Hedera’s 5% Rally on Shaky Ground as Sell-Side Pressure Soars

According to a recent survey by Brown Brothers Harriman, 71% of ETF investors wish to invest more in crypto this year. This bullish signal comes as the crypto ETF market is beginning to recover from recent volatility.

The firm is one of the oldest and most prestigious investment banks in the US, adding credibility to its claims. This data also aligns with other surveys that suggest wealthy investors are interested in Bitcoin.

Crypto ETFs Are Becoming Popular Among TradFi Investors

Since the Bitcoin ETFs were first approved in 2024, they’ve ushered in a profound transformation of the crypto market. BlackRock’s IBIT was so popular that some experts declared it the greatest ETF launch ever.

According to a new survey from Brown Brothers Harriman, 71% of ETF investors are planning to further their allocations into crypto.

“Good news for the crypto crowd, 71% [of surveyed investors] said they aim to increase their allocation to crypto ETFs in the next 12 months.. That’s higher than I would have thought, I’d have guessed 40-50% and i’m pretty bullish on this space, relatively speaking,” claimed Eric Balchunas, a prominent ETF analyst.

This survey comes at a fortuitous time for the ETF space and crypto markets in general. Bearish fears have been dominating the space, and US spot Bitcoin ETFs recently took a serious beating.

However, the market is already starting to recover, and issuers have resumed large BTC purchases. This survey shows that more investors are willing to pour liquidity into the crypto market through ETFs.

Brown Brothers Harriman is one of the oldest and most prestigious investment banks in the US, and its survey is a credible indicator of ETF sentiment. Additionally, other recent surveys have drawn similar conclusions.

For example, earlier this month, a poll of wealthy US investors showed high interest in Bitcoin and other major altcoins.

Meanwhile, Bitcoin ETFs have largely recovered this week after seeing net outflow for five consecutive weeks. At the same time, more asset managers are filing diverse ETF applications with the SEC. Given the current positive sentiment among institutional investors, the long-term outlook is likely to be bullish for such funds.

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Ethereum has seen some sideways movement this week, helping the altcoin break out of a nearly three-week-long downtrend. Despite facing bearish cues, including whale selling, Ethereum’s price has managed to hold steady. 

This stability is raising expectations of an upcoming breakout, potentially setting the stage for a rise.

Ethereum Whales Move To Sell

Whale addresses are exhibiting bearish sentiment at the moment, as several large holders have started to liquidate their positions.

In the last 48 hours, addresses holding between 1 million and 10 million ETH sold over 1.06 million ETH worth approximately $2.57 billion. 

Whale selling typically exerts downward pressure on the price, signaling potential bearishness. However, in this case, Ethereum’s price has continued to sustain itself, which indicates market resilience.

Looking at Ethereum’s macro momentum, the IOMAP (In/Out of the Money Around Price) chart reveals a significant demand zone for ETH. The zone holds 65.83 million ETH, valued at over $159 billion. 

These holdings were bought between the $2,349 and $2,421 range, establishing a strong support area.

The large number of investors who purchased ETH in this price range are unlikely to sell at break-even or loss, making it difficult for the price to fall below this key support.

This demand zone acts as a solid cushion for Ethereum’s price, protecting it from any sharp declines. The support from these investors provides a foundation for Ethereum’s price to remain stable despite the recent selling pressure.

As a result, the price is less likely to drop sharply below the $2,344 mark, which would otherwise signify a more significant bearish trend.

ETH Price Is Consolidating

Ethereum’s price is currently trading at $2,424, just under the critical resistance of $2,476.

While there has been no significant rise, the sideways movement has allowed ETH to break out of the three-week downtrend. This consolidation phase is setting the stage for potential upward momentum.

The factors discussed earlier indicate that Ethereum may continue to consolidate between $2,344 and $2,476 or potentially break through the resistance.

If Ethereum successfully flips $2,476 into support, a rise to $2,606 is likely. This would mark a significant breakout and could attract more buyers into the market.

On the other hand, if broader market conditions turn extremely bearish, similar to last week’s sentiment, Ethereum’s price could slip below $2,344 and fall to $2,205.

A drop below this support would invalidate the current bullish thesis, potentially signaling a further decline.

The post Ethereum Bears Sold $2.5 Billion: Will It Impact ETH Price? appeared first on BeInCrypto.

Alpaca Finance, a decentralized finance (DeFi) lending protocol on the BNB Chain and Fantom, has announced the gradual closure of its platform and all associated products. 

The decision, revealed on May 26, comes after what the team described as “extensive internal deliberation and evaluation of future development directions.” 

Alpaca Finance Announces Shutdown 

Launched with no pre-sale, venture capital funding, or pre-mine, Alpaca Finance allowed users to open leveraged positions by borrowing from deposit vaults. However, the protocol has faced mounting challenges recently, culminating in this closure announcement.

In an official statement on their Medium blog and their X (formerly Twitter) account, the team cited ongoing financial difficulties as the primary reason for the shutdown. 

“In truth, the team has been operating at a loss for over two years, even after significant downsizing of the team. Continuing under these conditions is simply not sustainable,” the blog read.

DefiLama data showed that Alpaca Finance’s Total Value Locked (TVL) reached a record high of over $900 million in early 2022. However, since then, it has faced a continued decline. As of the latest data, the TVL stood at just $54.6 million.

“With TVL and yields declining, revenue followed suit,” the team added.

The team also cited increased competition and market saturation as key drivers behind its decision. Notably, the announcement comes about a month after Binance announced the delisting of the platform’s native token, ALPACA. 

“The recent delisting of ALPACA from Binance was another major blow. It not only limits token accessibility but also restricts our ability to deploy our remaining warchest effectively toward any new initiatives,” Alpaca Finance shared.

Despite the delisting, the token’s value surged over 1,000% in the days following it, defying typical market behavior. ALPACA’s dramatic rally drew widespread attention and sparked concerns over market manipulation. 

Nonetheless, the gains were fleeting, and the latest news has pushed the price down further. BeInCrypto data showed that ALPACA’s price has depreciated by 32.1% over the past day. At the time of writing, the token’s trading price was $0.11.

Alpaca Finance has detailed a structured shutdown plan across all major product lines to ensure a smooth and secure exit for users. The platform will stop accepting new positions on the original leveraged yield farming platform (AF1.0) in early June. It will also automatically close all remaining positions by June 30, 2025.

The team has put Alperp, the perpetual trading product, into reduce-only mode. It will be shut down completely by the end of June.

Furthermore, they have halted all Automated Vaults immediately, converting any remaining funds into base tokens and returning them to users. Borrowing in the AF2.0 Money Market will be disabled, and open positions will close automatically by July 30, 2025.

The protocol will also end its buyback and burn program and distribute revenue to Governance Vault stakers. Lastly, the platform’s interface will remain available for users to withdraw assets until December 31, 2025.

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