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Top Investor Procures 445,868,091,840 Shiba Inu from Robinhood

Sam Wisdom Raphael
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Top Investor Procures 445,868,091,840 Shiba Inu from Robinhood

A whale address receives over 445 billion Shiba Inu tokens from a Robinhood wallet as SHIB’s price corrects to the $0.000027 region.

Whale Alert, a leading market tracking resource, first spotlighted the interesting fund movement, which occurred shortly after Shiba Inu witnessed an impressive price uptick to retest the $0.000029 price territory amid a three-day winning streak.

Details of the Transaction

On-chain data from Etherscan indicates that the transaction occurred yesterday at 16:46 UTC, involving exactly 445,868,091,840 SHIB tokens worth $12.171 million. According to market data, the funds moved at an average price of $0.00002729 per SHIB, a 7% drop from Shiba Inu’s local top of $0.00002945 during the latest solo rally.

While the sending address belongs to Robinhood, the recipient remains unknown as of press time. However, data confirms the address now holds 527.3 billion SHIB valued at $14.68 million against prevailing rates. Interestingly, Shiba Inu represents the largest single holding by this whale, with Ethereum (ETH) coming in second.

The latest transaction is the second SHIB whale movement involving the wallet and Robinhood. It received 275 billion Shiba Inu worth $7.6 million from Robinhood on May 28. The address has been procuring these tokens over the past month from Robinhood and Zero Hash, a platform that allows businesses to give their clients exposure to crypto payments via APIs.

Interestingly, the whale has also been offloading some of the Shiba Inu tokens systematically, having moved out 200.91 billion SHIB to two different wallets in the past two days. Due to this pattern of accumulation and distribution, it is difficult to ascertain if the address is an individual whale or one affiliated with Robinhood.

Similar Shiba Inu Fund Movements

Moreover, the timing of the recent transactions has caught the eye. Notably, this wallet remained dormant after receiving funds from Zero Hash five days ago. However, it reawakened on the back of Shiba Inu’s recent resurgence, which saw it spike 17% in three days.

Similar wallets have sprung up in recent times. The Crypto Basic revealed on May 2 that one such address amassed 1.75 trillion Shiba Inu tokens in multiple transactions from Robinhood. Before these movements, the address sent 3 trillion SHIB to Robinhood in a single transaction last month.

Meanwhile, despite the recent movements out of Robinhood, CryptoQuant data suggests that more SHIB tokens are flowing into exchanges. Notably, exchanges saw a positive netflow of 1.069 trillion SHIB yesterday. This trend coincided with the retracement from the $0.000029 high, with Shiba Inu now trading for $0.00002736.

Here is XRP Price if its Market Cap Reaches $3 Trillion

Sam Wisdom Raphael
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Here is XRP Price if its Market Cap Reaches $3 Trillion

XRP’s price could surge to $54 if its market cap records an increase of $3 trillion, as projected by certain market analysts.

The crypto market has continued to evolve, with assets recording impressive growth over the years. XRP also saw this growth following its launch in 2012. For instance, during the 2017 bull market, XRP price spiked from a low of $0.003 in January 2017 to an all-time peak of $3.31 in January 2018.

XRP’s Stunted Market Cap Growth

This rally marked an impressive 110,233% increase within a year, demonstrating the remarkable growth rate XRP witnessed. At this all-time high price, XRP’s market cap soared above $128 billion, according to data sourced by TradingView. This helped XRP secure the second spot on the list of largest crypto assets, only below Bitcoin (BTC).

However, as the broader market witnessed a correction in 2018, slipping into the bear market, XRP lost this position as its market cap continued to collapse. When the market recovered, XRP price failed to catch up, underperforming other notable assets. BTC and the rest of the market hit new ATHs in the 2021 bull run, but XRP missed out.

While other assets saw their market cap clinch new levels, XRP’s market cap saw stunted growth, relegating it to lower levels on the list of largest crypto assets. XRP now secures seventh, having been recently displaced by Solana (SOL) and USDC. However, market analysts believe XRP’s resurgence is on the horizon.

For one, they call attention to the imminent end of the Ripple v. SEC legal battle, which many say is the primary factor behind XRP’s price suppression. Amid the growing anticipation of this sudden price uptrend, projections of a higher market cap have surfaced. 

XRP Price at a Projected $3T Market Cap

Notable analyst EGRAG recently predicted that XRP’s market cap is capable of spiking to the $3 trillion mark. He presented an ascending channel pattern (“the White Channel”) that the token’s market cap has traded within since 2017. According to him, the channel’s midpoint rests on the $100 billion mark, with the upper trendline stationed at $287 billion.

If XRP’s market cap could breach the midpoint, a push toward $287 billion may be on the horizon. A breakout from this level would lead to a push above the White Channel. EGRAG sets an ultimate target of $3 trillion for XRP’s valuation, higher than the combined market cap of the entire crypto market today.

Notably, should XRP’s market cap reach this level, the token’s price will skyrocket to $54.1, assuming its circulating supply remains stable at 55.4 billion. Such a value would represent a 10,478% increase from XRP’s current price of $0.5237. Due to the magnitude of this surge, the chances remain slim, but the crypto market is known for its surprises.

Veteran Bitcoin Analyst Projects $0.00006 as Next Target for Shiba Inu

Abdulkarim Abdulwahab
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Veteran Bitcoin Analyst Projects $0.00006 as Next Target for Shiba Inu

Davinci Jeremie, a Bitcoin advocate for over a decade, boldly asserts that Shiba Inu is on track to hit $0.00006 amid the recent upsurge.

After much anticipation, Shiba Inu bulls finally proclaim their presence, driving SHIB close to cracking the $0.00003 channel. Market data shows SHIB reached a new daily peak at $0.00002933, following an 18.51% increase from the initial low of 0.00002475.

It is worth noting that Shiba Inu last traded the $0.000029 level approximately eight weeks ago before it plummeted to the April 13 low of $0.00001853. 

Since then, Shiba Inu has faced challenges, with only minimal gains observed until the recent surge. At the time of reporting, Shiba Inu continues to preserve most of the acquired gains, with its value at $0.00002792.

$0.00006 is Next Target for Shiba Inu

Amid this commendable performance, renowned Bitcoin pundit Davinci Jeremie took to X to remark on Shiba Inu. Jeremie emphasized that it is time to “make some money” with SHIB. In parallel, he issued his projected outlook for the asset as the bullish phase finally recommenced.

Jeremie first reflected on his previous admonitions to crypto market participants to accumulate SHIB tokens during the bearish period following the initial pump of early March. He noted that a breakout is expected after the downturn, with initial targets between $0.000025 and $0.00003.

Moreover, Jeremie noted he himself added to his Shiba Inu portfolio during the low prices. Now that his initial projections have materialized, the Bitcoin pundit is confident that SHIB is headed for $0.00006.

At Shiba Inu’s present value, achieving $0.00006 demands only a surge of 114%. Recall that SHIB soared by over 370% in eight days in the first bullish phase that ended in early March.

Notably, Shiba Inu last traded around the $0.00006 threshold at the peak of the 2021 bull run frenzy. Attaining the price point would place SHIB just 32% below its $0.00008845 all-time high.

Other Analysts Agree

Meanwhile, Jeremie’s ambitious target for Shiba Inu is not isolated. Many other market observers, including Davie Satoshi, Javon Marks, and Eunice Wong, have proposed a comparable price target in their independent analyses. Notably, Wong believes SHIB would cancel another zero during this emerging phase.

Litecoin Price Eyes $90 Rebound as Investors Open 300,000 New LTC Wallets

Mark Brennan
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Litecoin Price Eyes $90 Rebound as Investors Open 300,000 New LTC Wallets

Litecoin price has tumbled 8% in the last 10 days as it fell to a daily timeframe low of $82.57 on May 29, but as new entrant keep entering the market, LTC could be on the verge of major rebound. 

Litecoin Price Dips 8% After Ethereum ETF Frenzy

The announcement of the imminent approval of Ethereum ETFs on Monday, May 20, initially sparked a bullish surge in the cryptocurrency markets. However, the excitement began to wane following the SEC’s official approval on May 23, leading the global crypto market into a consolidation phase.

Since May 21, projects such as Litecoin (LTC) have faced challenges in gaining momentum. Over the past week, investors have shown a marked preference for ETH and other tokens within the Ethereum DeFi ecosystem.

Litecoin Price Action (LTC/USD) | TradingView
Litecoin Price Action (LTC/USD) | TradingView

As illustrated in the TradingView chart above, the price of LTC has decreased by 8% between May 21 and May 29.

In anticipation of the inflow of funds into Ethereum ETFs, which could still take weeks or even months to go live, investors are deploying diverse strategies to profit from the ongoing crypto market consolidation phase.

New Investors Create 400,00 New LTC Wallets After ETH ETF Launch

On-chain data shows that an unusually high number of new wallets have been created have Litecoin network in the last few days, signalling that new entrant are entering the LTC markets, likely capitalizing on the recent LTC price dip.

Santiment’s Total Amount of Holders chart depicted below monitors daily changes in the total number of funded wallet addresses on a cryptocurrency network. An increase in active wallets suggests that the number of holders joining the network has exceeded those exiting their positions and vice verse.

Litecoin Price vs. LTC Total Number of Holders
Litecoin Price vs. LTC Total Number of Holders

A large number of new entrants have been spotted aping into the Litecoin network this week, amid the 8% price correction.

As seen in the chart above, there were only 8.17 million active LTC wallets as of May 21. But that figure has now ballooned to 8.21 million LTC wallets at the time of writing on May 29, reflecting a rapid entry of 300,000 new Litecoin wallets in the past seven days.

This signal suggests the there’s an overwhelming positive sentiment within Litecoin ecosystem despite the recent price dip. And if this vital network growth trend persists Litecoin price could experience major rebound in the days ahead.

LTC Price Forecast: Imminent Rebound to $90

Litecoin price is dropped 8% within the weekly timeframe, but the influx of 300,000 new LTC wallets puts BCH price in prime position for a major rebound toward the $90 level.

With LTC currently trading at $83.76, the Bollinger band technical indicators show that bulls are still holding firm above the critical support level at the 20-day SMA price of $83.59.

Litecoin LTC Price Forecast | TradingView
Litecoin LTC Price Forecast | TradingView

If holders that bought LTC around that vital support level opt to double-down on their positions, Litecoin price could enter an early rebound above $90 as predicted.

But on the flip side, if that key support level give way, the market-wide consolidation phase could send LTC price spiralling toward $75.

Cardano DEX Minswap Makes Bid to List MIN Token on Binance

Abdulkarim Abdulwahab
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0
Cardano DEX Minswap Makes Bid to List MIN Token on Binance

Minswap Labs, the premier multi-pool decentralized exchange on Cardano, takes steps to get its native token MIN to trade on the largest crypto exchange, Binance.

The Minswap Labs team recently disclosed this move via a post on their official X account. Per the update, Minswap Labs filed and submitted an application for MIN to be listed on Binance.

MIN Listing on Binance

This move comes amid MIN’s low trading volume and market cap of $29.4 million, which places it at position 802 in the CoinMarketCap ranking. Listing MIN on Binance is expected to positively impact its volume and market share. Specifically, the listing will expose MIN to millions of investors and traders on the exchange, potentially boosting its market value.

Notably, Minswap Labs applied to list MIN on Binance by leveraging the exchange’s recently announced program to foster a healthy crypto market environment. The Binance initiative aims to tackle the rising concern regarding dishonest token launches characterized by elevated fully diluted valuations and limited initial circulating supplies. 

For context, such launches involve projects releasing a small token quantity at the beginning, creating an artificial scarcity to drive up prices. However, these projects typically retain the larger reserve, potentially offloading it later, which hurts retail investors.

To counter this trend, Binance moved to empower promising small and medium-sized projects with solid fundamentals. It opened applications to participate in its listing program, including direct spot listing, Mega Drops, and Launchpools.

Notably, in this program, Binance welcomes only projects that allocate a significant portion of tokens to community users, maintain a reasonable token float at launch, and limit allocations to non-community users. 

Additionally, Binance prioritizes projects with an organic user base and a commitment to responsible regulatory and compliance practices.

MIN Lists on MEXC

While the MIN listing application is pending on Binance, the Cardano-based token has recently been listed on MEXC, one of the top centralized exchanges. MEXC opened the MIN/USDT trading pair on May 28 after a $50,000 airdrop reward pool. At press time, only MEXC and CoinEX are leading centralized exchanges that have listed MIN.

Interestingly, following the latest announcement, MIN’s volume has spiked 218% to $198,350, per CoinMarketCap data. Of this figure, MEXC, which recently listed it, commands $152,054, representing 76.58%. Binance’s listing is likely to further boost this total figure.

Investor Buys 67B PEPE in Effort to Recover $2.55M Shiba Inu Loss

Mark Brennan
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Investor Buys 67B PEPE in Effort to Recover $2.55M Shiba Inu Loss

A crypto investor purchases 67 billion PEPE for $1.02 million in an attempt to offset a $2.55 million loss from selling 40.9 billion Shiba Inu at a much lower price.

An investor who previously faced significant losses has acquired 67 billion PEPE tokens, valued at $1.02 million, from the crypto exchange OKX. This decision follows his notable financial downturn in the SHIB market, sparking curiosity about potential recovery through the new investment.

Previous Financial Setback in Shiba Inu

Reports from Lookonchain detail the investor’s previous foray into the cryptocurrency market during the previous bull run, when he acquired 40.9 billion SHIB for a total of $2.98 million. Market data suggests that the individual procured SHIB at an average price of $0.00007279, close to its ATH.

However, as the market shifted into a bearish phase, the value of the SHIB tokens plummeted. Consequently, the investor sold his entire SHIB holdings at a significantly lower price of around $0.0000011 per token, realizing a considerable loss of $2.55 million. 

This drastic reduction in value equated to an 85.5% loss, underscoring the high-risk nature of cryptocurrency investments. As of press time, the value of the SHIB token is trading at $0.00002734, marking an 8% surge compared to the previous day. 

From SHIB to PEPE: A Gamble for Redemption?

With the recent acquisition of 67 billion PEPE tokens, the crypto community keenly observes whether this investor can recover from his previous loss. Should the PEPE token surpass the Shiba Inu market cap, as reported by The Crypto Basic, this could potentially lead to a return on investment for the individual.

However, the report further notes that for PEPE to clinch Shiba Inu’s market cap, its value must increase to $0.00003582. This rise represents a massive 221.8% jump from PEPE’s current price. As of press time, the value of PEPE is changing hands at $0.00001506 per token. This indicates a 5% decline in the last 24 hours.

Ripple Invests Undisclosed Sum in Web3 Messaging Platform 

Lele Jima
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Ripple Invests Undisclosed Sum in Web3 Messaging Platform 

Ripple invests an undisclosed amount in Hong Kong-based Web3 messaging and social platform beoble.

Leading crypto payments company Ripple has invested in beoble, a Hong Kong-based Web3 wallet-to-wallet messaging and social app. beoble disclosed this in a recent X post, emphasizing that the investment would help it seek ways to launch its service on the XRP Ledger (XRPL). 

“We want to show great appreciation to the RippleX for supporting our journey,” beoble said in a statement. 

At the time of writing, the company did not disclose the amount of funds Ripple provided. Nonetheless, it promised to share more exciting updates about the deal. 

Notably, Ripple provided the funds through its research and development arm, RippleX. RippleX is responsible for empowering XRPL developers with the necessary infrastructure and support to foster growth and innovation on the XRP Ledger.

New Recipients of XRPL Grants 

The development comes barely a week after RippleX disclosed the latest beneficiaries of the prestigious XRPL Grants, with seven projects emerging out of a total of 132 projects. 

The list includes Bitbob, Breezeway, Kodelab, Moai Finance, Propto, Tender Merchant, and VWBL. Ripple provided a total funding amount of $700,000, with the seven projects receiving $100,000 each. 

beoble’s Services and Offerings 

For context, beoble is a Hong Kong-based web3 messaging and social platform that allows crypto wallet owners to message each other. The company, which plans to be the Whatsapp for Web3, launched the beta version of its app in December 2023. 

In mid-February, beoble completed a seed funding round, raising $7 million from notable investors, including Samsung, Hashkey, Cypher Capital, DWF Ventures, and Blockchain Founders Fund. 

With the funding, beoble aims to launch the V2 of its messaging platform with new and advanced features like business-to-business integrations, in-app social trading, OTC trading functionalities, and more.

beoble’s supported networks include Binance Smart Chain, Ethereum, and Polygon. The company is making plans to support more blockchains, like Solana and XRPL. According to beoble, it plans to utilize the new funds from Ripple to roll out its services on XRPL. 

Meanwhile, as of February, beoble boasts a solid user base, with a monthly user base of 354,000 and 600,000 monthly active wallets. The company launched its native token, BBL, on February 28. At press time, the token, which can be used for all in-app activities, was trading at $0.0518, up 19.26% over the past 24 hours. 

SHIB Enthusiasts React as Shiba Inu Posts Mysterious Tweet 

Lele Jima
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SHIB Enthusiasts React as Shiba Inu Posts Mysterious Tweet 

The official Shiba Inu ecosystem X handle sets the community abuzz with a mysterious tweet, stirring bullish reactions from SHIB enthusiasts.   

I an X post yesterday, the Shiba Inu ecosystem team sent a good morning message to the community members.

Community Reacts 

However, the image accompanying the post caught the attention of SHIB enthusiasts, who took to the comment section to react with different bullish emojis. 

In particular, Coinpedia Markets, a leading crypto analytic platform that predicted BONE’s listing on Binance, responded with “GM, @shibtoken,” alongside a fire emoji. 

In addition, popular Shiba Inu community member Vet KUSAMA also reacted to the tweet with a rocket emoji. 

Furthermore, Hong Kong-based crypto exchange LBank, which recently listed Shiba Inu’s partner token K9 Finance DAO (KNINE), leveraged the heart eyes emoji to react to the post. 

These reactions suggest that the border Shiba Inu community is bullish about upcoming updates within the ecosystem.  

Shiba Inu Price Nears $0.00003 

Since the mysterious tweet went viral, Shiba Inu has witnessed growth in different aspects, ranging from price to trading volume. As reported earlier, Shiba Inu resumed its upward trajectory yesterday, as its price soared from $0.00002475 to an intraday high of $0.00002933. 

This remarkable rally saw Shiba Inu briefly flip Cardano (ADA) to become the 10th-largest crypto asset by market cap. Although SHIB’s price has retraced to $0.00002778 in the hours leading up to press time, it is still up 12.2% on the daily charts. 

Shiba Inu Flips BTC, DOGE, and ETH to Become Most Traded Token in Korea

Furthermore, Shiba Inu’s volume has surged tremendously in recent times, with investors trading $2.39 billion worth of SHIB over the past 24 hours. Data from CoinMarketCap shows that the figure represents an increase of 143.68% from yesterday’s record. 

Shiba Inu’s volume surged thanks to the growing interest in the token among South Korean traders. At the moment, Shiba Inu is the most traded token on South Korea’s largest exchange, Upbit, outpacing top crypto assets like Bitcoin (BTC), Dogecoin (DOGE), and Ethereum (ETH) in terms of 24-hour volume. 

While SHIB had a volume of $352.55 million, BTC, DOGE, and ETH’s volume stood at $152.35 million, $100.98 million, and $98.19 million, respectively. 

SHIB volume on Upbit
SHIB volume on Upbit | CoinMarketCap

Chainlink Price Forecast: This Signal Could Push LINK to $25

Mark Brennan
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Chainlink Price Forecast: This Signal Could Push LINK to $25

Chainlink price soared to a 60-day peak of $18.90 on Wednesday, May 29, extending its monthly timeframe gains to the 52% mark; recent on-chain movements suggest more upside could follow in June 2024. 

Chainlink Price Hits 75-day Peak as Investors Anticipate RWA Breakout

Following the Ethereum ETFs approval by the US Securities and Exchange Commission (SEC), investors now anticipate a growth spurt in institutional involvement in the cryptocurrencies and digital assets.

Asset Tokenization and Real World Assets allow the trading of traditional financial instruments and securities to be traded on the blockchain platforms.

As an industry-leader providing off-chain prices feed to service the RWA and Asset Tokenization protocols, the Chainlink ecosystem has benefitted immensely from the growing popularity of this narrative in the after of the ETH ETF approval.

Chainlink (LINK) Price Forecast | TradingView
Chainlink (LINK) Price Forecast | TradingView

LINK price rose to a new monthly peak of $19.19 on May 29, bringing its May 2024 gains to the 55% mark.

The timing of the latest wave of the rally shows Chainlink price has been on an upward trajectory, since ETH ETF approval on May 23, as it quickly became one of the most-sought after Ethereum-hosted altcoins.

Investors Shift 600,000 LINK Tokens into Long-term Storage in 48 Hours

With the bullish narrative surrounding Asset Tokenization now clearly in play, investors within the Chainlink ecosystem are now making strategic moves to benefit from the imminent proliferation of RWA trading on the blockchain.

In recent months, major institutional investment firms, including JPMorgan and BlackRock CEO Larry Fink, have talked up the revolutionary prospects offered by the Asset Tokenization narrative.

On-chain data trends show that since the ETH ETF approval on May 23, investors have been moving large amounts of LINK tokens into long-term storage.

IntoTheBlock’s exchange netflow chart shows the daily difference in exchange deposits and withdrawals. Negative netflows are bullish as it means that investors are shifting more tokens out of exchanges and trading wallets, than those being deposited.

Chainlink Price vs. LINK Exchange Netflows
Chainlink Price vs. LINK Exchange Netflows

Chainlink exchange net-flows have been trending negatively since May 24. According to the data, investors have now shifted 488,360 LINK tokens out of exchange-wallets into self-custody and other long-term storage options.

A persistent trend of negative exchange net flows is interpreted as a prime indicator of imminent bullish price action for two main reasons.

Firstly, negative exchange net-flows mean that a lesser number of tokens are readily available for trading. Valued at the current prices, the 488,360 LINK tokens withdrawn from short-term market supply are worth approximately $10 million.

As this $10 million supply squeeze coincided with the Chainlink demand surge triggered by the ETH ETF approval, it explains why LINK price entered a double-digit breakout to a 60-day peak of $19.19 on May 29.

More so, when investors keep making exchange withdrawals during such a considerable price rally, it suggests that the majority of holders are still anticipating more upside.

Chainlink Price Forecast: Clear Coast to $25?

Chainlink price is trading at 60-day peaks at the time of writing on May 29. But drawing insights from the $10 million exchange withdrawals made in the last 48-hours, it appears LINK holders are not looking to book profits yet.

Instead, Chainlink traders are opting for long-term storage, in hopes that a surge in institutional involvement in Asset tokenization and the ETH ETF inflows could trigger another breakout LINK price towards $25 in June 2024.

Looking at IntoTheBlock’s GIOM data, Chainlink’s price could break out above $25 if it scales the next major resistance around $22.

Screen Shot 2024 05 29 at 32505 PM
Chainlink (LINK) Price Forecast | IntoTheBlock

As seen in the chart above, 92,930 addresses that bought 51.3 million LINK at the average price of $22.83 could mount a major resistance sell-wall if they opt to book profits early.

But if the exchange outflows continue at the current pace, bulls could seize the momentum to drive a $25 breakout as predicted.

BlackRock Flips Grayscale as Largest Bitcoin ETF with $19B+ in AUM

Sam Wisdom Raphael
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0
BlackRock Flips Grayscale as Largest Bitcoin ETF with $19B+ in AUM

The BlackRock iShares Bitcoin Trust (IBIT) briefly flipped the Grayscale Bitcoin Trust (GBTC) as the largest BTC ETF following the latest round of inflows.

On-chain intelligence resource Arkham Intelligence first called attention to this feat in a recent post on X, following reports of the capital flows recorded by the spot Bitcoin ETF market yesterday. Notably,  the entire BTC ETF market in the U.S. saw inflows worth $45 million on May 28, marking its 11th consecutive day of positive netflows.

IBIT Sees Inflows; GBTC Records Outflows 

Meanwhile, according to market data sourced by The Block, BlackRock’s IBIT saw the largest capital inflow valued at $102.5 million, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) witnessed the second-largest inflow worth $34.3 million. 

In contrast, GBTC recorded massive outflows totaling $105.2 million worth of BTC, as withdrawals from the funds resumed. Recall that the sustained outflows from GBTC since its conversion to an ETF came to a halt on May 13, when it saw zero flows. The ETF then witnessed four consecutive days of inflows from May 15 to 20.

These inflows soon got exhausted, with the trend of outflows resuming from May 22. Meanwhile, during this period, BlackRock’s IBIT recorded zero outflows, with its most recent capital outflow coming up as far back as May 7. According to Arkham, IBIT has seen an influx of $656.7 million worth of BTC over the last week, while GBTC has seen $29.9 million in capital exit. 

IBIT Flips GBTC as Largest BTC ETF

This contrast in inflows and outflows across both funds eventually resulted in IBIT holding 284.5K BTC worth $19.4 billion, making it the largest Bitcoin ETF globally, as it flipped GBTC to assume this position. IBIT has seen $830 million in inflows this month, while GBTC has recorded outflows worth $451.6 million.

Citing this data, Arkham emphasized that IBIT flipping GBTC to assume the dominant position was more due to the large amount of inflows it has commanded in recent times than the outflows from GBTC. Interestingly, as other ETFs record their individual inflows, BTC ETFs in the U.S. now hold 2.67% of BTC’s circulating supply, totaling 562,000 BTC or $38.2 billion.

Eric Balchunas, a renowned ETF analyst from Bloomberg, confirmed IBIT’s feat, stressing that the fund is on its way to make history as the fastest ETF to reach $20 billion in AUM. This record is held by the JPMorgan Equity Premium Income ETF (JEPI), which crossed $20 billion in 985 days. IBIT has only traded for 137 days, including non-business days.

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