Author: The Daily Hodl

A popular crypto analyst thinks that Bitcoin (BTC) will likely continue to trade close to its record highs at the expense of altcoins. In a new YouTube video, Benjamin Cowen tells his 801,000 subscribers that he believes the only reason Bitcoin is still above $60,000 is because traders are moving money from altcoins into BTC. Cowen warns that Bitcoin and the rest of the crypto markets will likely witness a larger correction once liquidity in the altcoin markets is exhausted. “My base case, and I’ve been saying this for months, is that Bitcoin chops the altcoin market up, up here,…

A deep-pocketed investor is suddenly accumulating massive amounts of a Dogecoin (DOGE) rival from top US crypto exchange Coinbase, on-chain data shows. Digital asset tracker Lookonchain notices a crypto whale spent 606,00 USDC to buy nearly 228,000 dogwifhat (WIF) memecoins. “A whale is buying WIF! The whale created a new wallet and withdrew 1.83 million USDC from Coinbase to buy WIF. So far, he has spent 606,000 USDC to buy 227,896 WIF at $2.66, with 1.22 million USDC left. The purchase is in progress [on May 20th].” WIF is trading for $2.83 at time of writing, up 10.7% in the…

Macro strategist Jim Bianco is blowing up the narrative that institutions and high-net-worth investors are the ones heavily accumulating shares in Bitcoin (BTC) exchange-traded funds (ETFs). Bianco tells his 398,400 followers on the social media platform X that new mandatory 13F filings with the U.S. Securities and Exchange Commission (SEC) reveal the breakdown of investor types in the spot BTC ETFs for the first quarter of 2024. “Anyone with over 5% beneficial ownership or at least $100 million in assets must file a 13F within 45 days of the end of the quarter. This was May 15th. ~7,000 were filed.…

A crypto strategist who accurately timed the most recent Bitcoin correction is unveiling the timeline for the next BTC parabolic move. Pseudonymous analyst Rekt Capital tells his 470,400 followers on the social media platform X that Bitcoin has entered the post-halving reaccumulation phase and may be months away from witnessing another steep upside move based on historical data. “In 2020, Bitcoin performed a -19% retrace around the Halving. And then consolidated for 160 days after the Halving before breaking out into the Parabolic Phase of the cycle (green). In 2024, Bitcoin retraced almost -24% around the Halving. And if history…

The price of Ethereum (ETH) is surging after two Bloomberg analysts dramatically changed their assessment on whether an Ethereum ETF will soon be approved by the U.S. Securities and Exchange Commission. Eric Balchunas and James Seyffart increased their outlook that a spot Ethereum ETH will be approved from 25% to 75%, citing an apparent change in tone from the SEC. “James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us…

A closely followed crypto strategist says he’s bullish on one Ethereum (ETH) competitor that surged by as much as 43% last week. Pseudonymous trader Altcoin Sherpa tells his 216,300 followers on the social media platform X that Fantom (FTM) will see more rallies in the coming months. “FTM is going to $1-ish before any pullback and should go even higher in the next six months, in my opinion. Interesting upgrades/pivots coming here, and I have a bag. This looks strong in the short term.”  At time of writing, FTM is worth $0.856. Looking at the native asset of the decentralized…

Binance, the largest crypto exchange in the world, is speaking out against the trend of new projects listing with low float and high fully diluted valuations (FDVs). Float refers to the amount of circulating tokens while the the FDV refers to the market capitalization if 100% of the maximum supply of tokens are taken into account. The combination of low float and high FDV may result in overly high sell pressure in the future and therefore be unfavorable to retail investors. Says Binance, “In recent months, we have observed a trend of tokens launching at high valuations with low initial…

Digital assets manager CoinShares says institutions poured nearly a billion dollars into crypto products last week in response to Consumer Price Index (CPI) data. In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products raked in $932 million in net inflows last week despite trading volumes being down approximately 75% from March. “Interestingly, the inflows were an immediate response to the lower-than-expected CPI report on Wednesday, with the latter three trading days of the week making up 89% of the total flows, highlighting our view that Bitcoin prices have recoupled to interest rate expectations.” In terms of regional…

A closely followed crypto trader believes there is a stronger bullish market narrative for digital assets than artificial intelligence (AI) that could send altcoins to new all-time highs (ATHs). Pseudonymous trader Criptopaul tells his 105,900 followers on the social media platform X that real-world asset (RWA) tokenization has the potential to send altcoins soaring in the current cycle more than the hype around AI. “In my opinion RWA is still the biggest narrative of this cycle, more than AI, since the RWA concept itself is based on blockchain and is a real financial revolution that has been hypothesized for years…

New data from Bitcoin brokerage firm River reveals that the largest US hedge funds have combined to accumulate billions of dollars worth of BTC exchange-traded (ETF) shares. In a new thread on the social media platform X, River says that even though BTC’s market cap is relatively small, many of the largest hedge funds in the US already have significant exposure to the crypto king. “Twelve of the largest 25 US hedge funds collectively have over $2.6 billion Bitcoin ETF exposure. Eleven of the largest 25 Registered Investment Advisors (RIAs) also have exposure. All while Bitcoin is just a $1…