Author: The Daily Hodl

Digital assets manager CoinShares says that institutional investors dropped over two billion dollars into crypto products last week. In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in inflows to the tune of $2.2 billion on net last week. “Digital asset investment products saw inflows of US$2.2bn last week, bringing year-to-date inflows to a record breaking US$29.2bn. This, and recent price appreciation, has now pushed total assets under management (AuM) to over US$100bn for only the second time in history, matching levels seen in early June 2024 at US$102bn.” The US-led inflows regionally with…

A memecoin built on the Solana (SOL) blockchain has earned support from Binance, the world’s largest crypto exchange platform by trading volume. In a new announcement, Binance says it’s adding futures contracts for the monkey-themed PONKE (PONKE) on Monday. Says Binance, “To expand the list of trading choices offered on Binance Futures and enhance users’ trading experience, Binance Futures will launch the PONKEUSDT Perpetual Contract at 2024-11-04 12:30 (UTC) with up to 75x leverage.” PONKE is also listed on several crypto exchanges, including Bybit, Kraken, KuCoin, Crypto.com and Revolut. Last month, the project announced the launch of a decentralized exchange…

US-based crypto exchange Kraken is hinting at reducing its workforce amid plans to change how it innovates and rolls out products for its users.  In a statement, Kraken co-CEOs Arjun Sethi and Dave Ripley say the company is aiming to operate more efficiently to pursue its ambition of becoming the leading crypto exchange.  “To continue forging our path ahead and put Kraken in contention to become the largest crypto platform in the world, we need to be leaner and faster.” Kraken says it is making structural changes after falling into a “trap” of building organizational layers that it says incentivized managers…

A closely followed crypto analyst says there is a good chance that Ethereum (ETH) may enter a final capitulation in the coming weeks. In a new strategy session, crypto trader Benjamin Cowen tells his 819,000 YouTube subscribers that based on a pattern of Ethereum bottoming out during the fourth quarter, he’s anticipating ETH drops to its logarithmic trendline, potentially as low as $1,000. “When I look at the cycle, I see ETH at $2,400 and I just think that there is a really high probability that within a couple of months, probably in less than two months, we will look…

Real Vision analyst Jamie Coutts says that the stage is being set for a crypto bull market as multiple indicators turn bullish. On the social media platform X, Coutts says nearly every metric he uses to measure the health of the Bitcoin market cycle is no longer in “overheated” territory, boding well for BTC. “Over the past seven months, Bitcoin’s consolidation has significantly cooled valuation metrics that were overheated in Q1. With the exception of Open Interest at an all-time high (100th percentile), nearly every metric – from MVRV (market value to realized value) and Puell to LTH SOPR (long-term…

A closely followed crypto strategist and trader believes that a huge burst to the upside is coming for Bitcoin (BTC). Pseudonymous analyst Credible tells his 433,330 followers on the social media platform X that Bitcoin is gearing up for a rally toward its all-time high at around $74,000. But the crypto analyst warns that the rally will likely be a fakeout, designed to trap exuberant BTC bulls. “Lower timeframes looking very constructive here – BTC looks to be forming a bottom here for that push to ATH (all-time high). The yellow line on my chart that we tapped to mark…

A closely followed crypto analyst believes that two altcoins have the potential to skyrocket by as much as 5x before this cycle is over. Pseudonymous analyst Altcoin Sherpa tells his 228,100 followers on the social media platform X that he’s extremely bullish on the altcoin market. According to the analyst, even average altcoins will see massive price rallies if conditions turn bullish for crypto. Specifically, the trader sees the decentralized oracle network Chainlink (LINK) and the layer-1 protocol Algorand (ALGO) printing gains between 400% and 600% before the current cycle comes to a close. “Market average for sh*tcoins from here…

Economist Henrik Zeberg is doubling down on his blow-off top price prediction for Bitcoin (BTC) despite what he says are signs of topping in the stock market. In a new interview with Ran Neuner on the CryptoBanter YouTube channel, Zeberg predicts a move above the $78,000 level early this week as the election results come in. “I look at the charts and I see that we’re going to see a very big move… Normally after elections, we see a very powerful move, and that is what we see lining up for Bitcoin. I think [Bitcoin] is going to do tremendously…

The world’s largest stablecoin by market cap is reportedly potentially seeing a rise in adoption amongst sanctioned nations. Citing data from market intelligence platform Chainalysis, Bloomberg reports that stablecoin issuer Tether’s USDT is seeing increased usage at time zones correlated with major cities in Eastern Europe, the Middle East and Africa, including sanctioned nations such as Russia and Iran. According to the data, a trend emerges when examining first-time use of digital wallets containing USDT between January 1st and October 8th of this year – that trend indicates a possible uptick in usage during the late morning or early afternoon…

UBS Asset Management is unveiling its first tokenized investment fund on the leading smart contract platform Ethereum (ETH). In a statement, the global wealth manager and multinational investment bank says the UBS USD Money Market Investment Fund Token (uMINT) will be made available through authorized distribution partners. The Swiss firm with over $5.7 trillion in assets under management as of March 2024 says uMINT’s launch forms part of the broader expansion of UBS Tokenize, the banking giant’s in-house tokenization service initially focused on bonds, funds and structured products. Says UBS Asset Management Asia-Pacific co-head Thomas Kaegi,  “We have seen growing…