Memecoins
Ether and Meme Coins Lead Recovery as Bitcoin Remains Moderate
The digital asset market marked on the rise during the European morning with Ether fetching $3,500. ETH is up over 4% in the past 24 hours, trading at $3,540 at the time of writing. The CoinDesk 20 Index (CD20) added about 1.6%. DOGE is up almost 3.5% after its Tuesday fall, while its compatriot SHIB is also up more than 3%. Bitcoin remains subdued, trading around $65,400, up 0.2% from 24 hours ago. U.S. spot Bitcoin ETFs saw additional outflows worth $152.4 million on Tuesday.
Wallets tracked by CryptoQuant show whales have sold over $1.2 billion worth of BTC in the last two weeks. These long-term bitcoin holders are showing few signs of a recovery in demand, indicating a continued lack of upside potential for the world’s largest cryptocurrency. “Traders are still not increasing their bitcoin holdings and growth in demand from large holders still lacks strength,” the analysts wrote. Market observers say crypto miners may increasingly turn to the booming AI sector rather than bitcoin to conduct their business, prompting people to sell their bitcoin rewards instead of trading them. keep. Both industries rely heavily on powerful computer chips to generate and store data.
Stocks linked to Bitcoin and cryptocurrencies are underappreciated and ripe for institutional adoption, according to broker Bernstein. While BTC and Bitcoin ETFs may have shown promise before disappointing In recent months, Bernstein has predicted the approval of ETFs by major wire companies and large private banking platforms in the second half of the year. Bitcoin ETF inflows are expected to accelerate in the third and fourth quarters, the report said, and the next stage of adoption will be driven by large advisors approving ETFs and allocation margin from existing portfolios. Bernstein outperformed the ratings of publicly traded bitcoin-adjacent companies like MicroStrategy, Robinhood, and miners Riot Platforms and CleanSpark.