- Record trading volumes on spot ETFs have been linked to profit-taking.Â
- Bitcoin Dogs rides Bitcoin price trends cemented by its Web 3.0 utility.
- Over $7.7 million has been raised in Bitcoin Dogs presale.
Record ETF trading volumes and BTC cooling off from its record price are two events keenly watched this week. The latest data shows the total trading volume on the 10 spot ETFs surpassed $10 billion. The record trading volumes highlight increased activity on Bitcoin. Nonetheless, buying trends are observed on Bitcoin Dogs, which saw more than $7.7 million in presale. With 9 days to the end of the presale, analysts expect Bitcoin Dogs price to skyrocket after listing.
Record trading volumes spot ETF volumes vs. Bitcoin price
It has been a busy week for Bitcoin after it reached its all-time high above $69,000. However, BTC price cooled off at this crucial market level. At the time of this publication, the world’s largest cryptocurrency had lost an intraday of 2.70%. The cryptocurrency was exchanging hands at $66,716.
Meanwhile, the ten listed spot Bitcoin ETFs inked a new record of $10 billion in trading volume. The volume breached last week’s daily record. Nonetheless, there is a difference in the two trading volumes.
Last week’s record volumes were attributed to large inflows into ETFs. This coincided with a surge in the price of Bitcoin, helping the cryptocurrency to claim its 2021 record. However, the new record trading volumes have been associated with heavy profit-taking.Â
New data shared by Bloomberg ETF analyst Eric Balchunas showed that the $BITI ETF blew its record by most. This is not a surprise since it is a short Bitcoin ETF. Conversely, the decline in the price of Bitcoin goes unnoticed, cementing the selling hypothesis. Investors might be locking in some profits after Bitcoin remained bullish for a large part of the month.Â
Bitcoin Dogs: A presale sensation breaches $7.7B
Just as Bitcoin continues to rattle crypto markets, Bitcoin Dogs is riding on this sentiment. It is not usual to witness a presale that is barely 3 weeks raise more than $7.7 million. Being the first BRC-20 token, investors have been attracted to the token riding on the legacy Bitcoin network. Even as inflows into Bitcoin ETFs continue, Bitcoin Dogs attract suitors. But let’s look beyond its parent, Bitcoin.
Bitcoin Dogs is a utility token, and one fact that has attracted a lot of attention is NFTs. As its team word has it, Bitcoin Dogs will be the biggest Bitcoin Ordinals NFT collection. The team will mint 10,000 unique tokens to be distributed to $0DOG holders. The opportunity lies in curating and selling these tokens on a decentralised market. This is especially true with the projected NFT market uptake in the bull market of 2024.Â
Gaming and metaverse are also articulated goals in the Bitcoin Dogs ecosystem. Owing Bitcoin Dogs tokens entitles holders to perks and immersive experiences within the Dog community. Coin holders can engage in competitions and interactions or simply take their dogs through training sessions. The lively gameplay and virtual experiences cement Bitcoin Dogs’ role in Web 3.0.Â
Is it the right time to buy Bitcoin Dogs?
With 9 days to go, there is no other time to purchase Bitcoin Dogs. This is the opportunity to acquire tokens before listing when the price is low. Besides, the $0DOG price rises at each stage of the presale. This has attracted investors looking to acquire tokens at a lower price than the rest.
And then there is the market opportunity. Once the presale ends, investors will buy Bitcoin Dogs on exchanges. As history has shown, highly speculative tokens like $0DOG experience gains immediately after listing. This makes the tokens expensive while boosting the value held by presale buyers at the same time. Thus, it makes sense to buy on presale before the projected price surge.Â
To buy Bitcoin Dogs while on presale, investors can visit the project’s website page.
The post Record $10B Bitcoin ETF trading volumes as $7.7M investments pour onto Bitcoin Dogs appeared first on CoinJournal.
