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We have brought together the past week’s most exciting events in this Good Crypto digest. If you want these updates as soon as we post them, follow us on Twitter.
quick weekly news
BlackRock’s IBIT overtakes Greyscale’s GBTC ETF
BlackRock’s Bitcoin ETF, IBIT, surpassed the previous leader in the industry, Grayscale’s GBTC fund, in the amount of Bitcoin held.
On May 29, 2024, according to data from the Apollo Bitcoin Tracker, as of May 30, 2024, BlackRock outpaced the Grayscale ETF by over 2,053 BTC, or more than $138 million.
In summary, the Bitcoin ETF funds collectively own over 800,000 Bitcoins, or around 4% of the initial circulating supply as of May 30, 2024, according to the data from Apollo Bitcoin Tracker.
Mt. Gox’s transferred over $9,6B worth of BTC for the first time in five years
A bankrupt multi-billion dollar crypto exchange, Mt. Gox, transferred over $9.6 billion worth of Bitcoin for the first time in five years, causing instant bearish sentiment and a 2% drop in market capitalization.
On May 27th, 2024, the blockchain tracking platform Whale Alert recorded a large Bitcoin transfer of over 107,547 BTC, or over 137,892 BTC according to Arkham Intelligence, from the Mt. Gox crypto exchange to an unknown wallet. This caused slight selloff fears in the Bitcoin market, almost instantly leading to a 2% decrease in Bitcoin market capitalization.
Later, the bankrupt exchange’s team confirmed its plans to sell off their assets in order to return funds to creditors. According to the refund plans, the exchange is going to return BTC holdings to creditors before October.
Launch of ETH ETF can Start Already in Late June – Early July
Eric Balchunas, Senior ETF analyst for Bloomberg, expressed his assumption regarding the start of trading for an ETH ETF.
On May 28th, 2024, Eric Balchunas suggested that the launch of an Ethereum ETF may occur as early as late June to early July 2024. According to his post on Twitter, the fact that BlackRock has quickly resubmitted their spot ETF for Ethereum application, followed by a Form S-1, indicates a positive sign for the early approval of all the revisions and the start of trading in late June to early July 2024.
According to BlackRock’s application, the initial market cap of BlackRock’s ETH ETF, ETHA, will be $10 million, which is only 0.002% of Ethereum’s total market cap.
ChatGPT-coded Memecoin Reaches $600M Market Cap
$TURBO, an ERC-20 memecoin fully coded by ChatGPT, has achieved a market capitalization of over $600 million.
On May 29th, 2024, an Ethereum memecoin generated by the AI chatbot ChatGPT, with an overall budget of $69, reached an impressive $600 million market cap. This represents approximately a 2,262% increase in market capitalization over the past 90 days, according to data from CoinMarketCap.
Such an event is not new in the current crypto market state: Recently, the memecoin $PEPE achieved over $6.7 billion in market capitalization, outpacing $MATIC, $LTC, and $UNI by market capitalization, according to a recent post by CryptoRank.
the components of a Volume Profile indicator
📊 The Volume Profile chart is one of the most powerful tools in a trader’s arsenal. It breaks down market activity to reveal key price levels and trends, helping you make smarter, more informed decisions. Here’s a quick guide to its essential components:
1️⃣ Value Area (VA): 70% of the total volume is traded within this range.
2️⃣ Point of Control (PoC): The price with the most trading activity, indicating a “fair price.”
3️⃣ Value Area High (VAH): The upper edge of the VA, serving as a critical support/resistance level.
4️⃣ Value Area Low (VAL): The lower edge of the VA, another crucial support/resistance point.
5️⃣ High Volume Node (HVN): Areas with heavy trading activity, providing high liquidity.
6️⃣ Low Volume Node (LVN): Areas with low trading activity, often signaling reversals.
Mastering these elements can enhance your trading strategy and improve your market analysis.Ready to dive deeper into Volume Profile trading? Discover how these insights can boost your trading success! 💡
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top crypto meme of the week
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