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The Dogecoin price could soon witness another price rally following a recent accumulation trend from crypto whales. Onchain data shows that these whales have bought billions of DOGE tokens in the last week, which could trigger a price surge for the foremost meme coin. 

Dogecoin Price Could Rally As Whales Buy Over 2 Billion DOGE

The Dogecoin price could surge as whales have bought 2.07 billion DOGE tokens in the last week. Data from the market intelligence platform IntoTheBlock shows this was the large holder’s netflow over the seven days. This netflow refers to the difference in how much these Dogecoin whales withdrew from exchanges and how much they transferred to exchanges. 

Interestingly, Bitcoinist reported that these Dogecoin whales bought over 1 billion DOGE tokens ($108 million) in under 24 hours, further highlighting the pace at which they have accumulated the foremost meme coin. This accumulation trend among these whales is undoubtedly bullish for the Dogecoin price, as it could trigger a rally for the meme coin. 

Crypto analyst Ali Martinez also indicated that the price rally is imminent, considering how these whales want to gain exposure to the foremost meme coin. He stated that the number of large transactions on the network continues to rise, suggesting that institutional players and DOGE whales are positioning themselves for a potential upside move. 

These investors will hope that the next Dogecoin price recovery will kickstart the meme coin’s bull, considering that DOGE has so far lagged behind the broader crypto market, including other meme coins. Although DOGE boasts a year-to-date (YTD) gain of over 21%, it is nothing compared to the price gains that other leading meme coins like Pepe (PEPE) and Dogwifhat (WIF) have recorded. 

Other Factors That Could Affect A Price Recovery

External factors like the macro side could affect a Dogecoin price recovery. Bitcoinist reported that the meme coin’s price crashed recently due to market uncertainty caused by the recent US job report, geopolitical tensions and the upcoming US presidential elections. Therefore, these factors could hinder any price rally for Dogecoin until investors are confident about how these events could play out. 

On the macro side, the US Consumer Price Index (CPI) inflation data set to be released on October 10 will guide these investors on whether to allocate more capital to risk assets like Dogecoin. This data could determine whether the US Fed will cut interest rates by 50 basis points (bps) at its November FOMC meeting. 

A 50 bps rate cut provides a bullish outlook for Dogecoin. It will increase investors’ risk appetite and boost their confidence in investing in crypto assets like DOGE. 

At the time of writing, the Dogecoin price is trading at around $0.1092, up almost 2% in the last 24 hours, according to data from CoinMarketCap. 

Coinbase is warning of a concerning trend: Gen Z is becoming more susceptible to online fraudsters. The cryptocurrency exchange published a blog post on October 8 that identified four significant threats that youthful users should be cognizant of. These consist of recovery schemes, phony websites, romance scams, and social media fraud.

Coinbase cautioned that because of the increased growth of digital currencies, users are liable for their assets as such do not enjoy any protection like that of a traditional financial system.

Lately, social media scams have started to rise, targeting unsuspecting people, especially those with little knowledge about crypto. Ironically, even those who’ve been dealing with cryptocurrencies still fall for the trap.

Coinbase: Beware Of The Trap

Some of the most serious risks come through social media platforms such as TikTok and Instagram, according to Coinbase. The users are encountering the fraudsters masquerading as popular celebrities or through other fake profiles where they establish contact with naive users before going on to swindle them. They provide attractive investment opportunities that turn out to be fraudulent.

For example, scammers in Vietnam recently offered a fake online romantic relationship. This led to the swindling of their victims of nearly $700,000. Coinbase warns users to remain vigilant for unsolicited messages that lead them to invest in cryptocurrency. The company also reminds its users to verify identities involved in any online connections.

The Perils Of Romance Scams

There is still another big problem: romance scams, which people sometimes call “pig butchering” in slang. In this type of scam, con artists get to know their victims on dating apps or social media sites in order to take advantage of their trust and make money.

An American citizen recently filed a complaint against these scams, which can be actually dangerous to the people who fall into them. They lost $2.1 million in Bitcoin after falling into a fraudulent crypto exchange website. Probably, the worst about these scams is their ability to play with emotional vulnerabilities under the guise of establishing genuine connections.

Combating Fraudulent Activities

The numbers are staggering: in 2023 alone, over 67,000 internet frauds were recorded, with a median loss of $3,800 per victim. Coinbase encourages customers to not only be on alert, but also to report questionable activity to law authorities and platforms like their own.

Raising awareness is critical for keeping people from falling victim to similar scams. As digital currency ownership among younger generations increases, so does the responsibility that comes with it.

Featured image from Pixabay, chart from TradingView

Bitcoin might be having trouble initiating a major rally soon, however, investors’ interest in the flagship digital asset appears to be growing as the number of active addresses has begun to rise once again, indicating heightened engagement from both old and new investors.

Bitcoin Active Addresses Regains Steam

In a positive and significant development, the number of active Bitcoin addresses has rebounded sharply in light of ongoing market fluctuation, highlighting renewed interest and network activity. The chief crypto analyst at Real Vision, Jamie Coutts shared the development on the X (formerly Twitter) platform on Tuesday.

This resurgence in active BTC addresses comes after a lengthy downtrend, which lasted for about 11 months, signaling a possible shift in market dynamics. Following the surge, BTC’s price could be poised for an upward movement since it usually correlates with potential price movements. 

According to the expert, this indicator is still one of the most important base-level on-chain metrics, despite a decline in forecast accuracy during the last four years. Coutts further pointed out several factors that might have triggered the drop such as significant Exchange-Traded Fund (ETF) flows, rising usage of Layer 2 solutions like Lightening for payments, and modification of on-chain behavior due to the influence of Non-Fungible Tokens (NFTs), Ordinals, and others.

He also highlighted his anticipation about a 2x to 5x rise in the value of Bitcoin in the upcoming months, which will mark its all-time high for the ongoing cycle. While Coutts expects BTC to hit a new all-time high, he underlined that a corresponding breakout in active base chain addresses would surely confirm the valuation of the network. This is due to the fact that Bitcoin is a global monetary network, and its future is majorly dependent on its capability to exhibit organic network expansion and adoption across all metrics.

Overall, the end of this lengthy decline in active addresses may represent a turning point for BTC as it gathers traction while providing investors with optimism in light of market turbulence.

Is A New All-Time High For BTC On The Horizon?

Even though BTC has been consolidating for the past few months, several crypto analysts are confident that the crypto asset will hit a new peak soon. Crypto Bullet, a market expert, has underscored Bitcoin’s potential to reach a new all-time high in the short term, triggering optimism within the community.

The expert made the bold prediction based on the BTC Puell Multiple Indicator, which has reached the Green zone, suggesting the end of bear markets. As a result, Crypto Bullet believes that the next or final leg up for Bitcoin, possibly to a new peak, has begun.

In the new HBO documentary “Money Electric: The Bitcoin Mystery Documentary”, filmmaker Cullen Hobak posits that Peter Todd, a prominent Canadian Bitcoin core developer, is the elusive Bitcoin creator known as Satoshi Nakamoto. Despite the sensational claims, the evidence presented falls short of conclusive, leading to significant criticism from the BTC community.

Peter Todd, known for his substantial contributions to Bitcoin’s development post-2012, including the introduction of the replace-by-fee (RBF) protocol and work on OpenTimestamps, has been a prominent figure in the Bitcoin space. However, associating him with the creation of Bitcoin has raised eyebrows due to inconsistencies in timelines and the nature of the evidence presented.

Why Peter Todd Is Not The Bitcoin Inventor

The documentary builds its case around four main points:

#1 Use Of A Pseudonym For Credibility

HBO suggests that Todd adopted the Satoshi Nakamoto pseudonym to lend Bitcoin the necessary credibility during its inception. This claim is contentious, considering that in 2008, when the BTC whitepaper was published, Todd was completing a fine arts degree and had not yet entered the cryptography or computer science fields.

His involvement in Bitcoin did not begin until 2012, four years after its creation. There is no documented evidence of Todd participating in cryptographic discussions or projects prior to this period, making the assertion that he needed a pseudonym to be taken seriously implausible.

#2 A 2010 BitcoinTalk Post

A significant piece of evidence presented is a 2010 post on the BitcoinTalk forum, allegedly made from Todd’s account, which HBO interprets as Todd mistakenly posting as himself instead of under the Satoshi alias. Critics point out that the post in question appeared 13 hours after a message from Satoshi, diminishing the likelihood of it being an accidental account mix-up.

Furthermore, the content of the post does not exhibit any continuation of thought or style that would suggest it was inadvertently made by Satoshi while logged into Todd’s account. Instead, it appears as a standard interaction within the forum, consistent with the practices of users at the time.

#3 Replace-By-Fee Proposal As Pre-Planned

The documentary posits that Todd’s introduction of the RBF protocol in 2014 was premeditated and linked to Satoshi’s earlier work, insinuating that this was part of a long-term plan laid out by BTC’s creator.

Industry experts refute this, noting that RBF was one of many enhancements proposed to address Bitcoin’s scalability and transaction malleability issues, emerging from ongoing community discussions and research. There is no concrete evidence to suggest that RBF was envisioned during BTC’s initial development or that it serves as a hidden signature of Satoshi’s identity within Todd’s later contributions.

#4 Cryptic Message About Sacrificing Bitcoins

HBO highlights a message where Todd speaks about being an expert in “sacrificing coins,” interpreting it as an admission of destroying access to Satoshi’s estimated 1.1 million BTC holdings. This interpretation is widely criticized as a misrepresentation.

The context of Todd’s statement pertains to demonstrating blockchain integrity and experimenting with coin destruction to test network responses, a practice not uncommon among developers exploring the limits and functionalities of blockchain technology. The leap to conclude that this indicates he eliminated access to a massive fortune lacks substantiation.

Several experts from the BTC community have expressed skepticism and disapproval of the documentary’s conclusions. Pix (@PixOnChain), an advisor to Mintify and researcher at Jirasan, dissected HBO’s claims point by point on X (formerly Twitter).

Another popular X account, Pledditor (@Pledditor), highlights the irony in the documentary’s narrative, which initially suggests that revealing Satoshi’s identity could endanger his safety, only to proceed with accusing Todd without definitive proof. “That was one of the least compelling Satoshi Nakamoto identities I’ve ever seen,” Pledditor writes. He pointed out that the strongest piece of evidence—the supposed continuation of Satoshi’s thoughts by Todd on the forum—was not compelling and appeared to be Todd correcting Satoshi, a common practice in technical discussions.

Peter Todd himself responded to the documentary’s allegations, where he appeared unperturbed and somewhat amused by the claims. He remarked, “This is going to be very funny when you put this into the documentary and a bunch of bitcoiners watch it.”

At press time, BTC traded at $62,424.

Crypto investment company Canary Capital has submitted an application for a second XRP exchange-traded fund (ETF) in the United States. This filing is consistent with Bitwise’s recent submission of a comparable application for a spot XRP ETF.

In light of the legal and regulatory uncertainty surrounding XRP, Canary’s decision to proceed with this ETF demonstrates a bold approach to the asset’s long-term potential.

Canary Capital submitted the S-1 filing Tuesday, which is a requirement for issuers to file to publicly offer new securities.

The Canary ETF is particularly ambitious as the legal and regulatory fate of XRP remains shrouded in doubt, indicating a firm conviction in the digital asset’s future role in the finance industry.

Canary Hops In: The 2nd ETF

The new Canary ETF comes just as the future of XRP in the US remains uncertain, owing to ongoing legal proceedings between Ripple Labs and the SEC. The case is the subject of a heated discussion on whether XRP should be classified as a security token.

Breaking: Canary Capital Files Second XRP ETF In the UShttps://t.co/6KVIDzKkOe

— John Morgan (@johnmorganFL) October 8, 2024

The legal outcome is seen as having a significant implication on Ripple and the greater crypto market as a measure of how other digital asset issuers will be treated. However, the filing by Canary is not made out of desperation. It is more than a wishful attempt to preserve the so-called fading purple dream.

Else, the increased possibility to secure the SEC’s backing represents a sign of a changed regulatory attitude towards crypto projects across the board.

XRP Growing Adoption

The ETF filing also underscores a broader trend of institutional interest in XRP. While enthusiasm for XRP is unabated within the crypto community, many institutional investors are looking for a reliable, regulated way to gain an exposure without needing to purchase, store, and secure it.

Canary Capital’s XRP ETF seeks to follow the CME CF Ripple index, therefore providing investors with a consistent price reference. This lets one avoid the complications of buying, storing, and safeguarding the asset while indirectly exposing oneself to the XRP market.

Clear Avenue For XRP Market

Canary Capital’s move is a bold one. Regardless of uncharted regulatory territory, XRP’s role in institutionalized finance is far from unknown. If the ETF is approved, it would give large investors a clear pathway to entry into the XRP market. It may also signal XRP’s entry into a new stage of maturity, based primarily on Ripple’s settlement and SEC’s attitude toward cryptos.

A the time of writing, XRP was trading at $0.53, up 0.5% on the 24-hour timeframe, and trading flat in the last week, data from CoinMarketCap shows.

Featured image from The Tech Report, chart from TradingView

On Sunday, Tether, the issuing company behind the largest and most widely used stablecoin on the market USDT, marked a significant turning point by celebrating its 10th anniversary. 

In a recent interview with FOX Business, Tether’s CEO Paolo Ardoino addressed widespread criticism of the company’s alleged lack of transparency regarding its reserves and recent achievements and plans.

Tether’s Surveillance Task Force

Ardoino, who stepped into the CEO role in 2023 after serving as the company’s chief technology officer for six years, outlined Tether’s strategies for revitalizing its brand in the coming months. 

These efforts include forming partnerships with US law enforcement agencies and enhancing its collaboration with broker-dealer Cantor Fitzgerald and its CEO, Howard Lutnick. 

Ardoino highlighted that Tether now collaborates with over 180 law enforcement agencies across 45 jurisdictions, including the FBI and the Department of Justice (DOJ).

This collaboration with law enforcement has been significant, with the Department of Justice acknowledging Tether’s assistance in freezing illicit funds. Recently, Tether partnered with other crypto firms, including Tron and TRM Labs, to establish a surveillance task force to combat financial crime associated with USDT.

Ardoino noted that Tether has some 350 million users worldwide, many of whom live in developing countries where they use USDT as a hedge against “weak monetary systems and unstable currencies”: 

People are sick and tired of being subject to poor decisions from their governments in terms of monetary policies. We need to ensure our ecosystem remains safe so we can continue to help them.

Allegations Of Illicit Finance And Corruption

Despite this, Tether has faced persistent criticisms by regulators about its alleged involvement in illicit finance, including money laundering and ransomware payments. Allegations suggest that the company has enabled sanctioned countries, such as North Korea, Russia, and Iran, to avoid traditional financial systems, contributing to crime and terrorism. 

This summer, Tether became the target of a multimillion-dollar advertising campaign by the nonprofit group Consumers Research, which accused the company of corruption through digital billboards in Times Square and television ads.

Addressing these criticisms, Ardoino acknowledged that Tether has been “naïve in the past,” failing to adequately respond to concerns, pointing out that the company did not establish a public relations team until 2022 ,“I feel sad because it’s a misrepresentation of a technology and a company that is helping hundreds of millions of people,” he said.

As part of its efforts to combat illicit activities, Tether has blocked over $1.8 billion in USDT from more than 1,850 crypto wallets, coordinating closely with US agencies in 636 of these actions. 

Hopeful For Shifting Attitudes Toward Digital Assets

During the interview, Ardoino also expressed openness to an audit by one of the “Big Four” accounting firms in the US but pointed to the current regulatory environment as a barrier. 

The CEO highlighted the challenges posed by anti-crypto lawmakers, particularly mentioning Massachusetts Senator Elizabeth Warren, which complicates the ability of auditors to engage with crypto firms, especially those based outside the US.

Looking ahead, Ardoino is hopeful that the outcome of the upcoming US election in November will shift regulatory attitudes toward the digital asset market: 

When I was a kid, I remember how the US was king of every new technology and discovery. For the first time in history, the US has dropped the ball on probably one of the most revolutionary technologies of our time.

Featured image from DALL-E, chart from TradingView.com

On-chain data shows the number of Toncoin holders has crossed the 100 million milestone following an acceleration in TON adoption.

Toncoin Holders Have Exploded 2,225% Since Start Of 2024

As explained by CryptoQuant community manager Maartunn in a new Quicktake post, the TON network has recently set a new record. The on-chain relevance metric here is the Holder Count, which measures the total number of addresses on a given blockchain that is currently carrying a non-zero balance.

When the value of this indicator rises, it means a net amount of unique addresses with a balance are showing up on the network. This could happen due to new users or old ones who sold before returning to the asset.

Existing investors also naturally contribute to the trend by opening up new addresses for privacy purposes. In general, all of these factors contribute to a degree at once, so some net adoption of the coin could be assumed to be taking place.

On the other hand, the metric going through a decline implies some holders have decided to clear out their wallets, potentially because they want to get away from the cryptocurrency.

Now, here is a chart that shows the trend in the Toncoin Holder Count over the last few years:

As displayed in the above graph, the Toncoin Holder Count had been steadily climbing in earlier years, but in 2024, the indicator’s value showed a sudden burst of acceleration.

At the start of the year, there were around 4.3 million unique addresses on the network that were holding some balance, and today, this number has grown beyond 100 million, which puts into perspective just how massive the holder increase has been.

Maartunn has noted that the growth has accelerated recently with the launch of major Telegram gaming tokens on the TON network, like Hamster Kombat.

“Whether you like TON as a cryptocurrency or network or not, TON is onboarding millions of users from the Telegram platform into the world of cryptocurrency,” says the analyst.

Historically, adoption has naturally been a constructive sign for cryptocurrency networks in the long term, as a wider user base provides a more sustainable foundation for future price moves to grow on.

Consistent adoption at least means that the blockchain can attract fresh attention, ensuring that it will remain relevant beyond the near term. Given the explosive growth Toncoin has witnessed, it may be well set in terms of this.

TON Price

Like the rest of the cryptocurrency market, Toncoin also kicked off this month of October with a price plunge, from which it has still not been able to recover as its value is trading around $5.19

A group of more than two dozen residents from Granbury, Texas, has filed a lawsuit against Marathon Digital Holdings, a major crypto miner firm, citing the excessive noise and vibrations from its local Bitcoin mining facility.

According to the residents, the crypto mining site, located near their homes, has caused significant disruptions to their daily lives, creating a nuisance that has resulted in severe health impacts, including fatigue, hearing loss, and headaches.

Details About The Lawsuit

The lawsuit, filed in Hood County Court, claims that the persistent noise from the mining facility has interfered with the resident’s ability to enjoy their homes, with vibrations and constant roaring from the cooling fans of the crypto mining machines running 24/7.

Earthjustice’s senior attorney, Rodrigo Cantú, emphasized that the noise pollution from the proof-of-work cryptocurrency mining process harms residents’ physical and mental health and is also detrimental to the surrounding environment.

Notably, cryptocurrency mining, particularly Bitcoin, involves an energy-intensive process known as proof-of-work, where tens of thousands of computers operate continuously to solve complex algorithms.

In Marathon Digital’s case, the noise from cooling fans that maintain optimal temperatures for the mining equipment has become a major issue for the local community.

Marathon’s crypto mining operations are based at the Wolf Hollow gas plant, a 1,115-megawatt facility near Granbury. In response to the lawsuit, Granbury resident Cheryl Shadden shared her experience, explaining that the 24/7 mining activities have also driven up local electricity. Shadden noted:

In such a short time, Bitcoin mining has completely altered our community, for the worse. The around-the-clock mining isn’t just driving up our electricity bills — it’s costing us our health.

Calls for Immediate Action And Long-Term Solutions

The lawsuit highlights the urgent need for solutions, with residents seeking measures to shut down the mining facility or drastically reduce the noise pollution. Shadden, for instance stated:

We feel trapped. Day and night, we are subjected to relentless noise that is physically harming us. We aren’t asking for much — just for Marathon to take responsibility and restore our peace and well-being.

The lawsuit, led by Earthjustice on behalf of the Citizens Concerned About Wolf Hollow, demands that Marathon Digital either mitigate the noise pollution or shut down its operations altogether.

Rodrigo Cantú, who is also one of Earthjustice’s legal team, noted:

Persistent exposure to this noise is detrimental for human health, animals, and the environment. Residents’ homes are no longer the refuge that they should be. Marathon must take immediate action to effectively mitigate their noise pollution or shut down operations altogether.

Additionally, the plaintiffs are seeking a permanent injunction against the mining facility to prevent further noise disturbances and compensation for damages, including higher electricity bills and decreased property values.

Featured image created with DALL-E, Chart from TradingView

The SEC filed a notice of appeal on October 2, challenging Judge Analisa Torres’s ruling that XRP is not a security. This appeal saw the XRP price tumble sharply, forcing Ripple traders to migrate to alternative investments. 

Amazingly, RCO Finance (RCOF), an upcoming Ethereum altcoin, has become the center of attraction after securing over $2.79 million in funding during its ongoing presale. 

Will the XRP price continue slumping, and will RCO Finance (RCOF) persist with its bullish trend? Let’s find out!

XRP Plunges 13% As Ripple’s Battle With SEC Takes New Turn 

The XRP price has performed dismally over the past week. On September 30, the XRP price was trading around $0.6223. Following a brief spike, the altcoin dived sharply on October 1 after reflecting the bearish trend in the Bitcoin (BTC) price, which saw the leading crypto revisit the $60,000 level. 

This downturn intensified after the SEC filed a notice of appeal on October 2 in its ongoing legal battle with Ripple. Specifically, the SEC challenged Judge Analisa Torres’ August 2023 ruling that XRP is not a security when sold to retail investors on exchanges. This news saw the XRP price trade as low as $0.5101 on October 3. 

By October 7, the XRP price had stabilized at around $0.5390. This price means the XRP price has shed 13% in a week. Moreover, the 24-hour Ripple trading volume has surged 76%, indicating investors are flocking to the market to dump XRP. Combined with the challenges from the SEC, this selling force might trigger more losses. 

RCOF: A Superb Presale Opportunity

As the SEC presents Ripple Labs with new challenges, XRP investors seek alternative investments to hedge against losses. Amazingly, RCOF has grabbed investor attention because of its utility as a base currency and governance token within the RCO Finance platform.

Also, RCOF has emerged as a top pick among Ripple investors because it is a safe investment. SolidProof, a top-tier blockchain security firm, verified that RCOF is safe to invest in by auditing the altcoin’s smart contract. 

This step helped boost investor confidence in this altcoin, explaining why it has secured $2.79 million in funding. 

As of October 7, RCOF was offering investors an opportunity to join its presale at $0.0344 during Stage 2. Investors who purchase RCOF at $0.0344 will enjoy tremendous returns when the altcoin attains its launch price of $0.4-$0.6. 

Also, experts expect RCOF to surge 3,000% by Q4 2024, outshining XRP’s 1,580% climb in Q4 2017. 

This forecast explains why Ripple investors are embracing this budding altcoin as the XRP price continues tumbling. 

RCO Finance Intrigues Investors With RWA Tokenization Abilities

Ripple investors are actively looking for to-of-the-line platforms to diversify their portfolios as the XRP price continues showcasing a weak outlook. 

This explains why RCO Finance, an up-and-coming DeFi platform that aims to simplify investing by democratizing access to professional investment management tools, has quickly gained popularity. 

RCO Finance has also caught investors’ attention with its AI-powered robo advisor. Investors are fascinated by the robo advisor because it uses machine learning and algorithms to offer custom investment recommendations based on personal risk profiles and financial goals. 

Investors can implement these recommendations into their investment plans to scale their profits while minimizing risk exposure. Amazingly, the robo advisor can trade automatically on behalf of investors. This automation enables the robo advisor to adjust investors’ portfolios in real-time, shielding against altcoin market crashes. 

Taking things a step further, the robo advisor provides investors with free tax and financial legal advice, helping them stay compliant as the robo advisor diversifies their portfolios with the over 120,000 crypto and TradFi assets RCO Finance supports. 

Besides its robo advisor, RCO Finance has attracted investors because of its revolutionary real-world (RWA) tokenization capabilities. RWA tokenization allows RCO Finance users to bolster their portfolios with illiquid assets like real estate, commodities, and art.

RCO Finance has also gained ground quickly because its non-KYC onboarding process significantly lowers the entry barriers. This approach also allows investors who prefer withholding personal details to maintain anonymity. 

These benefits explain why you should join Ripple investors in embracing RCO Finance to improve your chances of making lucrative trades. 

For more information about the RCO Finance Presale:

Visit RCO Finance Presale

Join The RCO Finance Community

 

According to a report by crypto research firm K33 Research, Bitcoin (BTC) price could benefit from the latest developments in the FTX bankruptcy saga.

FTX Creditor Payouts Could Be Bullish For Bitcoin

Analysts at K33 suggest that recent developments in the FTX estate creditor repayment process could help the leading digital asset maintain its bullish price momentum in Q4 2024.

Last week, escalating geopolitical tensions in the Middle East and stronger-than-expected US jobs data led to a slight pullback in Bitcoin. The flagship cryptocurrency dropped from $65,920 on September 28 to $60,200 on October 3, before recouping some losses over the weekend.

On October 7, Judge John Dorsey in the US Bankruptcy Court for the District of Delaware, approved the highly-anticipated FTX reorganization plan, which seeks to initiate creditor repayments nearly two years after the fall of the Bahamas-based crypto exchange.

Notably, nearly 94% of creditors in the “dotcom customer entitlement claims” class voted in favor of the reorganization plan. The plan’s only major criticism was Sunil Kavuri – a representative of the largest FTX creditor group. 

Kavuri called for the estate to pay out digital assets in kind, rather than their corresponding dollar value when FTX filed for bankruptcy in November 2022.

In the report, K33 analysts Vetle Lunde and David Zimmerman expect creditor payouts to start rolling out in the latter half of Q4 2024 and continue into early Q1 2025. These payouts will occur within a 60-day window of the court’s effective date. While the date is unknown, it is expected to be sometime in mid-November. The report notes:

Debtors will have 60 days to repay individual customers with claims under $50,000, representing approximately $1.2 billion worth of assets. Larger creditors (entitlement class) are expected to receive their $9 billion payouts in February 2025.

Bulls Monitor The Funds Entering Crypto Market

Bitcoin bulls will likely focus on the amount of payout funds that can potentially re-enter the crypto market. Notably, a considerable chunk of digital assets have already been converted to fiat, reducing the potential sell-side pressure from the estate plan.

The analysts posit that of the $14.4 billion to $16.3 billion in claims, approximately 25% – or $3.9 billion – has already been purchased by credit funds and is unlikely to re-enter the market. 

Additionally, 33% of the remaining claims belong to a subgroup of sanctioned nations, insiders, and entities without KYC verification. These assets are unlikely to be claimed.

After accounting for these factors, 20% to 40% – or roughly $2.4 billion – of the remaining $8 billion could return to the markets since “FTX’s trader base consisted of crypto-native aggressive risk takers.”

The report further emphasizes that this capital will likely enter the markets in multiple waves throughout 2025, having a relatively muted impact on the overall crypto market. Bitcoin trades at $62,793 at press time, down 1.1% in the last 24 hours.

Global fintech Revolut revealed it prevented millions in potential losses in the last three months, using its crypto-specific measures and transaction monitoring to tackle criminal activity as malicious actors continue to target the industry.

Revolut Prevents $13 Million Losses In Q3

Revolut, the UK-based neobank with over 45 million customers worldwide, revealed it had prevented losses of over $10 million worth of crypto in three months. From June 1 to September 1, the global fintech stopped around $13.5 million in potential fraudulent transactions from its platform.

The company has pledged to prevent “crypto fraud at source,” aiming to stop funds from ever leaving customers’ accounts with its proactive approach. Revolut expanded its digital assets services earlier this year by launching its standalone trading platform for UK users.

The banking app explained that it enhanced its crypto-specific security measures to protect its customers from falling victim to fraud, which increased the potential for fraud detection. Revolut offers a Wealth Protection feature that, once enabled, requires users to do a selfie verification for every crypto withdrawal.

Two biometric assessments, like Face ID and fingerprint recognition, will also be required to approve these transactions. Moreover, the bank detailed that when customers initiate a crypto transfer, it is monitored by the app’s algorithm in real-time.

In 2024, 92% of these transactions were completed without requiring additional information from the user. Meanwhile, the remaining 8% required additional reviews to comply with fraud prevention and anti-money laundering regulations. Per Revolut’s data, only 1 in 5,000 transfers leads to account closure after further review, less than 0.02%.

Investors Remain Affected By Crypto Fraud

Emil Urmanshin, Revolut’s Director of Crypto & New Bets, highlighted the company’s efforts to improve its transfer process to follow regulations and prevent digital assets-related fraud:

Since first launching crypto withdrawals and deposits, we’ve been constantly fine-tuning our transfer process behind the scenes to improve things. We follow strict financial regulations to create a secure environment for all of our customers’ crypto transactions. This starts from the second they sign up — from monitoring patterns in suspicious activity to identity checks and using two-factor authentication.

Meanwhile, Woody Malouf, Revolut’s Group Head of Financial Crime and Fraud, noted that fraudulent transactions remain a problem for their customers, including those using digital assets, and warned users of the different tactics used by malicious actors to target investors:

More than 45 million people trust Revolut with their money and, in 2023, we estimate that we saved customers over $590 million in potentially fraudulent transactions across the board. We mean it when we say we take security seriously — and that absolutely includes crypto. Mindful of all of the celebrity endorsement scams, deepfakes, and AI-dupes circulating.

As reported by Bitcoinist, the industry saw $735 million in losses during 2024’s third quarter, a 9.5% increase from the second quarter. CertiK’s report revealed that phishing was the costliest type of scam during the past three months, sweeping over $343 million from July to October.

The report concluded that the industry remains vulnerable despite the progress in user awareness and improved security measures, suggesting better education and more sophisticated measures to protect investors’ funds and the trust in the sector.

The United Nations recently issued a surprising report stating that Telegram has emerged as a major platform for criminal networks in Southeast Asia. This encrypted chat software has become a hotspot for money laundering, fraud, and the exchange of stolen data, according to the UN. The findings show that organized crime groups are using Telegram’s features to carry out illegal activities with startling ease.

Telegram: A New Era In Crime

Based on the UN Office on Drugs and Crime (UNODC) report, these criminal enterprises generate between $27.4 billion and $36.5 billion each year. The research discusses how Telegram has changed the face of organized crime, allowing syndicates to operate with little control.

Criminals sell malware and deepfake software over the network and use it to commit fraud by trading passwords and sensitive information like credit card numbers. To give you an idea of how big these operations are, one advertisement stated that they move $3 million worth of stolen cryptocurrency daily.

The growing number of unregistered cryptocurrency exchanges on Telegram has complicated matters. These interactions provide tools that let crooks readily move dirty money. Among these networks, the UNODC has assigned Tether (USDT) as the stablecoin of choice based on its indispensable function in enabling transactions for illicit operations.

The Arrest Of Pavel Durov

The issue worsened when Telegram’s founder, Pavel Durov, was detained in Paris in August. He faces serious charges for facilitating different illicit activities on the platform, such as drug trafficking and child exploitation.

Durov said that the firm tries to increase user privacy alongside its obligations to honor legal orders by sharing user data with the authorities. Following Durov’s detention, discussions have begun on the role that tech companies should play in keeping tabs on illegal activity that takes place on their networks. The appropriate balance between user privacy and public safety is a topic of much debate.

The Broader Implications

The UN’s latest findings have significant consequences. According to the deputy representative for Southeast Asia and the Pacific of UNODC, Benedikt Hofmann, Telegram hosts the criminals in a friendly space. In other words, consumers’ data is more vulnerable than at any time in the past because it could easily be exploited for frauds or other forms of illicit activity.

Most importantly, the report indicated that the profits these crime syndicates gather through their activates thrust them to find ways to innovate even more. They now engage with the latest technologies like artificial intelligence and deepfakes in their crimes, making it very challenging to track them down. Over 10 deepfake software providers have been identified as specifically targeting criminal organizations involved in cyber-enabled fraud.

Featured image from Protos, chart from TradingView

On-chain data shows the Ethereum whales have been participating in constant distribution for the last six months, a sign that’s not ideal for ETH.

Ethereum Accumulation Trend Score Has Been Red For Cohorts As A Whole

As analyst James Van Straten pointed out in a new post on X, the Accumulation Trend Score has been showing a grim picture for Ethereum recently. The “Accumulation Trend Score” here refers to an indicator from Glassnode that tells us whether the investors of a given asset are accumulating or not.

This metric takes into account for not just the net balance changes happening in the wallets of the investors, but also the size of the entities. This means that larger entities have a higher weight in the indicator. When the value of the score is close to 1, it means either the large investors are participating in strong accumulation or a large number of small holders are buying. On the other hand, it being close to 0 implies net distribution is going on in the network or at least, there is a lack of accumulation taking place.

In the context of the current topic, the version of the Accumulation Trend Score that’s of interest is the one for the individual cohorts. Addresses have been divided into these groups based on the balance that they are carrying.

Now, here is a chart that shows the trend in the Ethereum Accumulation Trend Score for the different cohorts over the past year:

As displayed in the above graph, the Ethereum Trend Accumulation Score showed a shade of blue across the cohorts during the early parts of the year, implying the investors as a whole were participating in some degree of accumulation.

Shortly after the Bitcoin all-time high (ATH) back in March, however, the investors started aggressively selling, with the indicator’s value taking a deep red color (that is, very close to the zero mark). Since the initial sharp distribution, selling has calmed down over the last few months, but the metric has still been tending towards being red. Of note, the 100 to 1,000 BTC, the 1,000 to 10,000 BTC, and the 10,000+ BTC groups are still in a phase of distribution.

These cohorts are popularly referred to as, in the same order, sharks, whales, and mega whales. Investors of this size can carry some degree of influence in the market, so their participation in consistent selling over the last six months or so is naturally not a good sign for Ethereum.

It’s possible that until the various cohorts return back to accumulation mode, ETH won’t be able to make any significant recovery.

ETH Price

At the time of writing, Ethereum is floating around $2,400, down more than 7% over the last seven days.

A new Dogecoin price prediction has put it on another bullish path and this time, forecasting that the meme coin is destined for new all-time highs. In particular, crypto analyst @Kev_Capital_TA on X made a notable forecast regarding the meme coin that could see it finally cross the $1 market. This is entirely based on the past performance of the Dogecoin price, taking into account the average number of days it takes for each parabolic surge to materialize.

DOGE Is Due For A Surge

The crypto analyst explained that so far, the Dogecoin price has maintained an average of 1,095 days for each cycle before a parabolic surge. Naturally, with this trend holding so far, this year is expected to be no different and the Dogecoin price is expected to follow it.

Presently, though, the Dogecoin price has crossed the average number of days and the parabolic surge is yet to take place. This suggests a delay, but it does not necessarily mean that the surge will not happen soon. Rather, this could mean that the Dogecoin price is due for a surge.

DOGE has has now 1,246 days since the last parabolic surge with no bullish momentum in sight. This puts the surge more than 150 days behind schedule already. On a more bearish note, this delay could mean that the Dogecoin price is finally breaking away from this trend.

The crypto analyst points to the fact that DOGE is behind schedule and still trending down as a reason this might be the case. “Yes #DOGE is 151 days behind schedule. The four year cycle is showing clear evidence of potentially being broken. Don’t attack the messenger just be grateful I am hear for you to provide such info.”

However, the crypto analyst’s chart shows what could happen if the Dogecoin price were to complete the parabolic surge this time around. From the current low price of around $0.1, DOGE could rise as high as $2.2, which would be an over 2,100% increase from here.

The average amount of days it has taken in each #Dogecoin four year cycle is 1,095 days before a parabolic surge has occurred in price. We are currently sitting at 1,246 days and price is still trending down with no parabolic surge. Yes #DOGE is 151 days behind schedule. The four… pic.twitter.com/HPOE4IruLr

— Kevin (@Kev_Capital_TA) October 5, 2024

Whales Could Push Dogecoin Price Higher

Despite the Dogecoin price not following the 4-year parabolic trend, it has not eroded bullish sentiment, especially among whales. Another crypto analyst, Ali Martinez, noted that DOGE whales have been positioning themselves for a move to the upside.

This means that the DOGE whales are still expecting a move up for the Dogecoin price. This is further strengthened by the fact that Q4 2024 is expected to be bullish for the crypto market. If the Bitcoin price continues to rise, so will the Dogecoin price.

Ethereum is at a critical juncture after failing to break above the $2,500 mark yesterday, leaving investors uncertain about its next move. As the broader crypto market anticipates a rally, Ethereum traders closely monitor signs of strength within the network. Despite recent price struggles, there are promising signals from the blockchain.

Key data from IntoTheBlock suggests a growing demand for ETH staking, reflecting long-term confidence in the network’s future. This surge in staking activity indicates that investors are still optimistic about Ethereum’s potential, particularly with upcoming developments like staking rewards and network upgrades.

However, the recent price action has raised concerns, as many had expected ETH to climb higher by now, especially following a period of positive sentiment across the market.

With the crypto market poised for a possible rally, Ethereum’s next moves could set the tone for broader market performance. Investors are now watching closely to see if ETH can regain momentum or if it will continue to struggle at current resistance levels. The coming days will be pivotal in determining whether ETH can break through and initiate a sustained upward trend.

Ethereum Staking Signals Long-Term Confidence 

Ethereum is trading below a key resistance level as the broader crypto market prepares for a potential rally in the coming weeks. The market sentiment has been increasingly bullish, with investors expecting Ethereum to play a crucial role in the next upward move.

According to key data from IntoTheBlock, 28.9% of all ETH is now staked, a significant increase from the 23.8% recorded in January. This surge in staking activity is a clear indicator of growing long-term confidence in the Ethereum network.

Interestingly, over 15.3% of Ethereum has been staked for over three years, showing that many investors are committed to holding their ETH for the long haul. This strong staking activity reinforces the narrative that ETH is viewed as a valuable asset in the evolving crypto landscape and that many investors are betting on its long-term success.

The recent increase in staking and Ethereum’s upcoming network upgrades suggest that ETH is well-positioned for a potential surge. As market fundamentals continue to improve, the entire crypto market seems poised for a rally, and ETH could lead the charge. If ETH breaks past its resistance levels, the momentum could trigger a significant upward movement in the weeks ahead.

ETH Testing Supply Levels

Ethereum is trading at $2,434 after failing to break above the 4-hour 200 moving average (MA) at $2,458. This technical level has acted as a significant resistance point, and bulls need to reclaim it to maintain upward momentum.

A key target for Ethereum’s price action is surpassing the 4-hour 200 MA and breaking above the 200 exponential moving average (EMA) at $2,511. Doing so would strengthen the bullish case and open the door for a potential rally.

However, if ETH continues to struggle and fails to break past these critical resistance levels, a deeper retracement could be on the horizon. In such a scenario, the next significant demand zone lies around $2,150, which could provide a solid foundation for a potential rebound.

With Ethereum investors closely watching these levels, the price action in the coming days will be crucial in determining whether ETH can regain its bullish momentum or face further downside risks. Bulls must reclaim key technical indicators or risk losing control of the trend, leading to a retest of lower support zones.

Featured image from Dall-E, chart from TradingView

A Solana (SOL) trader who initially invested a mere $800 in the popular Solana-based meme coin, Moo Deng, has realized unreal gains, with profits soaring to approximately $10 million. However, despite the massive returns from unreal meme coin trade, the Solana trader is facing liquidity obstacles, leaving him stranded as Moo Deng’s value rapidly plummets. 

Solana Trader’s $800 Meme CoinBet Nets $10 Million

New reports from Arkham Intelligence have uncovered an anonymous Solana trader who hit the jackpot with a recent investment in the popular meme coin, Moo Deng. Based on a viral baby pygmy hippo in Thailand, Moo Deng signifies the epitome of a meme-based cryptocurrency with its play theme and community-driven hype. 

According to Solana blockchain explorer, Solscan, the Solana trader had invested a modest sum of $861.8 in Moo Deng, entering the market early when the meme coin was flying under the radar and priced significantly lower than its current value. As the crypto market showed signs of stability and the popularity of meme coins grew, Moo Deng followed suit, growing from a market capitalization of about $7 million two weeks ago to $315 million at some point last month. 

This massive surge in the meme coin’s market value reflects a 350% increase, during which the trader watched his $861.8 investment soar to over $10.7 million. The Solana trader had initially purchased a total of 30.19 million Moo Deng tokens just hours after it launched, ultimately securing millions in profit as the meme coin went viral on X (formerly Twitter). 

In just over a few weeks Moo Deng had rapidly ascended to become the 22nd meme coin by market capitalization, triggering a price increase to new all-time highs. Despite this substantial price increase, the Solana trader has yet to sell any of his Moo Deng tokens. Instead, he has spread his sizable investment across four different Solana addresses. 

Many in the crypto community have questioned the trader’s decision to hold off on cashing out, especially as the price and market capitalization of Moo Deng is plummeting drastically. His profit which sat at over $10 million has now reduced significantly to $4.4 million based on current exchange rates. 

Ultimately, this dilemma boils down to liquidity issues, as the market for Moo Deng is highly illiquid. With limited buying and selling activity in the Moo Deng market, investors like this Solana trader may have a hard time selling off large amounts of tokens without significantly impacting its market price. 

Update On Moo Deng’s Price

Following its massive rally in September, the price of Moo Deng took a negative turn, experiencing significant declines as market hype began to wane. At the time, the cryptocurrency had reached an all-time high of about $0.355, surpassing the current price of top meme coins like Dogecoin (DOGE), and Shiba Inu (SHIB). 

As of writing, the Market Capitalization of Moo Deng has fallen by a whopping 70% and now sits at a mere $147.2 million. The viral meme coin is also currently trading at $0.148, according to CoinMarketCap, marking a staggering 58.4% decrease from its ATH price. 

Ethereum bulls might struggle for momentum at press time, but other onchain data points to interesting developments. While ETH is trading above $2,400 but capped by determined sellers, IntoTheBlock data shows that nearly 30% of all circulating ETH has been staked.

Over 34.4 Million ETH Staked In 9 Months

As of October 8, IntoTheBlock analysts note that 28.9% of all ETH has been staked. At this level, more holders are committing to tie their stash. The figure is up, rising from 23.8% recorded in January 2024. More than 15.3% of ETH has been staked out of this amount for over three years.

Related Reading: Dogecoin Preparing For Another Monumental Surge, New All-Time High Incoming?

Ethereum switched the proof-of-work consensus algorithm in September 2022, officially transitioning to a proof-of-stake network like Cardano. The migration permitted the platform to do away with energy-intensive miners who were replaced by validators.

Parallel data from Ethereum shows that over 1 million network validators have cumulatively locked in more than 34.4 million ETH. Each validator earns an APR of 3.3%, a non-compounding annual yield that falls depending on the amount locked.

All network validators must lock at least 32 ETH and operate a node that ensures the network operates every day of the week without downtime. There are penalties for validators who collude to, for example, confirm invalid transactions or attempt to take over the chain in a majority attack.

That Ethereum is attracting more validators despite prices contracting from Q1 2024 highs of around $4,100 to as low as $2,100 in early August is an endorsement of the platform’s long-term prospects.

Presently, Ethereum remains the second largest platform after Bitcoin and the only other crypto project after Bitcoin to get the node for a spot ETF from the United States SEC. Even so, ETH remains under pressure below $2,800, dashing hope.

EIP 7781 Seeks To Boost Ethereum Scalability

Beyond this, Ethereum developers continue to build, looking to enhance user experience and improve scalability. After the Dencun upgrade in March 2024, a new Ethereum Improvement Proposal (EIP) 7781 was recently floated.

The proposer seeks to further boost Ethereum’s processing speeds by reducing slot times and increasing the blob capacity. Specifically, the goal is to eventually reduce the slot time from around 12 seconds to 8 seconds, which could increase the transaction throughput by over 30%.

If this proposal goes through, decentralized exchanges, including Curve or Uniswap, would benefit. Of note is that users, due to higher throughput, will see the cost of mainnet transactions shrink. Although the proposal is welcomed, solo stakers must acquire new gear and strengthen their internet connections.

ETFSwap (ETFS) is quickly emerging as the cryptocurrency to watch, with experts predicting that it will outclass popular tokens like Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE combined. What’s driving this sudden excitement? Crypto whales are taking notice, rushing to grab a piece of ETFSwap (ETFS) before its price explodes, thanks to its advanced infrastructure, cutting-edge utilities, and groundbreaking features built on the Ethereum blockchain. 

ETFSwap (ETFS): A Trailblazer In Growth And Returns

The current buzz around ETFSwap suggests it’s a game-changer in the world of cryptocurrency, particularly in the upcoming crypto ETF boom. No wonder experts are predicting it will surpass the combined performance of Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE. The driving force behind this forecast is ETFSwap’s superior technology infrastructure, which is rooted in the fast and scalable Ethereum blockchain.

The excitement is palpable as ETFSwap (ETFS) nears the conclusion of its ICO, with whales already scooping up tokens in anticipation of massive gains. These crypto elites are preparing for a profitable exit before the general public catches wind of this hidden gem. The platform’s appeal is backed by the advanced security measures stamped by Cyberscope’s audit and the team’s verified KYC status through SolidProof, ensuring investors’ confidence.

Beyond security, ETFSwap (ETFS) boasts an impressive array of features. Its ability to list highly priced tokenized assets, its staking mechanisms with an 87% APR yield, and its smooth participation in various liquidity pools make it an attractive investment. With these offerings showing up in phase 1 of its Beta launch soon, ETFSwap (ETFS) is not just competing with altcoins like SHIB, DOGE, and PEPE—it’s setting a new standard in the industry. Phase 2 of its Beta platform promises even more groundbreaking utilities – AI-powered ETF trading tools such as the ETF Screener and ETF Tracker, helping investors make more informed decisions.

As the crypto ETF market grows, ETFSwap ( ETFS) is perfectly positioned to take full advantage. Its anticipated ETF launch in 2025 is expected to draw in institutional investors, boost liquidity, and provide a new wave of investment opportunities. 

Why Experts Believe ETFSwap Will Outshine SHIB, DOGE, And PEPE

While Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE have had their moments in the spotlight, many believe their best days are behind them. Shiba Inu (SHIB) and Dogecoin (DOGE) have seen remarkable growth due to strong community backing and media hype, but their value proposition has become stagnant. PEPE, a meme coin, also relies heavily on speculation, which could limit its long-term potential.

ETFSwap, on the other hand, offers far more than just hype. Its tokenized ETFs present a unique value proposition that Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE simply cannot match. These ETFs provide exposure to a diverse range of assets, increasing the potential for higher returns. Moreover, ETFSwap’s infrastructure is built on the Ethereum blockchain, offering superior scalability and speed compared to its meme-coin counterparts.

The expert consensus is clear: ETFSwap (ETFS) has the technological edge and growth potential to deliver exponential returns. The price of $0.03846 in the ICO phase is strategically low, offering investors the chance to enter early before the inevitable surge. While Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE may still hold some market appeal, they no longer have the power to guarantee the kind of profits that ETFSwap (ETFS) promises in the upcoming ETF bull run.

The crypto whales are well aware of this, shifting their portfolios from slow-moving tokens like Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE to ETFSwap (ETFS). They understand that holding onto these older tokens could slow down their returns, while ETFSwap (ETFS) presents a more lucrative alternative with its innovative offerings and future-ready technology.

Conclusion

ETFSwap (ETFS) is the underdog that’s ready to dominate the crypto ETF market. As experts have predicted, ETFSwap (ETFS) is set to outperform Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE, offering far superior growth potential and long-term returns. The ongoing ICO, priced at just $0.03846, is a rare opportunity for investors to get in before the masses.

Crypto whales are already making their moves—don’t miss out. Get in before the masses do.

 

For more information about the ETFS Presale:

Visit ETFSwap Presale

Join The ETFSwap Community

In a surprising move, investment funds based on other altcoins failed to follow in the footsteps of crypto giants, with Solana, XRP, Cardano, and Litecoin witnessing inflows during the week. The latest weekly report on digital asset investment funds by CoinShares depicts a trend of weaker investment sentiment among institutional investors. After witnessing three consecutive weeks of inflows, crypto investment funds recorded an outflow of $147 million last week. Unsurprisingly, the majority of these outflows were concentrated in Bitcoin, while Ethereum followed closely behind as the second-largest contributor to the losses. 

Bitcoin And Ethereum Products Bleed With Outflows

Last week proved to be quite eventful for the price action of many cryptocurrencies, and data shows this trend was echoed in their associated investment funds. Bitcoin and Ethereum, which ended September on a positive note, started October on a not-so-favorable one. This trend was also reflected among institutional investors, who dialed back on their investments.

Consequently, digital asset investment funds, which were coming from a $1.2 billion inflow the previous week, failed to attract much inflows last week. As such, their net flows reversed into a negative zone and ended the week at a negative $147 million. According to CoinShares, this was mostly due to higher-than-expected economic data last week, which reduced the possibilities of a further rate cut by the Fed. 

Bitcoin ended the week with an outflow of $159 million. Most of these outflows were recorded through Spot Bitcoin ETFs in the US, which ended the week at $301.5 million in outflows. Ethereum-based investment funds also witnessed a net outflow of $28.9 million last week, with the majority coming from Spot Ethereum ETFs in the US. 

Solana, XRP, And Cardano Record Surprising Inflows

Defying the prevailing trend, several altcoins experienced positive inflows from institutional investors, reflecting continued interest in these assets despite the broader downturn affecting Bitcoin and Ethereum. Solana, XRP, Cardano, and Litecoin witnessed $5.3 million, $0.3 million, $0.3 million, and $0.9 million in inflows, respectively. 

The most notable investment from institutional investors went into multi-asset products, which witnessed $29.4 million in net inflows last week. This is particularly notable because last week’s data marked the 16th consecutive week of inflows into multi-asset products. 

Another notable highlight was the inflow into Short Bitcoin products. Short Bitcoin products also ended the week at a net inflow of $2.8 million, further reflecting the reversal from a bullish Bitcoin sentiment. BNB was the only altcoin to follow Bitcoin and Ethereum, registering $1 million of net outflow. 

In terms of geographical location, the US, Germany and Hong Kong saw outflows of $209 million, $8.3 million and $7.3 million, respectively. On the other hand, Canada and Switzerland received inflows of $43 million and $35 million, respectively.

SBI Digital Community Co., Ltd., a subsidiary of Japan’s financial conglomerate SBI Holdings, has announced the public sale of its inaugural “Crypto Canvas Collection” NFTs on Polygon and the XRP Ledger. The sale is set to take place from October 12 to October 14, 2024, and will be conducted through “Bto3 ~ Web3 community ~,” a platform focused on Web3 initiatives operated by SBI Digital Community.

SBI Chooses Polygon And XRP Ledger

The “Crypto Canvas Collection” aims to foster collaborative storytelling among community participants on a digital canvas. According to SBI Digital Community, “Each piece is a one-of-a-kind, hand-drawn generative NFT.” The collection consists of 3,000 unique NFTs, each priced at 0.025 ETH.

Notably, credit card payments will be accepted during the public sale, lowering the barrier to entry for those new to cryptocurrency. The NFTs will be minted on the Polygon blockchain, and interested participants can access the sale via the Discord channel at https://discord.gg/bto3.

SBI Digital Community emphasizes user accessibility in this initiative. “Bto3 provides support so that even beginners to Web3 can purchase it. If you have any questions, please contact us via ‘support’ in Discord,” the company stated in the official press release.

Owners of the first collection NFTs are entitled to a range of exclusive benefits. Holders of one or more NFTs gain the right to participate in a lottery to win additional NFTs at any time and access to an NFT discount service usable at affiliated stores nationwide, scheduled to launch in the second quarter of 2025. For every two NFTs held, owners will receive an XRP Ledger (XRPL) version of the Crypto Canvas Collection, slated for issuance in November 2024, and automatic receipt of the second NFT collection upon its launch.

A standout feature of this initiative is the NFT discount service, which seeks to bridge digital assets with real-world applications. The service allows NFT holders to receive discounts at participating stores nationwide simply by holding eligible NFTs.

Authentication is performed by scanning a QR code displayed at the store and connecting to the user’s wallet. Customers then show the authentication screen to the store clerk to receive the discount. Importantly, this system requires no specialized Web3 knowledge from the store staff. SBI Digital Community explained, “Stores can implement this service without any knowledge of Web3, and it is free to use and can receive customers.”

The service leverages the membership card functionality inherent in NFTs. It addresses a common challenge in customer management by allowing stores to verify current NFT holders without the need to manage individual customer data. “Even if secondary circulation occurs due to the blockchain, there is no need to manage customers, and it is possible to check current NFT holders,” the company noted.

From a business model perspective, the NFT discount service diverges from traditional discount programs. There are no usage fees for stores, and users retain the ability to trade their NFTs, introducing a novel revenue structure that benefits both merchants and consumers.

“Web3 has had the challenge of slowing mass adoption due to the lack of opportunities for use in the real world. With this NFT discount service, we will promote mass adoption and build a win-win ecosystem for users, stores, and our company,” SBI stated.

By offering an XRPL version of the Crypto Canvas Collection to holders of two or more NFTs, SBI Digital Community is leveraging the capabilities of the XRP Ledger, known for its speed and efficiency in processing transactions. This move signifies SBI’s ongoing commitment to integrating XRP Ledger technology into its blockchain initiatives. Notably, SBI is one of Ripple’s most loyal partners.

At press time, XRP traded at $0.53.