Author: The Daily Hodl

Quant analyst PlanB believes that Bitcoin (BTC) is on the verge of having an explosive 2020-style breakout to new highs. PlanB tells his 1.9 million followers on the social media platform X that Bitcoin has been consolidating near $60,000 range similar to how it did near $10,000 in 2020. “$60,000 is the new $10,000. [It’s] a matter of time before it explodes upwards in my opinion.” The analyst shares a chart of the realized price metric, which records the value of all coins in a current time frame at the price they were last transacted on-chain, divided by the number…

Arthur Hayes’ family office fund has unloaded a huge chunk of its position in the decentralized finance (DeFi) altcoin Pendle (PENDLE). Hayes sold 1.59 million PENDLE for $5.62 million at an average price of $3.52 over a two-day period, resulting in a loss of $1.29 million, according to the crypto tracker Lookonchain. Lookonchain also notes that the price of PENDLE surged by 24% after his sell-off. Less than two weeks ago, Hayes, who has served as an advisor to Pendle, predicted on the social media platform X that the asset would surge to $10. On Saturday, the BitMEX co-founder acknowledged…

The bankrupt crypto lending firm Genesis has potentially begun to move millions of dollars worth of Ethereum (ETH). Data from the digital asset deanonymizing platform Arkham shows that a crypto wallet collected 114,503 ETH worth nearly $360 million from an address belonging to Genesis Trading: Bankruptcy Distribution. According to Arkham, the receiving wallet may also belong to Genesis but the blockchain tracking firm gave it a “lower confidence prediction” tag. On Sunday, the address in question sent 5,000 ETH worth nearly $13 million to a deposit address for the institutional crypto prime brokerage FalconX. The wallet still holds $424.74 million…

A crypto strategist who continues to grow his following with timely altcoin predictions believes layer-1 protocol Sui (SUI) is gearing up to revisit all-time high levels. Pseudonymous analyst Bluntz tells his 275,500 followers on the social media platform X that SUI’s huge rally last week suggests that the Solana (SOL) killer is en route to record-high prices. “SUI weekly absolutely insane, at this rate it’ll hit all-time high before BTC.” The trader also says he believes “SUI is the next SOL.” Last week, Bluntz said that SUI is in a technical uptrend after printing higher highs and higher lows on…

Bitwise executive Jeff Park thinks “things will likely get wild” now that the U.S. Securities and Exchange Commission (SEC) has approved options on BlackRock’s Bitcoin (BTC) exchange-traded fund (ETF). Last week, the SEC greenlit accelerated approval for the listing and trading of options on the iShares Bitcoin Trust (IBIT), BlackRock’s ETF. Park, Bitwise’s head of alpha strategies, says the approval “marks the most monumental advancement possible for the crypto market.” The executive notes that options will unlock synthetic flows with leverage for BTC. He also says Bitcoin has unique volatility characteristics, including a “volatility smile.” “Bitcoin is unique because melt-ups…

A closely followed crypto analyst says that a clear bull pattern is forming for one artificial intelligence (AI)-focused altcoin while updating his outlook on three other tokens. Pseudonymous crypto trader Altcoin Sherpa tells his 223,300 followers on the social media platform X that a “clear bull trend” is underway for machine learning protocol Bittensor (TAO). The trader shares a chart suggesting that TAO has broken out of its multi-month accumulation range. “TAO never dropped to the range low. Expansion and clear bull trend now IMO (in my opinion), dips are for buying.” TAO is trading for $488.88 at time of…

Digital assets manager CoinShares says that institutional crypto investors poured hundreds of millions in capital into digital asset products last week after the Fed’s announced rate cut. In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in inflows to the tune of $321 million following Fed chair Jerome Powell’s announcement that the Federal Open Markets Committee’s (FOMC) decision to cut interest rates by 50 basis points (bps). “Digital asset investment products experienced a second consecutive week of inflows, totaling US$321 million. This surge was likely driven by the Federal Open Market Committee…

Macro investor here Luke Gromen says that gold and Bitcoin (BTC) are now set to be some of the main beneficiaries of the US government’s declining fiscal situation. In a new interview with David Lin, Gromen says that gold and Bitcoin are two assets that he “likes” right now, saying they are both “very well-positioned” to rally in an environment where the US government will likely need to inflate away its debt. Gromen, founder and president of macro research firm Forest For The Trees (FFTT), says that the US needs negative real rates, or an interest rate that is overshadowed…

Hedge fund veteran and former White House Press Secretary Anthony Scaramucci says that Ethereum’s (ETH) biggest rival will play a major part in the “layer-1 blockchain financial revolution.” In a discussion at the Solana Breakpoint 2024 conference, the SkyBridge Capital founder says there are endless amounts of third parties involved in the securities and finance industry which present unnecessary friction for users. He says that Solana (SOL) is capable of eliminating the friction, potentially freeing up $7 trillion in capital that can subsequently be put back into the economy and put to good use. “The problem in the securities industry:…

Top US-based crypto exchange Coinbase says its wrapped version of Bitcoin (BTC) is coming to the smart contract platform Solana (SOL). In a session during the Solana Breakpoint 2024 event, Coinbase executive Hasan Ahmed says the crypto exchange is introducing Coinbase Wrapped Bitcoin (cbBTC) to the Ethereum (ETH) competitor’s blockchain. “We recently launched cbBTC on Base, but our users love Solana and so do we, so we are very excited to announce that we will be bringing native cbBTC to Solana as well.” Base is Coinbase’s Ethereum layer-2 solution designed to allow developers to build applications without getting bogged down…