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Strategy’s Michael Saylor recently tweeted “At this rate, $IBIT is destined to be first in flows.” His prediction suggests BlackRock Bitcoin ETF could overtake all other funds in capital inflows by year-end. IBIT Rises Rapidly but Still Trails VOO’s Dominance in the ETF Sector Meanwhile, traditional market leader Vanguard’s S&P 500 ETF (VOO) currently holds
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Tether minted $1 billion in USDT on the Tron network today, bringing its total minted tokens since January to 12 billion. This reflects growing demand for crypto and could signal bullishness.
Previously, major stablecoin issuances have led to a bullish cycle. With fresh inflows, the market sentiment is trending towards Greed, and Tether may facilitate more bullishness.
Tether, the world’s largest stablecoin network, has been steadily minting USDT tokens for the past few months. It minted 19 billion in a spree between November and December last year and added another billion less than a week later.
Today, Tether’s new action on Tron could have a powerful impact on the market.
This new USDT minting could have broad market implications for a few reasons. Major net issuances often reflect growing demand from institutions and OTC desks that need large blocks of stablecoins for cross-border settlements or build-up before buying digital assets.
For example, when it issued 1 billion USDT a little over a year ago, this caused Bitcoin’s price to spike.
In isolation, this single issuance could push the needle in a bullish direction. However, since Lookonchain data shows a pattern of major mintings, Tether could spur a lot of optimism.
Despite recently hitting a three-year low, the Crypto Fear and Greed Index has been trending upward. It’s currently in Neutral but briefly exhibited Greed yesterday.
In other words, the market is primed to accept a bullish signal, and Tether’s major minting may provide it.
Still, not every mint equates to immediate market deployment. True bullish pressure arrives only when those new USDT hit exchange wallets. Luckily, that seems like a very achievable goal.
Tether has a long history of using Tron’s blockchain for USDT mintings, and the two firms enjoy active cooperation today. Hopefully, this will help ensure these new tokens quickly reach exchanges and the broader market.
If so, Tether could aid a preexisting trend of fresh inflows to the crypto sector.
The post Tether’s $1 Billion USDT Mint Fuels Bull Run Optimism appeared first on BeInCrypto.
Nasdaq has submitted an S-1 form for the 21Shares Dogecoin ETF with the US Securities and Exchange Commission (SEC). This move officially kicks off the approval process, with the Commission having to decide whether or not to approve the fund, which will provide institutional investors access to the top meme coin.
A Nasdaq filing has revealed that the exchange has submitted an application to the US SEC to list and trade the 21Shares Dogecoin ETF. This move is significant, as the S-1 filing officially begins the approval process.
The SEC will then move to publish the filing in the Federal Register and ask for public comments on the filing before it decides to approve or deny. It is worth mentioning that asset manager 21Shares had earlier this month filed the 19b-4 form for its DOGE ETF. This move showed the firm’s intention to offer investors exposure to the largest meme coin by market cap.
Besides 21Shares, Grayscale, and Bitwise have also filed to offer a Dogecoin ETF, providing a bullish outlook for the DOGE price, which could surge as institutional investors invest in the meme coin. More asset managers are expected to file for a DOGE ETF as interest in the meme coin picks up.
The DOGE price remained unchanged following Nasdaq’s S-1 filing for the 21Shares Dogecoin ETF. However, crypto analyst Trader Tardigrade predicts that a breakout might be on the horizon for the top meme coin.
In an X post, the analyst noted that Dogecoin has been moving within different ranges, experiencing both false breakdowns and breakouts. He added that the meme coin has now returned to its current range. In line with this, he expects DOGE to break out, potentially sending it higher.
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As Americans head to the polls on this historic election day, the US Dollar is experiencing a relatively muted price…