Author: The Daily Hodl

Digital assets manager CoinShares says that institutional crypto investors pulled hundreds of millions in capital from crypto products last week. In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in outflows to the tune of $147 million last week, likely stemming from stronger-than-forecasted economic data lowering the likelihood of significant rate cuts. “Digital asset investment products saw minor outflows totaling US$147m last week. Higher than expected economic data last week, reducing the probabilities for significant rate cuts are the likely reason for the weaker sentiment amongst investors. Trading volumes were up marginally…

The founder of Ethereum (ETH) is selling off a trove of memecoins and turning the profits into donations. According to blockchain reporter Colin Wu, Vitalik Buterin sold about $340,000 of memecoins in half an hour early on Monday. “Just In: Vitalik exchanged some Memecoins into his wallet for about 140.6 ETH in 30 minutes, worth about $340k, including: 100,000 USDT (donated by CATE project); 70.71 million Neiro; 11.76 billion MOODENG; 7.8 million DEGEN; 16.03 billion KABOSU.” According to Wu, Buterin sold 10 billion MOODENGs, a Solana (SOL)-based memecoin referencing a viral baby hippo in a Thailand zoo, and immediately sent…

A widely followed crypto trader is predicting that two altcoins will rally to fresh all-time highs while updating his outlook on Bitcoin (BTC) and cross-chain protocol Wormhole (W). In a new strategy session, crypto analyst Michaël van de Poppe tells his 728,300 followers on the social media platform X that layer-1 blockchain Sui Network (SUI) may present opportunities for bulls between the $1.30 and $1.60 range. The trader says that SUI is ultimately destined for new all-time highs after a correction. “SUI – Where to buy? Technically, there are better (expected value) opportunities, but SUI is likely one of the…

The International Monetary Fund (IMF) has advised El Salvador to reform the country’s rules on Bitcoin (BTC) as an official currency. During a press briefing, IMF spokesperson Julie Kozack says the agency is in ongoing engagement with El Salvador on policies that can boost productivity and economic governance.  She says the talks include issues stemming from the use of Bitcoin.  “Addressing risks arising from Bitcoin is a key element of these discussions.  And of course, the goal is for the Fund to be in a position to support a credible and well-sequenced policy package that is designed by the authorities.”…

Layer-1 chain Sui is igniting another leg of its rally, brushing up against all-time highs while its network sees more growth. At time of writing, SUI is up 140% in the last 30 days, and 266% from its yearly low hit in August. According to blockchain explorer Artemis, daily transactions on the Sui blockchain have more than doubled since October began, going from 4.1 million to over 9 million at time of writing. Early Monday morning, crypto exchange Bybit announced support for Sui on its Launchpool platform, making Sui only the second chain available on the service after Mantle (MNT).…

Ethereum co-creator Vitalik Buterin is donating 100 ETH to bolster the legal defense fund of Tornado Cash developer Roman Storm. In a new thread on the social media platform X, Storm – who helped launch the anonymous ETH-based crypto mixing protocol in 2019 – expresses his gratitude to Buterin for his continued support. “I can’t describe how much it means to me. Thank you for your long-lasting support.” According to the Free Pertsev & Storm X account, the most recent donation marks the third time Buterin has shown his support for the beleaguered Tornado Cash developers. In 2022, the US…

Investor Dan Tapiero says that Bitcoin (BTC) is setting up for a breakout after printing a massive bullish technical pattern. Tapiero says that Bitcoin is forming a large, years-long cup and handle structure that is setting BTC up for a breach of the March 2024 highs at $74,000. A cup-and-handle formation is typically viewed as a bullish continuation pattern, suggesting that an asset is taking a breather after a steep rally before taking out a key resistance level. But according to Tapiero, Bitcoin can still go through a period of sideways consolidation before witnessing a convincing breakout. “If that ain’t…

Cardano (ADA) co-creator Charles Hoskinson is giving a shoutout to one of Solana’s (SOL) biggest competitors. Posting to his 979,000 followers on the social media platform X, Hoskinson says that layer-1 platform Sui (SUI) is earning its spot in the crypto ecosystem. “Reading about Sui. It’s good to see George’s work come to life. They deserve great success in the space.” Hoskinson is referring to George Danezis, one of the main designers behind the Sui blockchain and a co-founder of Mysten Labs, the development firm backing and supporting Sui. Hoskinson says that Sui is “what Solana should have been,” and…

Closely followed analyst Benjamin Cowen says that Bitcoin (BTC) will likely continue to outshine altcoins for the foreseeable future. In a new strategy session, Cowen takes a look at Ethereum in its Bitcoin pair (ETH/BTC), which is often used as a gauge for altcoin strength. According to Cowen, ETH/BTC is in the process of bottoming out, but he forecasts that Bitcoin Dominance (BTC.D), which compares the market cap of Bitcoin to that of all digital assets, will continue to go up, potentially topping out at the 60% level. Before BTC.D tops out, Cowen says many altcoins will capitulate against Bitcoin.…

A closely followed analyst who correctly called Bitcoin’s pullback earlier this year is unveiling his most bearish scenario for BTC. In a video update, pseudonymous analyst Rekt Capital tells his 90,500 YouTube subscribers that he’s keeping a close eye on Bitcoin’s reaccumulation support at $60,000. According to the analyst, a move below this level will likely trigger another capitulation event for BTC. “But if we do fail this range low here, this range low retest, we’ll have once again a period of bargain-buying and downside deviation below this reaccumulation range low. This is where loads of people are going to…