If three things happen, Ethereum and XRP will both see small price increases, and Bitcoin might resist selling pressure.
According to its 13F filing with the SEC, the US trading company Jane Street has increased their entire holding in Spot Bitcoin ETFs to $710 million.
With a current profit of $58,485 for over 75% of Bitcoin wallet addresses, there is a lot of selling pressure on BTC.
Above critical support, Ethereum and XRP remained unchanged on Friday.
Revolutionizing Bitcoin, Ethereum, and XRP
According to Jane Street's Q3 13-F filing with the SEC, the financial behemoth boosted its total holdings in Spot Bitcoin ETFs from $613 million in Q1 2024 to $710 million in Q2 2024.
This cycle's Bitcoin gains are impacted by three main factors:
Flow of institutional money into spot bitcoin exchange-traded funds
Rate of funding
Distribution of Bitcoin supply
According to statistics from Farside, Bitcoin received more than $11 million on Thursday, August 15. One factor that might boost Bitcoin's demand is a steady influx of institutional investment.
On Thursday, the Bitcoin financing rate fell to -7 percent, its lowest point in the last twelve months. As the negative financing rate suggests that short sellers are paying off long sellers, it lends credence to the idea that Bitcoin will continue to rise in value.
According to Glassnode statistics, long-term investors' Bitcoin holdings reached record levels. A total of 284,740 Bitcoin were added to the wallets of long-term holders between July 18 and August 14. There was a rise from 13,538 million to 13,823 million long-term Bitcoin holders.
As of this writing, one Filecoin (FIL) is worth $3.474. During the period from November 2023 to July 2024, the token is expected to continue gains of more than 15% and recover above $4, a crucial support level.
There is positive underlying momentum in the price trend of FIL, as seen by the Moving Average Convergence Divergence (MACD) indicator.
In the event that FIL is unable to sustain its recent advances, it may find a little of support at its August 5 low of $2.886.
Market reports
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