đ Crypto investors are riding high! Following the US Fed's 50 bp rate cut, digital asset investment products saw inflows of $321M from Sept. 15-21, according to CoinShares.
- **Bitcoin**: The star of the show with $284M in inflows.
- **Ethereum**: Not so lucky, with $29M in outflows for the fifth week straight.
- **Solana**: Quietly gaining, with $3.2M in inflows.
The Fed's decision has crypto markets buzzing, pushing total assets under management up 9%. Looks like the rate cut party is just getting started! đ
**Crypto Investment Inflows Surge After Fed Rate Cut**
Cryptocurrency investment products saw significant inflows following the US Federal Reserveâs decision to lower interest rates, according to CoinShares. From Sept. 15 to Sept. 21, digital asset products attracted $321 million, slightly down from $436 million the previous week.
- **Bitcoin Dominates**: Bitcoin investment products led with $284 million in inflows, while Ethereum saw $29 million in outflows for the fifth consecutive week.
- **Solana Gains**: Solana investment products continued their steady rise, amassing $3.2 million.
- **Market Reaction**: The 50 basis points rate cut by the Fed spurred a positive reaction, with total assets under management increasing by 9%.
CoinShares noted that the rate cut has fueled optimism in the crypto market, despite some analysts predicting negative outcomes.
TRENDING EVENTS OF THE WEEK
#AutoLayer #LAY3R, #MyNeighborAlice $ALICE, #Eigenpie $EGP, #EOS $EOS, #ThetaNetwork $THETA, #CrossTheAges $CTA, #HamsterKombat $HMSTR, #BNBChain $BNB, #EnjinCoin $ENJ, #Numeraire $NMR
$SUI Price Approaching New All-Time High - CoinGape Analytics
Solana-killer Layer 1 blockchain â Sui Network â is witnessing a strong demand within the decentralized finance (DeFi) market thereby triggering a strong recovery in the SUI price. Over the past month, SUI has gained a massive 60% moving all the way to $1.60 levels in the latest surge.
Earlier this year in March, the SUI price touched a new high above $2.08, along with the Bitcoin price hitting a new all-time high. However, within three months following it, it collapses all the way under $0.50 amid the broader market sell-off.
Showing resilience, SUI has staged a strong recovery since the June lows and is on the path to hit fresh all-time highs again. The SUI token price today is up 9.7% trading at $1.6 levels with its market cap at $4.2 billion and daily trading volumes shooting up 93% to $841 million.
As per the technical chart, the SUIUSDT trading pair has surged past the critical resistance of $1.57 and is eyeing the next resistance at $1.80 levels. Thus, thereâs a high probability of SUI hitting its previous all-time levels and surging beyond that.
Vice President and Democratic presidential nominee Kamala Harris has publicly declared her support for cryptocurrency for the first time.
Harris was seen endorsing digital assets at a fundraiser in Wall Street, New York, marking her first public mention of the industry since the start of her presidential campaign. The Vice President stated that if elected in November, she would support the growth of digital assets and artificial intelligence (AI).
Harris discussed her economic agenda during an in-person fundraiser. The Democrat candidate has come under criticism for failing to mention her strategy to enhance the crypto sector and proffer solutions to the nationâs growing financial troubles.
However, Harris asserted on Sunday that she would foster Americaâs economy by collaborating with certain vital sectors, including innovators. She further categorized digital assets as part of the technological innovations she would endorse.
#Crypto #CryptoNewsđđ„V #CryptoNewsDaddy #CryptoNewsđđ„"
Investors Boost Digital Asset Funds Significantly.
Investments in digital asset products have surged, marking a significant inflow of $321 million for the second week in a row. This increase is largely attributed to the Federal Open Market Committee's (FOMC) recent decision to lower interest rates by 50 basis points, a move that surpassed market expectations. As a result, the total assets under management (AuM) in digital asset funds have jumped by 9%.
Why Is Bitcoin Leading Inflows?
Bitcoin has emerged as the frontrunner, drawing in $284 million in inflows. Despite some price volatility after the rate cut, short Bitcoin investment products only attracted
$5.1 million. This implies that investors
are more optimistic about potential
upward trends in Bitcoin's value rather
than downturns.
What Is the Situation with Ethereum?
Ethereum, however, is experiencing a different scenario. Investment products tied to Ethereum have seen outflows for the fifth consecutive week, with $29 million leaving these funds recently. This trend is linked to ongoing withdrawals from the Grayscale Trust and tepid interest in new exchange-traded funds (ETFs).
Solana, a well-known altcoin, continues to see steady interest, attracting $3.2 million in the last week. This reflects sustained investor interest in alternative digital projects.
Regarding regional inflows, the United
States is at the forefront, contributing
$277 million, while Switzerland saw its
highest weekly inflow this year at $63
million. In contrast, Germany, Sweden,
and Canada experienced outflows,
losing $9.5 million, $7.8 million, and
$2.3 million, respectively.
**Leverage Dynamics in the Futures Market: An Optimistic Outlook**
One area of current interest in the cryptocurrency market is the leverage in the futures market, which can significantly influence market direction. There are two primary groups in this market: institutional traders, such as those on the CME, and retail traders native to cryptocurrencies. Institutional traders typically engage in hedging and rarely face liquidations, whereas retail traders experience higher liquidation rates.
Open Interest in the futures market has surged by approximately $6 billion, reaching $28.3 billion, just below the all-time high of $31 billion. This increase is partly driven by the volatility surrounding the FED rate cut. Institutional investors are showing strong conviction in Bitcoin's upcoming volatility, although they are less prone to liquidation unless there are sharp fluctuations when CME operations are closed.
Additionally, Bitcoin funding rates indicate that investors are earning $2 million per day for holding long positions in Bitcoin futures contracts. This suggests robust demand and a willingness to pay for long positions. While this is not an excessive value, it does not rule out the possibility of sharp corrections in the short term to eliminate overly optimistic traders.
Interestingly, short liquidations have increased significantly by about $493 million. This is a positive sign, as it suggests the potential for short squeezes following sudden drops, which could eliminate long positions and set the stage for a more substantial upward rally.
In summary, while the market may experience short-term corrections, the overall outlook remains optimistic, with potential for a swift return to an upward trend.
#BlumCrypto #BlumAirdrop
**BLUM Official Listing Update â€ïž**
The official listing date for BLUM hasn't been confirmed yet, but itâs expected to happen either in late September or early October. The BLUM team has already clarified that rumors of a September 20th listing are false, and theyâve warned people to be cautious of any scams spreading wrong information. While an October 1st listing isn't guaranteed, here are some important points to note:
- **BLUM Airdrop**:
The airdrop is expected in **Q4 2024**, with an official announcement coming soon through BLUM's verified channels. Stay tuned for updates on their social media and website.
- **BLUM Token Price**:
Currently trading at **$0.02** in pre-market, analysts predict the price could reach **$0.05** by mid-2025, driven by growing interest and market trends.
- **Exchange Listings**:
If BLUM gets listed on major exchanges like **Binance**, it will likely boost its visibility and market presence. Watch for news from BLUM's official channels for accurate updates on the listing and airdrop.
Make sure to follow BLUMâs official social media for the latest info!#Write2Earn! #BlumAirdrop #Write2Earn!
**Futures Market Leverage and Its Impact on Bitcoin Volatility**
The leverage in the futures market is a focal point of current interest and concern. Institutional players, primarily trading through the CME, engage in hedges with set maturities and rarely liquidate their positions. In contrast, retail traders in native cryptocurrencies experience more frequent liquidations.
Open Interest has surged by approximately $6B, reaching $28.3B, just shy of its all-time high of $31B. This increase is driven by the volatility surrounding the FED rate cut. Institutional investors are showing strong conviction in Bitcoin's upcoming volatility, with minimal risk of liquidation unless significant fluctuations occur outside CME operations.
Bitcoin funding rates indicate that investors are earning $2M/day for holding long positions in Bitcoin futures, reflecting substantial demand. While this is not excessively high, it suggests potential for sharp corrections to eliminate over-leveraged players.
Significantly, short liquidations have risen by about $493 million, indicating potential for short squeezes. This could lead to a rapid return to an upward rally post-correction, driven by the elimination of large speculative positions.
Written by Percival
What's next for Solana (SOL)? Key metrics show warning signs
Solana (SOL) bulls have managed to maintain their advantage in the market over the last week. Thanks to that, the token has been approaching a crucial level. A breakout above that could push the tokenâs price further up in the coming days or weeks.Â
Meanwhile, Ali, a popular crypto analyst, posted a tweet highlighting the fact that SOL was approaching a crucial resistance.Â
As per the tweet, it was important for Solana to go above the $154 resistance because a rejection at that marl could push the token down. To be precise, a failed test could push Solana down to $85 again, which might be disastrous for several investors.Â
By contrast, look at Coinglassâ data also revealed that Solanaâs long/short ratio dropped â typically a bearish sign.
Solana daily chart's analysis revealed that the Chaikin Money Flow (CMF) registered a downtick. This hinted at a price correction. However, the MACD was bullish as it displayed a buyersâ advantage in the market.
As per Hyblockâs data, if the downturn continues, then SOL has a strong support at $144. From there, the token can make a rebound. If that happens, then SOL might touch $150 before it eyes at $1564.Â
#DODOEmpowersMemeIssuance #BinanceLaunchpoolHMSTR #CATIonBinance #BTCReboundsAfterFOMC #Solana_Blockchain
$SOL
Beware of fake Binance employees and fake activities
We have found some attackers in the Middle East, Southeast Asia and other regions who are impersonating Binance employees and distributing rewards through WhatsApp groups. They claim that everyone in the group is a lucky person, thus creating the illusion of "surprise".
Remember, these are not official activities. Their purpose is to steal the assets in your account through scams.
If you are encountering such a situation, please report it to us. If you have been scammed, please first report it to the police and report it through Binance official customer service.
Stay safe!
Proof Of Shit - Every âdepositâ made on this toilet, users are awarded âGgool,â a digital currency aptly nicknamed âshit coinâ.
A South Korean professor, Cho Jae-Weon, has developed a revolutionary toilet that not only tackles waste management but also incentivizes users with cryptocurrency for theirâŠcontributions.
As per the details, the high-tech toilet transforms your daily 500 grams of waste into a mighty 50 liters of methane gas. This gas is then cleverly converted into 0.5 kWh of clean energy, essentially turning your bathroom breaks into a mini power plant.
Apparently, Professor Cho isnât just saving the planet, heâs also rewarding responsible waste disposal. For every âdepositâ made, users are awarded âGgool,â a digital currency aptly nicknamed âshit coinâ.
While the name might not be glamorous, the concept certainly is â getting paid (in digital currency) for doing your business and helping the environment.
#Shitcoin #BitEagleNews