Despite recording high weekly outflows, Ether funds have generated $994 million in inflows this year. The total assets held in ETH funds are nearly $11.1 billion.
Institutional investment managers continued to sell cryptocurrencies like Bitcoin (BTC) and Ether (ETH) last week, though the magnitude of the outflows have declined substantially from previous weeks, offering early signs that the worst of the market sell-off has subsided.
CoinShares’ weekly fund flows report showed a $21.4 million drawdown over the previous seven days, compared with a $94 million outflow the previous week. Ether products registered their biggest weekly drawdown at $12.7 million. Funds dedicated to ETH had been outperforming Bitcoin in recent months, reflecting pent-up demand for the second-largest cryptocurrency.
All said, institutional investors have been net sellers of digital assets in four of the past five weeks. The period ending May 24 saw the biggest weekly outflow at $97 million, according to CoinShares data.
“While sentiment has weakened over the last month investors on the whole remain committed given the magnitude of inflows seen this year,” the report says, alluding to the fact that crypto investment funds have raised $5.8 billion this year alone. That’s within 13% of the $6.7 billion inflows registered in all of 2020.
As Cointelegraph reported, crypto holdings among institutional managers reached record levels during the height of the bull market earlier this year. Naturally, many investors have been taking profits following the most recent bout of market volatility.
Nevertheless, the weekly fund flows report suggests market sentiment is gradually improving. Case in point: The Bitcoin Fear & Greed Index has rebounded from extreme lows despite remaining on the bearish side. Meanwhile, Bitcoin’s price pierced above $41,000 on Monday, marking a 12% gain as markets eyed recovery above key technical levels. The price of Ether also recovered 9% to hit $2,566.
Rocket Protocol has been rebranded to Rangers Protocol after completing a major investment round. Pantera, Huobi Ventures Blockchain Fund and Alameda Research are among the backers.
The newly rebranded Rangers Protocol has raised $63 million via private equity to expand its high-performance blockchain protocol, potentially signaling that Chinese blockchain enterprise is on the rise despite a blanket ban on cryptocurrency trading in the country.
The Shanghai-based Rangers Protocol describes itself as a provider of “virtual worlds blockchain infrastructure,” which allows entrepreneurs and creators to build on top of the platform in a permissionless environment. Rangers Protocol includes a cross-chain protocol, nonfungible token platform and Ethereum Virtual Machine system.
An impressive list of venture funds participated in the investment round, including Pantera Capital, Huobi Ventures Blockchain Fund, Framework Ventures, Alameda Research, AU21 Capital, Hashkey Capital, SevenX Ventures, SNZ, Spark Digital Capital, Incuba Alpha Holdings and Consensus Lab, among others. These venture firms are behind some of the biggest raises in crypto.
The protocol upgrade that accompanied the rebranding also included a new NFT platform. The team behind Rangers Protocol believes the “NFT market will explode soon.” MixMarvel, an incubator established by Rangers Protocol, believes the NFT market will eventually scale to include “large-scale human collaboration.” As Cointelegraph reported, the NFT market is projected to double by October as demand for digital collectibles continues to grow.
The company is planning to establish several community organizations in the near future, including the Ecosystem Governance Foundation, Developer Community and Pioneer Investment Alliance. These communities will support a “fair and open environment for pioneer developers,” the company said.
The coin has seen a price rise of 77% in the last seven days or so.
Theta Fuel (TFUEL) works as the operational token for the Theta Network. The coin has seen strong price action recently, with year to date gains resulting in 4,566% profits for those who invested a year ago.
The Theta Network has been built as a video-sharing platform, kind of like YouTube but users are rewarded in TFUEL for sharing video streams or deploying smart contracts.
The network operators are known as relayers. Relayers are also rewarded with TFUEL for every video they host on the network for other users to watch. TFUEL can therefore be seen as the “gas” behind the Theta Network.
Where to buy Theta Fuel?
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What makes Theta Fuel a potentially hot buy right now?
With the rising popularity of video sharing platforms over the last 10 to 15 years there has been a constant hunt by video hosting platforms to find new revenue streams for monetising their platforms.
The Theta Network potentially provides a solution to this by offering incentives for users to host videos with guaranteed revenue that advertisers cannot always provide.
Steven Chen, one of the co-founders of YouTube is an advisor to the project. He has this to say on the potential of Theta:
“Theta’s innovation is set to disrupt today’s online video industry much in the same way that the YouTube platform did to traditional video back in 2005. One of our biggest challenges had been the high costs of delivering video to various parts of the world, and this problem is only getting bigger with HD, 4K and higher quality video streams,”
The post Theta Fuel (TFUEL) Adds Fuel to Its Fire With Price Hike – Where to Buy appeared first on Coin Journal.
from Latest News – Coin Journal
The analysis of the market of cryptocurrency, which was performed by JPMorgan, undoubtedly highlighted the distinction between the spot prices of Bitcoin (BTC) and the futures prices of BTC. Analysts of JPMorgan stated that the market of Bitcoin has reverted to backwardation…
The post JP Morgan Analysts Think Weak Bitcoin (BTC) Futures Can Result In A Bear Market appeared first on CryptocyNews.com.
The biggest single unlocking day will flush sellers from the market in July, opening up both volatility and bullish potential.
Institutional Bitcoin (BTC) investors are in the spotlight as an upcoming major cashout date sparks talk of fresh price volatility.
As noted by popular Twitter commentator Loomdart and others this week, attention is focusing on buyers and sellers of the Grayscale Bitcoin Trust (GBTC) as Bitcoin hovers near $40,000.
July means BTC price volatility
A giant in the institutional Bitcoin space, GBTC has over $24 billion in assets under management.
It is not available constantly — as Cointelegraph reported, the trust operates with periodic closures, which this year have coincided with its buy-in price trading at a discount to spot price.
This negative “GBTC premium” has formed a major talking point in its own right, as invested funds are locked up for a set period and then released, allowing investors to cash out at certain times depending on when they bought in.
A combination of negative premium relative to spot and a large unlocking of funds means that July will be particularly interesting for BTC price action. Previously, such an alignment has meant increased volatility.
July 19 will see the biggest single unlocking day, with 16,000 BTC ($627 million) released.
Bucking a declining trend
For popular pseudonymous trader Loomdart, this nonetheless provides a chance for selling pressure to stabilize afterward, paving the way for BTC bulls to crush longstanding resistance lines.
U guys realise we are already negating gbtc unlocks and after the bulk of them are over theres like… 0 spot btc sellers left right?
— loomdart (@loomdart) June 14, 2021
This would form a refreshing counterpoint to the broadly bearish picture on institutional markets, with open interest in Bitcoin futures way down versus prior to the May price dip to $30,000.
After announcing shutdown of San Francisco headquarters last month, Coinbase is reportedly quietly setting up its first office in New York.
The United States’ largest cryptocurrency exchange, Coinbase, is reportedly setting up its first office in New York. The Nasdaq-listed cryptocurrency exchange has allegedly subleased 30,000 square feet from Steven Cohen’s investment firm Point72 at Related Companies’ 55 Hudson Yards in New York, the New York Post reports Sunday.
Citing sources from a real estate firm, the report notes that Coinbase’s upcoming NY office makes up a small chunk of Point72’s total 339,000 square feet at the tower. The report also notes that Hudson Yards area is mostly known for corporate, media, and law tenants but not technology companies.
“It’s a new brand of user not only for Related’s Hudson Yards but also for the entire far West Side area,” one market observer reportedly said.
The biggest crypto exchange in the United States, Coinbase became even more discussed this year after going public on Nasdaq in April. The firm is known for its no-headquarter stance officially announced by CEO and co-founder Brian Armstrong in February 2021. Last month, Coinbase was planning to shut down its office in San Francisco in 2022 as part of the company’s commitment to “being remote first.”
Armstrong stressed that the closure of Coinbase’s headquarters in the Golden Gate City will be an important step in ensuring that no office becomes an unofficial headquarters. “Instead, we will offer a network of smaller offices for our employees to work from if they choose to,” he said.
As previously reported by Cointelegraph, Coinbase’s position on being remote-first echoes a similar no-headquarters stance by competitor Binance, the world’s largest cryptocurrency exchange. Binance CEO Changpeng Zhao said back in 2019 that office and headquarters are “old concepts like SMS and MMS.”