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Bitcoin spot ETFs see $275M inflow as Ethereum ETFs extend 9-day outflow streak

Posted on by Audrey

On the same day, Ethereum spot ETFs had a net outflow of $7.29 million, completing a nine-day withdrawal run.

On March 17, Bitcoin spot exchange-traded funds (ETFs) reported a strong one-day inflow of $274.59 million, indicating a resurgence of investor confidence in the biggest cryptocurrency in the world.

According to statistics from SoSoValue, Ethereum spot ETFs witnessed a net outflow of $7.29 million that same day, completing a nine-day withdrawal run.

According to the most recent statistics, BlackRock’s iShares Bitcoin Trust (IBIT) led the way among Bitcoin products with an inflow of $42.26 million.

Fidelity’s Bitcoin ETF pulls in $127M amid surging institutional demand

Following closely behind, Fidelity’s Fidelity Bitcoin ETF (FBTC) brought in $127.28 million in new funding.

ARK & 21Shares’ ARK Bitcoin ETF (ARKB) also saw a notable inflow of $88.53 million, indicating rising interest in funds run by well-known industry companies.

Two offers sponsored by Grayscale diverged: Grayscale Bitcoin Trust (GBTC) witnessed a flat $0 million move for the day, while Grayscale Bitcoin Trust (GBTC) received a tiny $14.22 million inflow.

VanEck’s Bitcoin Strategy ETF (HODL) stayed the same at $0 inflow, while Bitwise’s Bitwise Bitcoin Strategy ETF (BITB) contributed an additional $2.30 million.

The other Bitcoin ETFs, WisdomTree’s BTCW, Franklin’s EZBC, Invesco’s BTCO, and Valkyrie’s BRRR, all showed $0 million on March 17 and did not record inflows.

Only Grayscale’s Grayscale Ethereum Trust (ETHE) was responsible for the $7.29 million daily outflow on the Ethereum side.

Any slight interest in other Ether-backed goods was overwhelmed by the one significant redemption.

Bitwise’s ETHW, VanEck’s ETHV, Franklin’s EZET, Invesco’s QETH, 21Shares’ CETH, BlackRock’s ETHA, Grayscale’s ETH, and Fidelity’s FETH all reported zero net inflows for the day.

As a result, the current decline in Ethereum-focused vehicles continued, which fueled conjecture that investors are shifting their money from ETH to BTC as the latter regains important price levels.

Digital asset outflows hit record streak as investors pull $1.7B in a week

With $1.7 billion taken out during the last seven days, outflows from digital asset investment products have now occurred for the sixth week in a row.

This brings the total outflows since the start of the slump to $6.4 billion.

Additionally, it is the longest negative run on record since 2015, with outflows continuing for 17 days in a row.

At $912 million, year-to-date inflows are still healthy despite the pessimistic outlook.

Sustained price corrections and withdrawals have caused a $48 billion decline in total assets under management (AuM).

With $1.16 billion in outflows, or 93% of the total during this slump, the United States was the main source of withdrawals.

Switzerland had $528 million in withdrawals after that, mostly as a result of a seed investor pulling out. Germany, meanwhile, defied the trend and had inflows of only $8 million.

With another $978 million in withdrawals this week, Bitcoin is still the most severely affected cryptocurrency, with $5.4 billion in withdrawals over the last five weeks.

It’s interesting to note that investors kept pulling out of short-Bitcoin bets, resulting in outflows of $3.6 million.

Another significant setback for Binance was the resignation of a seed investor, which almost completely destroyed its AuM, leaving it with just $15 million left.

Both Solana and Ethereum saw sell-offs, with outflows of $2.2 million and $175 million, respectively. Nevertheless, XRP attracted inflows of $1.8 million, defying the market trend.

Blockchain stocks had $40 million in withdrawals during the previous week, indicating that the larger cryptocurrency market was not immune either.

Ethena Labs and Securitize introduce Converge blockchain for next-gen financial integration

Converge, an Ethereum Virtual Machine (EVM) compatible Layer-1 (L1) blockchain, has been formally introduced by Ethena Labs and Securitize. Converge is intended to act as a settlement layer for digital dollars and tokenized assets by fusing traditional finance (TradFi) with decentralized finance (DeFi).

In the upcoming weeks, the blockchain is anticipated to debut its developer testnet. The mainnet implementation is also scheduled for the second quarter of 2025.

What is Converge and what to expect from it?

Converge will function as a network that is compatible with EVM, guaranteeing builders a smooth development experience. Important infrastructure providers including LayerZero, Pyth Network, Wormhole, and RedStone will be integrated.

Ethena’s native governance token, ENA, will be used by the network for staking. Furthermore, USDe and USDtb will serve as the native gas tokens for the network.

Future tokenized assets will be introduced on Converge by Securitize, a top supplier of RWA tokenization. The corporation has already released assets on-chain valued at almost $2 billion. This project is a big step toward tokenizing more financial instruments than only treasury-backed money and assets. It encompasses a greater variety of securities from various asset groups.

Additionally, Ethena will issue USDe, USDtb, and iUSDe natively on Converge and export these assets in forms that are compatible with TradFi for institutional adoption. The program is expected to draw institutional investors to DeFi, opening up a huge potential.

“We believe the biggest theme of this cycle and the coming years is the onboarding of institutional flows of capital. Even after significant growth, DeFi TVL today at $100 billion remains insignificant compared to global capital markets,” the post noted.

Converge seeks to bridge the current divide between TradFi and DeFi by fusing Securitize’s leadership in tokenized securities with Ethena’s DeFi impact.

Three fundamental ideas will form the foundation of Converge. It will first provide access to DeFi without authorization. This would eliminate the requirement for KYC and let users to engage in a decentralized financial environment driven by USDe.

Secondly, it will provide TradFi apps with authorization. Through iUSDe and USDtb, it will allow conventional financial institutions to safely communicate with partners that adhere to KYC. Finally, the platform will provide credit leverage, fixed-income products, and equities trading by supporting permissioned financial instruments, such as different tokenized assets produced by Securitize.

A greater number of individuals and institutions will be able to employ blockchain-based financial solutions thanks to these foundations.

The rise of tokenized assets and RWA adoption

The debut of Converge comes amid increasing expansion in the RWA industry. Recent data reveals that the entire value of RWAs has quadrupled over the past year, with the on-chain value reaching $18.8 billion—a 17.81% rise in only the preceding 30 days.

fmcpay-Real-World-Assets-Sector-Growth
Real World Assets Sector Growth. Source: RWA.xyz

The industry’s growing presence is demonstrated by the fact that there are currently over 90,550 asset holders and 117 asset issuers operating in it.

The whole value of stablecoins has increased by 1.41% over the last month to $224.5 billion, further solidifying the trend. It’s noteworthy that Ethena’s USDe has become the fourth-largest stablecoin in this market.

Pepe Coin price eyes 40X breakout amid bull run

Prominent cryptocurrency market analysts have stated that the price of Pepe Coin anticipates a huge bull run in the future. Every week, PEPE pumps more than 20%.

Leading cryptocurrency analysts from across the world recently shook the market by predicting that the price of Pepe Coin will rise sharply. Analysts like Ali Martinez, CryptoELITES, and World of Charts have forecast that a spectacular bullish breakthrough for PEPE is imminent amid a continuing 22% weekly price increase.

While some highlight the possibility of 40x gains, others indicate that a bull run is imminent and that a 50%–60% pump is imminent. These bullish forecasts mirrored a positive market sentiment following the recent market turbulence that caused the price of PEPE to plummet by about 30% in a single month.

Top analysts predict Pepe Coin price eyes bullish breakout

On March 18, cryptocurrency expert “Ali Martinez” said on X that the price of Pepe Coin is aiming for a positive breakout. The expert claims that from the beginning of the month, the meme coin has been forming an hourly chart with an inverted head and shoulders pattern.

A crucial neckline resistance at the $0.0000075 price level is shown by this formation. The price of the meme currency also created a portion of the right shoulder with its price action during the past 24 hours, according to the expert. An incredible 40% price increase might now be triggered with a persistent breach over the neckline resistance stated.

Pepe Coin price forms inverse head and shoulders pattern
Source: Ali Charts, X

For those who are curious, the price chart’s inverse head and shoulders pattern indicates a possible turnaround from a downward to an upward trend. When this pattern occurs, traders and investors often expect gains, which is good news.

Has PEPE price already bottomed?

At the same time, expert “CryptoELITES” posted on X that the price of Pepe Coin has confirmed a low at $0.0000069834. Even though the price has already increased significantly from this level, the expert predicted the fall.

The price of the PEPE token was $0.000007181 at the time of publishing, a 6% intraday increase. Ali Martinez highlighted the neckline barrier, which the meme coin momentarily broke as it reached an intraday high of $0.000007582.

Although investors are feeling euphoric about this move, expert CryptoELITES thinks the pump is only the beginning and that a 40X objective is just around the corner.

PEPE Bottoms
Source: CryptoELITES, X

Other analysts join the fray

At the same time, analyst “World of Charts” disclosed on X that the meme currency with a frog motif is highlighting an inverse head and shoulders pattern and trading in important sectors. Since the expert anticipates a 50–60% positive rise following a successful breakout from comparable resistance levels around $0.000007, this prognosis largely increased market optimism.

As a result, amid the positive forecasts of prominent analysts, cryptocurrency market players place a great deal of hope on the price of Pepe Coin. Furthermore, CoinGape’s PEPE price research highlights the similar trend, solidifying investor expectations of a bull run.

Market dynamic already optimistic?

According to CoinMarketCap, the meme coin has already increased by about 22% in the last week. With positive forecasts and a rebound mentality forming just ahead of the U.S. FOMC, more gains are still anticipated.

Amidst the optimistic forecasts, Coinglass data indicated a resurgence of market interest in the asset. Recently, the cryptocurrency’s futures OI increased by more than 8% to $237.90 million. In addition, the volume of derivatives increased by about sixteen percent to $627.05 million.

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