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Memecoin season is back?
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Bitcoin ETFs set new record for inflows as the price soars
Key points:
Bitcoin ETFs witnessed their largest daily inflow in over two months as the price of Bitcoin surged above $65,000.
The total aggregate inflows for the 11 spot Bitcoin ETFs reached $365.7 million on 26 September.
News - Bitcoin exchange-traded funds (ETFs) in the United States experienced a significant influx of capital as the price of Bitcoin surpassed $65,000.
The combined inflows for the 11 spot Bitcoin ETFs reached a record-breaking $365.7 million on 26 September.
What’s more? Leading the charge were ARK 21Shares Bitcoin ETF and BlackRock iShares Bitcoin Trust, attracting substantial institutional investment. However, Grayscale Bitcoin Trust, which recently converted to a spot ETF, continued to face outflows, totaling over $20 billion since the transition.
While Bitcoin ETFs witnessed a surge in popularity, spot Ethereum ETFs experienced minor outflows. This divergence in investor sentiment highlights a potential shift in market preferences.
Overall, the substantial inflows into Bitcoin ETFs demonstrate growing institutional interest in the cryptocurrency and its potential as an asset class.
Stacks network gains momentum ahead of a major upgrade
Key points:
STX has increased approximately 30% in the past week, driven by Bitcoin’s recovery.
The Nakamoto Release, set for 9 October, will introduce sBTC and enhance DeFi on Bitcoin.
News - The native token of the Bitcoin-focused Stacks layer-2 smart contract platform, STX, has experienced a significant price surge. This rally coincides with the upcoming Nakamoto Release, a major upgrade scheduled for 9 October.
The Nakamoto Upgrade is expected to enhance DeFion Bitcoin by speeding up transactions and introducing a new Bitcoin-pegged token, sBTC.
To prepare for the upgrade, the Stacks community is organizing workshops and collaborating with other blockchains like Solana and Aptos.
The growing anticipation for the Nakamoto Release has fueled increased interest in the Stacks network. The number of smart contracts deployed on Stacks has reached a new high, and the total value locked on the platform has also seen a substantial increase.
These positive developments suggest that the Stacks network is gaining traction and attracting investor confidence. As Bitcoin's price continues to rise and the layer 2 Bitcoin development gains momentum, Stacks may further solidify its position as a dominant player in the layer 2 Bitcoin sector.
Bedrock protocol offers job to hacker after $2 Million exploit
Key points:
Bedrock lost approximately $2 million due to a security exploit in its uniBTC vaults.
A vulnerability discovered by Dedaub went unaddressed until after the hack occurred.
News - The Bedrock liquid restaking protocol faced a significant setback on 26 September, losing around $2 million due to a security exploit.
The vulnerability, identified by Web3 security firm Dedaub, affected several uniBTC vaults within Bedrock. Despite Dedaub’s notification about the flaw, the Bedrock team did not respond in time to prevent the breach.
Dedaub noted that while the vulnerability could have led to a theft of up to $75 million, the attacker managed to extract only $2 million before the team could act.
In the aftermath, Bedrock announced plans to create a reimbursement strategy for affected investors and is collaborating with audit teams and security experts to recover the stolen funds.
In a surprising move, Bedrock reached out to the hacker via an on-chain message on the Ethereum blockchain, inviting them to join as a white hat hacker to help bolster the protocol’s security. The message also included a reward offer for the stolen amount. However, as of this writing, the hacker has not responded.
Binance Coin surges amid former Binance CEO CZ’s impending release
Key points:
BNB has surged past $600 amid speculation about CZ's early release.
The coin was priced at $487.20 on 6 September, reflecting significant growth.
News - Binance Coin appears ready for a significant rally as rumors circulate about the early release of former CEO Changpeng Zhao (CZ). In the past few weeks, BNB's price has sharply increased, reflecting growing investors’ optimism.
On 6 September, BNB was valued at $487.20, but it has since surpassed the $600 mark, recently trading around $605.60. Analysts suggest that the excitement surrounding CZ's potential return could drive a stronger rally than initially expected.
More details - While Zhao was sentenced to prison in April, he is now slated for release on 29 September, with some reports indicating he could be freed even sooner.
Previously, BNB hit an all-time high of $720 while Zhao was incarcerated, although it has since fallen 16% from that peak.
Current technical analysis shows the formation of an inverse head-and-shoulders pattern, which typically signals a bullish reversal in a downtrend. BNB also benefits from solid support at $510, with potential resistance at $620.
More stories from the crypto ecosystem
Interesting facts
Mt. Gox, a Tokyo-based Bitcoin exchange, controlling over 70% of global transactions by early 2014, abruptly shut down. It was hacked and thousands of Bitcoins were stolen; the company filed for bankruptcy shortly thereafter.
According to reports, there is a social media post about Bitcoin every three seconds.
As per CoinMarketCap, over the past decade, the cryptocurrency market has seen explosive growth, with the number of cryptocurrencies soaring to over 14,670 from just seven in 2013.
Top 3 coins of the day
Dogecoin (DOGE)
Key points:
Dogecoin’s short-term market structure was bullish, at press time.
However, on a higher timeframe, DOGE remained bearish.
What you should know - Dogecoin recently broke out from a prolonged consolidation phase, signaling a potential bullish trend. After staying in the $0.10 to $0.11 range, the breakout occurred with a 7.50% increase, propelling DOGE above the $0.127 level. The Relative Strength Index has reached 72.70, suggesting the asset is in overbought territory, which could indicate a short-term pullback before the next leg up. DOGE’s next target is around $0.14, where a key resistance level lies. A break above this could see Dogecoin move towards $0.16 and beyond. However, if selling pressure builds due to the overbought conditions, a retest of the $0.11 support is possible. Traders should monitor volume and momentum indicators to gauge whether the bullish momentum will continue or if a pullback is imminent.
Shiba Inu (SHIB)
Key points:
SHIB was up by about 50% over the past week.
It was one of the top-performing cryptocurrencies, at press time.
What you should know - Shiba Inu has broken out of its consolidation phase, following a similar upward trajectory to Dogecoin, with a sharp 14.77% surge. The breakout has propelled SHIB past the key resistance level of $0.00002100, signaling strong bullish momentum. The Bollinger Bands are widening, indicating heightened volatility, while the MACD is printing bullish signals, suggesting further upward movement in the short term. With the breakout confirmed, SHIB's next target lies around $0.00002250, a key resistance level. However, traders should be cautious, as the sharp rise has pushed SHIB into overbought territory, which may lead to a potential pullback before a further upward continuation. Support levels to watch are around $0.00001850, where the price could retest if selling pressure builds.
Pepe (PEPE)
Key points:
PEPE has been registering buying pressure on the lower timeframe.
At press time, it was up by about 33% over the last seven days.
What you should know - PEPE has surged by 12.92%, breaking out of a key descending trendline and crossing above the $0.00000100 mark. The breakout suggests that PEPE could be poised for further upside as buying pressure increases. The crossover of the 50-day and 200-day moving averages (a bullish signal) aligns with the momentum shift in the price, further supporting a potential uptrend continuation. The Awesome Oscillator has also turned positive, reflecting growing bullish sentiment. If PEPE maintains its upward trajectory, the next target is around $0.00000120, where resistance could be encountered. However, if the price pulls back, support lies near the $0.00000800 level.
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