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Home > News
Published: 31/03/2024
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Author: Leexim
Institutional Buying of Bitcoin Resumes in the US
The widening Coinbase premium suggests significant institutional buying of Bitcoin, while the potential surge in spot Bitcoin ETF inflows indicates a substantial increase in capital entering the market.
Azcnews Breaking (1)
Bitcoin continues to hover around the $70,000 mark. The cryptocurrency market has witnessed subdued activity amidst economic events, including signs of overheating in the US with the release of the PCE inflation data. However, the Coinbase insurance fee delta indicates that institutional investors are buying back in.
Institutional buying activity began to emerge on March 27, and the Coinbase insurance fee delta turned green again by the end of March 29, following the Fed’s preference for the PCE inflation measure. Analyst Maartunn revealed that since the morning of March 30, the Coinbase insurance fee delta has exceeded 50. He affirmed that US institutions have started buying back Bitcoin.
These figures are often used to determine when US institutions start buying Bitcoin, as it is a highly accurate indicator. This suggests the likelihood of increased capital flow into Bitcoin ETFs in the coming week, ahead of the Bitcoin halving expected in mid-April.
quicktake-image
The Coinbase premium is the difference between the Coinbase Pro price and the Binance price. A higher value typically indicates strong buying pressure from US investors on the cryptocurrency exchange Coinbase. Traders can closely monitor data and trading volumes to confirm market direction.
Analysts at Ryze Labs revealed that the gap between hedge funds and asset managers continues to widen. This difference indicates that while asset managers continue to buy Bitcoin futures contracts, hedge funds are short-selling. In the current price uptrend, this move hints at a potential short liquidation phase, which could fuel the next upward movement of Bitcoin.
Related: BlackRock CEO Very Bullish as Bitcoin ETF Hits $17B
Analyst Michael van de Poppe noted that Bitcoin’s sideways action has kept it around $70,000. However, he assures that Bitcoin is still following its four-year cycle. This cycle may come as a surprise to many. Over a five-year period, $70,000 per Bitcoin is considered a cheap price.
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31/03/2024 at 4:06 am
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Home > News
Published: 31/03/2024
-
Author: Kane
MEW – Another Memecoin on Solana Impresses Investors
Yet another memecoin on the Solana network has impressed investors as its Market Cap has surpassed 500 million in just a mere 5 days since its launch. This meme is called Cat in a Dogs World (MEW).
Azcnews Breaking
Table of Contents
The cryptocurrency world has just welcomed a new phenomenon – a brand new meme coin called MEW (Cat in Dogs World) is making waves on the Solana network. Within just 24 hours, the value of MEW has surged by nearly 170%, becoming the center of attention for the cryptocurrency investment community.
The surprising allure of MEW
What’s noteworthy is that even major crypto whales are attracted to this emerging meme coin. According to a recent report, a Solana whale investor has transferred a large amount of funds from the “hot” BOME coin to MEW, causing a stir within the community. Specifically, this whale has accumulated up to 9.6 billion MEW tokens, accounting for 10.8% of the total supply, demonstrating strong confidence in the potential of the new token.
This event has sparked unprecedented excitement in the cryptocurrency investment world. Even before the whale’s pivot, BOME also experienced a significant price surge. Clearly, these fluctuations reflect the optimistic sentiment among investors and confidence in the profit potential of new meme tokens.
Related: Investor Loses $147,000 Playing Memecoins on Solana
The “memecoin” race on Solana
MEW’s price breakthrough is seen as the next phase of the dizzying price trend that other meme coins like WIF, BONK, and BOME have experienced on the Solana network. This makes MEW a formidable competitor in the vibrant “meme token” race.
Meme Mew On Solana
Memecoin Mew On Solana
As of now, MEW’s price has increased by 142.95% in the past 24 hours, reaching $0.0076. Market capitalization has reached $639.45 million, up 140.78% from the previous day. 24-hour trading volume has also surged by 322.97%, reaching $448.602 million, indicating the growing appeal of the new token.
While Solana continues its upward trend by 5.78% to $196.56, WIF – MEW’s direct competitor – has also climbed to $4.50, up 22.98%. The meme token battle is becoming increasingly intense and heated in the “land of promise” Solana.
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#MEW
#Solana
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LATEST
Azcnews Breaking (1)
News | Bitcoin | Editor Choice 31/03/2024
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The widening Coinbase premium suggests significant institutional buying of Bitcoin, while the potential surge in spot Bitcoin ETF inflows indicates a substantial increase in capital entering the market.
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