Bitcoin ETFs reach $2.1 billion in weekly inflows, with IBIT
leading
Last Friday, Bitcoin ETFs saw their fifth consecutive day of
inflows, with net entries reaching $273.71 million, totaling
approximately $2.1 billion for the week. ARK 21Shares (AMEX:ARKB)
led with $109.86 million, followed by BlackRock’s iShares
(NASDAQ:IBIT) with $70.41 million.
Of the $2.1 billion total, IBIT alone attracted over $1.1
billion in inflows last week, marking its best performance since
March 2024. This allowed IBIT to surpass the Vanguard Total Stock
Market ETF (AMEX:VTI), securing the third spot in cumulative
year-to-date flows. With $22.8 billion under management, IBIT is
considered one of the largest ETFs, reflecting investors’ growing
interest in Bitcoin through traditional investment vehicles.
According to Bloomberg analyst Eric Balchunas, European
investors have allocated more than $105 billion into Bitcoin ETFs
in the U.S. by October, a historic record. He highlighted that this
significant flow was driven by the superior performance of U.S.
ETFs compared to their European counterparts. Capital inflows
accounted for 75% of the momentum that helped Bitcoin surpass
$50,000 in February 2024, though the price remains below
$70,000.
Ethereum ETFs closed with a modest $1.91 million in net inflows
from the Bitwise Ethereum ETF (AMEX:ETHW). Ethereum ETFs marked
their third consecutive positive week, accumulating $78.89 million
in weekly inflows.
Hunter Horsley, CEO of Bitwise, stated that Ethereum ETFs saw
lower volumes due to their launch timing, which occurred during a
period of low investment activity. While Bitcoin ETFs attracted
more attention, Horsley emphasized that BlackRock (NASDAQ:ETHA) and
Fidelity (AMEX:FETH) funds remain among the 25 fastest-growing
ETFs. He also mentioned that the absence of staking in Ethereum
ETFs does not significantly impact results, but he sees future
growth potential.
Bitcoin dips after hitting $69K high, traders see support at $66K
Bitcoin (COIN:BTCUSD) reached an intraday high of $69,431 near
the Asian market open before dipping 1.6% to $67,410 at the time of
publication. This followed the asset’s largest weekly close in five
months. Traders like Jelle and Emperor suggest BTC may test support
between $66,000 and $63,300, with possible deeper pullbacks.
According to Keith Alan, BTC needs to close above $69,000 to
challenge all-time highs.
QCP Capital indicates that macroeconomic factors from Japan and
China are expected to benefit risk assets like Bitcoin. Traders are
also focused on the U.S. election in two weeks, with Donald Trump,
a crypto advocate, leading on the Polymarket prediction
platform.
Sui launches blockchain hub in Dubai to incubate developers and
quick solutions
Sui Network (COIN:SUIUSD), developed by Mysten Labs, opened a
center in Dubai aimed at incubating blockchain developers and
entrepreneurs. Sui co-founder Kostas Chalkias compared the
initiative to leading an army of engineers, aiming to create quick
solutions for governmental issues through smart contracts. The hub,
in collaboration with Ghaf Group, is the first in a global series
and seeks to make Dubai a center for hackathons and blockchain
innovation. Dubai has attracted the Web3 community with clear and
accessible regulations.
DYDX rises 32%, but profit-taking could lead to correction
DYDX (COIN:DYDXUSD) surged 32% on Sunday, driven by the hype of
dYdX Day in Dubai. However, investors began taking profits, marking
the first peak in seven months. Given the Relative Strength Index
(RSI) indicating overbought conditions, the token may face further
pressure. If support at $1.16 is breached, the altcoin could face a
larger correction, undoing recent gains.
ApeCoin surges over 100% with the launch of ApeChain
ApeCoin (COIN:APEUSD) is gaining investor attention with a
weekly rise of 103.1%, driven by the launch of the ApeChain
blockchain network on October 20. The token rose from $0.861 to a
high of $1.74 before correcting to $1.54 at the time of
publication. Integration with the LayerZero protocol and increased
demand for tokens within the Yuga Labs ecosystem bolstered trading
volume, though the Relative Strength Index suggests a potential
correction.
SOL could skyrocket based on bullish technical pattern
Analyst Peter Brandt identified a “cup and handle” pattern on
the weekly chart of Solana (COIN:SOLUSD), suggesting that the price
could surge by over 2,000%. This technical pattern indicates a
potential breakout above the $205 resistance, with a price
projection around $4,500 by 2025-2026. However, despite the
optimistic setup, studies show that only 61% of cup-and-handle
patterns reach their expected targets.
AI scam targets XRP holders with fake Chris Larsen video
A new AI scam is circulating on YouTube, featuring a fake video
of Ripple co-founder Chris Larsen. In the video, Larsen claims that
Ripple will return 150 million XRP (COIN:XRPUSD), encouraging
holders to visit a website to double their assets. The unlisted
YouTube video is shared via email, directing users to send funds to
a scam address. This fraud is similar to past scams involving Elon
Musk.
18 people arrested in Japan over Monero scam
Japanese police arrested 18 individuals, including Yuta
Kobayashi, the leader of a fraudulent scheme involving Monero
(COIN:XMRUSD). The arrests, made on October 21, followed an
investigation into 900 fraudulent transactions that caused
approximately $667,216 in losses. This is the first case in Japan
where Monero was tracked to identify and dismantle a criminal
network, despite its strong privacy features.
Coinbase CEO supports pro-crypto candidates in U.S. elections
Brian Armstrong, co-founder and CEO of Coinbase Global
(NASDAQ:COIN), expressed support for pro-crypto Republican
candidates in the upcoming November elections. On October 20,
Armstrong highlighted John Deaton and David McCormick, both running
for Senate. Armstrong criticized Senator Elizabeth Warren’s
anti-crypto stance and praised McCormick as the “best crypto
candidate” in Pennsylvania. While endorsing these candidates,
Armstrong did not endorse a presidential candidate but reaffirmed
Coinbase’s focus on crypto-friendly policies.
Stripe acquires Bridge for $1.1 billion in its largest purchase
Stripe, the payments processing giant, acquired the stablecoin
platform Bridge for $1.1 billion, according to TechCrunch. The
deal, Stripe’s largest acquisition to date, has not yet been
officially commented on by the companies. Founded by former
Coinbase executives, Bridge facilitates stablecoin payments and
raised $58 million in funding this year. The acquisition follows
Stripe’s integration of the USD Coin (COIN:USDCUSD) stablecoin into
its platform, expanding its support for digital payments.
Bitcoin mining deal failure in Kentucky results in legal dispute
In eastern Kentucky, Mohawk Energy, co-founded by Senator
Brandon Smith, reached an agreement with HBTPower to operate a
Bitcoin mining facility. According to Wired.com, after promising
hopes of revitalizing the region, the relationship soured when the
warehouse was never activated. HBT filed a lawsuit alleging
contract breach by Mohawk, while the company countersued for unpaid
rent and fees. The project now faces uncertainties, with the
potential failure of an initiative that promised jobs and local
development.
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