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First they ignore you, then they laugh at you, then they fight you, then you win.The quote—commonly misattributed to Mahatma Gandhi—has been overused to the point of exhaustion in the Bitcoin space, typically invoking the suggestion that the laughing stage is over. In most of these cases, the insinuation that the fighting stage has begun was overblown, however; perhaps inspired by little more than a comment from some politician or finance professional.But on April 24 of this year, the quote finally rang true.

On that day, the US Department of Justice (DoJ), via the District Court of the…

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The daily net flows of Bitcoin ETFs in the U.S. on August 30, 2024, reveal a mixed landscape of investments and withdrawals across various funds. Notably, BlackRock’s IBIT experienced a net outflow of 228 BTC, indicating a slight decrease in holdings, which still total an impressive 357,509 BTC.

Grayscale’s GBTC and Fidelity’s FBTC also saw net outflows of 145 BTC and 525 BTC, respectively, suggesting a day of more withdrawals than purchases. Conversely, ARK Invest’s ARKB and Invesco Galaxy’s BTCO saw net inflows, gaining 90 BTC and 97 BTC, respectively, hinting at growing investor confidence in these ETFs.

Other ETFs like Bitwise’s BITB and VanEck’s HODL recorded net outflows of 136 BTC and 170 BTC. Valkyrie’s BRRR had a minimal outflow of 28 BTC.

The overall movement in the market for the day totaled a net outflow of 1,194 BTC, equivalent to a decrease in value of approximately $69.9 million, based on the day’s Bitcoin price. This snapshot offers a crucial perspective on the shifting dynamics within the Bitcoin investment space, reflecting how institutional and individual actions shape the market on a daily basis.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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For years, Bitcoin enthusiasts have been expecting a significant change in the value due to the involvement of institutional investors. The concept was simple: as companies and large financial entities invest in Bitcoin, the market would experience explosive growth and a sustained period of rising prices. However, the actual outcome has been more complex. Although institutions have indeed invested substantial capital in Bitcoin, the anticipated ‘supercycle’ has not unfolded as predicted.

Institutional Accumulation

Institutional participation in Bitcoin has significantly increased in recent years, marked by substantial purchases from large companies and the introduction of Bitcoin…

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Binance has confirmed its readiness to facilitate the Cardano (ADA) network upgrade and the anticipated Chang hard fork on September 1. This development follows a delay from the initially scheduled August 27, as the crypto exchange needed more time to prepare. Binance has planned a temporary suspension of ADA token deposits and withdrawals during the hard fork to ensure a smooth transition and to mitigate any potential technical issues.

In a proactive move, Binance will manage all technical requirements for the upgrade, promising a seamless experience for its users. The trading platform aims to ensure ADA’s compatibility with the new network changes, with plans to resume all token activities once the network stabilizes post-upgrade. This strategy highlights Binance’s commitment to providing a superior user experience and maintaining trust within the crypto community.

The Chang hard fork is a significant step in Cardano’s evolution, marking the beginning of the “Age of Voltaire.” This upgrade aims to introduce decentralized governance through Delegate Representatives (DReps), further empowering ADA token holders and enhancing the network’s democratic framework. This strategic upgrade is expected to bolster the blockchain’s functionality and its appeal to institutional and individual participants alike.

Source

Glassnode’s latest data shows that long-term Bitcoin holders, who have kept their Bitcoin for over 155 days, now own over 14 million BTC. This amount accounts for 71% of all circulating Bitcoin, showing that these investors believe strongly in Bitcoin’s value, despite recent price changes.

At the start of 2024, these long-term holders sold about 1 million BTC, taking profits from buying Bitcoin at around $25,000 in 2023. This selling highlights their confidence to cash in during price rises, but they still hold a significant amount of Bitcoin.

Short-term holders, who hold Bitcoin for less than 155 days, decreased their Bitcoin from 3.3 million to 2.7 million BTC due to market drops. An increase in Bitcoin buying by this group could signal a growing confidence in Bitcoin’s future, hinting at potential stability and growth for Bitcoin prices.

Glassnode

BlackRock’s spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust, experienced an outflow of $13.5 million on Thursday. This was IBIT’s first outflow since May 1st. Thursday’s outflow was the second ever for the iShares Bitcoin Trust since its launch in January. The ETF has seen consistent inflows almost daily, cementing itself as a dominant Bitcoin investment product.

Prior to Thursday’s $13.5 million outflow, the last time the fund saw withdrawals was May 1st when $37 million was pulled out. That coincided with Bitcoin hitting a local low of $56,000.

The outflow comes as spot Bitcoin ETFs recorded a third straight day of withdrawals totalling $71.8 million on Thursday….

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