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Bitcoin Outflows Trigger Record $942M Weekly Drain in Crypto Investment Products

Abdulkarim Abdulwahab
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Bitcoin Outflows Trigger Record $942M Weekly Drain in Crypto Investment Products

Crypto investment products involving Bitcoin and other assets have witnessed the first negative weekly flow amid the recent market downturn.

Prominent asset manager CoinShares disclosed the recent development in its latest publication on institutional investments in crypto-based products.

According to the report, last week witnessed a record weekly outflow totaling $942 million across digital asset investment products. This figure marks the first outflow after a remarkable seven-week streak of inflows totaling $12.3 billion. 

CoinShares highlighted that despite trading volumes in exchange-traded products (ETPs) remaining high at $28 billion for the week, they were two-thirds lower than the previous week.

Market Correction Caused the Negative Flows

Additionally, the report noted that the recent price correction in the crypto market led to a decrease of $10 billion in total assets under management (AuM). However, AuM still stands above previous cycle highs at $88 billion.

Moreover, analysts at CoinShares suggest that the recent crypto market downturn has resulted in investor hesitancy with crypto investment products. Specifically, they attributed the significantly lower inflows into new ETFs in the U.S. to the market-wide corrections.

According to the data, these U.S. ETFs saw $1.1 billion inflows last week. However, the figure failed to offset the substantial $2 billion outflows from the market, which were largely influenced by Grayscale Investment’s GBTC.

Meanwhile, CoinShares observed that negative sentiment towards crypto-based investment vehicles was not limited to the U.S. market. 

Countries such as Switzerland, Sweden, Hong Kong, and Germany experienced outflows of $25 million, $37 million, $35 million, and $4 million, respectively. Yet, Canada and Brazil saw positive flows totaling $8.4 million and $9 million, respectively.

Bitcoin Bled the Most

Additionally, the report highlighted that 96% of the flows were directed toward Bitcoin, which experienced outflows totaling $904 million. Moreover, Bitcoin shorts saw minor outflows amounting to $3.7 million.

Crypto investment products weekly inflows chart CoinShares
Crypto Invetment Products Weekly Flows | CoinShares

Also, Ethereum, Solana, and Cardano faced challenges, witnessing outflows of $34 million, $5.6 million, and $3.7 million over the week. 

On the other hand, the remainder of the altcoin space performed well, with net inflows reaching $16 million. Notable performers included investment products of Avalanche, Polkadot, and Litecoin.

Top Analyst Says XRP Set for 89% Surge to $1.2

Abdulkarim Abdulwahab
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Top Analyst Says XRP Set for 89% Surge to $1.2

Renowned XRP bull EGRAG has emphasized XRP’s potential to rally 89% to his $1.2 short-term target.

In a recent examination of XRP’s behavior, EGRAG noted the emergence of a distinctive “W” wave in XRP’s 3-day candlestick pattern over the past nine months.

According to the analyst, this formation mirrors a historical pattern observed during a pre-bull rally phase for XRP.

XRP Surging to $1.2 Short-term

Given its historical resemblance, EGRAG pointed out that XRP is potentially set for a significant uptrend. Accordingly, he emphasized that the formation is consistent with his short-term projected values for XRP.

In particular, EGRAG anticipates XRP to hit $1 on the non-logarithmic scale and $1.2 on the logarithmic scale. With XRP at $0.6317 at press time, this suggests the analyst is eagerly awaiting an 89% gain for XRP soon.

Meanwhile, in the accompanying chart, the analyst noted the possibility of this bullish forecast being invalidated. Specifically, EGRAG highlighted a worst-case scenario where XRP could plummet by 30% to approximately $0.44518.

This outlook has sparked concern among enthusiasts, with one questioning the possibility of XRP revisiting this low.

Long-term Target of $27

Notably, EGRAG’s recent post about XRP potentially reaching $1.2 comes after earlier analyses in which the market watcher projected various targets for XRP.

In one of these analyses, he highlighted the similarity in XRP’s current moving averages across 20 and 50-day timeframes to patterns observed in 2017.

Following this observation, he provided three interpretations, one of which suggests the possibility of XRP undergoing a sudden and aggressive surge similar to what the market witnessed in 2017.

As a result, EGRAG emphasized that his $27 target for XRP this bull season remains intact, a value he anticipates by November this year.

Earlier this month, EGRAG proposed the possibility of XRP skyrocketing to $17 by May, contingent upon Bitcoin establishing a new all-time high and experiencing minor retracements before resuming its upward trend.

At press time, XRP trades at $0.6317, with barely any gains over the last 24 hours.

This Bitcoin Indicator Just Cooled Off, Suggesting Further Rally Ahead

Mark Brennan
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This Bitcoin Indicator Just Cooled Off, Suggesting Further Rally Ahead

The Bitcoin Market Value to Realized Value (MVRV) ratio has slipped into favorable territories amid the recovery push, hinting at a continuation of Bitcoin’s uptrend.

After setting a new all-time high above $73,000 earlier this month, Bitcoin appeared to lose momentum as investors took profits amid the uptrend. The price of BTC dropped as low as $60,700 in the past week, with the bears calling for much lower prices.

However, Bitcoin defied the odds, as it has for most of its history, having bounced back above $67,000 at the time of writing. This recovering bullish momentum, as well as a review of the Bitcoin Market Value to Realized Value ratio, suggests that the price of BTC could be heading higher.

Data provider IntoTheBlock recently shared this sentiment. For context, this indicator measures whether an asset is overvalued or undervalued compared to its realized price. The higher the MVRV ratio, the higher the chances that an asset is overvalued and could potentially hit its peak.

In Bitcoin’s case, the MVRV ratio surged to 2.75 on March 12 when Bitcoin set its current all-time high. The figure was imminently close to the 3 score, which historically shows that an asset has reached its peak.

However, the Bitcoin market witnessed a sell-off at the 2.75 score, which caused prices and the MVRV ratio to crash. Interestingly, Bitcoin’s MVRV ratio stands at 2.34, which leaves more room for the cryptocurrency’s price to rally further in the coming days.

Bitcoin On Track to Revisit All-time High Before Halving

After a strong recovery that began over the weekend, Bitcoin has started the new week on a strong footing, with a 6% gain in the past 24 hours. The latest uptrend puts an analyst’s prediction that the cryptocurrency will regain its all-time high before the halving back on track.

A combination of institutional buying from companies like MicroStrategy and the recently launched Bitcoin ETFs has helped push BTC to new highs. Many notable voices in the industry expect this trend to continue and project Bitcoin’s price to cross $100,000 before the end of the year.

Cardano Faces Stiff Resistance on Path to Hitting $1

Mark Brennan
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Cardano Faces Stiff Resistance on Path to Hitting $1

On-chain data indicates that Cardano faces significant resistance at various levels on its journey to reach the sought-after $1 milestone.

Since hitting a yearly high near $0.8 in mid-March, Cardano’s price has struggled, dropping as low as $0.58 a week later and settling for $0.647 at the time of writing. The decline is largely attributable to a broader market sell-off but has now handicapped ADA’s growth.

The price action pushed Cardano’s price below stiff resistance levels. Among these resistance levels is the range between $0.65 and $0.70.

According to data from IntoTheBlock, investors had purchased a combined 2.14 billion ADA ($1.36 billion) at the aforementioned price level.

These investors might provide strong selling pressure, especially if the group includes bearish buyers who are comfortable with exiting their position at a breakeven price, or with mild profits.

As a result, Cardano bulls must put up a good fight to overtake this price range and send Cardano’s price higher in 2024.

IntoTheBlock Cardano
Cardano Profitability | IntoTheBlock

Meanwhile, the next resistance levels exist in the ascendancy channel between $0.7 and $0.72. An estimated 108,000 addresses acquired 1.42 billion ADA ($908 million) at this level, which may provide selling pressure.

Cardano Eyes 2022 Highs

Amid the stiff resistance levels ahead, a beacon of hope exists for Cardano investors. Crypto market sentiment remains largely bullish going into the historical Bitcoin halving and a potential continuation of the bull run.

If such a situation plays out, Cardano might be a big beneficiary, given its position in the top ten cryptocurrencies by market cap.

Many analysts predict that Cardano could go as high as $5 this cycle, beating its previous all-time high by a significant margin. Still, others aim for a $7.5 high, which represents a more than 1,000% increase from Cardano’s current price.

Here is How Much XRP Soared in Seven Years from $0.009

Abdulkarim Abdulwahab
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Here is How Much XRP Soared in Seven Years from $0.009

Crypto investor Quinten Francois recently called attention to his purchase of XRP at an incredibly low price of $0.009 seven years ago.

XRP Rose 6,883% in Seven Years

The long-term crypto investor disclosed yesterday that he made his first crypto purchases exactly seven years ago. According to him, his purchases involved Bitcoin (BTC) at $950, Ethereum (ETH) at $44 in 2017.

Historical data from market tracking platforms like CoinMarketCap affirms that XRP traded as low as $0.00904 on March 25, 2017. This is about five years after XRP launched and had recorded an all-time low of $0.002802.

Meanwhile, on March 25, 2017, XRP reached an intraday high of $0.01071, with a 24-hour trading volume of $11,334,900. Considering XRP’s current market value of $0.6313 today, it implies that the token has grown by 6,883% from a low of $0.00904 seven years later. 

Interestingly, XRP featured a market cap of only $340,825,428 at the time. Similarly, this market cap has surged by precisely tenfold, with XRP’s current valuation currently sitting at $34.64 billion.

XRP History
XRP Historical Data | CoinMarketCap

Meanwhile, XRP ended 2017 at a prevailing price of $2.3920. At this time, its market cap had reached $89.12 billion. Considering it traded at $0.00904 nine months earlier, the growth rate translated to a 26,360% increase within a year.

Comparing XRP Trajectory to BTC, ETH

On the other hand, Bitcoin traded at a low of $903.71 on March 25, 2017. With Bitcoin’s price at $66,873 today, it implies BTC has grown by 7,300% in seven years.

Ethereum experienced a comparable 6,800% gain through the same period, moving from about $50 to its current position of $3,446. This confirms that XRP’s seven-year performance is comparable to Bitcoin’s and Ethereum’s despite recent market dynamics.

Meanwhile, XRP holders have become increasingly apprehensive about its recent performances, seeing the asset as an underperformer compared to its rivals.

Pessimism and Optimism about XRP 

The recent concerns stemmed from the fact that XRP is still below its 2018 all-time high. In contrast, others like BTC and ETH established new peaks in 2021, with BTC entering a new price discovery phase this cycle and ETH on the path to sliding into this zone.

In parallel, XRP is about 84% below its six-year-old all-time high, sparking concerns that the asset may not set a new peak this season.

However, prominent figures in the XRP community remain confident in XRP’s potential this cycle. As reported recently, Wall Street analyst Linda Jones expressed that the crypto market is lucky XRP is still available at discounted prices for accumulation.

Some market analysts have voiced confidence that XRP could experience a repeat of 2017 this season, targeting a high as $27 for XRP.

Elon Musk Questions Ethereum Co-Founder Vitalik Buterin’s Departure From Twitter

Lele Jima
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Elon Musk Questions Ethereum Co-Founder Vitalik Buterin’s Departure From Twitter

Elon Musk, Tesla CEO and owner of X (formerly Twitter), questions why Ethereum co-creator Vitalik Buterin left his microblogging platform.

Musk raised the question after An X user who goes by the pseudonym “Autism Capital” called attention to Buterin’s reduced engagement on the X platform.

In a tweet today, the user suggested that Buterin should be more active on X to help Ethereum shine. Autism Capital advised that Buterin frequently engage the crypto community on X instead of isolating himself with his chosen peers on an island platform.

Elon Musk Reacts

Interestingly, the remark got the attention of Elon Musk, who asked what prompted Buterin’s departure from X, a platform he acquired for $44 billion in 2022.

Expectedly, Musk’s question stirred a series of comical responses from crypto enthusiasts. Some users claimed that Buterin’s engagement on the X platform dropped significantly due to Musk’s refusal to enable crypto payments on the platform.

Vitalik Buterin’s Engagement on X and Farcaster

Before Autism’s complaint, Buterin’s last tweet was on March 17, when he posted about Farcaster, a decentralized social network popular within the crypto community.

With the X user calling him out, Buterin made another post on the platform in the hours leading up to press time. In the tweet, Buterin highlighted Ethereum Name Service (ENS) as an app capable of relinquishing multi-sig backdoors.

Conversely, the Ethereum co-founder has been more active on Farcaster. Last month, Buterin praised the decentralized social media platform as one that would stand the test of time.

In the same month, he argued that Farcaster’s channel feature makes it a better social media platform than X. While Buterin has nearly 180,000 followers on Farcaster, he boasts over 5.2 million followers on X.

It is worth noting that most of Buterin’s followers are crypto enthusiasts. As a result, he is likely to reach more crypto enthusiasts with his posts on the X platform than Farcaster. However, the Ethereum founder typically witnesses spam bots and token shills on his posts on X, forming part of the reason he has chosen to spend less time on the platform.

SEC Reportedly Plans to Categorize Ethereum as a Security

Meanwhile, Ethereum is currently at the center of an ongoing investigation regarding whether it constitutes a security. According to reports, the SEC intensified its war to clampdown on crypto by shifting its attention to Ethereum, the second-largest cryptocurrency by market cap.

The SEC is reportedly making moves to categorize ETH as a security several years after its senior official Bill Hinman publicly declared the coin as a non-security.

Rich Dad, Poor Dad Author Says He’s Buying 10 Bitcoin Before April

Mark Brennan
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Rich Dad, Poor Dad Author Says He’s Buying 10 Bitcoin Before April

Robert Kiyosaki, the author of the best-selling financial book Rich Dad Poor Dad, explains why he is buying 10 Bitcoin (BTC) between now and April.

Financial literacy educator Robert Kiyosaki has become increasingly popular for his public admiration of Bitcoin. On several occasions, he has recommended Bitcoin as an investment, especially for those considering a diversification away from the U.S. Dollar.

In the latest of his Bitcoin-focused crusading posts, the famed author did more than promote Bitcoin to his audience. Robert Kiyosaki revealed that he will be buying at least 10 BTC (approximately $670,000 at current prices) before April.

He explained that the decision to buy the coins is based on Bitcoin’s upcoming halving. The preprogrammed event makes bitcoins relatively scarcer by reducing the number of issued coins in each block reward.

Miners currently earn around 6.25 BTC on each freshly mined Bitcoin block, but that reward is set to be reduced to 3.125 BTC after the next halving, which is on track for April 20.

As a result, Kiyosaki recommends that investors aim to get at least one-tenth (1/10) of a Bitcoin if they can’t afford a whole coin. Investors may do so through the recently launched ETFs or directly buying smaller units of bitcoin called “Satoshis.”

Since their launch, the Bitcoin ETFs have attracted significant investment capital, breaking the record of $1 billion in inflows in a single day. Admittedly, the flow into these ETFs has dropped in the past week but remains on course for a recovery based on market sentiment.

Bitcoin to Hit $100K By September?

Alongside his buy bitcoin recommendations, Robert Kiyosaki predicts that Bitcoin will hit the $100,000 mark by September. He had earlier also predicted that the asset would cross $500,000 by 2025, with his latest post an attempt to reiterate his bullishness.

The famed author further clarified the reason for optimism about Bitcoin’s future price. He believes that the U.S.’s growing debt, consumer spending habits, and the threat of a global war could cause the price of Bitcoin, Gold, and Silver to soar in the coming years.

Shiba Inu: Shibarium Sets New ATH, TVL Surpasses $3.5M

Lele Jima
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0
Shiba Inu: Shibarium Sets New ATH, TVL Surpasses $3.5M

The launch of DAMN meme coin on the Shibarium-based decentralized exchange WoofSwap has pushed Shibarium’s TVL to a new all-time high record of $3.87 million.   

The Shiba Inu ecosystem layer-2 blockchain Shibarium has set a new record in terms of total value locked (TVL) on the network. 

Data from DeFiLlama shows that Shibarium’s TVL has reached a new all-time high of $3.87 million. It bears mentioning that Shibarium’s TVL stood below $1 million for most part of the year. 

However, following a relief rally across the broader crypto market, the network’s TVL breached the $1 million threshold in February and has remained slightly above this level ever since with no apparent increase.

However, this metric recently spiked, skyrocketing to $3.38 million from $1.43 million recorded the previous day. Interestingly, Shibarium’s TVL has continued its upsurge and is currently at $3.87 million. 

DAMN Boosts Shibarium TVL 

The massive spike in Shibarium’s TVL can be attributed to the launch of the DAMN meme coin on WoofSwap, a decentralized exchange on the L2 network. For the uninitiated, DAMN made a successful debut on WoofSwap on March 18, with its price rallying over 523% in three days. 

Its launch on WoofSwap contributed significantly to the decentralized exchange’s TVL. At the time of writing this line, WoofSwap’s TVL stood at $2.46 million, representing a 9,292% surge over the past week. 

WoofSwap is closely followed by MARSWAP as the top crypto project with the most TVL on Shibarium. Per DeFiLlama data, MARSWAP has $810,942 worth of total value locked on its platform. 

Other Factors Fueling Shibarium TVL 

Besides DAMN’s launch, other factors may have contributed to the massive spike in Shibarium’s TVL. Notably, the prices of Shiba Inu ecosystem tokens, including SHIB and BONE, have seen slight gains since March 22. 

In particular, SHIB spiked 7.26% within three days, rising from $0.00002615 to $0.00002805. Shiba Inu is currently changing hands at $0.00002780, up 2% in the past day. 

K9 Finance Plans to Boost Shibarium TVL by 50X 

While Shibarium’s TVL’s rapid surge is commendable, it is noteworthy that the figure could increase significantly as new decentralized finance projects launch on the L2 network. 

For instance, K9 Finance, an upcoming liquid staking platform on Shibarium, aims to bolster the network’s TVL by 50X. If K9 Finance achieves this feat, the total value locked on Shibarium could rise to $193.5 million from the current figure.  

Here’s How XRPL AMM is Useful for FXRP Agents that Need to Source XRP

Abdulkarim Abdulwahab
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0
Here’s How XRPL AMM is Useful for FXRP Agents that Need to Source XRP

Amid the launch of automated market maker (AMM) functionality on the XRP Ledger (XRPL), Hugo Philion, co-founder of Flare Network, has pointed out its potential utility for the proposed FAssets system.

In a recent post on X, Philion expressed satisfaction that AMM capabilities are now available on the XRP Ledger.

“I am particularly glad that there is now an AMM on XRPL,” Philion remarked. The factor behind his delight is the AMM’s potential usefulness for the Flare Network’s FAssets system.

 

In particular, Philion disclosed that the XRPL’s AMM capability would be advantageous for FXRP agents that need to source XRP.

For context, FXRP is one of the minted tokens of the Flare Network’s FAssets system. This system seeks to bring smart contract capabilities to assets without native support for smart contracts like XRP, Bitcoin, and Dogecoin.

With FXRP, FBTC, or FDOGE, holders can participate in DeFi activities such as staking via the Flare Network, earning yields, and generating passive income. As The Crypto Basic reported previously, the FAssets system seeks to unlock the untapped potential of over $1.3 trillion in tokens without smart contract functions.

How FXRP Works

Through FXRP, any XRP holder can transfer their token to a specific set of addresses, referred to as agents. Subsequently, the agents will utilize smart contracts on Flare to mint FXRP for the sender. 

Notably, the newly created FXRP remains redeemable at a one-to-one ratio with XRP. Should a user wish to exchange their FXRP for XRP, they can return the FXRP token to the Flare smart contract. Following this, the agents will transfer the equivalent amount of XRP to the user’s address on the XRP Ledger.

XRP AMM is Useful for FXRP Agents

For agents looking to source XRP, the Flare Network founder recognizes the benefit of the recently launched XRPL AMM functionality. Emphatically, the new XRP AMMs can serve as marketplaces where individuals conveniently trade XRP without requiring a counterparty on the opposite side of the transaction.

Prior to the introduction of the AMM, liquidity on the XRPL DEX depended entirely on manual market-making efforts.

Meanwhile, Hugo Philion remarked that for FXRP agents to leverage the XRPL AMM effectively, specific issues need to be addressed. In parallel, he expressed confidence that these challenges will be resolved in due course.

Members of the XRP community, including Wietse Wind, founder of XRPL Labs, have expressed agreement with Philion’s perspective. Notably, the Flare Network team is currently testing out FAssets.

Veteran Investor Sees Shiba Inu Hitting $0.001 This Bull Cycle

Lele Jima
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0
Veteran Investor Sees Shiba Inu Hitting $0.001 This Bull Cycle

Notable crypto investor Increasity expects Shiba Inu (SHIB) to clinch this bull season’s coveted $0.001 price level.

In the wake of the latest bull run, top market analysts have been making favorable predictions regarding the performance of various crypto assets, including Shiba Inu.

SHIB to Hit $0.001 This Season

While most analysts see SHIB breaching its previous ATH in this cycle, some experts have further set lofty price targets for the token. In a few of these projections, the analysts expect Shiba Inu to surge to $0.001 at the peak of this bull run.

This prediction was recently shared by Increasity, a popular crypto community figure who has been investing in digital assets since 2014. In a recent X post, Increasity gave his bull phase prediction for the top crypto assets.

Notably, the expert sees Bitcoin surging above $100K, Ethereum rising to the $10K mark, Binance Coin (BNB) at $1,000, and Shiba Inu hitting the coveted $0.001 price.

Other Analysts Provide Potential Timelines for SHIB Surge to $0.001

It bears mentioning that analysts have always been optimistic about SHIB claiming the ambitious $0.001 price. However, only a few experts think Shiba Inu might achieve the feat in this bull cycle.

For instance, analysts at leading crypto platform Changelly predicted that Shiba Inu would clinch the coveted price of $0.001 by 2033, nine years from now.

Also, crypto analytics platform Telegaon expects Shiba Inu to reach the $0.001 threshold between 2031 and 2035. Interestingly, Increasity thinks Shiba Inu would attain the $0.001 price level in this bull cycle, much earlier than these platforms predict.

SHIB Marketing Lead Price Projections

As reported earlier, some experts, including marketing lead Lucie, expect SHIB to reach a new all-time high (ATH) in this bull cycle. The previous ATH of $0.00008845 was set on October 28, 2022. However, SHIB is currently down 68.26% from this value.

Meanwhile, Lucie also provided a higher target for Shiba Inu, emphasizing that SHIB will reach $0.01 in the future. While she does not expect Shiba Inu to rally towards the $0.01 price territory immediately, she believes that SHIB will eventually achieve the feat someday. “Everything takes time,” she echoed.

Can Shiba Inu Replicate Its 2021 Rally This Season?  

During bull seasons, the prices of various crypto assets usually skyrocket tremendously, setting new all-time highs. For instance, Shiba Inu rallied significantly in the 2021 bull cycle and eventually peaked at $0.00008845 in October 2021.

Several crypto proponents expect the canine-themed token to replicate the feat in this bull season. Shiba Inu recently demonstrated its prowess in generating impressive gains during a bull market when it rallied over 350% to around $0.000045 in just eight days this month.

Interestingly, several proponents believe Shiba Inu’s rally earlier this month is just the tip of the iceberg of what will come at the peak of the bull run. Based on this positive outlook, Shiba Inu might end up clinching the $0.001 price target this season, as predicted by Increasity. 

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