Author: The Daily Hodl

A widely followed crypto strategist says that Ethereum (ETH) is likely gearing up for a big upside move as the leading smart contract platform shows “serious strength” in the charts. Pseudonymous analyst and trader Bluntz tells his 257,000 followers on the social media platform X that ETH is looking strong both in its USD and Bitcoin (ETH/BTC) pairs. “ETH and even ETH/BTC showing some serious strength today.” Bluntz is a known practitioner of Elliot Wave Theory, an approach to technical analysis that states corrections often happen in three parts, or “A-B-C” waves. According to his chart, Bluntz is suggesting that…

Digital assets manager CoinShares says institutional investments in crypto products suffered their third consecutive week of outflows last week. In its latest Digital Asset Fund Flows report, CoinShares says crypto investment products lost $435 million in outflows last week, the largest week of outflows since last month. “Trading volumes in ETPs (exchange-traded products) fell to $11.8 billion last week compared to $18 billion the prior week, while Bitcoin prices fell by 6%.” While the US saw $388 million in regional outflows, CoinShares notes that inflows on the year remain at a record $13.6 billion. “Looking into the detail, the majority of the outflows were from the incumbent Grayscale,…

On-chain analyst Willy Woo believes that a critical time is arriving for Bitcoin (BTC) as he says bearish momentum subsides. Woo tells his 1.1 million followers on the social media platform X that key indicators suggest Bitcoin could soon see a bullish reversal. “Summary: it’s crunch time. BTC needs to make a decision. Technical indicators point bearish. The majority of my fundamentals signals point bullish. Macro liquidity will probably decide this.” The analyst says that Bitcoin’s cumulative volume delta (CVD), an indicator that aims to spot divergences by comparing buying and selling volume over a given time period, is starting…

Big Four accounting firm KPMG says that investors are warming up to crypto as a way to hedge against the debasement of fiat currencies by central banks. In a new report, KPMG looks at the Canadian market and says that in 2023, half of financial service providers polled in the country offered crypto asset services, up from 41% in 2021. The study also finds that 39% of Canadian institutional investors had crypto exposure in 2023, rising from 31% in 2021. Kareem Sadek, Emerging Technology Risk leader and co-leader of KPMG’s Digital Assets practice, says that Canadian institutional investors have become…

Financial services titan Franklin Templeton has listed its new spot market Ethereum (ETH) exchange-traded fund (ETF) with the Depository Trust and Clearing Corporation (DTCC). In its products offering page, the DTCC has listed Ethereum-based exchange-traded products (ETPs) from key financial giants, including Franklin Templeton’s Ethereum TR Ethereum ETF (EZET). The DTCC, founded in 1999, is a post-trade financial services firm that provides clearing and settlement services for markets. The DTCC’s website routinely lists securities that are eligible to be traded, including ETFs that have gone through the proper approval process. However, the listing on DTCC does not guarantee that the…

A closely followed crypto trader is turning bullish on Toncoin (TON) and says one large-cap altcoin is setting up to be the “dark horse” of the market cycle. Pseudonymous trader Loma tells his 303,000 followers on the social media platform X that he’s looking to accumulate TON, the native asset of the layer-1 crypto project Toncoin, around the $5 range. “Building out a TON position while looking for something like [1] area to accumulate. Top off the position at [2] area. Any acceptance below [1] and that probably just means it’s time to trim down size or cut completely cause…

New data from blockchain-tracking service Lookonchain reveals that the founder of Tron (TRX) is gobbling up hundreds of millions of dollars worth of Ethereum (ETH) as the crypto market goes through a correction. In a new thread on the social media platform X, Lookonchain says that Justin Sun, who founded Tron in 2017, has accumulated a total of 176,117 ETH worth $559.7 million since April 8th, at an average price of about $3,170 per token. Last week, Lookonchain spotted a wallet address possibly associated with Sun withdrawing thousands of ETH from the crypto exchange Binance. “0x4359 (possibly Justin Sun) withdrew…

An analyst who rode the 2023 crypto breakout believes that Bitcoin’s bull market will remain “incredibly strong” even if BTC plummets to $52,000. In a new strategy session, pseudonymous analyst DonAlt tells his 59,100 YouTube subscribers that a 30% correction from BTC’s all-time high should not be surprising considering that Bitcoin rose by almost 170% from October to March. According to the top analyst, a drop to $52,000 will not negatively impact the high time frame strength of BTC. “I think even if this pulls back to $52,000, it would look incredibly strong. That’s a tiny pullback in the grand…

Analytics firm Santiment says the majority of altcoins look set to ignite rallies after a month-long crypto correction. Santiment says that the ongoing marketwide pullback has driven many altcoin traders to unload their stacks and incur heavy losses. “According to our model, the mid-term gains and losses by average wallets indicate heavy realized losses across most altcoins. Over 85% of assets we track are in a historic opportunity zone when calculating the market value to realized value (MVRV) of wallets’ collective returns over one-month, three-month and six-month cycles.” The MVRV is an on-chain indicator used to assess whether a crypto…

A closely followed crypto strategist thinks that Bitcoin (BTC) is presenting a golden opportunity to long-term holders. Pseudonymous analyst Inmortal tells his 212,900 followers on the social media platform X that he sees Bitcoin rallying to a fresh all-time high in the coming weeks. According to the trader, the current Bitcoin consolidation is giving long-term BTC bulls a chance to accumulate at a level that offers a very favorable risk-to-reward ratio. “Generational long entry BTC.” Based on the trader’s chart, he appears to predict that Bitcoin will rally to as high as $76,000 in the near term as long as…