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Breaking Crypto Stories

Here are the top stories today:

• Investment Advisors Boost Spot Bitcoin ETF Holdings Amid Hedge Fund Decline

• Franklin Templeton Files for New Crypto Index ETF Tracking Bitcoin and Ethereum

• Tron Surges to Second in Stablecoin Market Share Behind Ethereum

💸 Investment Advisors Boost Spot Bitcoin ETF Holdings Amid Hedge Fund Decline

Investment advisors have notably increased their investments in spot Bitcoin ETFs in Q2 2024, while hedge funds reduced their holdings due to futures trading strategies, with overall institutional inflows into these ETFs reaching $2.4 billion despite Bitcoin's price decline.

• Investment advisors increased their stakes in spot Bitcoin ETFs by 3% in Q2 2024, now making up 9% of institutional investment.

• Hedge fund holdings in these ETFs declined slightly, partly due to leveraging price differences with Bitcoin futures contracts.

• Despite the decline in Bitcoin's price and potential delays in new investments during the summer, overall institutional inflows into Bitcoin ETFs reached $2.4 billion in Q2 2024.

📁 Franklin Templeton Files for New Crypto Index ETF Tracking Bitcoin and Ethereum

Franklin Templeton's new Franklin Crypto Index ETF will track Bitcoin and Ethereum and may include more cryptocurrencies in the future, entering the growing market for crypto index ETFs and competing with other products pending SEC approval.

• Franklin Templeton is proposing a new ETF, the Franklin Crypto Index ETF, which will track the CF Institutional Digital Asset Index, currently comprising Bitcoin and Ethereum.

• The ETF aims to replicate the index's composition and may include additional cryptocurrencies in the future.

• As the market for crypto index ETFs grows, this fund will compete with existing products like the Hashdex Nasdaq Crypto Index ETF, and requires SEC approval before trading.

🥈 Tron Surges to Second in Stablecoin Market Share Behind Ethereum

Tron has risen to become the second-largest blockchain in stablecoin market share, showing impressive growth in stablecoin supply, transfer volumes, and DeFi activity, with its native token TRX also experiencing significant gains.

• Tron has become the second-largest blockchain in stablecoin market share, holding $61.1 billion, or 37.9%, of the $161.1 billion total, up from $46.6 billion a year ago.

• Stablecoin transfer volume on Tron has surged, reaching $17.4 billion daily and showing significant year-over-year growth, while other networks like Solana and BNB Chain have seen mixed results.

• Tron’s DeFi activity and on-chain revenues have increased notably, with its native token TRX rising over 80% in the past year.

Meme of the Day

Potential Trade Opportunities

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Ripple (XRP)

XRP Price Analysis: Key Levels to Watch as Bulls and Bears Battle

Price Movements: XRP has been trading in a narrow range, with recent price action reflecting a tug-of-war between bullish and bearish forces. The 9 EMA is slightly below the 20 EMA, indicating mild bearish momentum, though the gap is narrow, suggesting potential for a shift if bulls gain strength. The MACD also shows a bearish bias, but the weakening histogram hints at a possible reversal.

Key Levels to Watch: Resistance levels to monitor are at $0.5758, $0.5761, and $0.5797. A break above these levels could signal a bullish shift. On the downside, key support levels are at $0.5565, $0.5528, and $0.5494. A breakdown below these supports could lead to further downside.

Trade Strategies: For long trades, consider entering near the support levels around $0.5565, with a stop below $0.5494 and a target near the $0.5758 to $0.5797 resistance zone. For short trades, entry could be considered if XRP fails to break above $0.5758, with a target at the $0.5565 support and a stop above $0.5797.

Ethereum (ETH)

Ethereum Price Update: Bearish Indicators and Potential Market Movements

Price Movements: Ethereum (ETH) is currently exhibiting bearish momentum on the 4-hour chart, with short-term moving averages indicating a downtrend. The MACD and RSI indicators support this sentiment, showing weakening momentum and a lack of strong upward movement. ETH's price remains below key moving averages, suggesting continued seller dominance.

Key Levels To Watch: Key support levels to monitor include $2,557.82, $2,549.59, and $2,541.02. A break below these levels could lead to further downside. On the upside, resistance levels at $2,677.79, $2,694.67, and $2,722.3 are critical for a potential reversal. If ETH can break above these resistance points, it may signal the start of a bullish trend.

Trade Strategies: For long trades, consider entering if ETH breaks above the 20 EMA with a confirmed bullish MACD crossover. Short traders may find opportunities near resistance levels, particularly if ETH struggles to break through and the RSI shows signs of weakening. Monitoring these indicators and levels will be crucial for identifying optimal entry and exit points.

Pepe (PEPE)

PEPE Price Faces Resistance: What Traders Need to Know

Price Movements: PEPE is currently facing bearish momentum on the 4-hour chart, with the price struggling to break above key resistance levels. The recent crossover of the 9-period EMA below the 20-period EMA suggests a developing downtrend, further supported by the MACD showing bearish signals.

Key Levels To Watch: Critical resistance levels for PEPE are at $0.00000803, $0.00000804, and $0.00000805. Failure to break above these levels could lead to a retracement towards the support at $0.00000620, which will be crucial for determining the next direction of the market.

Trade Strategies: Short traders may consider entering positions if the price gets rejected at the current resistance levels, targeting the $0.00000620 support zone. Long traders should wait for a confirmed breakout above $0.00000803 with increased volume before entering, ensuring to use tight stop-losses due to the volatility of PEPE.

ICYMI:

• Ethereum Reclaims the Throne in NFT Market as Bored Ape

• Donald Trump Reveals Up to $5 Million in Crypto Holdings and Nets $7 Million from NFTs

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