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Fred Cole

An editor at FOMOdrive

  • Aug 08, 2023
  • 3 min read

Investors are fleeing Huobi crypto exchange en masse

Weiss warned that bitcoin could potentially experience a decline.

For five months, there has been a record low in investments in crypto funds.

Record volumes of BTC are held by Hodlers.

Tokens will never be issued by Elon Musk for the ex-Twitter.

Before the halving, Blockstream CEO predicted that Bitcoin would reach $100,000.


CoinShares reported that investments in crypto funds dropped by a record $107 million in the past five months, and the outflow of funds has continued for the third week in a row. Bitcoin investments decreased by $111 million, while Ethereum investments decreased by $6 million. Interestingly, the outflow of investments from funds that allow for shorting bitcoin stopped for the first time in 14 weeks.

The largest outflow of funds from bitcoin as profit-taking since early March, when US regulators began tightening control, was seen. This was partially offset by investments in altcoins, with Solana seeing the largest inflow since March 2022 (+$9.5 billion), according to CoinShares.

Glassnode reports that the amount of Bitcoin held by long-term holders has hit a record high. These hodlers now possess 14.599 million BTC, which is equivalent to 75% of the total Bitcoin supply.

Ton Weiss, a renowned cryptanalyst, has cautioned of a potential decline in the value of Bitcoin. He believes that if Bitcoin fails to remain above the $25,000 mark, a market panic will ensue, resulting in a significant drop in the value of the leading cryptocurrency.

Michael van de Poppe, the founder of Eight, refuted investors' beliefs that cryptocurrencies were going to decline before a new rally and suggested that they should start accumulating positions. He stated, "Large organizations are getting involved, and the smartest thing to do is to follow them."

Adam Back, the CEO of Blockstream, forecasted that Bitcoin would reach $100,000 prior to the halving event that is scheduled for next spring. Samson Moe, the CEO of Jan3, concurred with Back's prediction.

21e6 Capital, a Swiss investment company, reported that investors who simply held bitcoin earned 69% more in 2023 than the majority of cryptocurrency hedge funds.

Despite Elon Musk's fondness for cryptocurrencies, he declared that his Twitter-based mega-platform X will never issue its own tokens.

Over the weekend, Huobi exchange saw a significant withdrawal of funds, with rumors of the detainment of the exchange's representatives in China. The platform's reserves of stablecoins dropped by 30%. However, a spokesperson for Huobi denied these media reports.

CoinGecko has created a distinct page for tokens that the U.S. Securities and Exchange Commission (SEC) classifies as securities.

According to Bloomberg, infrastructure company Paxos is launching PayPal's own stablecoin, PayPal USD (PYUSD), for transfers and payments.

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