Author: The Daily Hodl

State Street Global Advisors has announced the launch of three new digital asset and “disruptive technology” exchange-traded funds (ETFs). All three ETFs will be managed by Galaxy Asset Management, an affiliate of Mike Novogratz’s Galaxy Digital Holdings. In a press release, State Street says it is launching the SPDR Galaxy Digital Asset Ecosystem ETF (DECO), the SPDR Galaxy Hedged Digital Asset Ecosystem ETF (HECO) and the SPDR Galaxy Transformative Tech Accelerators ETF (TEKX). According to the release, DECO seeks to provide exposure to companies positioned to benefit from the growing adoption of the blockchain and digital asset industries, as well…

Bitcoin (BTC) miners based in Russia reportedly mined billions of dollars worth of the top crypto asset by market cap last year. According to a new Izvestia report, Sergey Bezdelov, the director of the Russian Industrial Mining Association, said at this month’s Eastern Economic Forum that 54,000 Bitcoin worth over $3 billion were mined within the borders of Russia in 2023. The Bitcoin mining activities generated an additional 50 billion rubles, or $552 million, in tax revenue for the Russian government, according to Bezdelov. Bezdelov also believes that new crypto regulations officially permitting Bitcoin and digital asset mining, which were…

A record-setting number of users claimed Dogs (DOGS) on the layer-1 blockchain The Open Network (TON) during the new memecoin’s recent airdrop, according to the project’s developers. In a new post on messaging app Telegram, TON developers say that Dogs has become the “largest meme TGE (Token Generation Event) in cryptocurrency history.” The TON blockchain was originally created by Telegram in 2018, but has since been taken over by an international group of independent developers. “17 million users claimed DOGS tokens. In the last two weeks, our daily active user addresses hit 1.1 million several times, with single-day transactions peaking…

Chainlink (LINK) co-founder Sergey Nazarov is detailing how crypto adoption could witness exponential growth. In an appearance on The Defiant YouTube channel, Nazarov says that the traditional finance (TradFi) institutions will on-ramp the “next billion users” of crypto. “I do think a very large amount of users both in total value and individuals will come from big asset managers, big banks that many of them have millions of users frankly, that have their life savings or all of their value in those institutions. Already, that having an account at that institution will now be able to use that account to…

A trader who nailed the May 2021 Bitcoin collapse says BTC may be gearing up to ignite explosive price action as soon as next month. Pseudonymous analyst Dave the Wave shares with his 146,700 followers on the social media platform X a Bitcoin chart suggesting that BTC could start taking out resistance levels as early as October 1st, 2024. The analyst’s chart also suggests that Bitcoin appears to be trading in a triangle pattern while consolidating in a wide range. “BTC 4th quarter fireworks?”  The analyst adds that Bitcoin is likely to trade above its recent lows at $52,000 with…

Macro expert Lyn Alden says she’s “very bullish” on Bitcoin (BTC) over the longer term amid the soaring interest payments of the US government to its more than $35 trillion national debt. Alden notes in a recent newsletter that BTC has been highly correlated with global liquidity, a trend the analyst expects to continue. “My five-year outlook on the asset is very bullish, but the volatility must be accounted for in position sizes for a given portfolio and its requirements.” According to Alden, one reason she believes Bitcoin will trade higher over the long arc of time is the expectation…

The crypto sector is currently enduring a “quiet quitting crisis,” according to a hedge fund and digital asset veteran. Quiet quitting, a term that was popularized in 2022, refers to employees who do the bare minimum level of work their jobs require and “quit” the idea of doing anything extra. Travis Kling, the founder and chief investment officer of Ikigai Asset Management, says the phrase accurately illustrates the current state of the crypto landscape. “What I’m seeing and hearing is that a meaningful swath of the crypto community is simply much less engaged than in prior years. And they are…

A crypto whale with a $26.47 million position in Wrapped Bitcoin (WBTC) is cutting it close after barely escaping liquidation last Friday. According to on-chain data tracker Lookonchain, a deep-pocketed whale with an Ethereum (ETH) address beginning with Oxceef was close to being liquidated on the decentralized finance (DeFi) platform Compound after Bitcoin dropped to as low as $52,550 on September 6th. WBTC is an ERC-20 token backed 1:1 by Bitcoin. It allows holders to use the token as collateral for financial transactions in the Ethereum ecosystem. Says Lookonchain, “A whale is facing potential liquidations of 488.45 WBTC ($26.47 million)…

Digital assets manager CoinShares says that institutional crypto investors pulled hundreds of millions in capital from digital asset products last week. In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products suffered $726 million in outflows last week driven by strong economic data releases. “Digital asset investment products experienced significant outflows totaling US$726m, matching the largest recorded outflow set in March this year. We believe this negative sentiment was driven by stronger-than-expected macroeconomic data from the previous week, which increased the likelihood of a 25 basis point (bp) interest rate cut by the US Federal Reserve.…

An analyst who nailed the pre-halving Bitcoin correction believes BTC and crypto are close to witnessing either a bounce or a sustained reversal. Pseudonymous analyst Rekt Capital tells his 499,300 followers on the social media platform X that Bitcoin and crypto have been seeing strong selling pressure as of late. The analyst thinks that sellers will not be able to maintain the downward pressure for long, opening the doors for crypto bulls to pounce on the market. “Strong market-wide selling as of late. Seller exhaustion is likely on the horizon. Watch for high sell-side volume bars in the short term.…