Inflows in Digital Asset Funds Continue
Digital asset investment products shared by Coinshares saw inflows of $135 million this week, the third consecutive week of inflows after 9 consecutive weeks of outflows, and a total of $470 million in inflows in these three weeks. It is also stated in the report that the periodic decline in volumes has started. Of the 136 million inflows, a large portion of the 136 million inflows was again made to Bitcoin funds with 133 million dollars, while blockchain assets totaled 15 million dollars.
Former SEC Chairman Says ETF Approvals Are Hard to Resist
Former SEC Chairman Jay Clayton said that the approval of the spot Bitcoin ETF will have a much better chance if the applicant companies can convince the SEC that ETFs are a more convenient and more efficient way for investors to access digital assets. However, Clayton said he had no information on whether or not it would be approved or when it would return. Finally, Clayton said that if they are indeed right that spot ETFs can be useful, it will be difficult for the SEC to resist not accepting them.
Avalanche Experienced Volume Inflow with EUROC
Avalanche has managed to gain significant volume since last month. One of the most important reasons for the increase in activity in Avalanche is considered to be the increasing interest in stablecoins. It is also clear that Avalanche has benefited from the interest in EUROC. Avalanche has seen more Eurocoin volumes than Coinbase and Ethereum combined. The main reason for this volume to Avalanche is seen as the Trader Joe application. EUROC volume on the app covers 35% of the EUROC volume returned in the last 24 hours. This interest in EUROC also increased the number of daily active users on Avalanche by 2.4%.
Bank of England’s Bitcoin Forecast
Standard Chartered, a London-based British banking and financial services company, shared its predictions about Bitcoin prices. One of the bank’s analysts said in a statement that they expect to see 50,000 dollars this year and 120,000 dollars towards the end of 2024.
Grayscale Appeals to US Courts for SEC
Grayscale had already sued the SEC and took the process to court after failing to get the long-awaited Spot Bitcoin ETF approval. However, the subsequent developments regarding the ETF process have put Grayscale back on the move. On Monday, Donal Verrilli, one of Grayscale’s lawyers, submitted a letter to the court stating that it was not right that their Spot Bitcoin ETF application was not accepted while the riskier Leveraged Bitcoin ETF was accepted, and that it was arbitrary for the SEC to accept futures ETFs but not Spot ETFs.
Research Firm’s Forecast for Halving Microstrategy Shares Moved Share Price
Berenberg Capital Market said in its analysis that the halving process could have a positive impact on Microstrategy shares. While his company set its target price for Microstrategy at 430 dollars, he also stated that the company obtained most of its value with the 150,000 Bitcoins it holds. In the research, which mentions the pre-halving rally process, they added in their report that if the 4-year cycle is realized, there may be a rally before halving. They also stated that if this rally occurs, MSTR stock may rise because the Bitcoin-MSTR correlation has reached 0.90. MSTR closed yesterday at $407, up 7%.
BITCOIN(BTC)
Bitcoin is priced at $ 30,458 with a 0.15% gain in value as of today morning hours. In Bitcoin, we see that the price rose up to 31,000 with the rise in the evening hours yesterday, but immediately saw significant selling pressure from here and fell back below the mid-channel band. Although the expectation was 31,400 after the nice volume entry and the breakout with a big green bar, Bitcoin is pricing at 31,400 levels again due to the selling pressure that came afterwards and almost swept the entire rise. No important data will be released in the US today, but we see that the speeches of FOMC members continue. At the same time, we can say that the market may be a little more volatile due to tomorrow’s inflation data.
ETHEREUM(ETH)
ETH, which lost 0.14% as of morning hours, is priced at $ 1878. The rise in Ethereum, which started from the channel support with the closing of the week, reached up to $ 1900 yesterday evening, but then retreated to the 1880 region with the sales pressure it saw. We can say that the 1880 region is an important level in Bitcoin and in case of a downward break, the price may return to the 1840 region.
AVALANCHE(AVAX)
AVAX is priced at $ 13.30 as of today morning hours, down 2.06%. After the pullback on AVAX on Sunday, we managed to get back to the critical resistance zone with the rise yesterday. AVAX, which is currently above the resistance zone, tested 13.80 upwards during the night hours, but failed to break through and retreated a little from here. We can say that strong pricing continues in AVAX and it will be important for it to remain at these levels.
SOLANA(SOL)
Solana is priced at $ 22.01 with a 3.38% gain in value as of today morning hours. We see that the 200-day moving average was also broken upwards and the price continued to rise 1 month later with the rise that came after the descending movement that broke upwards in SOL. We can say that it may be logical to take profits from the $ 22-23 zone and wait for the $ 23 breakout in Solana, which rose to $ 22 again with yesterday’s rise.
