A High Amount of Outflow was Seen from Digital Asset Funds
Last week, there was a record outflow of $942 million from digital asset funds, ending the seven-week inflow streak. When we examine it on an ETF basis, there was an outflow of $2 billion on the Grayscale side, while a total of $1.1 billion inflow was made to other spot Bitcoin ETFs. The highest rise was in Bitcoin with $904 million. When we examine other coins, there was an outflow of 34 million dollars in Ethereum, 5.6 million dollars in Solana and 3.7 million dollars in Cardano, while Polkadot had an inflow of 5 million dollars.
LSE to Start Listing Crypto ETNs on May 28
The London Stock Exchange (LSE) announced on May 28 that it will launch cryptocurrency exchange-traded notes (ETNs) that track the performance of Bitcoin and Ethereum. According to the announcement made on March 25, applications for crypto ETNs can be submitted until April 8, and successful funds can be listed the following month, subject to approval by the country’s Financial Conduct Authority (FCA).
Legal Fight Between SEC and Ripple Continues
Ripple Labs Chief Executive Officer Brad Garlinghouse said in a statement on the X platform that the US Securities and Exchange Commission (SEC) will seek a $2 billion fine in its legal fight over the XRP crypto token. Ripple’s chief legal officer, Stuart Alderoty, said in a separate post on the X platform yesterday that the SEC will release a public summary on Tuesday. He announced that Ripple will provide a response next month.
Base Reaches $2 Billion in TVL After Dencun Upgrade
Base, Coinbase’s Layer-2 blockchain project aimed at lowering Ethereum transaction costs, appears to be encountering extremely high network efficiency needs. In this case, TVL reached a new high, exceeding $2 billion this week. The Dencun upgrade was one of the main reasons for Base’s recent increase in activity. L2Beat statistics show Base’s current TVL is $2.27 billion, representing an increase of more than 230% over last year. The stated figure has increased by almost 50% in the last seven days.
Solana Ranks First in Weekly Stablecoin Transfer Volume
Data from blockchain analysis platform Artemis shows that Solana’s weekly transfer volume for stablecoins reached $364.7 million, surpassing its closest rival, Ethereum. For March, the total amount was 804 billion dollars. Last month, the total Solana stablecoin volume was at the level of 960 billion dollars.
Ava Labs CEO Warns About L2 Projects
Ava Labs CEO Emin Sirer made statements on the X platform about some Layer-2 projects. He warned investors that prematurely selling native tokens by project founders could reveal a lack of confidence in long-term sustainability. In addition, if there are a limited number of tokens in circulation, the value of the project may be artificially inflated and investors may be misled about the potential of the project, leaving them vulnerable to price manipulation.
Canary Network Testing Recommended After AMM Had Problems with Ripple’s XRP Ledger
The challenges faced in launching AMMs on Ripple’s XRP Ledger are vital to the success of DeFi applications. There is a proposal to create a Canary network to improve future launches and more seamlessly integrate DeFi protocols. This network will serve as a testing environment where developers can test DeFi solutions, especially AMMs, before deployment to the main XRP Ledger. By involving the community in this testing and development process, identifying and resolving potential issues at an early stage, Ripple is aimed to achieve more reliable and efficient DeFi functionality on the blockchain.
Bakkt Reports Revenue of $780 Million with Net Loss of $226 Million in 2023
According to its financial report published on Monday, Bakkt, a cryptocurrency custody and trading platform listed on the NYSE, experienced a net loss of $226 million while generating total revenue of $780 million in 2023. Compared to the entire previous year, the net loss in 2022 was observed to decrease by 89% last year. According to Bakkt, the significant revenue growth in 2023 was due to gross revenue from crypto services produced by Bakkt Crypto, which was fully acquired by Bakkt last April. Operating expenses of $1,008 million were driven by high crypto prices and execution, as well as exchange and commission fees associated with the purchase, the company said.
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BITCOIN(BTC)
As of the morning hours, BTC is priced at $70,404 with a 0.75% gain in value. The uptrend continues after gaining support at $60,775. We saw that $68,300 acted as resistance and was broken. In order for the rise to continue, a break above this level had to occur, and it did. After 68,900 starts to act as support, a rise to $ 72,000 can be seen again. $70,000 is currently working as support. If there is a break below this level, a withdrawal may occur up to $66,000.
ETHEREUM(ETH)
ETH is priced at $3635 with a 1.26% gain in value as of the morning hours. After the decline to 3060 dollars, we continue to rise by finding support at this price. After rising to $3590, it encountered selling pressure from this region and retreated to this region. $3590 was a strong resistance zone and a breakout occurred. If it persists above $3640, there may be a rise up to $4200. If there is a loss of the $ 3310 region, a withdrawal may occur up to $ 3200.
RIPPLE(XRP)
As of the morning hours, XRP is priced at $0.6439 with a 0.58% gain in value. We see a recovery in price after a drop to $0.5685. Following this decline, there was an increase to $0.6686. These two levels can be the lower and upper levels of the new horizontal zone. The $0.60 region is of great importance for XRP, and as prices rise above this region, an increase up to $0.72 can be seen. Below the $0.60 region is critical, and in case of a downward breakdown, a retreat to $0.50 may be seen.
AVALANCHE(AVAX)
AVAX is priced at $58.67 with a 1.58% gain in value as of the morning hours. We are in a rising trend structure in the medium term. After the trend is touched, the rise continues to be seen. The $57 – $58 area was the resistance zone and permanence was achieved above it. For the continuation of the rise in the medium term, the $66 level must now be broken. If there is a break above $66, a rise up to $73 may be seen. In case of a break below the trend, $50 is a region that is likely to act as major support.
SOLANA(SOL)
SOL is priced at $195.55 with a 3.5% gain in value as of the morning hours. When we examine the hourly chart, we see that the $190 resistance level has been passed. If this movement continues, a move towards the $200 region may be possible. In case of a withdrawal, the $190-192 area can be followed as a support zone.
CHAINLINK(LINK)
As of the morning hours, LINK is priced at $19,840 with a 2.40% gain in value. When we examine the four-hour chart, we see that the movement started with the ascending triangle formation that was broken upwards yesterday and continued until the 20 dollar region. The $20 level can be followed as a short-term resistance zone. If this region is passed, a movement towards the $ 20.50 region may be possible. In case of a withdrawal, the $19.70 and $19.50 levels can be followed as support.
WLD
WLD is priced at $9.38 with an 8.37% gain in value as of the morning hours. When we examine the four-hour chart, we see that an image similar to the ascending triangle formation has broken upward. If this movement continues, the $10 region can be targeted. In case of a withdrawal, the $9 zone can be followed as support.
NEAR
NEAR is priced at $7,974 with a 7.14% gain in value as of the morning hours. When we examine the four-hour chart, we see that there was a nice movement with the upward breakout movement that took place yesterday. If this movement continues, the $ 8.35 level can be followed as resistance. In case of a withdrawal, the $ 7.50 level appears as the support zone.
