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Spot Bitcoin ETF volumes show promise, but they have failed to ignite a bull run in the crypto market. The cumulative volume for the 11 spot bitcoin ETFs crossed $11.1 billion on 17 Jan, in their fourth day of trading.
Although the launch has stirred engagement in the market, the trading activities have not been in favor of crypto prices. High-cap assets including BTC and ETH continue to plunge, as investors seek refuge in low-cap projects like Meme Kombat and Sponge that have yet to be launched. Meme Kombat crossed the $7M milestone amid the chaos.
Spot Bitcoin ETFs Are a Hit
According to Bloomberg analyst Eric Balchunas, the reception of spot Bitcoin ETFs is extraordinary.
“Let me put into context how insane $10b in volume is in first 3 days. There were 500 ETFs launched in 2023. Today, they did a COMBINDED $450m in volume. The best one did $45m. And many have had months to get going. $IBIT alone is seeing more activity than the entire ’23 Freshman Class,” he said.
BlackRock’s iShares Bitcoin Trust (IBIT) and the Grayscale Bitcoin Trust (GBTC) have been trending. IBIT marked net gains of $700 million over three days, as per BitMEX research. GBTC’s net outflows, on the other hand, reflected the swapping between ETF products due to higher fees.
LATEST: Day Three in books the total rolling NET FLOWS is +782M as the Newborn Nine have more than offset the the $GBTC Gouge (which is now up to -$1.2b after half a bil yest, ouch). The Nine’s $2b in aum and $4.5b in volume organic is fab for first 3 days, % prem solid too. pic.twitter.com/NDeubgi8mz
— Eric Balchunas (@EricBalchunas) January 17, 2024
James Van Straten, research and data analyst at crypto insights firm CryptoSlate notes that “GBTC total outflows are now at $1.18 billion vs. spot Bitcoin ETF inflows of $2B. It would be extremely encouraging if we continued this pace for the first month of trading”.
Can BTC Combat Bears?
BTC has been struggling to rise above $43K since touching close to $49K on 11 Jan. The 24-hour trading volume of the world’s largest cryptocurrency has slipped 15% as of 18 Jan.
The price, on the other hand, has recorded a 7% dip on the weekly chart.
BTC 7-day price action, CoinMarketCap
At the time of writing, the market cap stood at $839,349,736,055.
It is unlikely that bears will rule the market in the coming days, as they are mostly made of short-term traders. Long-term traders are holding tight for a combination of valid reasons.
To begin with, the ETF approvals signify potential growth, as they take the digital asset to more traditional investors. The resulting growth in adoption will justify the large market cap of BTC, which is expected to grow further with the upcoming Bitcoin halving.
For long-term traders, it makes little sense to sell BTC now. These aspects, however, won’t armor the coin against volatility. For example, JPMorgan Chase CEO Jamie Dimon recently commented at the WEF annual gathering in Davos, Switzerland, that Bitcoin “does nothing.”
“I’m not trying to make a joke here; there are use cases: AML, fraud, Anti-Money Laundering, tax avoidance, sex trafficking,” he said.
Meme Kombat Crosses the $7M Milestone in its Viral Presale
Meme Kombat ($MK) hit the $7M milestone in its presale, hinting at the strong price action that is building up.
We go big on community and @BuryCrypto recognizes that🎉
Check out his video on $MK being one of the best crypto presales to engage with right now! pic.twitter.com/DGIedfOdBz
— Meme Kombat (@Meme_Kombat) January 16, 2024
The viral meme coin is predicted to challenge the dominance of BONK this month. BONK currently holds the third position in the meme coin chart. But Meme Kombat’s impending debut on cryptocurrency exchanges could dethrone BONK. The descending value of BONK since hitting an all-time high in December has also worked in favor of the new meme coin.
At the heart of Meme Kombat’s success is its GambleFi use case, a sector that yielded impressive returns above 5000% last year with Rollbit Coin.
While GambleFi has potential for growth, it’s about time the industry explored beyond casinos, sports betting, and crash games.
Meme Kombat answers the lack of diversity in GambleFi with an AI-powered battle arena where meme coin icons engage in battles for supremacy. AI utilization makes these battles immune to manipulations or fraud, while the blockchain foundation provides a transparent framework.
Meme Kombat’s goal is to channel the social media wars waged by meme coin communities into its new platform. Users can actively participate in these battles by betting on their outcomes, which will earn them attractive rewards in $MK tokens.
The launch of Meme Kombat Season 1 will give a fresh battleground to meme coin communities. At the same time, it will drive organic demand for the meme coin even as the FOMO around its first series of exchange listings dampens.
$MK tokens are now available for low prices in the presale, which is accompanied by a staking system.
BUY $MEME KOMBAT FOR THE PRESALE PRICE
SPONGE Stake-to-Bridge Portal Hits $4.29M As Monthly Chart Records 90% Growth
$SPONGE has more steam left, with investors joining the stake-to-bridge portal to earn SPONGEV2 tokens. But with a play-to-earn game in the pipeline, SPONGEV2 is expected to surpass its predecessor’s milestone.
Investors who buy and stake $SPONGE tokens in the current stage will be eligible for a special V2 token bonus.
