Bitcoin ETF Effect Finally Here: $200 Million in Four Days of Consecutive Inflows

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4 Feb 2024

Arman Shirinyan
Bitcoin ETF saw inflows for four consecutive days
News
Thu, 1/02/2024 - 12:55
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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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As data from SoSoValue indicates, the Bitcoin spot ETF on Jan. 31 marked a massive net inflow of $197 million into Bitcoin spot ETFs, extending a streak to four consecutive days of net inflows.

This surge is contrasted by Grayscale's GBTC experiencing a net outflow of $187 million, while other ETFs, excluding Grayscale, witnessed a combined net inflow of $384 million. Notably, the Fidelity ETF FBTC had a remarkable single-day net inflow of around $232 million.
The concentrated influx of funds into Bitcoin ETFs, especially those designed to track the spot price of Bitcoin rather than futures, signifies growing investor confidence in the digital asset as a long-term investment. This shift could be a precursor to the broader acceptance and integration of Bitcoin into traditional investment portfolios, potentially leading to increased price stability and a reduction in volatility over the long term.
BTC/USD Chart by TradingView
The impact on Bitcoin’s price due to these substantial ETF inflows is multifold. In the short term, the increased demand from institutional investors purchasing ETFs can lead to a bullish scenario for Bitcoin's price. Looking at the Bitcoin chart, the price has been testing a crucial support level around $39,728 which, if held, could become a foundation for future growth.
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JPMorgan: Bitcoin ETF Hype Cooling
In terms of resistance, Bitcoin faces immediate hurdles near the $42,286 level which, if surpassed, could clear the path toward the $44,000 range. A move beyond this could reinforce bullish sentiment, potentially driving prices up to test the $48,000 resistance zone.
The accessibility of the Bitcoin ETF could usher in a new era of growth for Bitcoin, with the potential for the leading cryptocurrency to solidify its standing as a "digital gold" within the institutional investment community.
The current landscape suggests a scenario where, if the support level holds strong, the influx from ETFs could contribute to a sustained upward trajectory for Bitcoin’s price in the foreseeable future.

#Bitcoin
About the author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.
Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.
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XRP Enters Consolidation Mode as Price Prepares for Epic Move

Godfrey Benjamin
XRP eyes price rebound amid consolidation push
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Sat, 3/02/2024 - 10:40
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The crypto ecosystem is in a general consolidation mode with XRP riding the wave in a personalized manner. The price of the digital currency has stayed relatively flat over the past 24 hours, gaining 0.70% to $0.5078. The consolidation effect on XRP is even more profound considering its tight trading range from a low of $0.4992 to a high of $0.5133 within 24 hours.

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The XRP price has traded at a favorable discount enough for market bulls to begin accumulating the coin in hopes of pushing it to a higher range. Before the current set-up for mega growth, XRP printed its first death cross for the year as its short-term moving average crossed below the long-term moving average as highlighted in an earlier U.Today report.
While this troubling setup was expected to force a more downward slip-up in the price of XRP, it has proven to be a trigger for more intensive accumulation. Intriguingly, the trading volume of XRP, which recorded a massive plunge earlier, has thinned out and is now pegged at $754,553,910 with a 2% surge over the past 24 hours.
XRP has not retested $0.6 since mid-January, and this price level stands as the primary target if the ongoing consolidation turns out to be a sustained bullish move.
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XRP catalysts to watch out for

The urge to grow needs to be backed up by a solid fundamental that XRP is mustering up at a very definitive pace, from the growth of XRP Ledger that has seen the emergence of protocols like Evernode (EVRS) and Xahau Sidechain to the growing embrace of the coin for cross-border transactions by Ripple.
These fundamentals are not necessarily impacting the price of XRP much at the moment, but from projections, they might shape the future of the coin positively.
#XRP
About the author
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.
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Ripple Predicts Biggest 2024 Breakthrough for Decentralized Finance

Tomiwabold Olajide
Ripple recently co-hosted public-private roundtable at Singapore Fintech Festival
News
Sat, 3/02/2024 - 10:21
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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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In a recent insights report, Ripple highlights what might be the biggest breakthrough for decentralized finance (DeFi) in 2024: compliance.

Ripple and TRM Labs recently co-hosted a public-private roundtable with an exceptional mix of regulators and industry representatives at the Elevandi Insights Forum as part of the Singapore Fintech Festival.

Regulators and global finance leaders see a link between innovation and regulatory clarity.

Explore the benefits of a compliance-first crypto industry and learn how global collaboration and clear regulations drive innovation.https://t.co/9ralffwOMN
— Ripple (@Ripple) February 2, 2024

Participants suggested that decentralized finance may benefit from a common definition, increased data exchange across regulatory regimes and embedded compliance protocols through smart contracts.
Participants in the roundtable also agreed that the borderless nature of decentralized finance introduces the potential for regulatory arbitrage. Also, they agreed on the importance of practicing "compliance by design."
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Many experts foresee a breakout year for decentralized finance, fueled in part by the continuous tokenization of real-world assets and the mainstream adoption of blockchain and cryptocurrency.
Ripple highlighted that major governing bodies, such as the International Organization of Securities Commissions (IOSCO) and the Monetary Authority of Singapore (MAS), have already initiated preliminary discussions about decentralized finance.
Jurisdictions lacking cryptocurrency regulatory frameworks, such as the United States, are making headway, as seen in the Commodity Futures Trading Commission's (CFTC) Decentralized Finance report.
This auspicious start, according to Ripple President Monica Long, is one of the reasons why pioneering compliance for decentralized finance might be the largest breakthrough of 2024, extending blockchain applications in finance.
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During the week, the AMM amendment, which adds automated market maker (AMM) capabilities to XRP Ledger, achieved a majority, a big DeFi milestone for the Layer 1 platform.
#Ripple News
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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