United States Spot Bitcoin ETF Maintains Performance, KANG Token Emerge
The United States spot BTC ETF, on May 6, recorded for the second time, one of the biggest inflows after its launch early this year. It recorded over $887 million, making it the second-highest performance after the March 12.
This spike occurs against a backdrop of growing institutional interest and a supportive regulatory framework, creating the conditions for future rallies in the cryptocurrency market. The day of their inception saw the second-most significant spike in trading volumes for United States spot Bitcoin ETFs after June 5, 2024.
Increased acceptance by institutional and individual investors and favourable regulatory signals are the main forces underlying this outstanding performance. On March 12, FBTC by Fidelity ranked the top best performing spot BTC ETF with a total inflow of $379 million. IBIT from BlackRock took the second position with $274 million in total inflow.
Spot BTC ETF Historical Analysis Shows VanEck Ready to Waive 0.20%
BTC ETF historical records revealed that in March, VanEck promised to waive 0.20% of its sponsor fee on their first $1.5 billion and will remain so till March 31, 2025. On the other hand, Grayscale Investments’ Bitcoin Trust ETF (GBTC) says it has witnessed $79 million in outflows since it converted to spot BTC ETF on January 11.
Data from BitMEX says that GBTC’s $1 billion net inflows witnessed across all ten bitcoin funds exceeded its former daily performance of $673 million on February 28. IBIT by BlackRock recorded its Assets Under Management (AUM) at $15 billion after the market closed on March 13. It ranked side-by-side with GBTC, which recorded about $27.7 billion in assets.
Ben Strack, a market analyst with BlockWork, commented that if Bitcoin keeps rising, it will have a domino effect and drive up the values of other significant cryptocurrencies. According to a CoinDesk analysis, continuous demand in Bitcoin ETFs might push the cryptocurrency to new all-time highs by the end of the year.
Bitcoin Domino Effect Eminent, KANG To be Listed on BitMart
James Butterfill, Head of Research at CoinShares, added that “the recent performance of Bitcoin ETFs is a strong indicator of where the market is heading.” In the upcoming months, Bitcoin may reach its prior all-time highs due to growing institutional usage and advantageous regulatory circumstances.
BitMart, a popular tier-1 Cryptocurrency Exchange (CEX) company, intends to list KANG in a few days. It is also believed that KANG will soon be listed on other popular cryptocurrency exchanges, which Uniswap has made the list.
Analysts have recommended that traders move in to exploit the early market activity. As of press time, KANG is in it’s presale phase and trading at $0.025. However, the company has announced a 400% return to buyers that went in at this early stage.
KANG Moves to Build Active Community Base, Records 33,000 Users
Market commentators believe that KANG will attain faster success because it has been successfully listed on both CoinGecko and CoinMarketCap, the two major cryptocurrency price tracking platforms. The token’s tokenomics data reveals that KANG has released slightly over 250 million units of tokens, representing 25% of its total supply. These tokens are allotted mostly to in-game rewards.
The company is also seriously building its community base through strong social media engagement, which it said is another way of giving back to its users. Many price predictions have put the token at $1 by the end of 2024, making it one of the best-buy cryptocurrencies to acquire. As of press time, KANG has already recorded over 10,000 KANG holders and raised a little over $7.9 million during the presale phase.
The community has continued to expand as more traders have shown interest. Currently, there are over 33,000 registered users (and counting). Most industry analysts have been drawn to the fast progress recorded with KANG and ranked it among the proposed best-performing cryptocurrencies in Q3 of 2024. The prediction also goes as far as anticipating a 500% increase before the official launch.
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