Author: The Daily Hodl

Crypto markets have shed nearly $200 billion off their market cap in the last 24 hours as some of the industry’s biggest players appear keen to unload their coins. According to crypto “de-anonymizing” platform Arkham, digital assets manager Grayscale has sent nearly a quarter of a billion dollars worth of Bitcoin (BTC) to Coinbase, potentially to sell on the open market. Arkham’s data shows Grayscale sending BTC to Coinbase Prime or addresses associated with Coinbase mostly in batches of $42.84 million. According to Arkham, Grayscale also deposited considerable amounts of altcoins, including Ethereum (ETH), Avalanche (AVAX), Polygon (MATIC), Lido (LDO),…

Former Goldman Sachs executive Raoul Pal believes two digital asset subsectors could witness absurd valuations when the market hits crypto summer. Pal tells his one million followers on the social media platform X that during the “crypto summer” phase of the current market cycle, altcoin projects related to artificial intelligence (AI) and tokenized real-world assets (RWA) could go parabolic. A “crypto summer” generally means increased prices and higher trading volume. Says Pal, “But Crypto Summer and Fall will be confusing because everything will have a narrative and will get caught up in euphoria. This is when memes really get silly…

Two wallets inked staggering 30,830x gains on a memecoin built on the Ethereum (ETH) layer-2 scaling solution Base, according to the crypto tracker Lookonchain. Lookonchain notes that two wallets whitelisted by the deployer for the meme asset Brett (BRETT) spent 0.034 ETH worth $102 to buy a combined 172.56 million BRETT in February. Those wallets subsequently sold 122.74 million BRETT for 890.65 ETH worth $3.14 million on-chain via multiple wallets, printing staggering gains to the tune of 30,830x. Whitelisted wallets are approved participants for a specific crypto event like an initial coin offering (ICO), according to Coinbase. The pseudonymous crypto…

A widely followed crypto analyst believes that Ethereum (ETH) and other altcoins are on the verge of a major market correction. In a new video update, crypto strategist Benjamin Cowen tells his 800,000 YouTube subscribers that Ethereum against Bitcoin (ETH/BTC) may be making one final move to the upside before a market capitulation. “In order for confirmation of [bullishness], you would need to see ETH/Bitcoin get above its bull market support band and then start holding it as support. And if you don’t see that, then I still think it’s just going to be yet another lower high that everyone…

Seasoned trader Peter Brandt believes there’s a one in four chance that Bitcoin (BTC) will top out at $160,000 this cycle. Brandt tells his 724,700 followers on the social media platform X that he expects the current Bitcoin bull market to endure until Q4 of 2025. “Note that I assigned a 25% probability to my analysis. I give more credence to a report I issued in February. Here is a chart from that analysis – projecting a bull market until Sep/Oct 2025.” Based on the trader’s chart, he seems to suggest that it took BTC 525 days from its November…

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…