Bitcoin exchange-traded funds (ETFs) faced a tumultuous week, shedding nearly $1.2 billion in assets, marking one of the worst weeks on record for these funds. On Thursday alone, they experienced over $900 million in outflows, the second-largest daily drop in their history, as Bitcoin's price fell to its lowest levels since April, hovering around $84,155. Despite a slight recovery on Friday with $238 million in inflows, the overall sentiment remains shaky, with November outflows reaching a staggering $3.79 billion. This trend indicates a significant shift in investor confidence as Bitcoin struggles to maintain its value amidst broader market pressures.
The New York Stock Exchange has approved Grayscale’s XRP and Dogecoin ETFs, set to begin trading on November 24. This move comes amid a surge in altcoin ETF approvals, signaling growing institutional interest in these assets. Analysts warn that continued withdrawals from Bitcoin ETFs could pressure Bitcoin's price further, potentially pushing it toward the $82,000 mark. Meanwhile, Bitcoin ATM operator Crypto Dispensers is exploring a $100 million sale following allegations of a $10 million money laundering scheme against its CEO.
This situation highlights the ongoing scrutiny within the crypto sector, particularly for companies involved in cash transactions.
Whale movements have been significant, particularly in the case of XRP, where large holders sold over 250 million tokens worth approximately $480 million in just 48 hours. This selling pressure has contributed to XRP's decline below the critical $2 support level, with the next significant support zone identified between $1.76 and $1.80. In contrast, Ethereum has seen substantial whale accumulation, with $241 million in ETH purchased during recent price declines. This accumulation suggests that large investors view current price levels as an opportunity rather than a vulnerability, potentially setting the stage for a future rebound.
The recent volatility in Bitcoin and the broader crypto market underscores the fragility of investor sentiment. With Bitcoin trading around $84,000, analysts are closely monitoring key support levels to gauge potential recovery or further declines. As institutional interest grows with new ETF listings and significant whale movements, the market may see increased volatility in the short term. Investors are advised to remain vigilant as market dynamics continue to shift, particularly with the upcoming trading of new altcoin ETFs.
Bitcoin ATM operator Crypto Dispensers is weighing a potential sale valued at $100 million. This announcement follows charges filed by the U.S. Department of Justice against both the company and its founder and CEO Firas Isa, alleging involvement in a $10 million money laundering scheme. Both Crypto Dispensers and Isa have pleaded not guilty to the charges.
Solana is considering a major economic shift that would cut approximately 22.3 million SOL, valued at around $2.9 billion, from its projected emissions over the next six years. This proposal, known as SIMD-0411, aims to double the network's annual disinflation rate from 15% to 30%, thereby accelerating the transition to a low-inflation environment. The adjustment is characterized as a straightforward protocol change that requires modifying a single parameter, minimizing the risk of bugs or unforeseen issues while not consuming core developer resources.
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