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Bitcoin ETFs: Bloomberg Analyst Outlines US Market Supremacy Over Hong Kong
Amid the buzzing excitement following the approval of Bitcoin and Ethereum Spot Exchange-Traded Funds (ETFs) in Hong Kong, Bloomberg Intelligence analyst Eric Balchunas has made a post highlighting the explosive growth of the products in the United States.
US Bitcoin ETFs Assets Surpasses Hong Kong’sAccording to Eric Balchunas, the combined asset pool held by US Spot Bitcoin ETFs is more than that of the entire Hong Kong ETF market. Bachunas’s disclosure demonstrates the enormous rise in interest in Bitcoin-related financial products among US investors.
Furthermore, it emphasizes how the public adoption of cryptocurrencies and their integration into established financial markets are growing. In the ever-evolving world of cryptocurrency, this revelation indicates a major shift in investors’ confidence and portfolio allocation techniques.
Balchunas’s report coincides with its colleague James Seyffart’s post, also underscoring the country’s dominance in the Bitcoin ETFs market. Seyyfart claimed that more assets are found in US-listed BTC ETFs than in any single Hong Kong-listed ETF.
The Bloomberg analyst noted that the US ETF market is pegged at $9 trillion in assets compared to Hong Kong’s entire ETF market, which is valued at $50 billion. Meanwhile, Mainland China boasts an ETF market valued at $325 billion, underscoring the stark disparity in size between the two markets.
The post read:
The US ETF Market is almost $9 Trillion in assets, that is a trillion with a ‘T’. The entire Hong Kong ETF market is $50 billion. Mainland China ETFs are $325 billion. We are talking about literal orders of magnitude differences in size and impact.
Seyffart made the claims in response to a pseudonymous X user’s post urging investors to short Ethereum using heavy leverage due to news regarding BTC and ETH ETFs being approved in HK by April 15.
While the user believes the development could impact the market significantly, Seyffart thinks it is not major news. However, he believes the development might prove to be a significant deal in the long run.
Clearing the air, Seyffart highlighted his perspective is not meant to downplay these ETFs’ potential or the notion that they might end up serving as the Asian center for exposure to digital assets on TradFi rails. However, their impact will probably not be as substantial as that of a launch in US markets.
Most BTC ETF Issuers Saw Zero InflowIn the past few days, the US ETF market appears to have witnessed a notable decline in interest. On Monday, Farside revealed that over the last two days, BlackRock‘s BTC ETF has been the only fund to see inflows, while all other ETFs have seen zero or no inflows.
Data from Farside shows that Blackrock’s IBIT recorded $73.4 million in net inflows on Monday. Meanwhile, other companies recorded $0 in net inflow, and Grayscale saw about $110 million in net outflow.
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Going Crypto: Major UK Banking Firms Test Tokenized Deposits
UK Finance, the trade association representing the UK banking and financial services industry, is spearheading a pioneering pilot program aimed at leveraging crypto and blockchain technology to track financial transactions. This initiative marks a significant step forward in the adoption of crypto-related solutions within traditional banking systems.
Under the umbrella of UK Finance’s experimental shared ledger project, top players in the banking sector have joined forces to participate in the pilot testing phase.
Notable participants include industry giants such as Barclays Plc, Lloyds Banking Group Plc, Citigroup Inc., Mastercard Inc., and Visa Inc. Together, these institutions are laying the groundwork for a new era of financial innovation.
Crypto Collaboration Fuels ProgressAt the heart of this initiative is the goal to bridge the gap between traditional banking systems and the burgeoning world of cryptocurrency. By harnessing the power of blockchain technology, UK Finance aims to create a seamless platform for tracking and managing financial transactions in a decentralized manner.
The pilot program, which has been underway for the past two months, is being facilitated by Quant, a leading provider of interoperable blockchain networks. CEO Gilbert Verdian expressed optimism about the progress of the pilot phase, noting that it represents a crucial step towards building a viable commercial system for tokenized deposits and securities.
Tokenized Deposits: The Future Of FinanceOne of the key innovations driving this initiative is the concept of tokenized deposits. By digitizing assets and recording them on a unified blockchain, financial institutions can streamline transactions and enhance security. Tokenized deposits offer the potential for faster, more efficient cross-border transactions, while also reducing the risk of errors and fraud.
Furthermore, the adoption of tokenized deposits aligns with broader industry trends towards digitization and blockchain integration. The UK government’s Technology Working Group has issued a report urging companies to collaborate on tokenization goals, emphasizing the importance of innovation and cooperation in driving the future of finance.
Fostering Fintech InnovationLooking ahead, UK Finance plans to expand participation in its pilot program to include fintech startups and technology companies. Beginning in July, these innovators will have the opportunity to test new products and solutions based on tokenized commercial bank money. This inclusive approach reflects UK Finance’s commitment to fostering innovation and collaboration across the financial ecosystem.
In a recent interview, Verdian highlighted the transformative potential of programmable payments for banks, noting that they offer a more efficient alternative to traditional payment systems. As the pilot program progresses, participating institutions will have the opportunity to explore new business models and unlock new opportunities for growth and innovation.
Featured image from Pexels, chart from TradingView
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Ethereum Insider Files Lawsuit Against FBI Co-Conspirators
Steven Nerayoff, a former advisor to Ethereum, has initiated a lawsuit against Michael Hlady, also known as Michael Peters, and Marianna Shooshani in the Supreme Court of New York, Nassau County in his quest for justice. The lawsuit alleges a fraudulent scheme orchestrated to deceive Nerayoff, resulting in substantial financial loss.
According to the court documents, the plaintiff, Steven Nerayoff, accuses Hlady and Shooshani of creating a fictitious consultancy firm, North Star Ventures Corp. (“NSV”), purporting to offer specialized consulting services to Nerayoff, who is known for his contributions to the Ethereum ICO protocols and his leadership at Alchemist Group LLC, a consultancy and investment firm for blockchain companies.
The suit, which delves deep into allegations of fraud and deceit, details an elaborate scheme that allegedly conned Nerayoff out of over three-quarters of a million dollars through a non-existent consulting service. Via X, Nerayoff stated:
I am pleased to announce that justice is finally being served against Michael Hlady, a government agent / provocateur who collaborated with FBI agents and others to unjustly prosecute me for nearly four years. The FBI gave credibility to Hlady, […] Despite being aware of his fraudulent activities unrelated to me, the government deliberately shielded him from prosecution in 2018.
Nerayoff revealed on X (formerly Twitter) that he has already initiated legal actions against FBI agents, StormX, and now Hlady. He also hinted that his legal pursuits are far from over, indicating more developments are likely to follow. “And make no mistake, we will not stop until we have uncovered every bit of corruption, including within agencies like the SEC, involved in #EthGate. Expect more to come, and know that I am committed to holding all accountable for their actions,” he stated.
Ethereum Insider Exposes What HappenedNerayoff has filed claims against Hlady and Shooshani for creating and promoting a fictitious entity named North Star Ventures Corp. (“NSV”). According to the complaint, in December 2017, Shooshani introduced Nerayoff to her then-boyfriend, Hlady, who posed as a former government agent with claimed affiliations to the NSA, FBI, and CIA. The defendants asserted that Hlady’s consulting company, NSV, consisted of a team of similar ex-government operatives who could provide indispensable security and business vetting services to Nerayoff’s blockchain ventures.
The legal document details that Shooshani and Hlady, under the guise of NSV, induced Nerayoff to enter into a consulting agreement which promised extensive services from individuals purportedly possessing over 125 years of combined experience in fields crucial to corporate and government operations. “The agreement also claimed that ‘The North Star Venture team has been involved in providing consultation for corporations and deals with combined values exceeding $1 Billion US all done behind the scenes in the utmost of confidentiality,'” the complaint quotes.
From January to October 2018, Nerayoff paid several hundred thousand dollars to NSV based on invoices and requests presented by Hlady and Shooshani. These payments were meant to cover consulting fees, as well as supposed travel and miscellaneous expenses related to the services NSV was contracted to provide. The lawsuit details a list of transactions that include significant sums wired or transferred under the belief they were legitimate business expenses—illustrative of the depth of the alleged fraud.
The turning point in this saga came in November 2018, when Nerayoff discovered that not only did NSV not exist, but Hlady was also a convicted felon, recently released from prison after defrauding a Catholic school. The complaint highlights this shocking revelation with excerpts from Nerayoff’s communications to Shooshani expressing his dismay and sense of betrayal. Upon uncovering the truth, Nerayoff confronted Shooshani with messages that read: “This is the worst mistake of my life. He’s a two-bit con artist. How could you unleash this criminal on me!?”
Legal Proceedings And ClaimsIn response to these allegations, Nerayoff’s legal team has presented a multi-faceted legal strategy seeking recovery of the funds paid to Hlady and Shooshani, along with additional damages. The lawsuit articulates several causes of action including fraudulent inducement and common law fraud, underpinning the severity of the defendants’ actions.
“Plaintiff only agreed to enter into the January 14, 2018 agreement with NSV upon the express representations from defendants Hlady and Shooshani that defendant Hlady was a former decorated federal agent,” the complaint asserts, detailing the reliance of the former Ethereum advisor placed on these misrepresentations.
Previously, the former Ethereum advisor had made public how the US Department of Justice, US Securities and Exchange Commission and FBI sought to hold him accountable over 3.5 years in a lawsuit for a crime they fabricated just to gain leverage over other players in the crypto industry.
At press time, Ethereum (ETH) traded at $3,027.
Hong Kong Bitcoin ETFs Expected To Lag Behind US Market With Meager $500M Inflows, Expert
The Hong Kong Securities and Futures Commission (SFC) has granted official approval for spot Ethereum and Bitcoin ETFs, signifying a major milestone for the crypto market in the region.
However, while the approval brings excitement, Bloomberg Senior ETF analyst Eric Balchunas offered a more cautious analysis of the potential inflows into the newly approved market.
Balchunas claims that Hong Kong ETFs are expected to lag significantly behind their US counterparts, which have amassed more than $200 billion in Bitcoin ETFs trading volume since trading began in January.
Obstacles For Hong Kong’s Bitcoin ETFsWhile approving the Bitcoin ETFs in Hong Kong is undoubtedly a positive development, Balchunas took to social media to temper expectations.
According to Blachunas’ analysis, the Bitcoin ETFs have been approved to exist but have yet to launch. Rumors suggest a launch in the following week to avoid competition with the Dubai conference.
Balchunas also dismissed optimistic estimates, such as $25 billion in inflows, stating that the Hong Kong market would be fortunate to attract $500 million. He provided several reasons to support his cautious stance.
Firstly, Hong Kong’s ETF market is “relatively small,” valued at only $50 billion. Additionally, Chinese locals face restrictions in officially purchasing these Bitcoin ETFs, significantly limiting potential demand.
Secondly, the three approved issuers in Hong Kong (Bosera, China AMC, and Harvest) are relatively small players, lacking the influence of industry giants like BlackRock. According to Balchunas, this absence of major players could hinder the ETFs’ ability to attract significant investments.
Furthermore, Balchunas pointed out that the underlying ecosystem in Hong Kong is considered less liquid and efficient compared to the US market. As a result, these ETFs are likely to experience wider spreads and premium discounts, which may deter potential investors.
Lastly, the fees associated with the Hong Kong ETFs are estimated to range between 1% and 2%, significantly higher than the low-cost fees observed in the US market. Balchunas concluded by stating:
Just to be clear, all this is clearly positive for bitcoin as it opens up more avenues to invest, I’m just sayying its child’s play vs US. Also long-term some of this could go away: more liq, tighter spreads, lower fees and bigger issuers involved. But short/medium term we have more moderate expectations. That’s all.
Limited ImpactBalchunas’ colleague at Bloomberg, James Seyffart, also starkly compared the Hong Kong and US markets and highlighted the vast disparity in size and impact.
In a post on X, Seyffart pointed out that the assets held in US-listed Bitcoin ETFs alone exceed the total assets of all Hong Kong-listed ETFs. The US ETF market, valued at nearly $9 trillion, far exceeds the $50 billion valuation of the Hong Kong ETF market.
In addition, the Mainland China ETF market is approximately $325 billion, further highlighting the immense difference in scale. Seyffart emphasized that while Hong Kong ETFs may have potential in the long run, they are unlikely to match the scale of a launch on US exchanges. Seyffart then concluded:
This is not to diminish the potential of these ETFs or the idea that they could potentially become the Asian hub for exposure to digital assets on TradFi rails. But they’re unlikely to be anywhere near as impactful as a launch on US exchanges.
The largest cryptocurrency in the market is trading at $63,500, experiencing a slight decline of over 1% in the past few hours. Earlier, it briefly surged beyond the $67,000 mark, driven by anticipation surrounding the approval of ETFs in Hong Kong.
Featured image from Shutterstock, chart from TradingView.com
Impending Extradition? Nigerian Authorities Trace Fleeing Binance Exec To Kenya – Report
In the latest development of the saga between Binance and Nigerian authorities, the executive who fled from Nigerian custody at the end of March has been traced to Kenya by the Federal Government.
According to local reports, authorities are starting the extradition process and interrogating the guards in charge of the executive’s custody.
Binance Exec’s Extradition “In Full Swing”According to local newspaper PUNCH, authorities discovered Nadeem Anjarwalla’s whereabouts over the weekend. Following his escape from custody, the Nigerian Federal Government traced the fugitive to Kenya.
Per the report, the investigation blew the Binance executive’s cover and found his hiding spot. Sources within the presidency’s office told the local newspaper that Anjarwalla went into hiding immediately after landing in the country.
We have found him. We know where he is. He is in Kenya, and we’re working with the authorities to bring him back to Nigeria.
Another source confirmed the information to the newspaper, assuring Nigerian authorities, alongside the Kenyan government and INTERPOL, were “working hard (…) to ensure his return to Nigeria and face the charges brought against him.”
The Economic and Financial Crimes Commission (EFCC) Chair, Ola Olukoyede, confirmed that the commission was collaborating with the International Criminal Police Organization, the United States Federal Bureau of Investigation, the governments of the United Kingdom, Northern Ireland, and Kenya in the extradition process.
Olukoyede stated that the EFCC’s takeover of Binance chiefs’ prosecution was “no less a strong message in the direction of EFCC’s resolve to hedge in distortions and disruptions in the country’s forex market.”
How Did Anjarwalla Escape?Binance executives Nadeem Anjarwalla and Tigran Gambaryan were detained on February 26 as part of Nigeria’s crackdown on the crypto exchange over Tax evasion. As reported, one of the two detained Binance executives escaped from Nigerian custody last month.
On March 22, Anjarwalla, who holds dual British and Kenyan citizenship, fled the custodian house he and Gambaryan were staying at. At the time, it was presumed that the now-fugitive executive abused his phone privileges to scheme his escape from Abuja.
The executive got access to his Kenyan passport and flew out of Nigeria on a Middle Eastern airline after being taken to a nearby mosque to practice his faith. However, it remained a mystery how Anjarwalla obtained the documentation and escaped from security.
Per the most recent report, the guards in charge of monitoring the executive are now being questioned by special investigators from the military. A “top security source” told the local newspaper that:
The soldiers detailed to monitor Anjarwalla have been detained, as you know, and they’re still being grilled by special investigators drawn from various security and intelligence agencies and services- the military, DSS, NIA, and the police, all hands are on deck, as it is a matter of national security.
At the time of writing, further details of the logistics of the escape and Anjarwalla’s hiding remain unknown to the public. Meanwhile, the other detained Binance executive remains under the EFCC’s custody. Gambaryan awaits his trial this Friday, April 19, after being postponed following his first court appearance.
Runes Protocol Set To Launch As Bitcoin Halving Nears – A Threat To BRC-20 Dominance?
As the anticipated Bitcoin Halving approaches, a new native digital commodity protocol is set to make its presence felt in the cryptocurrency landscape. The Runes Protocol, developed by the mind behind the Ordinal Theory, Casey Rodarmor, is generating buzz as it introduces a new fungible token standard for Bitcoin.
A recent report by crypto analysis firm Delphi Digital sheds light on the potential of Runes to disrupt the tokenization landscape, challenging the dominance of BRC-20s.
A Glimpse Into The Runes ProtocolUnlike its predecessors, Runes is not a token itself but rather a framework that enables the creation of altcoins on the Bitcoin Network. Tokens created using the Runes Protocol, aptly named “Runes,” are fungible, meaning each Rune is interchangeable.
According to the research firm, this token standard offers several unique features that set it apart from existing token standards.
The Runes Protocol leverages Bitcoin’s UTXOs (Unspent Transaction Outputs) to store balances of both Bitcoin and Runes. This approach allows users to create and trade Runes instantly within the Bitcoin ecosystem.
The Runes Protocol aims to increase transparency and security by moving trust from the indexer level back to the Bitcoin blockchain.
Notably, the Runes ecosystem incorporates a unique mechanism for fair launches. The first Rune, called UNCOMMON•GOODS (Rune 0), is open for minting from the upcoming Halving to the next of these events.
Additionally, token names in the Runes ecosystem must initially have 13 or more characters, with the character count requirement gradually decreasing until all names become available for use.
Battle Of Token StandardsBRC-20s, with a market size exceeding $1.5 billion, have dominated the tokenization landscape. However, the emergence of Runes has sparked speculation about its potential to supersede BRC-20s. Delphi Digital’s report highlights key differences between the two token standards, with Runes offering potential advantages.
Runes streamline token creation by utilizing the OP_RETURN field, simplifying the process compared to BRC-20s, which require new inscriptions for every token transfer.
According to Delphi Digital, Runes also provides greater flexibility in token creation, supporting features such as open mint, fair distribution, and single address minting.
Additionally, Runes is more compatible with simplified payment verification (SPV) wallets and Bitcoin Layer 2 (L2) solutions, enabling faster and cheaper transactions.
Potential BRC-20 UpgradesWhile the Runes protocol offers significant benefits, it has limitations. The report points out that the current state of infrastructure development presents challenges in realizing the full potential of Runes compatibility.
In addition, introducing the Cenotaph model to allow for protocol upgrades raises concerns about the potential loss of runes due to “malformed runestones.”
As the Runes Protocol gains traction, rumors have surfaced about potential updates to the BRC-20 standard, including the ability for BRC-20 indexers to compute Ethereum Virtual Machine (EVM) smart contract code.
Delphi Digital notes that this development could address some of the design issues faced by the BRC-20, thereby increasing competition between the two token standards.
Overall, with the imminent launch of the Runes Protocol, the crypto community eagerly awaits the potential disruption it may bring to the tokenization landscape.
Delphi Digital’s report underscores Runes’ unique attributes and advantages, positioning it as a formidable contender to challenge the dominance of BRC-20s.
Ordinals (ORDI), the leading BRC-20 token in the cryptocurrency market, is currently trading at $45.58. However, its value has significantly declined by over 32% over the past month.
Featured image from Shutterstock, chart from TradingView.com
Spot Bitcoin ETFs Are Live In Hong Kong, But Don’t Be Overconfident: Analyst
On April 15, Hong Kong took a significant step towards becoming a crypto hub after approving the first spot Bitcoin and Ethereum exchange-traded funds (ETFs). However, an ETF analyst, Eric Balchunas, is pouring cold water on the excitement palpable across the crypto scene.
Spot Bitcoin ETF Is Live In Hong KongTaking to X, Balchunas is warning investors to be especially cautious about expecting a major influx of capital, especially into the spot Bitcoin ETF, as was first witnessed in the United States early this year.
In the analyst’s preview, spot ETFs in Hong Kong, while welcomed, might not be a game-changer some anticipate. Among the leading reasons these products will not significantly impact the market is the relatively small size of the Hong Kong ETF market, estimated to be around $50 billion. Though Chinese mainland investors have more capital, they are officially restricted from participating.
Additionally, Balchunas has identified possible liquidity concerns and the inefficiency of the city-state’s rails. Accordingly, the underlying infrastructural hitch might see these products launch with wider bid-ask spreads, unlike those in the United States.
Based on this, and considering the relatively high liquidity and involvement of Wall Street heavyweights like BlackRock and Fidelity, spot ETF issuers in the United States will have an edge.
BTC Price Remains Under Pressure, China Restricts ParticipationSo far, multiple applicants, including China Asset Management and Harvest Global Investments, have received approval from the Hong Kong Securities and Futures Commission (SFC) to launch spot Bitcoin and Ethereum ETFs. These products will likely begin trading in roughly a week.
Before then, BTC prices remained under pressure, as seen in the daily price action chart. The coin is down roughly 12% from all-time highs. Even so, buyers are in control and dominate from the top-down preview.
According to Coinlore, BTC is up approximately 120% year-to-date, and analysts expect more gains in the weeks after the Halving.
The approval, which came earlier than expected, is when the city-state is actively positioning itself as a leader in crypto, contrasting with mainland China’s stricter stance. In the mainland, crypto trading, staking, and mining remain banned. However, the government supports emerging technologies, including blockchain and artificial intelligence (AI).
In the past, President Xi Jinping said blockchain was a “critical breakthrough” and advocated for its development. Pilot programs on applications in digital evidence storage and smart courts have been launched. At the same time, China is backing the development of the Blockchain Service Network (BSN) to promote secure and controlled adoption.
New UK Legislation To Govern Crypto Staking, Trading, By Mid-2024: What You Need To Know
The United Kingdom is poised to enact new legislation covering stablecoins and various crypto activities, including staking, trading, and custody.
The forthcoming regulations, which are expected to be implemented by June or July 2024, mark a significant milestone as they bring digital assets, such as the operation of exchanges and the custody of customer funds, under regulatory oversight for the first time.
This development follows the approval of the Financial Services and Markets Act in June 2023, which paved the way for cryptocurrencies to be treated as a regulated financial activity.
Crypto Regulation Accelerates In The UKUK Economic Secretary Bim Afolami reaffirmed the government’s commitment to fast-tracking cryptocurrency-related issues during the Innovate Finance Global Summit. Afolami emphasized that legislation is being developed quickly to finalize proposals for the new regulatory regime.
The government aims to complete these efforts within the next six months, allowing a range of digital asset activities under the regulatory umbrella, including the operation of exchanges and custodial services. The Economic Secretary stated:
Once it goes live, a whole host of crypto asset activities, including operating an exchange, taking custody of customers’ assets, and other things, will come within the regulatory perimeter for the first time
Moreover, the UK Financial Conduct Authority (FCA) will soon launch a consultation on an authorization regime for digital asset companies. At the same time, the government plans to establish equivalence measures for overseas firms.
The aim is to foster a regulated and supervised environment for the nascent industry, ensuring consumer protection and market integrity.
Balancing Innovation And SafeguardsAs previously reported by Bitcoinist, the UK government has taken a phased approach to digital asset regulation, primarily focusing on legislation concerning fiat-backed stablecoins.
This priority is followed by addressing other areas, including algorithmic stablecoins, lending, and trading, which will be brought under the purview of conventional financial regulation.
In marked contrast to the approach and increased enforcement activity of the US Securities and Exchange Commission in the North American country, the UK government recognizes the need for greater clarity. It intends to provide a regulatory framework that balances innovation and investor protection.
However, despite the government’s efforts to create a crypto-friendly environment, the UK industry has faced challenges. Digital asset firms, including exchanges, have voiced concerns over delays and inadequate feedback from the FCA.
Recently introduced rules restricting digital asset advertising have also led to some high-profile firms scaling back or ceasing operations in the UK market. The FCA’s vigilance in tackling suspected illegal crypto promotions is evident, with over 450 warnings issued in three months in February 2024.
Nonetheless, the forthcoming legislation on stablecoins and crypto activities signifies the UK government’s commitment to fostering a regulated and supervised crypto industry.
While the specifics of the new regulations are yet to be unveiled, it is clear that crypto assets will operate within a more defined regulatory framework.
Featured image from Shutterstock, chart from TradingView.com
Dogecoin Whales Moving Around Massive Amounts: What Are They Up To?
On-chain data shows that the Dogecoin whales have recently made massive moves. Here’s where these moves have been heading.
Dogecoin Network Has Witnessed Some Large Moves RecentlyAccording to data from the cryptocurrency transaction tracker service Whale Alert, some large DOGE moves have been spotted on the blockchain within the past few days.
The moves are of a scale generally associated with whales, a cohort that carries an extremely large number of coins in their wallets. These entities can be influential in the market, so their transfers can be something to watch out for, as they may impact the asset’s price.
Four such transactions have appeared on the chain during the last 48 hours, implying that some whales have been repositioning themselves. What these moves imply for the market depends on what these investors want to achieve.
A closer look at the transfers’ individual details can help explain why each was made. First, the oldest of these transfers involved the movement of 350 million DOGE across wallets on the network, worth around $53 million when the move went through.
Here are the wallet details regarding this Dogecoin whale transaction:
As is visible above, this transfer had a wallet attached to Robinhood as its sender, while an unknown address was its receiver. Unknown wallets are not affiliated with any known central entity and, hence, are likely to be the investors’ personal wallets.
An exchange outflow is a move where coins flow from an exchange to an unknown wallet. Generally, investors take coins away from central custody whenever they plan to hold them for extended periods, so exchange outflows can have a bullish impact on the price.
The latest two DOGE whale transfers also involved the Robinhood platform. Unlike this one, though, the flow of coins was in the reverse direction for them, meaning that they were exchange inflows.
The sending and receiving addresses were the same between these two moves, so the same whale was most likely behind the deposits. This large investor has transferred $31.4 million in Dogecoin to the exchange.
The whale may be looking to use one of the Robinhood platform’s services, which can include selling. As such, these deposits may be bearish for the coin.
The final transfer from this period, which also happens to be the largest, was also an exchange inflow transaction, this one towards Binance.
This whale appears to have deposited a whopping 600 million DOGE ($92.2 million) to the platform. This means the balance has been overwhelmingly towards exchange inflows in the past couple of days, despite a sizeable outflow in the same window.
DOGE PriceDogecoin has registered an uplift of more than 3% in the past 24 hours, as its price is now floating around $0.156.
Toncoin And WIF Beat Out Dogecoin, Shiba Inu To Clinch Title For Best Perfoming Altcoins
Toncoin (TON) and Dogwifhat (WIF) are in the spotlight, having emerged as the best-performing altcoins since the start of the year ahead of other performing altcoins like Dogecoin (DOGE) and Shiba Inu (SHIB).
Toncoin And WIF Lead The WayData from CoinMarketCap shows that Toncoin and WIF are the best-performing altcoins in the top 50 cryptocurrencies by market cap, boasting a year-to-date (YTD) gain of 207% and 1668%, respectively. Although behind TON and WIF, other altcoins like DOGE and SHIB have also made significant strides, boasting a YTD gain of 84% and 128%, respectively.
Toncoin and WIF’s dominance in the market has been due to several factors. On Toincoin’s part, it has received significant backing from Telegram. The messaging platform recently integrated TON payments, exposing the crypto token to its user base of over 900 million persons. Telegram had also previously announced an ad-sharing revenue program, with payouts solely going to be made in Toncoin.
TON’s bullish momentum is also partly due to increased TON network activity. This has been thanks to notable projects like the telegram-based game Notcoin, which also plans to launch its token on the network on April 20. TON’s price surge since the start of the year saw it recently climb into the top 10 crypto tokens by market cap.
Meanwhile, WIF’s parabolic rise has mainly been thanks to its “rampant community,” which includes well-known crypto influencer Ansem. The meme coin has also benefitted from the hype around Solana, considering that it is the largest meme coin on the network at the moment. Therefore, every bullish development in the Solana ecosystem has positively impacted WIF’s price.
WIF has come a long way. Thanks to its parabolic price surge, it broke into the top 50 cryptos by market cap this year. The meme coin also flipped fellow Solana meme coin, BONK, on its way to becoming the third-largest meme coin by market cap, only behind DOGE and SHIB.
Meme And Artificial Intelligence Coins Make Their MarkMeme and artificial intelligence (AI) coins were projected to be among the leading narratives of this bull season, and they have undoubtedly lived up to the hype.
This is evident in how Meme and AI coins in the top 50 cryptos have outperformed the flagship crypto, Bitcoin. For context, WIF and Fetch.ai (FET) are the best-performing meme and AI coins, respectively, and they have both outperformed Bitcoin, which has a YTD gain of 56%.
DOGE, SHIB, and PEPE, the only other meme coins in the top 50 spot, have also outperformed Bitcoin. Meanwhile, AI coins like Render (RNDR) and Bittensor (TAO) boast higher YTD gains than Bitcoin, with gains of 97% and 110% respectively.
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