Mutual funds keep buying

Bitcoin, after falling to $ 44,000, then had a time to drop to $ 42,000. Altcoins mostly follow the BTC trend. Some altcoins have a growth like FIL, LUNA, OKB, …

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While the price was falling, BTC continued to be bought and withdrawn from the exchange. The trend of BTC being withdrawn from the exchanges is still higher than the trend of deposits.

Ethereum’s trend remains similar to that of BTC. In addition, ETH is being withdrawn and used for many different purposes, but when staking and providing liquidity, ETH is locked, which generally affects market supply.

The percentage of BTC that is profitable on the network has also been reduced to 77%. The amount of BTC that has been moving in the past few days is largely profitable.

BTC’s CDD index suddenly rose yesterday. This could be the selling power of Chinese investors, hit by the news that the Huobi exchange is no longer operating in that country.

Coinshare’s stats on the cash flow of some major crypto mutual funds like Grayscale, Coinshares XBT, 3IQ … Last week was the sixth straight week that cash flow from these mutual funds increased cash flow into the crypto market.

Digital asset investment products saw total inflows of $ 95 million last week, bringing total inflows to $ 320 million over the past six weeks.

Ethereum follows Bitcoin with a total inflow of $ 29 million over the past week. Participation in ETH staking is still the trend that continues to grow. Solana and Polkadot continued to have total capital expenditures of $ 3.9 million and $ 2.4 million, respectively, representing 4.5% and 3.2% of AuM, respectively.

Some other information:

• Coinbase will allow US users to deposit any percentage of their salary directly into their account in the coming weeks. Deposits can be made in USD or instantly converted to crypto with no fees. This move by Coinbase will make it easier for more people to access crypto and attract more money to the exchange.

• On September 27, Bitfinex issued 7,676.6 ETH to move USDT 100,000 to the DeversiFi decentralized second-layer exchange. At today’s prices, the fee was about $ 23.7 million at the time. DeversiFi says that “abnormally high gas charges” are due to a bug in the decentralized application’s interface. This bug resulted in the transaction fee being 230 times the value of the transaction itself.

• Blake Masters, managing director at Thiel Capital, who is currently running for the U.S. Senate seat in Arizona, says the U.S. government should buy bitcoin after China banned it again. The Master Campaign donations now accept Bitcoin. BTC is penetrating deeper and deeper into politics.

• House spokeswoman Nancy Pelosi told Democrats the chamber would vote on a bipartisan infrastructure bill worth $ 1 trillion next Thursday. In this funding package, regulations on “brokers” in the crypto market are also voted on.

• The fact that Ethereum is more valuable than top Bitcoin is a hotly debated topic in the crypto space. Despite the highest capitalization, JPMorgan’s analysts have suggested that institutional investors leave BTC and take more positions in ETH. Thuan said that BTC is still the first choice and also the largest coin leading the market price trend.

• Cardano (ADA) founder Charles Hoskinson announced during the Cardano Summit that COTI will be the official issuer of the new stablecoin based on the Djed stablecoin protocol. This stablecoin is operated in the Ethereum network based on the protocol and is not managed by any company.

• Emurgo, the commercial arm of Cardano, will invest $ 100 million to fund blockchain crypto startups. The company announced the update at the Cardano Summit 2021. As part of the initiative, Emurgo will provide capital to expand Cardano’s ecosystem. The company will focus on helping startups working in DeFi and NFTs and launching Cardano-centric educational programs.

• The leading esports, gaming and fan engagement enterprise platform Rival has announced a partnership with the Cardano Foundation, the non-profit organization and administrator of the Cardano blockchain. Cardano will facilitate the sale of NFTs, the ability to create and distribute NFTs, the exchange of NFTs for physical goods, and market-based royalties within the Rival platform for its customers’ gaming community, including brands, media companies, sports teams and leagues .