Spot Bitcoin ETF volumes present promise, however they’ve didn’t ignite a bull run within the crypto market. The cumulative quantity for the 11 spot bitcoin ETFs crossed $11.1 billion on 17 Jan, of their fourth day of buying and selling.

Though the launch has stirred engagement available in the market, the buying and selling actions haven’t been in favor of crypto costs. Excessive-cap property together with BTC and ETH proceed to plunge, as traders search refuge in low-cap initiatives like Meme Kombat and Sponge which have but to be launched. Meme Kombat crossed the $7M milestone amid the chaos.

Spot Bitcoin ETFs Are a Hit

In accordance with Bloomberg analyst Eric Balchunas, the reception of spot Bitcoin ETFs is extraordinary.

“Let me put into context how insane $10b in quantity is in first three days. There have been 500 ETFs launched in 2023. As we speak, they did a COMBINDED $450m in quantity. The most effective one did $45m. And plenty of have had months to get going. $IBIT alone is seeing extra exercise than the complete ’23 Freshman Class,” he mentioned.

BlackRock’s iShares Bitcoin Belief (IBIT) and the Grayscale Bitcoin Belief (GBTC) have been trending. IBIT marked web features of $700 million over three days, as per BitMEX analysis. GBTC’s web outflows, then again, mirrored the swapping between ETF merchandise because of greater charges.

LATEST: Day Three in books the overall rolling NET FLOWS is +782M because the New child 9 have greater than offset the the $GBTC Gouge (which is now as much as -$1.2b after half a bil yest, ouch). The 9’s $2b in aum and $4.5b in quantity natural is fab for first three days, % prem stable too. pic.twitter.com/NDeubgi8mz

— Eric Balchunas (@EricBalchunas) January 17, 2024

James Van Straten, analysis and knowledge analyst at crypto insights agency CryptoSlate notes that “GBTC whole outflows are actually at $1.18 billion vs. spot Bitcoin ETF inflows of $2B. It might be extraordinarily encouraging if we continued this tempo for the primary month of buying and selling”.

Can BTC Fight Bears?

BTC has been struggling to rise above $43Okay since touching near $49Okay on 11 Jan. The 24-hour buying and selling quantity of the world’s largest cryptocurrency has slipped 15% as of 18 Jan.

The worth, then again, has recorded a 7% dip on the weekly chart.

BTC 7-day worth motion, CoinMarketCap

On the time of writing, the market cap stood at $839,349,736,055.

It’s unlikely that bears will rule the market within the coming days, as they’re largely made from short-term merchants. Lengthy-term merchants are holding tight for a mixture of legitimate causes.

To start with, the ETF approvals signify potential development, as they take the digital asset to extra conventional traders. The ensuing development in adoption will justify the massive market cap of BTC, which is anticipated to develop additional with the upcoming Bitcoin halving.

For long-term merchants, it makes little sense to promote BTC now. These facets, nonetheless, received’t armor the coin in opposition to volatility. For instance, JPMorgan Chase CEO Jamie Dimon not too long ago commented on the WEF annual gathering in Davos, Switzerland, that Bitcoin “does nothing.”

“I’m not attempting to make a joke right here; there are use instances: AML, fraud, Anti-Cash Laundering, tax avoidance, intercourse trafficking,” he mentioned.

Meme Kombat Crosses the $7M Milestone in its Viral Presale

Meme Kombat ($MK) hit the $7M milestone in its presale, hinting on the sturdy worth motion that’s increase.

We go massive on group and @BuryCrypto acknowledges that🎉

Try his video on $MK being top-of-the-line crypto presales to have interaction with proper now! pic.twitter.com/DGIedfOdBz

— Meme Kombat (@Meme_Kombat) January 16, 2024

The viral meme coin is predicted to problem the dominance of BONK this month. BONK at present holds the third place within the meme coin chart. However Meme Kombat’s impending debut on cryptocurrency exchanges may dethrone BONK. The descending worth of BONK since hitting an all-time excessive in December has additionally labored in favor of the brand new meme coin.

On the coronary heart of Meme Kombat’s success is its GambleFi use case, a sector that yielded spectacular returns above 5000% final 12 months with Rollbit Coin.

Whereas GambleFi has potential for development, it’s about time the trade explored past casinos, sports activities betting, and crash video games.

Meme Kombat solutions the dearth of range in GambleFi with an AI-powered battle area the place meme coin icons interact in battles for supremacy. AI utilization makes these battles resistant to manipulations or fraud, whereas the blockchain basis gives a clear framework.

Meme Kombat’s objective is to channel the social media wars waged by meme coin communities into its new platform. Customers can actively take part in these battles by betting on their outcomes, which can earn them enticing rewards in $MK tokens.

The launch of Meme Kombat Season 1 will give a recent battleground to meme coin communities. On the identical time, it is going to drive natural demand for the meme coin even because the FOMO round its first sequence of change listings dampens.

$MK tokens are actually obtainable for low costs within the presale, which is accompanied by a staking system.

BUY $MEME KOMBAT FOR THE PRESALE PRICE

SPONGE Stake-to-Bridge Portal Hits $4.29M As Month-to-month Chart Information 90% Development

$SPONGE has extra steam left, with traders becoming a member of the stake-to-bridge portal to earn SPONGEV2 tokens. However with a play-to-earn sport within the pipeline, SPONGEV2 is anticipated to surpass its predecessor’s milestone.

Traders who purchase and stake $SPONGE tokens within the present stage can be eligible for a particular V2 token bonus.

BUY AND STAKE $SPONGE TOKENS