Author: The Daily Hodl

Digital assets manager CoinShares says institutional investment in crypto products last week helped push inflows to their highest-ever year-to-date levels. In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products brought in $646 million in inflows last week. “Digital asset investment products saw continued positive sentiment with inflows totaling US $646 million last week. inflows year-to-date at US$13.8 billion are at their highest ever level, now far surpassing the US $10.6 billion seen in 2021.” However, according to CoinShares, weekly flows are still down from March, when Bitcoin (BTC) exchange-traded fund (ETF) hype was at its peak,…

A widely followed trader believes that Solana (SOL) is in a position to massively outperform its rival Ethereum (ETH). Seasoned trader Peter Brandt tells his 723,800 followers on the social media platform X that the SOL/ETH chart is now trading very close to a key resistance level. Brandt says that Solana may witness 100% gains against Ethereum if the pair manages to shatter the resistance area. “The SOL/ETH chart is at huge resistance. Resistance = supply. If this supply line is absorbed, then there is a prospect of SOL doubling in value vs. ETH.”  Looking at the trader’s chart, he…

American retail trading giant Robinhood has reportedly grown its digital asset holdings substantially in the past six months, according to an on-chain expert. Parsing through data from blockchain intelligence firm Arkham, Coinbase director Conor Grogan estimates that Robinhood’s Bitcoin (BTC) stash has grown 14%, adding to its $23.59 billion holdings. At the same time, Grogan says Robinhood users’ Ethereum (ETH) holdings have decreased. “Robinhood’s BTC holdings have increased by ~14% in the last 6 months; meanwhile user ETH holdings have actually decreased ~9% Retail users are beginning to come back to crypto, just not to ETH so far.” Grogan says…

Fantom (FTM) co-founder Andre Cronje says the Solana (SOL) network is a victim of success as the smart contract platform faces criticisms due to congestion issues. In a post on social media platform X, Cronje says that Solana’s recent outages are only because of its rising user activity and popularity. “Seeing a lot of ‘I told you so’s’ against Solana, because *checks notes* Solana currently has so much demand for blockspace that they need to optimize some bottlenecks (which also by the way, is just an engineering hurdle and not a fault of consensus or any critical component).” Solana went…

Crypto short sellers are getting liquidated as Bitcoin (BTC) breaks out past the $70,000 mark once again while altcoins also rally. According to liquidation data from CoinGlass, the crypto markets have seen more than $187 million in liquidations in the last 24 hours – the majority of which are short sellers. In the last day, Bitcoin liquidations alone have accounted for $78.24 million. Bitcoin shot up to as high as $72,631 Monday from its seven-day low of $65,069. BTC is trading for $71,762 at time of writing, up more than 3% in the last 24 hours. Over the same period,…

Closely followed crypto analyst Ali Martinez says that a contrarian play on Solana might be presenting itself for SOL bulls. Martinez says that Solana’s consolidation from the yearly high and the recent outages on its network have created a low in sentiment for SOL. Late last week, Solana also dealt with some congestion issues partially stemming from a rush of users looking to speculate on memecoins. Martinez says now may be the time for a contrarian bounce from SOL. “Crowd sentiment for SOL hasn’t been this low since the Solana network outage on February 6th. Being contrarian now might just…

New data from market intelligence platform IntoTheBlock reveals that the market cap of memecoins has hit its highest level since 2021. In a new article, IntoTheBlock’s head of research, Lucas Outumuro, says that the aggregate value of meme assets has nearly tripled in Q1 of 2024 to $56 billion. “Demand for memecoins hit the highest since 2021 this quarter. Despite interest rates remaining high and no ’stimmy checks’ being sent out, appetite for seemingly useless crypto-assets has been very strong. It’s unclear whether this is due to the economy getting overheated, or perhaps just growing financial nihilism, but memecoins have…

A Bitcoin whale that sat dormant for the last decade has suddenly awakened and begun transferring millions of dollars worth of BTC. First spotted by blockchain tracking firm Lookonchain, an address beginning with “1CLx” – which bought Bitcoin when it was trading below $30 – has awakened after 10 years of inactivity. “A whale with 1,701 BTC ($115.42 million) woke up after 10 years of dormancy and transferred 246 BTC ($16.73 million) out.. The whale received 4,272 BTC ($125,541 at the time) in 2013 at an average price of only $29.39.” With Bitcoin currently trading at $69,835, the whale is…

Indicators are now strongly hinting that Bitcoin’s (BTC) recent rallies have a lot more gas left in the tank and that much bigger gains are about to be witnessed, a closely followed crypto analyst says. The pseudonymous analyst known as TechDev tells his 444,000 followers on the social media platform X that Bitcoin is currently pushing up on the 2x multiple of its 350 daily moving average (DMA) while it consolidates near all-time highs. TechDev also notes that BTC’s moving average convergence divergence (MACD) indicator on the two-month chart has simultaneously flipped green. The analyst says that together, the three…

A widely followed crypto strategist believes that one Ethereum (ETH) competitor is gearing up to witness a breakout rally. Pseudonymous analyst The Crypto Dog tells his 775,100 followers on the social media platform X that he’s bullish on the smart contract protocol Near (NEAR). The analyst shares a chart suggesting that NEAR is threatening to take out its diagonal resistance on the daily chart. “NEAR makes a move soon. Maybe not today but soon. BTC flat, SOL red, NEAR green makes me pay attention.” Even though Near is still struggling to move above the diagonal resistance, the analyst says that…