Crypto Breakfast: Bitcoin ETFs crash, memecoins explode and more

Good morning crypto insiders, in this article we present a summary of the most important events in the crypto world that took place last night.

This way you can quickly find out about the latest developments. More detailed articles on these topics will appear on Crypto Insiders later today.

Red day for Bitcoin ETFs

Bitcoin (BTC) spot exchange-traded funds (ETFs) had a negative day with a combined net outflow of $140 million, according to data from Farside Investors.

Grayscale’s GBTC was hit by massive capital flight, just like it was on Thursday. A total of $492.4 million flowed from the fund, slightly less than the almost $600 million the day before.

The other funds also performed significantly worse yesterday than in the last few days. BlackRock, for example, recorded net inflows of $202.5 million and managed to book more than $600 million on Wednesday and Thursday.

The meme cryptocurrency is booming

While Bitcoin price moves sideways in a wide range between around $61,000 and $63,000, memecoins are currently stealing the show in the crypto market.

Today, there are no fewer than four memecoins in the list of the top five performing crypto coins. Additionally, meme-based cryptos have all skyrocketed by impressive percentages.

Floki (FLOKI) is the absolute winner today with an absurd increase of 114.98%. Shiba Inu (SHIB), the second largest memecoin in the industry, has also blown away many crypto enthusiasts with a 71.49% increase.

Pepe (PEPE) and dogwifhat (WIF) are in 3rd and 4th place with gains of 48.15% and 24.34%, respectively.

Dutch analyst PlanB: Bull market has begun

Well-known Dutch Bitcoin analyst PlanB posted on the social media platform X Let them know that the first “red dot” has been discovered in its analysis software for Bitcoin’s market cycles.

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“The accumulation phase is over: no more easy buying opportunities in orderly and slowly rising markets,” writes the former institutional investor.

According to plan B, we get ten months of extreme FOMO (‘Fear of being left out’) presents, “if history is any guide,” extreme price increases coupled with declines of 30%.

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