Author: The Daily Hodl

Crypto whales are accumulating tens of millions of dollars worth of one Ethereum (ETH) rival from two top exchanges, according to on-chain data. Blockchain tracking firm Lookonchain reports that three deep-pocketed investors have suddenly accumulated nearly $35 million worth of Solana (SOL) from Binance and Kraken. “Whales are accumulating SOL! AA21…VxH9 withdrew 153,511 SOL ($26.4 million) from Binance in the past six days [from October 27th] and staked it. EHax…gAUa withdrew 35,498 SOL ($6.12 million) from Binance and Kraken in the past three days [from October 27th] and staked it. EGzi…mR7g withdrew 13,000.8 SOL ($2.3 million) from Binance [on October…

Vitalik Buterin says the Ethereum Foundation’s ETH sales are critical to the success of the leading smart contract platform’s ecosystem. Last week, Buterin was asked about the Foundation’s sales on the social media platform X, but the Ethereum creator quickly defended the firm. “Bro the ETH Foundation is paying researchers and devs that are responsible for: (i) Ethereum not bleeding 5 million ETH/year to proof of work(ii) your fees being low today(iii) your transactions getting included in < 30 seconds instead of like 1-30 minutes (EIP 1559) Show some respect. (iv) zk tech that lets people use ETH privately (eg.…

Popular crypto strategist Benjamin Cowen is warning that one macroeconomic data could derail Bitcoin’s (BTC) breakout above $70,000. Cowen tells his 873,000 followers on the social media platform X that he believes Bitcoin’s reaction around the $70,000 psychological level will determine whether BTC follows the cyclical or the monetary policy view. The analyst points out that while Bitcoin has historically rallied during Q4 of a halving year, the anticipated breakout surge could be delayed by months if BTC follows the monetary policy view by taking a cue from macroeconomic data. “The cyclical view of BTC says it should go up…

Market intelligence firm Santiment reports that deep-pocketed crypto investors are accumulating Ethereum (ETH) and that a bounce for digital asset markets could be near. In a new post on the social media platform X, Santiment says that the activity level of ETH whales has spiked to a six-week high, an encouraging sign that the top altcoin could spark a rally. “Ethereum’s whale activity spiked to a six-week high as its price declined as low as $2,380 Friday. Historically, this is a sign of accumulation from high capital key stakeholders. Though not a guarantee this will have an immediate effect on…

Digital assets manager CoinShares says that institutional investors dropped nearly a 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 $901 million on net last week. “Digital asset investment products saw inflows of US$901m, with inflows this month representing 12% of total assets under management, making it the 4th largest month of inflows on record. Total inflows this year now total US$27bn, nearly triple the 2021 record, with inflows of US$10.5bn.” CoinShares surmises that the increase in inflows is due to…

The largest stock exchange in Hong Kong has announced that it will launch a new crypto index to meet the increasing demand for digital assets. In a new announcement, Hong Kong Exchanges and Clearing Limited (HKEX) says it will launch its own “Virtual Asset Index Series” on November 15. The index will aim to provide a reliable benchmark for the pricing of Bitcoin (BTC) and Ethereum (ETH) in the Asian time zone while solving the price differences between the different global exchanges. According to HKEX, the index will be based on a 24-hour volume-weighted US dollar spot price of BTC…

A Bitcoin-focused nonprofit organization is outlining several reasons why central banks should adopt BTC as a reserve asset. In a new paper, the Bitcoin Policy Institute (BPI) says Bitcoin is an effective portfolio diversifier that can shield central banks against macroeconomic threats emerging across the globe. The organization argues that Bitcoin and gold share similar characteristics, solidifying the rationale that BTC is a reserve asset much like the precious metal. “Bitcoin possesses some unique investment characteristics that could help central banks diversify against several risks, including those related to inflation, geopolitical tensions, capital controls, sovereign default, bank failures, and financial…

Following the footsteps of the popular crypto betting platform Polymarket, retail trading giant Robinhood is launching a presidential election event contract for traders to bet on. In a new announcement, Robinhood introduces its newest feature, event contracts. “Event contracts allow customers to trade on the outcome of specific events, such as whether a candidate will win an election. Robinhood’s presidential election event contracts will begin rolling out to a limited number of customers today. Customers must apply and meet certain criteria to be approved for an RHD account, including being a U.S. citizen and more. Once approved, customers can trade…

The head of digital assets research at exchange-traded fund (ETF) provider VanEck says that Bitcoin (BTC) is looking bullish ahead of the US presidential election. In a new interview on CNBC’s Squawk Box, VanEck executive Matthew Sigel says that Bitcoin may be gearing up for an explosive breakout partially due to a potential Donald Trump election victory on November 5th. Republican presidential nominee Trump is generally considered more pro-crypto than Democratic challenger Vice President Kamala Harris. “Trump is clearly the more pro-crypto and Bitcoin candidate and VP Harris has not said a single word on it, so one doubts whether…

A widely followed crypto analyst is issuing a warning on Bitcoin (BTC), saying that it could witness an extremely bearish scenario even if it surges past a psychological level. In a new strategy session on the TechnicalRoundup YouTube channel, pseudonymous crypto analyst DonAlt says that a severe correction for the crypto king after it breaches $70,000 would deplete all bullish momentum. According to the strategist, the top crypto asset by market cap looks bullish on the weekly time frame, but the situation can abruptly change if BTC witnesses a fake breakout. “We made a new high close last week and…