60 billion SHIB floods exchanges
Shiba Inu is securing massive exchange inflow, which can turn into source of selling pressure.
- Massive inflow. 60B SHIB sent to exchanges in one day, pushing reserves to 85.4T SHIB.
Sixty billion Shiba Inu tokens were recently added to exchanges in a single day, which could be a sign of an upcoming market pressure surge. An inflow of this size frequently indicates that holders are getting ready to sell their holdings, which could increase volatility in SHIB's already volatile price structure. In one of the biggest short-term increases in months, exchange reserves jumped to 85.4 trillion SHIB.
- Potential impact. Such inflows often precede sell-offs.
These inflows typically occur before sell-offs as traders transfer assets to exchanges in an effort to reduce risk or secure profits. The crucial question at hand is: who is selling?
Although daily flows are influenced by retail traders, the magnitude of this movement raises the possibility that whales or sizable institutional wallets are liquidating holdings in preparation for market weakness or as part of a larger portfolio rebalancing process. But the story that price action conveys is a little different.
Ripple expands BBVA partnership with digital asset custody
Spanish banking giant BBVA has tapped Ripple for cryptocurrency custody services.
- New offering. Ripple to provide custodial services for Spanish banking giant BBVA.
Enterprise blockchain company Ripple has announced that it will be providing custodial services for Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA). The extension of the partnership between Ripple and BBVA will make it possible for the latter to "confidently" respond to demand for digital assets, the announcement says.
Cassie Craddock, Ripple's managing director, has praised BBVA as one of the most innovative banks in Europe. Monica Long, the company's president, has also stated that she is excited about the new chapter of the long-standing partnership.
- Partnership history. BBVA first teamed with Ripple in 2017.
The major banking institution, which was originally founded all the way back in 1857, first partnered with Ripple in April 2017. Back then, it utilized the company's technology for completing its very first real-time international money transfer. The transaction in question was conducted between Mexico and Spain.
Dogecoin ETF to launch this week, kickstarting 'meme coin ETF era'
Bloomberg analyst highlighted approaching start of meme coin ETF epoch.
- ETF debut. Bloomberg’s Eric Balchunas says the first meme coin ETF ($DOJE) will launch Thursday, tracking Dogecoin’s price.
In his recent X post, Bloomberg’s Eric Balchunas has highlighted the upcoming beginning of what he calls the “meme coin ETF era,” as the very first meme coin exchange-traded fund is about to be launched later this week. This meme coin is the original meme asset, Dogecoin (DOGE). However, unlike the Bitcoin and Ethereum ETFs that have been launched already, $DOJE will be rolled out on different terms from the SEC.
- Regulatory twist. Filed under the 1940 Investment Act, unlike most crypto ETFs filed under the 1933 Securities Act.
Balchunas announced the approaching start of the era of ETFs that track meme coins’ prices. The first one to launch is DOJE — a Dogecoin ETF to be listed on Thursday by the REX Shares and Osprey funds. On May 30, these two funds also filed for the launch of SOL and ETH exchange-traded funds.
The Dogecoin ETF was filed under the 40 Act (the 1940 Investment Act). Balchunas stressed that the DOGE-based fund will be the “first-ever US ETF to hold something that has no utility on purpose.” Usually, ETFs are filed under the 1933 Securities Act, and now there is “a big group of '33 Act-ers waiting for SEC approval still.” This development follows an earlier announcement by CleanCore Solutions, Inc., to create a Dogecoin treasury.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team