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  • Crypto Week: ETF Inflows Shrink, “Quantum Cats” and Trump Crypto Bets

Crypto Week: ETF Inflows Shrink, “Quantum Cats” and Trump Crypto Bets

Bitcoin (BTC) is showing a modest 0.3% increase to $42,870 this week, which is somewhat disappointing. However, there is a support level at $40,000, providing a buffer of 6.6% above it to mitigate any unexpected downturns, which should reassure investors.

Currently, there are no significant drivers seen for the crypto market, leading to a rapid drying up of capital inflows in spot Bitcoin-ETFs. The iShares Bitcoin Trust (IBIT) from BlackRock reported net capital inflows of just $105.8 million last week, marking the lowest figure recorded. In contrast, the ProShares Bitcoin Strategy ETF (BITO) observed capital outflows of $108.4 million, a situation not seen since the end of April 2022, when Bitcoin prices plummeted by 54% to $17,000 over the following two months.

On another front, Tarport Wizards has introduced a new "Quantum Cats" NFT collection, which has seen promising performance. The starting prices were set at 0.1 BTC on February 5 and 0.2 BTC the following day. Meanwhile, the benchmark NFT collection "Bored Ape Yacht Club" has seen relatively stable prices, hovering around 24.43-24.44 ETH, compared to 26.20 ETH on January 1, 2024.

In a more unconventional move, Donald Trump meme coins have emerged as another point of interest in the crypto space. According to Polymarket, over 53% of crypto enthusiasts are betting on Trump's victory in the upcoming U.S. presidential elections in November, while only 36% believe Joe Biden will win. This sentiment has translated into rising prices for TRUMP meme coins, with a market cap of $141. Rumors suggest that Trump himself has a $1 million stake in the coin, further fueling its popularity. Other coins related to Trump have also surged by 100% in the previous day.