Fun

Institutions not so interested in Bitcoin at $58K, metric shows

News Feed - 2024-08-16 03:08:25

Ciaran Lyons2 hours agoInstitutions not so interested in Bitcoin at $58K, metric shows10x Research’s Markus Thielen says one stablecoin metric is key to indicating institutional interest in Bitcoin, but it’s not flashing green right now.1689 Total views6 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThere’s one leading indicator to show whether there’s institutional interest in Bitcoin at its current price, and it’s not looking good right now, according to a crypto analyst. 


The seven-day minting ratio — a key stablecoin metric often considered one of the clearest indicators of Bitcoin (BTC) buyer activity — has significantly cooled off over the past seven days.


“Institutions that funneled fiat into crypto through Circle took advantage of the dip below $55,000 but seem less inclined to pursue the market at current levels,” 10x Research head of research Markus Thielen pointed out in his Aug. 16 report.Institutions may be holding out for further downfall


Bitcoin has been trading under $60,000 for the past 24 hours.


The indicator measures the creation of new stablecoins and their issuance, essentially showing how much United States dollars have been exchanged for crypto.


“Stablecoin inflows are a key sign if fiat dollars are being converted into crypto and then usually moved into coins like BTC or ETH,” Thielen explained to Cointelegraph.


It was a different story in early August when Bitcoin fell to $49,472,


Thielen highlighted that this metric “surged sharply” on Aug. 6, reaching $2.7 billion.


Related:Bitcoin buyers wait below $58K as Japan wipes out record stocks crash


However, it has since declined to $1.4 billion despite Bitcoin still trading below the critical $60,000 price level.


He says stablecoin Tether (USDT) “remains active,” while Circle, the issuer of USD Coin (USDC), has become “notably quiet again.”


At the time of publication, Bitcoin is trading at $58,149, down 0.35% in the past 24 hours, according to CoinMarketCap data.Bitcoin is down 4.47% over the past seven days. Source: CoinMarketCap


Meanwhile, futures traders believe the asset’s price has further downside potential, with the long-to-short ratio slightly leaning toward shorts over the past 24 hours at 50.88%, according to CoinGlass.


The Crypto Fear & Greed Index has dropped another two points, showing a “Fear” score of 27 at the time of publication.


Cointelegraph recently reported that despite the recent correction to five-month lows, Bitcoin could extend its bull rally for another year.


Citing a report published by Bybit and BlockScholes, Based on Bitcoin’s ratios during the previous cycles, the bull run will extend into the third quarter of 2025


Magazine:How Chinese traders and miners get around China’s crypto ban


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# Adoption# Markets# Cryptocurrency Exchange# StablecoinAdd reaction

News Feed

Report: Digital AUM Surged to $48.7 Billion in March, Average Weekly Flows Turn Negative
Report: Digital AUM Surged to $48.7 Billion in March, Average Weekly Flows Turn Negative The total aggregate digital assets under management (AUM) surged to $48.7 billion in March,
Tokyo Police Arrest 2 Men for Buying Cryptocurrency Tied to $530M Coincheck Hack
Tokyo Police Arrest 2 Men for Buying Cryptocurrency Tied to $530M Coincheck Hack Tokyo police arrested two individuals on Wednesday for acquiring stolen NEM from the 2018 Coinche
Bitcoin Buy-Side Pressure Surges: Taker Buy Volume Spikes Sharply
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions
Bitgo Launches Storage and Tracking Solution for Bitcoin-Based Ordinal Inscriptions On Thursday, digital asset custody provider, Bitgo, announced the launch of its storage and trac
Mature Bitcoin Wealth Taps an All-Time High — Diamond Hands Trend Highlights ‘Refusal to Spend’
Mature Bitcoin Wealth Taps an All-Time High — Diamond Hands Trend Highlights ‘Refusal to Spend’ After bitcoin neared $25K roughly 44 days ago, the crypto asset’s price
Full decentralization will happen in a few years — Layer-2 rollup teams
Christopher Roark10 hours agoFull decentralization will happen in a few years — Layer-2 rollup teamsSeveral layer-2 rollup teams, including those for Linea, zkSync, Arbitrum and Optimism, claimed that full decentraliza
Meme Crypto Shiba Inu Skyrockets — SHIB Climbs 230% in a Week, Whale Buys 6 Trillion Tokens
Meme Crypto Shiba Inu Skyrockets — SHIB Climbs 230% in a Week, Whale Buys 6 Trillion Tokens The cryptocurrency shiba inu has managed to capture the 18th position in terms of cryp
Zhiyuan Sun8 hours ago99-year-old Hungarian artist’s computer-generated NFTs sold for $1.2MVera Molnár pioneered the use of computer-generated art in the latter half of the 20th century.1146 Total views68 Total shares
MoneyGram admits ‘cybersecurity issue’ behind several-day outage
Jesse Coghlan15 hours agoMoneyGram admits ‘cybersecurity issue’ behind several-day outageMoneyGram’s services have been offline since Sept. 20, with the firm confirming three days later that the outage was due to a
‘Hell No’: Jack Dorsey Says Twitter Won’t Be Joining Libra Association
Twitter will not be joining the Libra Association, according to CEO Jack Dorsey. Dorsey replied with an conclusive “Hell no” to the question of its potential membership of the F
Boerse Stuttgart and SBI Partner to Expand Crypto Services in Europe and Asia
Boerse Stuttgart and SBI Partner to Expand Crypto Services in Europe and Asia Germany’s second-largest stock exchange and a major financial services group in Japan have par
Bitcoin ‘pretty unlikely’ to revisit $50K price level, says analyst
Ciaran Lyons7 hours agoBitcoin ‘pretty unlikely’ to revisit $50K price level, says analystBitcoin hasn’t dipped below $50,000 since late February, and it appears unlikely to return to that level soon, according to