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Cryptocurrency

BTC, ETH Shot Up to 3-Week Peaks as ETFs Recorded Net Inflows

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The cryptocurrency market saw some long-time coming revival after the United States Federal Reserve cut the interest rates on Wednesday for the first time in about four years.

The two largest digital assets went on a run, jumping by roughly 10% in the past few days.

BTC Price Rises Amid ETF Inflows

The 11 spot Bitcoin ETFs have enjoyed investors’ demand and attention ever since they went live for trading in January this year. Their negative and positive streaks in terms of net flows have influenced the underlying asset’s price to the extent that BTC tapped a new all-time high just two months after they saw the light of day.

As with most markets, investors’ perspective changes with current macro and micro-economic conditions and news. As such, it was interesting to follow how they would act in this particular week because of the Fed’s FOMC meeting that took place on Wednesday.

After all, this was the first interest rate cut in the States since 2020, which also means that it was the first since the inception of the BTC ETFs. In the days leading to the meeting, US investors poured over $500 million in net inflows to the financial vehicles but withdrew $52.7 million on Wednesday.

However, their attitude changed once again yesterday – the first full trading day after the rate reduction. Data from FarSide shows total net inflows of $158.3 million. Ark Invest’s ARKB led the pack with $81.1 million, followed by Fidelity’s FBTC with nearly $50 million. There were no reportable outflows, but BlackRock’s IBIT saw no action.

In the same timeframe, BTC’s price skyrocketed from $59,000 (on the rate-cut day) to just over $64,000 earlier today before retracing slightly to $63,400 (as of now).

Bitcoin/Price/Chart 20.09.2024. Source: TradingView
Bitcoin/Price/Chart 20.09.2024. Source: TradingView

Even ETH ETFs See Inflows

Unlike the Bitcoin ETFs, the Ethereum counterparts have failed to attract real interest, recording very few days in net inflows since their start in late July. In the days ahead of the FOMC meeting, investors took out $9.4 million on Monday and $15.1 million on Tuesday. Another $9.8 million was withdrawn on Wednesday.

However, the tides turned for the Ethereum ETFs as well yesterday, with total net inflows of $5.2 million. Interestingly, the entire amount went into BlackRock’s ETHA, and the rest of the ETFs saw zero reportable flows.

ETH’s price also soared alongside BTC. It had dumped to $2,300 during the FOMC meeting on Wednesday but earlier today neared $2,575 (a 12% surge) for the first time since late August.

Ethereum/Price/Chart 20.09.2024. Source: TradingView
Ethereum/Price/Chart 20.09.2024. Source: TradingView
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Cryptocurrency

Standard Chartered Launches Institutional Spot BTC, ETH Trading

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Standard Chartered has become the first internationally recognized financial heavyweight to launch direct spot trading for Bitcoin and Ethereum.

The offering positions the UK-based institution at the forefront of regulated digital asset integration within traditional finance.

Launch Mechanics and Client Access

According to reports, the new service will allow institutional clients, including asset managers, corporations, and large investors, to trade BTC and ETH directly using FX trading interfaces established by the bank.

Standard Chartered stressed that the trades are “deliverable,” meaning that customers will receive actual crypto assets upon settlement rather than mere exposure via derivatives. Additionally, users can choose their own custodian, including Standard Chartered’s in-house service.

At first, the offering will be available during Asian and European trading hours, with potential demand determining whether there will be 24/5 access in the future.

The bank also plans to introduce non-deliverable forwards (NDFs) trading for the two largest crypto assets by market cap. This will further expand risk management tools amid growing institutional appetite for digital assets.

Traditional banks are under increasing pressure to bridge the gap between legacy finance and crypto infrastructure, and Standard Chartered hopes to eliminate a major point of friction for institutional players who were previously forced to navigate a fragmented and often unregulated crypto sector.

A Broader Crypto Strategy

The UK spot trading launch is just one piece of Standard Chartered’s growing arsenal of digital asset solutions. At the beginning of the year, the bank established a dedicated Luxembourg entity to offer regulated crypto custody services within the EU.

Around the same time, it also dipped its feet into stablecoins and tokenization, partnering with Animoca Brands and HKT to develop a Hong Kong dollar-pegged stablecoin.

Compteitors like JPMorgan and Goldman Sachs have taken a more conservative approach to direct crypto spot trading, with Nate Geraci, co-founder of The ETF Institute, decrying this cautious stance.

Recently, while referencing Vanguard, another heavyweight player in the financial management space, he suggested that the refusal by such institutions to offer crypto products could alienate investors seeking exposure to such assets.

“What Vanguard is missing (*huge* miss IMO)…” Geraci posted. “Is there are tons of investors who love Vanguard’s low cost approach to stock & bond investing AND they want to own some btc & crypto.”

Meanwhile, Standard Chartered Group CEO Bill Winters has consistently stated that “digital assets are here to stay.” The company’s aggressive positioning grants it an early-mover advantage in a market where deep-pocketed investors are increasingly demanding secure, compliant crypto exposure amid a shifting regulatory environment and rising BTC adoption.

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Cryptocurrency

Is Solana About to Explode Further? Analyst Reveals Next Targets

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TL;DR

  • Solana breaks above $166 Fibonacci level, with bulls eyeing targets at $171, $179, and $185.
  • SOL trades above 9-day SMA, while MFI at 76 signals strong inflows but potential exhaustion.
  • SEC ETF reviews add momentum to Solana’s ongoing upward price action.

SOL Chart Points to Bullish Target

Solana (SOL) has broken out of an ascending triangle. The price cleared the $166 mark, which is the 1.272 Fibonacci level. Traders now watch for the next levels at $171, $179, and $185. The structure shows rising lows and growing volume, which supports the move. 

“This could be the cleanest breakout I’ve seen all month,” said analyst Ali on X.

If buyers stay in control, the $185 level may be next. But traders also watch for pullbacks, especially as prices move higher into resistance zones.

SMA and MFI Indicate Bullish Momentum

Solana trades above its 9-day simple moving average, which now sits at $158. This shows that buyers are still active. The slope of the line is pointing up, which supports the current direction. 

At the same time, the Money Flow Index is at 76.16, which is close to the overbought line. This reading shows that funds have flowed in fast. But it also warns of possible profit-taking or price pauses near this level.

SOL price chart
Source: TradingView

Network Use and ETF Talk Support Momentum

As CryptoPotato reported, the number of active users on Solana’s network has recently ticked up. This rise in activity often helps price moves stay strong. The added use shows interest in Solana is growing.

Meanwhile, the SEC is now reviewing spot ETF filings tied to Solana. These efforts are said to be moving quickly. If approved, they may open more ways for funds to buy SOL directly.

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Cryptocurrency

Large Bitcoin Investors Realize $1.54 Billion in Profits but Rally Still Intact: CryptoQuant

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Bitcoin’s climb above the coveted $120,000 level was short-lived, as the cryptocurrency pulled back to below $117,000 amidst renewed volatility. Over the past 24 hours, it declined by over 4%.

On-chain signals reveal increased miner activity, which suggests short-term selling pressure.

Miners Cashing Out?

As the price approached new highs, the Miners’ Position Index (MPI) – which gauges the ratio of miner outflows to their one-year moving average – spiked to levels last seen during major sell-off periods. This means that some of them may have begun taking profits into strength, a pattern often seen when the MPI reading rises above 2, hinting at larger-than-usual Bitcoin outflows from miners to exchanges.

While such moves can introduce short-term selling pressure, CryptoQuant explained that historical patterns indicate they do not always derail broader bullish trends when demand from other investor cohorts remains strong.

At the same time, Binance, the world’s largest cryptocurrency exchange, recorded net inflows of nearly 6,000 BTC between July 12 and July 14. This activity reversed a period of predominantly neutral or negative netflows. The sudden influx alongside the recent price rally points to potential arbitrage activity, derivative hedging, or preparations for large-scale transactions rather than outright panic selling.

Considering all these factors together, the uptick in miner activity and increased exchange deposits mean that while some market participants are realizing gains, others may be positioning for continued price action.

Amid these miner outflows and Binance inflows, Glassnode recorded one of the year’s largest profit-taking days.

Bitcoin Logs One of Its Largest Profit-Taking Days

According to the blockchain intelligence platform’s findings, Bitcoin investors collectively realized $3.5 billion in profits over the past 24 hours.

This is one of the largest profit-taking days for BTC this year. Interestingly, long-term holders accounted for approximately $1.96 billion, or 56% of the realized gains, while short-term holders captured around $1.54 billion and accounted for the rest.

The significant wave of profit realization, led predominantly by long-term holders, demonstrated how seasoned investors are seizing the opportunity to lock in gains as Bitcoin hit a fresh peak while still allowing room for fresh capital to enter.

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