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Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000, USD Hits 2-Week Low

Bitcoin, Ethereum Technical Analysis: BTC Back Above ,000, USD Hits 2-Week LowBitcoin was back above $20,000 on Tuesday, as the U.S. dollar fell to its lowest point in two weeks versus several G7 currencies. The stronger dollar has impacted purchasing power in cryptocurrencies, and commodities like crude oil, which last week fell to a nine-month low. Ethereum was also up, hitting a five-day high. Bitcoin Bitcoin […]

Man and Machine: Nansen’s analytics slowly labeling worldwide wallets

CoinShares’ Butterfill suggests ‘continued hesitancy’ among investors

Matrixport's head of strategy said he believes the market is currently in a "wait-and-see environment" but could shift after the U.S. mid-term elections in November.

Minor inflows for digital asset investment products over the last few weeks suggest a “continued hesitancy” towards crypto amongst institutional investors amid a slowdown of the U.S. economy. 

In the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, Coinshares head of research James Butterfill highlighted stand-offish institutional sentiment towards crypto investment products, which saw "minor inflows" for the third week in a row.

“The flows remain low implying continued hesitancy amongst investors, this is highlighted in investment product trading volumes which were US$886m for the week, the lowest since October 2020.”

Between Sept. 26 and Sept. 30, investment products offering exposure to Bitcoin (BTC) saw the most inflows at just $7.7 million, with Ether (ETH) investment products close behind with $5.6 million worth of inflows. Short BTC products represented the only other notable inflows of $2.1 million.

These inflows were offset by more than $3.5 million worth of outflows for investment products offering exposure to altcoins such as Polygon (MATIC), Avalanche and Cardano (ADA), while multi-asset and Solana funds also shed $700,000 and $400,000 during that week.

Commenting on the current state of the crypto market, and the institutional outlook of late, Markus Thielen, head of research and strategy at Singapore-based crypto financial services platform Matrixport noted that:

“The market is currently in a wait-and-see environment whereas a potential positive shift after the US Mid-Term elections could have significant regulatory changes.”

“Last night’s US economic data, notably the ISM index, showed that growth has materially slowed down in the US economy and there is now the possibility that the Fed will become less hawkish. The USD rally appears to have lost one of its key drivers and this could signal a pause in rate hikes. This could be very bullish for digital assets into year-end,” he added.

Looking at the month-to-date (MTD) flows as of Sept. 30, ETH products have been the most offloaded by institutional investors despite the Merge going through on Sept. 15, with $65.1 million worth of outflows.

“Looking back, the Merge was not good for sentiment with outflows totaling US$65m in September. Increased regulatory scrutiny and a strong US Dollar being the likely culprits as the shift to Proof of Stake was executed successfully,” said Butterfill. 

In contrast, Short BTC funds and BTC investment products saw minor inflows of $15.2 million and $3.2 million MTD.

Crypto ETF outflows slowing

While there has been limited action of late for crypto investment products tracked by CoinShares, Bloomberg Intelligence has observed a notable trend in crypto exchange-traded funds (ETFs).

Related: A crumbling stock market could create profitable opportunities for Bitcoin traders

According to Bloomberg Intelligence data, institutional investors offloaded $17.6 million from crypto ETFs during Q3 2022, providing a stark contrast to the “record $683.4 million withdrawn from such funds” in Q2 2022.

“The outflows mainly took place in the past two months. In July, investors poured upwards of $200 million into crypto ETFs,” Bloomberg noted in a Sept. 30 article, adding that the decreased outflows was likely due to “narrow fluctuations” in crypto prices during Q3.

Man and Machine: Nansen’s analytics slowly labeling worldwide wallets

Despite Outages, Solana (SOL) Still Has Power To Bring 1,000,000,000 More People to Crypto: InvestAnswers

Despite Outages, Solana (SOL) Still Has Power To Bring 1,000,000,000 More People to Crypto: InvestAnswers

A closely followed crypto analyst says that Ethereum (ETH) rival Solana (SOL) could be on its way to bringing a billion more users to the digital asset space. In a new strategy session, the host of InvestAnswers says that Solana’s history of network outages is due to the project continuously testing the limits of blockchain […]

The post Despite Outages, Solana (SOL) Still Has Power To Bring 1,000,000,000 More People to Crypto: InvestAnswers appeared first on The Daily Hodl.

Man and Machine: Nansen’s analytics slowly labeling worldwide wallets

T-Mobile Parent Company Says It Supports Ethereum As Giant Launches New Staking Validator

T-Mobile Parent Company Says It Supports Ethereum As Giant Launches New Staking Validator

The parent company of mobile communications giant T-Mobile says it’s launching an Ethereum (ETH) staking validator as part of its support for the world’s second-largest blockchain by market cap. According to a new press release, Deutsche Telekom is supporting Ethereum’s transition from a proof-of-work consensus mechanism into a proof-of-stake one by operating validator nodes through […]

The post T-Mobile Parent Company Says It Supports Ethereum As Giant Launches New Staking Validator appeared first on The Daily Hodl.

Man and Machine: Nansen’s analytics slowly labeling worldwide wallets

Bitcoin and Ethereum Whales Abruptly Move Massive Crypto Troves Worth Up to $133,000,000

Bitcoin and Ethereum Whales Abruptly Move Massive Crypto Troves Worth Up to 3,000,000

Crypto whales are moving huge amounts of coins around to start the week, with multiple nine-figure transactions spotted on the blockchain. First recorded by blockchain tracking service Whale Alert, one mysterious Bitcoin whale sent 6,980 BTC to another unknown wallet in the early hours of Monday morning. The transfer was worth a staggering $133,839,478, and […]

The post Bitcoin and Ethereum Whales Abruptly Move Massive Crypto Troves Worth Up to $133,000,000 appeared first on The Daily Hodl.

Man and Machine: Nansen’s analytics slowly labeling worldwide wallets

Bitcoin, Ethereum Technical Analysis: BTC, ETH Marginally Higher as USD Weakens on Monday

Bitcoin, Ethereum Technical Analysis: BTC, ETH Marginally Higher as USD Weakens on MondayFollowing a red start to October, crypto prices moved marginally higher during Monday’s session. After a brief stint below $19,000 on Sunday, bitcoin rose back above this point, as the U.S. dollar began to weaken against other G7 currencies. Ethereum was also in the green, momentarily moving above $1,300. Bitcoin Bitcoin (BTC) was trading marginally […]

Man and Machine: Nansen’s analytics slowly labeling worldwide wallets

Arthur Hayes Says Ethereum (ETH) Merge Still Not Priced In, Lays Out Bottom Scenario for Crypto Markets

Arthur Hayes Says Ethereum (ETH) Merge Still Not Priced In, Lays Out Bottom Scenario for Crypto Markets

BitMEX co-founder Arthur Hayes says that the market still hasn’t priced in the significance of Ethereum’s (ETH) successful transition to a proof-of-stake consensus model. In an interview with Raoul Pal of Real Vision, Hayes says that the Ethereum network is now capable of supporting a new ecosystem filled with new businesses and protocols, something that […]

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Man and Machine: Nansen’s analytics slowly labeling worldwide wallets

BitMEX Founder Arthur Hayes Says Ethereum Rivals Facing Big Fundamental Challenge in Midst of Crypto Winter

BitMEX Founder Arthur Hayes Says Ethereum Rivals Facing Big Fundamental Challenge in Midst of Crypto Winter

Crypto veteran Arthur Hayes says layer-1 Ethereum (ETH) rivals saw their first big test last bull run and face another test amid the crypto market collapse.  In a new interview with Real Vision’s Raoul Pal, Hayes says that while Ethereum competitors may have been able to demonstrate their technical capabilities, they now have to show […]

The post BitMEX Founder Arthur Hayes Says Ethereum Rivals Facing Big Fundamental Challenge in Midst of Crypto Winter appeared first on The Daily Hodl.

Man and Machine: Nansen’s analytics slowly labeling worldwide wallets