted yields.

“There is still so much confusion between Bitcoin and gold,” wrote Charlie Morris, founder of ByteTree, in a note.

“They coexist, and they both thrive in an inflationary environment.”

According to Morris, fund flows have an unusually large impact in boosting the gold price, and Bitcoin’s outgoing flows are depressing prices.

Investors pulled almost $14 billion from the SPDR Gold Shares ETF through to the start of May; during this period, ETFs tracking gold sold almost 12 million troy ounces. Now, some $1.6 billion has flowed back into the fund to put May on course for the best month since July.

SPDR AUM, which had fallen $56.15 billion on March 30 from last August’s $84.24 billion high, is now back at $63.75 billion, as per Ycharts.

However, enthusiasm for Bitcoin hasn’t gone away, and Bloomberg Intelligence strategist Mike McGlone, who has a price target of $100,000 per BTC, says there’s still a chance crypto can become a digital reserve asset, and that makes it worth the risk.

“Gold may be losing its significance, so it may be simply prudent to diversify,” wrote McGlone.

“The human nature of acknowledging a new asset class is what we see as a primary Bitcoin support.”

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Author: AnTy

Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest

Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest

Inflows into digital asset investment products totaled $233 million last week, the largest since early March. It is, however, nowhere near the record inflow seen in late January. CoinShares, one of the largest crypto asset managers, in its weekly report wrote,

“We believe this recent renewed appetite for digital assets is due to a combination of increasing acceptance from institutional investors, fears for inflation, and price momentum.”

Last week, the price action also pushed assets under management to over $64 billion for the first time.

What’s even more interesting is the crypto assets that the funds have been flowing into. Bitcoin (BTC), without any doubt, continues to see the largest inflows of $108 million, with Ethereum (ETH) right behind at $65 million. This time other altcoins also captured institutions’ interest, with XRP, which CoinShares just launched an XRP ETP, being the most popular among all. BTC 0.91% Bitcoin / USD BTCUSD $ 56,484.77
$514.010.91%
Volume 67.71 b Change $514.01 Open $56,484.77 Circulating 18.69 m Market Cap 1.06 t
3 h South Koreans to Face Tougher Crypto Laws to As Regulators Tackle Cases of Money Laundering 3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 4 h TIME Now Accepts Crypto as Payment for Subscriptions in the US and Canada
ETH 6.97% Ethereum / USD ETHUSD $ 2,338.20
$162.976.97%
Volume 39.3 b Change $162.97 Open $2,338.20 Circulating 115.55 m Market Cap 270.18 b
3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 6 h Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest
XRP 5.23% XRP / USD XRPUSD $ 1.39
$0.075.23%
Volume 15.54 b Change $0.07 Open $1.39 Circulating 45.4 b Market Cap 63.16 b
3 h Wall Street Journal Blasts The SEC for Setting ‘Inconsistent Rulings’ in Ripple Lawsuit 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 9 h Celebrating DogeDay: Companies Announce DOGE Support, Network Gains Traction

XRP had weekly inflows of $33 million, nearly doubling its assets under management to $83 million.

Inflows were also seen in Tezos (XTZ) at $7 million, Polkadot (DOT) at $5 million, Bitcoin Cash (BCH) at $4 million, and Binance (BNB) at $3 million. Other crypto assets collectively saw $6 million of inflows. XTZ 1.52% Tezos / USD XTZUSD $ 5.70
$0.091.52%
Volume 651.56 m Change $0.09 Open $5.70 Circulating 767.09 m Market Cap 4.37 b
6 h Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading 8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 5 d European Banking Giant, Société Générale, Issues Security Token On Tezos Blockchain
BCH 3.49% Bitcoin Cash / USD BCHUSD $ 942.35
$32.893.49%
Volume 8.03 b Change $32.89 Open $942.35 Circulating 18.71 m Market Cap 17.64 b
8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 9 h Venmo Allows its 70 Million Customers to Now Buy, Hold, and Sell Crypto Directly Within the App 4 d Chainlink Releases Whitepaper 2.0, Set to Revolutionize DeFi Industry Through Decentralized Oracles
BNB 15.12% Binance Coin / USD BNBUSD $ 586.90
$88.7415.12%
Volume 9.34 b Change $88.74 Open $586.90 Circulating 153.43 m Market Cap 90.05 b
8 h Cryptocurrency Inflows Record A Five-Week High; XRP Captures Institutional Interest 8 h Binance Hires Former Top US Banking Regulator, Brian Brooks as CEO of its US Exchange 9 h Celebrating DogeDay: Companies Announce DOGE Support, Network Gains Traction

Trading volume for these digital asset investment products was also high, totaling $4.8 billion. Last seen in early February 2021, this level represents a rise of 59% compared to last week.

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Author: AnTy

Turkish Lira (TRY) Crashes 15% in a Single Day; Bitcoin (BTC) Starts A Green Week Above $58k

This big fall in Turkish Lira against USD to nearly record low from November has the country’s people curious and searching about Bitcoin.

The price of Bitcoin is on the rise today, going above $58,000 after a drop to just under $55,500 over the weekend.

While it has been a bad weekend for the Bitcoin longs, trader and economist Alex Kruger says, “we are up for a strong week.” From cryptocurrencies, stocks, bonds, to metals, everything will be up while the dollar makes its way down.

His reason for a risk-on week is the stimulus checks that Americans have been receiving since last week. Also, because bonds rallied on Friday’s major negative news, the Federal Reserve declined to extend its Covid-19 capital break-in, which is “very positive for tech, which dominates risk sentiment.”

The Fed said it would allow a change to the supplementary leverage ratio (SLR) to expire March 31, when announced in April 2020; this allowed banks to exclude Treasury and deposits with Fed banks from the calculation of the leverage ratio.

According to some, it could be a signal that the central bank won’t buy $120 billion of bonds a month indefinitely.

However, Kruger said, the concerns in the form of portfolio rebalancing outflows for equities, crypto regulatory FUD re-emerging, and that the crypto curve steepens too fast can hurt the bulls.

Aggressive Moves

The gains to mark the start of the week are coming as the US dollar eases down after surging past 92 level, aiming for an early March level of 92.5, which was seen in late November before that, on Sunday. The greenback rallied on the back of higher Treasury yields following the Fed’s pushback against speculation over interest rate spikes but is having a slight red start of the week.

The US economy is heading for its strongest growth in about 40 years, with inflation expected to jump to 2.4% this year, above the central bank’s 2% target as policymakers pledge to keep on supplying aid, said Fed Chairman Jerome Powell.

According to BofA, US 10-year Treasury yields could rise to 2.15% by year-end, having revised its target citing “much more aggressive” US fiscal stimulus impulse and rapid vaccinations in the US.

Amidst all this, the Turkish Lira (TRY) crashed 15% on Monday, approaching its record low from November, and dollar bonds sold off following President Tayyip Erdogan’s decision to oust a central bank governor.

Turkish stock index also slipped 9% to a three-month low after the appointment of Sahap Kavcioglu, a former banker and ruling party lawmaker, which sparked fears of a reversal of recent rate hikes. Ulrich Leuchtmann, head of FX at Commerzbank said,

“It may well be that interest rate hikes are once again permitted by Erdogan in a phase of crisis-like lira depreciation, but the recent developments should have shown currency traders that even then a sustainable monetary policy regime change is not to be expected.”

“The calming effect of interest rate hikes has probably been largely destroyed.”

The South African rand has also slipped ahead of the central bank meeting, where the South Africa Reserve Bank is expected to keep the rates unchanged. Alex Gladstein, Chief Strategy Officer at the Human Rights Foundation noted,

“A nation of 82 million sees its currency crash 15% in a single day. No coincidence that Turkey has some of the highest per-capita Bitcoin usage in the world. A growing number of Turks are peacefully choosing a different monetary system that their oppressors can’t control.”

Interestingly, the fall in Turkey’s fiat currency coincides with a surge in Google searches for the term “Bitcoin.” Ever since October, it has been on an uptrend and took a big jump today before normalizing.

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Author: AnTy

FinTech, Investview, Reports a Record Month Adding $1M in Bitcoin & Crypto to Its Holdings

FinTech, Investview, Reports a Record Month Adding $1 Million in Bitcoin & Crypto To Its Holdings

Fintech company Investview Inc. reported the highest monthly gross revenue in the month of February in the company’s history. A public company, Investview, is listed on the OTC Markets Group.

The company had $5.5 million gross revenue last month and another record high of $1.9 million net income. Yet another record high monthly performance was recorded in terms of operating margin, which is estimated at 30% for February.

“It was a record month for gross revenue demonstrating strength and growth from multiple subsidiaries,” said Joe Cammarata, Chief executive Officer at Investview.

Investview also reported more than $1 million worth of digital currency holdings consisting of Bitcoin (BTC) and other digital assets as of Feb. 28, 2021.

Its subsidiaries are involved in providing financial education tools, content, research, and management of digital asset technology that mines cryptocurrencies, with a focus on Bitcoin mining and the generation of digital assets.

“Financial education remains a driving force with individual demand growing rapidly, especially with greater participation from Gen X and Y.”

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Author: AnTy

GBTC Discount Starts Making A Recovery After Crashing to a Record Low of Almost 12%

GBTC Discount Starts Making A Recovery After Crashing to a Record Low of Almost 12%

GBTC share prices have also been taking a beating along with the sell-off in the traditional market while the price of Bitcoin continues to consolidate in the $40k-$50k range.

Grayscale Bitcoin Trust has been trading at a hefty discount, nearly 12%, before recovering some to just under 3%.

It was on Friday that the GBTC premium took a sharp drop falling to its record low of -11.92%, as per Glassnode. According to CMS Holdings, this discount is just “some people took some pain and got out and took the L.”

Back on Dec. 22nd, this premium was as high as 40%, and from there, it only went down and during the last week of February was when it ventured into the negative territory.

The recent GBTC discount also coincides with the US equities sell-off. Interestingly while GBTC has been crashing, the price of spot Bitcoin has been consolidating between the $40k-$50 range. Even MicroStrategy shares have been getting sold off, and so have been Tesla and many other tech stocks. ParabolicTrav said,

“US markets are basically right at the bottom now, so the discount is reflective of the “panic” selling we just saw in global markets. Spot BTC barely affected by the sell-offQ, league of its own.”

image1

Though the premium went to its lowest level ever, it wasn’t the first time they went negative. As a matter of fact, these discounts have marked Bitcoin bottoms historically.

As we reported, Bloomberg strategist Mike McGlone sees this discount signaling Bitcoin’s march to $100k. “The steepest ever Grayscale Bitcoin Trust (GBTC) discount is a rare indication of an improving price outlook for the crypto, if history is a guide,” he wrote. “Sharp reductions in the GBTC premium have often marked bottoms in Bitcoin,” added McGlone.

At the same time, December CME-traded Bitcoin futures settled about 20% higher, “a tailwind for the underlying crypto.”

Moreover, the increasing probability of exchange-traded funds (ETF) in the U.S., on the back of the success of the ones launched in Canada, is adding pressure to the trust’s price.

Eventually, as CMS Holdings said, Grayscale is also expected to be turned into an exchange-traded fund (ETF) or get “turned into physical BTC.” Currently, there is no redemption program with GBTC. Still, given that GBTC represented about 4% of the total Bitcoin market cap now versus Q1 of 2017 when it was just 1%, it has a greater influence on the underlying Bitcoin market.

Meanwhile, much like the premium on GBTC, its shares haven’t been having a good time as it crashed nearly 35% from its Feb. 19 ATH. As of writing, GBTC share was trading at $43.8. Currently, the world’s largest asset manager Grayscale Investments holds 655.54k BTC, representing just over 3.5% of Bitcoin’s circulating supply.

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Author: AnTy

Ether’s Bullish Momentum Continues with Institutional Demand

Just like Bitcoin surged to a record high, nearly $52,700 on Wednesday, Ether has broken past the $1,900 level, hitting nearly $1,930.

For Bitcoin, “what stands out most is the trend that MicroStrategy started, and Tesla popularized: moving institutional balance sheets into Bitcoin to hedge against inflation,” said Nicholas Pelecanos, head of trading at NEM.

The Bitcoin futures market sees a lot of activity, with volume keeping above $50 billion this month and at times hitting $100 million.

CME Group is particularly getting traction, hitting a record $5 billion mark for the first time on Tuesday.

Interestingly, hedge funds continue to be record short on Bitcoin on CME, but at the same time, they are record long on Grayscale, capturing the premium on GBTC. They are also earning over 50% annualized funding from the basis trade on their USD.

As of writing, the price of Bitcoin on Coinbase was $51,525 and $52,090 on CME.

Earlier this month, CME also launched Ether futures, which started slowly, much like Bitcoin futures when they were listed in Dec. 2017.

But “it will likely not take as long for Ethereum futures to begin gaining traction as it initially took for Bitcoin futures, as investor interest in cryptocurrencies has had a few years to mature,” noted JPMorgan strategists.

Already daily trading volume of Ethereum futures on CME has doubled, and open interest surpassed $60 million.

The growing institutional demand for Ether can also be seen on Grayscale, the largest digital asset manager, which bought over 20k ETH in the last 24 hours, bringing its total holdings to 3.15 million ETH.

As we reported, the fundamentals of the second largest cryptocurrency are very strong. The fees are crazy high and never seen before levels of addresses continue to interact with Ethereum.

The network is also seeing an average of 1.2 million daily transactions and an average of 550k daily active addresses. Large transactions, more than $100k, that act as a proxy to institutional activity, have also recorded an increase of 45x in the past year.

Even on social media, conversations around ETH have nearly doubled since the beginning of the year, with over 20.6k tweets (on average) sent out about ETH every day, up from 10.9k on January 1st, as per data provider The TIE.

In that regard, the price of Ether is slow-moving, though it outperforms Bitcoin with 160% YTD gains compared to leading cryptocurrency’s 75%.

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Author: AnTy

eToro Social Trading Platform Hits A Record $600 Million In Revenue in 2020

eToro Social Trading Platform Hits A Record $600 Million In Revenue in 2020

  • eToro, the social trading platform, registered a record-breaking gross revenue of $600 million across 2020.
  • Over $1.5 trillion was traded on the platform as demand for cryptocurrencies surged in the year’s latter stages.
  • The app allows users to copy trade strategies across several assets, including cryptocurrencies, precious metals, and equities.

In an exclusive report on Finance Magnates this Tuesday, top social trading app, eToro, released its 2020 report, which shows a surging interest in cryptocurrency products on the platform. Over the past year, eToro registered a record gross revenue of $600 million as the interest in commission-free trading grows worldwide.

The social trading app started as an app that allows novice users to copy trade the strategies of experienced traders and has since added a host of other services. Speaking of the impressive revenue growth, eToro Co-founder and CEO Yoni Assia explained that the company is experiencing a rapid growth rate in the number of clients.

Over the past year, the company has experienced tremendous growth in its client base, growing over 30% in the last three-quarters of 2020 to 17 million customers. Additionally, the traders completed over $1.5 trillion in trading volumes across 2020, representing a 400% influx from 2019 records.

Crypto is Gradually Taking Over

According to a statement from Assia, the stock market remains the largest contributor to trading volumes on the platform with electric vehicles leading the charge. Tesla and Nio, a Chinese electric car company, led the rankings in trading volumes, closely followed by big tech companies such as Apple, Microsoft, and Alibaba.

However, cryptocurrencies seem to be gradually overtaking the interest in stock markets on eToro, Assia believes. This year, the company suspended its buy order functionality, citing increased demand for Bitcoin on the platform.

“2020 was a big year for stocks [but] 2021 to date has been dominated by crypto headlines,” he said. “So far this year, we have seen crypto trading volumes of more than 25X the same period of time last year.”

eToro has completed some big plays in the crypto industry in the past few months showing its commitment to growing space adoption. The firm introduced Visa-enabled crypto debit cards in the UK, launched its own stablecoin, GoodDollar, and rolled out its staking services to users.

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Author: Lujan Odera

Crypto Fund Inflows Drop Significantly After December Record; Evidence of Profit Taking

Crypto Fund Inflows Drop Significantly After December Record; Evidence of Profit Taking: CoinShares Report

Still, weekly flows remain consistently positive, ever since May 2019.

Investment inflows in cryptocurrency funds and products saw a decline in the first week of January at just $29 million, a big drop from a record $1.09 billion in the week before Christmas, as per the latest report from the asset manager CoinShares.

Still, the surge in cryptocurrencies’ prices pushed the total assets under management (AUM) at a record $34.4 billion as of Jan. 8. But this uptrend in price also drove investors to take profit, with some investment products seeing outflows.

Meanwhile, weekly flows remain consistently positive, ever since May 2019, “highlighting what we believe is an increasing use as a store of value,” states the report.

CoinShares-Report-Weekly-Crypto-Asset-Flows-By Coin & Institution

CoinShares-Report-Weekly-Crypto-Asset-Flows

Source: CoinShares

Amidst this, there has been “much greater” participation in recent price rises as the investment product volume averaged 10.5% of total Bitcoin trading volumes.

Although these levels have not been seen since Dec. 2017, they have been much greater compared to net new assets at $8.2 billion in 2021 to 2017’s $534 million.

The profit-taking has been one of the reasons that drove the prices of Bitcoin BTC -1.09% Bitcoin / USD BTCUSD $ 33,780.31
-$368.21-1.09%
Volume 75.16 b Change -$368.21 Open $33,780.31 Circulating 18.6 m Market Cap 628.27 b
1 h CNBC’s Jim Cramer Halts Bitcoin Purchases; Lays Out Conditions for Market Re-Entry 2 h Finland Is Selling 2,000 Bitcoin Seized in A Darknet Investigation in 2016 3 h Grayscale Reopens Deposits for New Investors In Its Crypto Trusts; Excludes Ethereum & XRP
, Ethereum ETH 1.68% Ethereum / USD ETHUSD $ 1,054.48
$17.721.68%
Volume 37.7 b Change $17.72 Open $1,054.48 Circulating 114.23 m Market Cap 120.45 b
3 h Grayscale Reopens Deposits for New Investors In Its Crypto Trusts; Excludes Ethereum & XRP 4 h Crypto Fund Inflows Drop Significantly After December Record; Evidence of Profit Taking: CoinShares Report 6 h Bitcoin & Crypto’s ‘Biggest Sales Pitch is Scarcity vs Demand’ Says Dallas Maverick’s Owner, Mark Cuban
, and other cryptos down by 28.5% from last week’s top.

“Bitcoin is still up on the year and the current 22% crash won’t intimidate any of the new institutional money that just hopped onto the crypto bandwagon,” said Edward Moya, senior market analyst at OANDA in New York.

The AUM of the world’s largest crypto asset manager, Grayscale, rose to a record $28.2 bln as of last week, and CoinShares’ AUM climbed to $3.4 bln.

Inflows into Bitcoin investment products totaled $24.3 million in the first week of the year, while Ethereum accounted for $5.3 million. Compared to $15.6 billion pumped by investors into Bitcoin products, Ethereum inflows reached nearly $2.5 billion.

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Author: AnTy

Ripple’s Trump Card in The SEC’s Lawsuit Against XRP is China

While Ripple CEO Brad Garlinghouse continues his broken record, XRP enthusiasts are left grasping at straws, and the increasing amount of tokens move to exchanges.

Ripple said on Monday that the Securities and Exchange Commission (SEC) is planning to file a lawsuit against the company over the alleged sale of unlicensed securities, XRP. According to Ripple CEO Brad Garlinghouse, the case will also be naming him and co-founder Chris Larsen as defendants.

Garlinghouse took to Twitter on Monday to share this update and yet again continued his broken record of the authorities favoring Bitcoin and Ether to the broad crypto market.

“Today, the SEC voted to attack crypto. Chairman Jay Clayton – in his final act – is picking winners and trying to limit US innovation in the crypto industry to BTC and ETH,” said Garlinghouse.

“The SEC – out of step with other G20 countries & the rest of the US govt – should not be able to cherry-pick what innovation looks like (especially when their decision directly benefits China),” he added. “Make no mistake. We are ready to fight and win – this battle is just beginning.”

Garlinghouse characterized this decision as parting shots by Trust administration officials and predicted that the incoming Biden administration might be more favorable to the industry. Meanwhile, Ripple is preparing to litigate, he said.

“I think we have to stand up for all of crypto—and not let the SEC bully the entire industry,” Garlinghouse told Fortune, adding, “We’re going to be on the right side of history.”

An “embarrassment” to the Crypto Industry

“We know crypto and blockchain technologies aren’t going anywhere,” said Garlinghouse on Twitter and added that Ripple would continue to use XRP “because it is the best digital asset for payments – speed, cost, scalability, and energy efficiency” and it is already traded on over 200 exchanges globally.

According to him, XRP “will continue to thrive.” However, that’s not what the crypto industry feels.

“XRP isn’t a cryptocurrency; it’s not meaningfully decentralized, it’s literally a token on a DB maintained by a single entity,” and is in no way comparable to Bitcoin, said Nic carter, founder of Coin Metrics.

XRP’s claimed and “only” use case as a bridge currency for remittances has been made redundant by stablecoins because “no one wants to use a volatile, illiquid, thinly traded asset as a bridge currency,” said Carter.

Calling it a “shallow fraud” and “embarrassment” to the crypto industry, Carter believes it is time to end this madness by making Ripple accountable.

Trying to Find the Silver Lining

“XRP is a fully functional currency that offers a better alternative to bitcoin,” is what Ripple says in its Wells Submission.

Throughout 2020, Ripple’s biggest argument for XRP not being security has been Bitcoin and Ether being Chinese-controlled, which the company says will mean “innovation in the cryptocurrency industry will be fully ceded to China.”

“Looks like the Ripple/XRP team is sinking to new levels of strangeness. They’re claiming that their shitcoin should not be called a security for *public policy reasons*,” commented Ethereum co-founder Vitalik Buterin on this China control.

XRP enthusiasts are now left grasping at straws. One Twitter user pointed out how the big tech giants; Amazon, Apple, Facebook, Google, Tesla, and all the big banks have been sued by the SEC as well, “One could say it’s an interesting path to follow. Every cloud has a silver lining,” he noted.

XRP is currently the biggest loser among the top 40 cryptos, down 18% while trading at $0.463.

In response to this report, not only the social volume for XRP “exploded, but” there has also been an increase in tokens moving to exchanges, per Santiment.

If the SEC sues Ripple, it will take time to conclude as it will involve years of debate between the company and the agency on XRP’s security nature.

In the immediate future, however, the bigger question is “if centralized exchanges delist XRP while the case is pending,” said Jake Chervinsky, General Counsel at Compound Finance.

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Author: AnTy