Crypto News Today: Bitcoin Supply Crisis and Ethereum ETF Boom How These Trends Will Shape the Market!

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In a recent update by Altcoin Buzz on the crypto market, the analyst highlighted the grave concern that Bitcoin’s dropping presence on crypto exchanges to a new low potentially sets the stage for a significant price rally. According to CryptoQuant data, Bitcoin reserves have dropped by approximately 133% since January 1st, leaving just 2.62 million BTC on major exchanges. This decline suggests that investors are increasingly moving their assets to cold storage, signaling long-term bullish sentiment.

Analysts are optimistic that this reduced supply could help Bitcoin retest and possibly surpass the $60,000 mark by the Q4 of 2024. Marty Party on X highlighted the ongoing “supply shock,” noting that major exchanges like Coinbase and Binance are witnessing dwindling reserves, with significant amounts of Bitcoin being moved to cold storage. This shift is seen as a positive indicator of Bitcoin’s price, as it reduces the likelihood of large panic sales and makes the market more resilient.

Ethereum also saw positive movement, with its price rising over 2%, driven by a broader market recovery. U.S. spot Ethereum ETFs recorded an inflow of $5.9 million on August 28th, the first significant inflow since mid-August. BlackRock’s Ethereum ETF led the charge with an $8.4 million inflow, indicating growing institutional interest in Ethereum. However, Grayscale’s Ethereum ETF continued to see outflows, losing $3.8 million on the same day.

Moving on the analyst further discussed other big crypto news like the launch of the Kaia blockchain’s mainnet, a Layer 1 blockchain developed by major Asian messaging apps Kakao and Line. This blockchain aims to revolutionize the Web3 user experience with its ultra-low gas fees, 1-second finality, and deep integration with Kakao and Line’s messaging platforms, which boast a combined user base of over 250 million people.

Meanwhile, South Korean tech giant Naver has partnered with Chiliz to launch its first crypto wallet, the Naver Pay Wallet, which targets over 33 million users. This wallet is designed around utility and loyalty, allowing users to hold cryptocurrencies and NFTs. Chiliz’s founder, Alexandre Dreyfus, emphasized that this partnership marks a significant step in expanding blockchain technology into mainstream digital services.

Despite the arrest of Telegram CEO Pavel Durov, TON Coin has remained resilient, with a recent 20% drop reflecting Bitcoin’s struggles rather than a severe crash, according to Ryan Lee of B.Reat Research. TON has outperformed Ethereum, thanks to strong community support and minimal negative sentiment. Crypto VCs like Alex Felix of CoinFund and Matthew Graham of Sino Global Capital are still bullish, highlighting TON’s solid fundamentals and growing user base, which recently surpassed 50 million accounts. Many market analysts believe TON could slightly outperform the broader crypto market, with price targets between $6.50 and $7.

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