Re-Entry After Four Weeks of Exit in Digital Asset Funds
After a four-week outflow series, digital asset funds ended this series with an inflow of $130 million last week. The highest entry was in Bitcoin, as always, with $144 million. Additionally, there was an inflow of $5.9 million in Solana, $1.2 million in Polkadot, and $0.6 million in Ripple. On the Ethereum side, there was an outflow of $14.4 million.
GameStop Mobilized MemeCoins
GameStop’s share price doubled on Monday after Friday’s close. After this increase, share trading was paused 8 times. GME, a memecoin in Solana, increased by 1800% while this pause occurred. Considerable increases were also observed in other memecoins.
Hong Kong Spot Bitcoin ETFs Experience Biggest Exit
On Monday, the daily net outflow of three spot Bitcoin ETFs managed by ChinaAMC, Harvest, and Bosera HashKey was 519.5 BTC, compared to Friday’s outflow of 99.99 BTC. ChinaAMC’s spot Bitcoin ETF had the highest outflow of 251.65 BTC. Harvest saw an outflow of 147.86 BTC, while Bosera HashKey saw an outflow of 119.99 BTC. Total net assets of these ETFs fell from $262.7 million on Friday to $219.7 million on Monday.
High Income from DeFi Projects Lido and Aave in the Last 24 Hours
DeFi projects Lido and Aave reached more fees than Bitcoin, Ethereum and Solana in the last 24 hours. According to DefiLlama data, Lido generated $2.34 million and Aave generated $1.85 million. In comparison, Ethereum, Bitcoin, and Solana generated revenues of $1.84 million, $1.34 million, and $1.17 million, respectively.
Brazil Leads Latin America in Crypto Trading
Crypto trading volumes in Brazil increased in the first months of 2024, according to data from research firm Kaiko. Crypto trading activity in the country has increased by 30% since last year. From January to early May 2024, crypto transaction volume in Brazilian real reached $6 billion. According to this data, in 2024 Brazil became the largest market in Latin America.
Token Burn Vote from FLOKI
Floki proposes to burn 15,246,000,000 FLOKI tokens, which were recently sent back to Floki multisig and are currently worth $2.8 million. These tokens were initially part of excess tokens recovered from blacklisted wallets, and an earlier DAO vote had ruled that tokens that were not returned should be considered burned. The proposal suggests the idea of returning 1% of the affected wallet as a sign of goodwill and burning the rest. This may encourage other affected wallets to return excess tokens. If approved, 154,000,000 tokens will be sent back and the remaining tokens will be burned.
Are Miners Preparing to Sell?
According to Kaiko’s data, Bitcoin miners may face revenue pressure and be forced to sell their Bitcoins to cover their costs, which could create significant sales pressure. Mining rewards and transaction fees, sources of income for miners, have dropped recently. Events such as the reduction in mining rewards from 6.25 BTC to 3,125 BTC in April have increased the difficulty for miners to cover costs. Since the costs associated with creating new blocks are high, it seems likely that miners will sell their Bitcoins to cover the costs.
$1.8 Million Fine from CFTC to FalconX
The United States Commodity Futures Trading Commission (CFTC) announced that it has both filed criminal charges and reached a settlement against cryptocurrency broker Falcon Labs for penalties totaling approximately $1.8 million. In a May 13 notice, the CFTC said Falcon Labs, which owns FalconX, failed to register as a futures commission broker and was ‘improperly facilitating access to digital asset exchanges.’ The settlement requires FalconX to stop providing services to U.S. residents and pay approximately $1.2 million in damages and a $600,000 civil penalty. .
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BITCOIN (BTC)
As of the morning hours, BTC is priced at $62,664 with a 0.43% loss in value. After rising to the $63,500 region, a pullback occurs again. If the $63,500 level breaks, there may be a rise again to the $67,000 level. In case the retreat continues, the first support appears to be 61,900 and then 60,900.
ETHEREUM (ETH)
ETH is priced at $2945 with a 0.18% loss of value as of the morning hours. After being rejected in the middle part of the horizontal band, the $ 2920 level was tested again. It reacted again from this region and rose to the level of 2995 dollars. If the pullback continues, $2920 and then $2850 may act as support. In case of an increase, the first resistance appears to be $ 2990 and then $ 3000.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.5074 with a 0.40% gain in value. There is a horizontal channel between $0.46 and $0.57. There was a wick movement to the $0.48 level, but it could not be permanent. $0.50 is a critical level and this level has been regained. Initial support again appears to be between $0.49 and $0.50. Areas where there may be resistance include the $0.55 and $0.58 levels.
AVALANCHE (AVAX)
AVAX is priced at $32.48 with a 0.03% gain in value as of the morning hours. There is a horizontal line between $40 and $31. If a breakout of $39 occurs and persistence is achieved, a rise to $45 can be seen. There was a pullback to $32. If the pullback deepens, the $30 level may be tested. $34 appears as intermediate resistance in any upward move.
SOLANA (SOL)
SOL is priced at $48.65 with a 0.77% gain in value as of the morning hours. When we examine the hourly chart, we see that the falling trend line was broken upwards and then the confirmation movement occurred. If this movement continues, the short-term resistance zone appears as $ 150. In case of persistence above the resistance zone, the $155 level can be targeted. In case of withdrawals, the $ 145 level can be followed as support.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $13,492 with a 0.73% gain in value. When we examine the hourly chart, we see that it looks similar to the inverted head-and-shoulders (TOBO) formation. The resistance point of this formation appears as $ 13,630. If the resistance zone is crossed, a move towards the 14 dollar zone may be possible. In case of withdrawals, the $ 13,350 level can be followed as short-term support.
DOGE
DOGE is priced at $0.15106 with a 1.55% gain in value as of the morning hours. When we examined the hourly chart, we saw that there was a strong movement with an upward break of the resistance zone and the $ 0.15600 level was tested. Although there was selling pressure from this region in the first stage, the $ 0.16 level can be tested if the upward movements are sustained above the $ 0.15600 level. In case of withdrawals, the $0.14700 region appears as support.
ARPA
As of the morning hours, ARPA is priced at $0.07366 with a 6.32% gain in value. When we examine the four-hour chart, we see that the resistance level of $0.07400 is critical. If it persists above this region, the $0.078 level can be followed. In case of withdrawals, the $0.072 level can be followed as support.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2343.84 dollars with a 0.33% gain in value. When we examine the four-hour chart, we see that there is no persistence above the $ 2400 level and at the same time, the short-term rising trend line has been broken downwards. If this withdrawal movement continues, the 2300 dollar level and then the 2280 dollar level can be followed as support. In upward movements, the 2380 and 2400 dollar areas appear as resistance. $2307 is working as support for now. There was an increase from this level to 2378 dollars, but it could not be permanent. $2332 seems strong as the first support zone.
OUNCE OF SILVER
As of the morning hours, silver is priced at $28.46 with a 0.93% gain in value. When we examine the four-hour chart, we see a downward price movement from the $28.70 area. In case of a pullback, $28 and then $27.80 levels can be followed as support. In upward movements, the 28.70 and 29 dollar areas can be followed as resistance.
