Bitcoin Demand Takes a Dive!

Demand for Bitcoin has been decreasing since April, driven by reduced ETF purchases.

Danielle du Toit
August 21, 2024

Here's what we've got for you today:

Bitcoin's demand has been on a steady decline since April, and data even shows it approaching negative levels.

Bitcoin demand has declined a lot, from a 30-day growth of 496,000 BTC in April to a negative growth of 25,000 BTC.
A key factor in this slowdown is the reduced purchases by U.S. spot ETFs. These acquisitions fell from 12,000 BTC in March to an average of 1,300 BTC during the week of August 11-17.
Despite the reduced institutional demand, long-term Bitcoin holders are accumulating Bitcoin at record rates.

Ethereum’s performance has been under scrutiny as it is facing outflows while Bitcoin ETFs are experiencing inflows.

Crypto analyst TraderSteve pointed out that Ethereum has not reached a new all-time high like Bitcoin. He believes this suggests that an Ethereum and altcoin season could be imminent.
The CEO of SalsaTekila compared the current market conditions to August of 2020, and expects that Ethereum could enter a price discovery bull run soon.
Another analyst predicts that by the end of 2024, Ethereum could reach a peak trading value of around $3,217.86, with a potential low of $2,823.96.

The newly approved Solana ETF is in a pre-operational phase and will be managed by Hashdex.

The Solana ETF will be launched in partnership with BTG Pactual, a leading local investment bank.
This approval follows closely on the heels of the CVM's first Solana ETF approval on Aug. 8 of 2024, which was offered by another Brazil-based asset manager, QR Asset.
Hashdex already has an established reputation with ETFs based on Bitcoin and Ethereum, and is now entering the Solana ETF market.

The Justin Sun-backed platform has generated a total revenue of 7 million TRX since its launch on Aug. 9.

SunPump’s biggest revenue day so far was on Aug. 20, when it earned almost 2.78 million TRX (worth approximately $400,000).
The platform even experienced some downtime on Aug. 20 due to "unprecedented traffic," but services were restored after an hour.
Despite skepticism about the actual value of meme coins in the crypto industry, Justin Sun is still bullish on memes, and believes their success "isn't by chance."

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