Ethereum is currently ranging around $2,200, with its price undergoing a calm volatility in the past 7 days. New data from Santiment has revealed the current sentiment among Ethereum whale addresses, as the total supply on exchanges recently hit a new low. According to the on-chain analytics platform, more than 240,000 ETH have left 10 of the biggest ETH exchange wallets in the past 24 hours. 

As a result, the cumulative number of ETH deposited across crypto exchanges dropped from 8.03 million ETH to 7.79 million ETH in a single day, one of the largest it has ever seen. With the current price of ETH hovering around $2,200, this represents a drop of over $528 million worth of ETH in exchange balances. 

Ethereum Exchange Supply Plummets

Ethereum is currently down by 1.74% in the past 24 hours and is currently retesting its breakout level of around $2,200 which seems to have turned into a support. However, the drastic drop in Ethereum balances on exchanges is a very bullish sign for ETH. With less ETH available on exchanges, supply is reduced.

ETH whales have been on a buying spree since the beginning of the month, as many look forward to an extended bull run at the dawn of the new year. Data from IntoTheBlock put a 98.52% increase in exchange outflow volume in the past 30 days. Just last week alone, whales bought more than 100,000 ETH worth $230 million. 

This sentiment continued into this week, with 240,000 ETH leaving exchanges in 24 hours, leading to a 2.99% drop in coins held on exchanges. According to Santiment, only 8.07% of Ethereum’s total supply currently sits on exchanges, the lowest it has ever been.  

As #Ethereum‘s market value hangs just above $2,170, the largest exchange wallets continue to move coins into smaller wallets or off exchanges entirely. 240K $ETH has been collectively moved from these wallets in 24 hours, a 2.99% drop in coins held. https://t.co/Fw7lKcVZan pic.twitter.com/AMFPDL4BXp

— Santiment (@santimentfeed) December 19, 2023

ETH has failed to clear the $2,250 price level, falling to $2,120 in the late hours of December 19. At the time of writing, ETH is now trading at $2,208. Price action suggests the crypto is still yet to gain strong traction among retail investors and is ongoing a retest.

According to crypto analyst Ali Martinez, Ethereum is bouncing around its breakout zone from an ascending triangle. If this consolidation continues, we could see a price range between $2,150 and $1,900 before a breakout to a target of $3,500.  

#Ethereum is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb.

The price range between $2,150 and $1,900 could be the ideal zone for accumulation before #ETH sets its sights on a higher target of $3,500. pic.twitter.com/6lGZT0ZKgv

— Ali (@ali_charts) December 20, 2023

Ethereum is up by 82.67% this year and the outlook for 2024 remains bullish. According to crypto analyst Altcoin Daily, ETH’s journey to $10,000 seems sure at the moment, pending Ethereum Spot ETFs a major catalyst for this price growth.

According to Lookonchain data on December 20, whales are actively accumulating Chainlink (LINK) and Polygon (MATIC) and moving them from Binance, one of the world’s largest cryptocurrency exchanges by trading volume. 

Citing on-chain transfers, Lookonchain notes that LINK is specifically seeing significant accumulation from a fresh wallet labeled “0x8eAD,” which has withdrawn 247,860 LINK worth approximately $3.5 million from Binance in the past two days.

Meanwhile, two new wallets, “0xa813” and “0x38b3”, have been actively accumulating MATIC, withdrawing 5 million MATIC worth around $3.13 million from Binance earlier today.

Whales Accumulating, Will MATIC And LINK Rally?

The fact that whales, individuals, or entities controlling large amounts of a particular token or coin are circling MATIC and LINK is net bullish and might support prices in the coming sessions. 

Notably, the transfer is considered bullish when whales move coins from exchanges to non-custodial wallets like hardware wallets or even hot wallets to engage in decentralized finance (DeFi), degen trading, or NFT trading. 

This shift is because, unlike in centralized exchanges like Binance, where their intention is usually trading for other coins or USDT, in on-chain apps, they can use the same stash to earn rewards, for instance, by providing liquidity or staking. 

Therefore, considering the recent transfer, LINK and MATIC prices might recover, increasing in the coming few trading sessions. Thus far, looking at candlestick formations in the daily chart, LINK is stable and remains within an uptrend. Notably, prices are trading above the 20-day moving average, suggesting that the coin found support. LINK is currently up 155% from September lows but down 15% from November peaks. 

On the other hand, MATIC is also stable and rejects attempts for lower lows. After days of consolidation, the coin has support at around $0.70, matching a critical level recorded in November. 

Still, whether the uptrend will resume depends on whether prices will float higher, breaking above $0.93 or November 2023 highs in the coming session. 

Technically, $0.95 marks a critical reaction level for MATIC that, if comprehensively broken, could open the doors for $1.20 and $1.60 in the coming sessions.

Polygon And Chainlink Roll-Out Critical Features

Beyond current technical formations, fundamental events prop up Polygon and Chainlink bulls, especially around decentralized finance (DeFi) and layer-2 scaling. 

Chainlink’s new staking upgrade aims to mop more LINK from circulation, possibly increasing prices on rising demand for Cross-Chain Interoperability Protocol (CCIP). 

Meanwhile, as other blockchains repurpose to become Ethereum layer-2, Polygon CDK is becoming a critical cog in fast-tracking the process, directly supporting MATIC prices.

The Binance Coin (BNB) price is crucial as market analysts offer differing viewpoints on the cryptocurrency’s potential direction. While one analyst presents a bullish case, anticipating a breakout and surge beyond $300, another raises concerns about a dip below $200.

BNB Price Analysis

Crypto analyst Ali Martinez suggests that BNB price could be on the verge of breaking out of a head-and-shoulders pattern. 

Martinez emphasizes the significance of a sustained close above $261, which could catalyze BNB’s upward trajectory toward $310. With a 2.9% gain over the past 24 hours and a 12% uptrend in the last fourteen days, the recent price action aligns with Martinez’s breakout thesis.

Martinez analyzes the 1-day chart and identifies the $257 level as a crucial breakout point, signaling a potential shift in trend. 

If the sustained uptrend continues, BNB’s price could see a substantial 19.8% gain shortly, pushing the price toward $310. This projection remains just below BNB’s yearly high of $350 in April.

However, contrasting this bullish outlook, Daan de Rover, a crypto analyst, and YouTuber, highlights BNB’s downtrend structure in the 1-week chart. 

Bearish Outlook For Binance Coin

According to de Rover, the current BNB price action “looks weak,” raising concerns about the currency’s possible continuation of its downward trajectory, which began earlier this year. 

The analyst points to the “green box” on the 1-week chart, as seen in the graphic below, as a critical support level. If breached, it could lead to a deeper decline for BNB, falling below the $200 mark.

De Rover’s cautious view is further emphasized by the fact that dropping below $200 would mark a level not breached since the bear market and crypto winter. 

BNB Chain Records Positive Growth 

According to Token Terminal data, the circulating market cap of BNB stands at $39.83 billion, with a slight decrease of 1.56% observed. However, it is important to note that the fully diluted market cap remains the same at $39.83 billion, indicating a stable valuation for the cryptocurrency. 

BNB has witnessed a positive revenue trend, with a 30.37% increase in annualized revenue, reaching $16.46 million. The 30-day revenue figure also shows growth at $1.35 million, representing a 21.33% increase.

When assessing profitability ratios, the price-to-fully-diluted ratio (P/F) currently stands at 281.75x, indicating the market’s confidence in BNB’s potential. While there has been a slight decline of 18.2% in this ratio, it remains relatively high. 

The price-to-sales ratio (P/S) is also noteworthy, reaching 2,962.98x, although it has experienced a decline of 18.5%.

BNB Chain has seen a positive trend regarding fees generated, with a 30-day increase of 20.92% to $14.22 million. The annualized fees have grown substantially, reaching $173.07 million, a significant 30.15% increase. 

The future trajectory of the BNB price and its underlying blockchain remains uncertain. Whether the cryptocurrency will experience continued growth or succumb to a bearish sentiment is yet to be determined.

Featured image from Shutterstock, chart from TradingView.com

A finance expert and Bitcoin maximalist has taken a major dig at XRP as he labeled the crypto token a “scam.” The expert outlined several reasons why he holds this opinion, although he seemed misguided in some. 

Why XRP Is A “Scam”

In a post shared on his X (formerly Twitter) platform, finance expert Rajat Soni mentioned XRP not being decentralized as one of the reasons he believes the crypto token is a scam. He seemed to suggest that Ripple Labs solely controlled the XRP Ledger as he noted that they developed the token. 

However, this belief is false, considering that it has always been emphasized that Ripple does not control the XRP Ledger or even the XRP token. In fact, this was obvious when certain amendments were to be made to the network, and Ripple’s CTO noted that they could not be passed without the approval of the validators. 

Another reason Soni mentioned was that Ripple controls a large portion of the tokens in circulation. He also went further to assert that the crypto firm could alter the token’s code and issue more XRP if it wanted. However, there is no basis for this assumption, as XRP has a maximum token supply of 100 billion. That hasn’t changed since the token was pre-mined. 

The finance expert also went as far as suggesting that XRP is a scam because it has no utility outside the US. He stated that people around the world don’t care about the token and that they would use the crypto token if the US cracks down on it. It is worth mentioning that the majority of XRP transactions come from outside the US. 

Possible Reason For The Attack On The Token

As a Bitcoin maximalist, Soni seemed to be using his post to put XRP down and show why Bitcoin was superior. After he had had a go at the altcoins, he went on to compare the crypto token with Bitcoin, highlighting why the flagship crypto token is superior, in his opinion. He alluded to how Bitcoin’s supply isn’t concentrated and that the network was totally decentralized with a vast pool of miners. 

Furthermore, he mentioned how people are using Bitcoin to trade regularly in “other countries because they have no other way to transact.” Bitcoin’s value is so immense that Soni believes that holders won’t part ways with their tokens even if Bitcoin is banned. 

Interestingly, pro-XRP YouTuber Zach Rector recently made a case for XRP against Bitcoin. He believes that the former is the future of finance and not the flagship crypto token. One thing he alluded to was the increasing transaction fees on the Bitcoin network and how that was going to affect its utility. This is unlike XRP, which has a relatively cheaper average transaction fee. 

Solana (SOL) has undeniably emerged as a standout performer in the recent cryptocurrency landscape, showcasing a remarkable surge in value that has captured the attention of market participants.

Its extraordinary performance, marked by substantial gains, has propelled Solana beyond the ranks of other leading cryptocurrencies, securing a coveted position among the top five by market capitalization.

Solana’s Surge: Outshining Rivals, Proving Dominance

The impressive rally of Solana stands as a testament to the blockchain’s underlying strength and the growing confidence of investors in its capabilities.

This bullish momentum has not only allowed SOL to outshine some of the traditionally dominant cryptocurrencies but has also affirmed its relevance and potential within the broader digital asset ecosystem.

The daily user activity on Solana has increased as a result of this outstanding performance. As the year’s final quarter draws to a close, the most recent statistics reveals a noteworthy growth of about 400%. According to a recent study by on-chain data company Messari, this far outpaced Ethereum’s pitiful 3% gain.

The research firm claims that several protocols located within the Layer 1 (L1) blockchain network have completed a series of token airdrops, which is what is responsible for the recent rise in new demand for Solana.

On December 16th, the trading volume of decentralized exchanges (DEX) on Solana temporarily surpassed that of Ethereum for the first time. This occurred as the smart-contract-enabled blockchain ecosystem continued to expand.

According to data from DeFillama, Ethereum’s trading volume during that time was only $1.164 billion, whereas the trading volume of DEXs on the blockchain surpassed $1.5 billion.

Bitfinex Cheers Solana

One of the biggest cryptocurrency exchanges in the world, Bitfinex, recently tweeted about Solana’s expansion. The tweet claims that in the previous three months alone, SOL’s price has increased by more than 340%.

Good morning, @Solana fam! Today’s a great day to celebrate the 343% growth of $SOL. From $19.80 per SOL 3 months ago to $67.94 today! Stay bullish.https://t.co/Ltajh1l15C

— Bitfinex (@bitfinex) December 18, 2023

Three months later, the token’s value had increased to $67.94 from $19.80 at the start of its bull surge.

As this developed, Jupiter, one of the biggest decentralized finance (DeFi) protocols on Solana and a swap aggregator, revealed that its much awaited 4 billion JUP token airdrop would happen in January.

$SOL is on a tear.

For the first time since 2021, the SOL/ETH price ratio saw a strong reversal as the Solana network recovers from the devastating collapse of FTX. pic.twitter.com/hAlCC23Yq0

— Kaiko (@KaikoData) December 19, 2023

Meanwhile, data analytics provider Kaiko said Solana is seeing a sharp increase in price, and the price ratio of SOL to ETH is strongly reversing.

The Solana (SOL) to Ethereum (ETH) ratio is close to 0.04, according to a post on X published on December 19. Prior highs were around 0.06 in 2021 and lows were at 0.01 in early 2023.

At the time of writing, the price of SOL is currently trading at $77.40, up 3.5% over the last day and rallying 17% over the last week, data from CoinMarketCap shows.

Featured image from Shutterstock

An analyst has explained how Ethereum is retesting a breakout zone currently and that this might lead toward a price target of $3,500.

Ethereum Is Retesting The Breakout Line Of An Ascending Triangle

As pointed out by analyst Ali in a new post on X, Ethereum may be preparing for a further climb right now as it’s retesting the breakout zone of an ascending triangle.

An “ascending triangle” is a pattern in technical analysis that, as its name implies, resembles a triangle. The pattern involves a horizontal line made by connecting highs and a slant line that strings together higher lows.

When the price retests the upper, horizontal level, it could be probable to feel some resistance. On the other hand, a touch of the lower level could lead to the price rebounding back up.

A break out of either of these lines suggests a potential sustained continuation of the trend. Naturally, an escape out of the triangle towards the upside implies bullish momentum, while a fall under means bearish momentum.

Like the ascending triangle, there is also the “descending triangle,” which is a similar pattern except for the fact that the two levels are switched around (as the prevailing trend is towards the downside).

Now, here is the chart shared by Ali that displays how the price is interacting with an ascending triangle right now:

As is visible in the graph, Ethereum found a bottom at the lower line of this ascending triangle pattern back in October. Following this low, the asset turned itself around with a sharp rally and went on to challenge the upper line.

The cryptocurrency succeeded in finding a break above the triangle and observed a continuation of the bullish momentum, exploring new highs for the year. Recently, though, the asset has slumped back again and has now fallen towards the triangle’s breakout line.

So far, the line has provided support to the asset, as its price has been able to remain above it. The analyst believes that this retest could be a sign that the coin is preparing for a further rally.

“The price range between $2,150 and $1,900 could be the ideal zone for accumulation before ETH sets its sights on a higher target of $3,500,” explains Ali. From the current price, such a target would mean a rally of almost 60% for the asset.

October, the month when Ethereum turned itself around off the triangle’s slope, was also an inflection point for the asset in terms of on-chain activity, as the analytics firm Glassnode has explained in its latest weekly report.

From the chart, it’s visible that the Ethereum transaction count and transfer volume have both been trending up since the inflection point a couple of months back, which could be bullish for the price.

ETH Price

Ethereum has gone a bit stale recently as it has been consolidating around the $2,200 mark.

The Dogecoin price has been put in a perilous position once more after a DOGE whale made a massive transaction to an exchange. The transaction which was flagged by a DOGE community member has raised eyebrows in the space and could possibly be putting sell pressure on the altcoin.

Dogecoin Whale Transfers Full Balance To Robinhood

On Tuesday, a single transaction carrying over $7 million worth of DOGE was noticed by a Dogecoin community member who posted the transaction on X (formerly Twitter). This transaction caught the attention of the community because it was carrying a little over 85 million DOGE.

At the time of the transaction, this tranche of coins was worth approximately $7.57 million, making it a large whale transaction. The destination of the transaction was even more concerning given that the coins were being sent to the Robinhood platform.

Now, the reason that this transaction is important is the fact that crypto holders will usually send their coins to centralized exchanges such as Robinhood to sell their coins. This is because they can take advantage of the cheap fees, as well as the deep liquidity provided by these platforms, to enable them to sell such large transactions with ease.

Furthermore, the X user noted an interesting thing about the sender’s address after the transaction. The whale no longer holds any Dogecoin on their account balance, which means they have sent all their coins to the exchange. This could signal that the whale is looking to completely exit their position as Dogecoin fails to launch.

What Happens To DOGE Price?

The DOGE price could be seeing some negative headwinds ahead especially if this whale is really selling their coins. With sell pressure already pushing down the price, selling such a large amount of Dogecoin would no doubt trigger a further decline.

This sell pressure is already evident in the meme coin’s price which has fallen drastically over the past week. In the last day alone, DOGE’s price is down 3.28%, deviating from the Bitcoin trend that has seen the pioneer cryptocurrency recover from yesterday’s lows.

However, there could be a change in this sell pressure soon as bids for the meme coin start to ramp up. According to data from IntoTheBlock, bids are starting to overtake asks again, meaning that buyers are coming back to the market. If this continues, then Dogecoin could look to reclaim $0.1 once again.

At the time of writing, Dogecoin is trading at $0.08994, with a 2.37% decline on the weekly chart. Its market cap is sitting at $12.79 billion, making it the 10th-largest cryptocurrency in the space behind Avalanche (AVAX).

After the market entered a shortened bleeding phase, it has since rebounded to a stable foothold in preparation for a possibly bigger rally by year’s end. However, some altcoins continued to trend downward with MATIC being one of them. According to Coingecko, the token is down almost 10% in the weekly timeframe.

Although the bears have a slight chokehold on MATIC’s market, there is some on-chain news that keeps the token afloat. 

Update On Polygon’s Chain Development Kit (CDK) 

Polygon recently posted on their blog about the newest addition to their CDK. Gateway, a blockchain infrastructure-focused team, integrated cdk-erigon into Polygon’s CDK. According to the blog post, Erigon is a fast, high-efficiency node that will bring a better user experience for developers building on Polygon. 

Need for a Public RPC infrastructure in #defi? We got you covered

Our team is happy to announce that we have become the RPC provider infrastructure for Stellar @StellarOrg /Soroban @SorobanOfficial Public RPC infrastructure. @gateway_eth head of infrastructure,… pic.twitter.com/c3jEMToFoP

— Gateway FM (@gateway_eth) September 28, 2023

“Erigon is known for being memory-optimized, and so is cdk-erigon. Compared to the zkNode on Polygon zkEVM (of which Polygon CDK is a fork), cdk-erigon uses 10x less disk space with +150x faster sync times on mainnet,” the Polygon team said in the blog post. 

This new addition will attract more developers to the platform. It can already be seen happening, with six projects testing the new Polygon CDK with the cdk-erigon integration. 

Polygon also iterated that the system will be available as an RPC node for the protocol’s zkEVM Mainnet Beta next year.

Positive News Overall, But What Now?

As of writing, MATIC bulls are trying to reverse the current downward trend that the token is on. However, they might need to settle for a lower, more stable price point around $0.7550. This will provide investors and traders with a stable jump-off point for higher gains before the year’s end. 

From MATIC To POL

But MATIC bulls should consider the current phase of the network. Last September, the Polygon dev team announced the implementation of Polygon 2.0, an upgrade that would change the network’s token from MATIC to POL. According to MATIC’s Coingecko page, the upgrade from MATIC to POL has been initiated on the Ethereum mainnet. 

Once the upgrade is in full swing, investors and traders will migrate their MATIC holdings to POL. This will inevitably harm the price as more and more investors will try to take value out of MATIC before it goes to the bin. 

For now, investors and traders should be cautious of any major decision-making as any big investing decision made now will hurt gains in the long run.

Featured image from Shutterstock

As 2024 approaches, crypto analytics firm Nansen offers insightful predictions for the crypto sector, anticipating significant developments and shifts. Despite cautious optimism, they acknowledge a 10-20% chance of inflation resurgence after the US Federal Reserve (Fed) pivot, potentially impacting crypto prices.

Related Reading: Ethereum Price Close Below $2,120 Could Spark Larger Degree Decline

As of this writing, the total crypto market capitalization is $1.5 trillion on the daily chart and seems poised for further upside in the long run.

AI As Primary Use Case: The New Hot Thing In 2024?

According to the firm, a key high-conviction bet for 2024 is the emergence of Artificial Intelligence (AI) agents as primary blockchain users. Integrating AI and blockchain is expected to “advance rapidly, enhancing blockchain performance and broadening use cases.”

This development signifies a crucial step in the blockchain world, potentially transforming how transactions and interactions are processed on the network.

Another focus area is the intent-centric applications that address user experience (UX) challenges in the crypto space. These applications are designed to simplify user interactions with networks, removing complexities and making the technology more accessible to a broader audience.

As seen in the chart below, the integration between AI and crypto is already paying off for early investors. Despite the persistent downside pressure recorded across the board, the AI tokens sector has been among the best-performing in the nascent industry.

2024 is also projected to be a pivotal year for decentralized exchanges (DEXs). Nansen forecasts that DEXs will gain significant market share from centralized exchanges (CEXs), driven by monetary incentives and innovative features.

This shift could mark a fundamental change in the crypto trading landscape, emphasizing the growing importance of decentralized financial systems. Since 2020 and 2021, DEX has been gaining ground over CEX, and the trend might favor the former in 2024.

Finally, Nansen believes that the largest and most trusted cryptocurrency, Bitcoin, is expected to secure a broader range of use cases beyond simple transactions. This expansion could open new avenues for Bitcoin and highlight its versatility and robustness as a digital asset.

Use cases such as non-fungible tokens (NFTs) already gained popularity in 2023, and this trend might continue. However, some Bitcoin community members are fighting the change, which could hinder its adoption and implementation.

Nansen: Market Scenario Analysis For 2024

The potential scenarios for the crypto market in 2024 depend a lot on the macroeconomic situation. In a “soft landing” situation, where inflation slows without drastically increasing unemployment, crypto prices are expected to grow steadily.

However, there’s also the possibility of a re-acceleration of inflation or a recession, which would pose challenges for crypto prices and change the bullish narrative. Nansen’s analysis also acknowledges structural drivers likely to influence the crypto market, such as the statistical boost around Bitcoin’s halving.

These structural drivers also include the adoption of blockchain by major traditional players and regulatory clarity, particularly around a BTC spot Exchange Traded Fund (ETF) in the US. However, unknowns like geopolitical events and macroeconomic shifts could significantly impact the market.

In conclusion, Nansen’s research presents a nuanced view of the crypto market in 2024, highlighting potential growth areas like AI integration and DEXs while remaining aware of the challenges ahead. The year promises to be crucial for the crypto sector, with significant developments expected in technology integration, market structures, and regulatory landscapes.

Cover image from Unsplash, chart from Tradingview

A report by K33 research analysts has provided insight into how much institutional investors’ appetite for Bitcoin has increased ahead of a potential approval of a Spot BTC ETF. The research firm emphasized a particular indicator to drive home their point and provided further insight into what the future holds if these ETFs get approved.

The Derivatives Market: An Indicator Of Institutional Interest  In Bitcoin

In the report written by K33’s Senior Analyst Vetle Lunde and Head of Research Anders Helseth, they noted that the derivatives market was important as it can be used to gauge institutional traders’ interest in Bitcoin. In line with this, they touched on how there has been a significant increase in open interest in the Chicago Mercantile Exchange (CME) derivatives market.

The K33 report specifically noted that the CME’s open interest has grown by over 3,4000 BTC over the past week. Meanwhile, CME’s open interest remains near all-time highs of 110,000 BTC. The increased activity on the CME has resulted from these traders’ desire to gain exposure to Bitcoin ahead of the “imminent ETF verdict.”

With a potential approval on the horizon, it is believed that many traders are looking to make as much profit as they can from this bullish event. Meanwhile, others have genuinely become bullish on the flagship cryptocurrency and want to gain exposure to it in any way they can. The CME is arguably the most accessible means to gain exposure to Bitcoin for this class of investors. 

Notably, the K33 analysts highlighted how the open interest in the CME exchange had picked up the pace back in October. Coincidentally or not, this happened to be when Bitcoin and the broader crypto market picked up steam, as many believed that the Spot Bitcoin ETF rumors were the reason for the rally. 

CME To Lose Market Share Once ETFs Get Approved

NewsBTC had in November reported how CME had overtaken Binance in Bitcoin futures. Data from Coinglass also shows that the CME is still well ahead in terms of Bitcoin futures open interest. However, that could change soon enough as the K33 report touched on the possibility of open interest in CME collapsing once these Spot Bitcoin ETFs get approved. 

An approval can cause selling pressure on CME as these institutional investors might look to take profit while others will be looking to transfer their capital to the Spot ETFs. K33 elaborated on the latter. The report noted that futures-based ETFs currently account for 46% of the CME’s open interest. 

Considering that futures and Spot ETFs will be in direct competition, they expect the latter to become the more favorable option. As such, these K33 analysts foresee a decline in the open interest, which these futures ETFs account for. They project that many institutional investors will look to rotate a substantial portion of their capital to the Spot ETFs.

At the time of writing, Bitcoin is trading at around $42,800, down in the last 24 hours, according to data from CoinMarketCap.