Catch up on today’s crypto news – ETH whale buys, Bitcoin ETF growth, Fear & Greed Index shift, and BlackRock’s potential hedge fund investment.
Today’s cryptocurrency landscape is marked by high-stakes moves, with large Ethereum acquisitions, Bitcoin ETF growth, shifting market sentiment, and institutional interest expanding across the board. An Ethereum whale has made another massive purchase, adding $26 million in ETH to its holdings, while Australia’s Monochrome Bitcoin ETF reports a notable milestone in Bitcoin accumulation. Alongside these developments, a drop in the Fear and Greed Index hints at caution in the market. Here’s a comprehensive look at today’s top crypto news and what it could mean for investors and traders.
Key Points
Ethereum Whale Adds $26M in ETH Holdings:
A prominent Ethereum whale has acquired an additional 9,171 ETH, valued at $26.16 million, following a recent purchase of 20,000 ETH.
Such moves highlight high-net-worth investors' confidence and long-term outlook, potentially signaling bullish sentiment within the Ethereum market.
Monochrome Spot Bitcoin ETF Hits 187 BTC:
The Australian Monochrome Spot Bitcoin ETF reached a holding of 187 BTC, reflecting growing institutional demand for Bitcoin exposure through exchange-traded funds.
This milestone underscores the expanding options for investors seeking regulated avenues to invest in Bitcoin without direct cryptocurrency purchases.
Fear and Greed Index Shifts to ‘Greed’:
The cryptocurrency Fear and Greed Index has fallen slightly to 75 from 77, moving from ‘Extreme Greed’ to ‘Greed.’ This change indicates a still-optimistic, though somewhat cautious, market sentiment.
Market shifts and economic indicators contribute to this index movement, reminding investors to balance optimism with awareness of potential volatility.
BlackRock Eyes Strategic Investment in Millennium Management:
BlackRock is in talks for a potential investment in hedge fund Millennium Management, which would mark the first outside investment for the $69.5 billion fund.
The strategic move highlights BlackRock’s intent to expand its alternative investment portfolio, as well as Millennium’s established role in crypto investment, with 27,263 Bitcoin held as of June 2023.
Ethereum Foundation’s 2024 Financial Report:
The Ethereum Foundation released its 2024 financials, revealing $970.2 million in reserves, with 81.3% held in crypto assets. The foundation invested heavily in Layer 1 development, community building, and new institutions.
This financial transparency emphasizes the foundation’s commitment to Ethereum ecosystem growth and decentralized infrastructure expansion, boosting investor confidence.
Kenya Revenue Authority’s Crypto Tax Collection Milestone:
The Kenya Revenue Authority collected $77.5 million in taxes from cryptocurrency traders during the 2023-24 fiscal year, to increase tax revenue to $465 million.
This move highlights the government’s focus on regulating and profiting from the burgeoning cryptocurrency market, using real-time tax systems integrated with exchanges.
Solana ecosystem
Onchainlens monitoring has revealed that a particular whale has recently invested approximately $1.67 million in meme coins within the Solana ecosystem. The breakdown of purchases includes:
FARTCOIN: 3,475 SOL and 150,000 USDC
ZEREBRO: 2,481 SOL and 100,000 USDC
CATANA: 1,100 SOL
SHEGEN: 250 SOL
SLURP and MOTION: 240 SOL combined
This substantial investment reflects a growing interest in Solana-based meme coins among high-net-worth investors.
CertiK Co-Founder Highlights Blockchain Security at Singapore FinTech Festival
At the 2024 Singapore FinTech Festival, CertiK co-founder and Columbia University professor Ronghui Gu delivered a keynote titled “Beyond Code, Leading Trust,” sharing his journey from academia to leading Web3 security. Gu emphasized that security is both a competitive advantage and a shared responsibility. Reflecting on a $2 million DeFi hack in 2023, he discussed CertiK's response with new security protocols like real-time monitoring and background checks. Since its 2018 founding, CertiK has captured over 60% of the global Web3 security market and reached unicorn status.
The annual festival, co-hosted by MAS and Elevandi, attracts experts from over 150 countries, spotlighting fintech innovation and global collaboration.
Trump's Election Victory Set to Impact Inflation and Federal Reserve Rate Cuts
Following Donald Trump’s successful election win, analysts expect his policies could significantly impact U.S. inflation and the Federal Reserve’s monetary policy. The Edmond Rothschild Group warns that trade tariffs and immigration policies may drive up inflation, potentially challenging the Fed's ability to implement anticipated rate cuts. Analysts suggest the Fed might reconsider its 100 basis-point rate cut plan if inflation surges as Trump's policies take effect.
* Fed Rate Probabilities: CME’s Federal Reserve Watch data indicates a 65.2% probability of a December rate cut to 425-450 basis points, while the chance of holding rates at 450-475 basis points is 32.7%. Analysts at Nordea Bank believe Trump’s leadership, paired with a Republican-controlled Congress, could lead to his campaign promises being enacted, likely altering the Fed’s planned easing.
* Long-Term Outlook: According to CICC, Trump’s policies may slow the pace of rate cuts, with inflationary effects expected in the coming months. In a high-inflation scenario, the Fed may need to raise rates by up to 100 basis points by 2025 to keep inflation in check, potentially signaling an end to the era of aggressive rate cuts.
This roundup highlights the diversity of activity within the cryptocurrency market, from substantial whale movements in Ethereum to institutional involvement in Bitcoin ETFs and evolving regulatory landscapes in places like Kenya. The slight dip in the Fear and Greed Index reflects a cautious yet optimistic sentiment, suggesting that while investors are excited by the growing acceptance of digital assets, they remain mindful of volatility. As major players like BlackRock expand into crypto-friendly hedge funds and ETFs continue to gain traction, the cryptocurrency market is positioned for continued growth, marked by innovation, regulation, and significant capital inflows.
Related: Cointelegraph
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