Despite the overall market slowing, Blackrock continues to purchase BTC at a record pace. On the other hand, DOGE is dumping as traders shift to utility tokens.
While retail traders panicked by dumping their BTC the previous week, institutions like Blackrock continue to acquire Bitcoin at historic rates. The IBIT Spot Bitcoin ETF made history with an acquisition of over 12,000 BTC on October 31. This so-called over-the-counter (OTC) trading was a sign of Wall Street’s growing interest in the decentralized sector. On the other hand, a new viral DeFi platform is attracting large influxes of Dogecoin (DOGE) holders.
Blackrock accumulates BTC supply with inflows of over $870 million
Financial giant Blackrock continues to aggressively acquire BTC through the IBIT Spot Bitcoin ETF. In the latest update, IBIT inflows showed over $870 million in inflows on a single day on October 31, 2024. This record development could signal a potential squeeze in the supply of BTC on exchanges – a development which could lead to a price rise above $100,000.
Since its launch on January 5, Spot Bitcoin ETFs have cumulatively become the 2nd largest holder of BTC after Satoshi Nakamoto. This demand pushed the price of Bitcoin above $70,000 and experts now believe BTC could reach new highs later this year.
DTX Exchange attracts $1.3 million in 24 hours thanks to DOGE wallets
Unified trading platform DTX Experience is seeing a significant increase in demand as Dogecoin (DOGE) traders aggressively buy the ongoing presale. The first presale round allows traders to become part of the DTX Exchange platform at a massive 80% discount from the listing price.
DTX Exchange (DTX) is the first unified trading platform that brings stocks, cryptos, ETFs and forex under one roof. This saves users from having to switch between different asset management applications. The platform has been fully audited by security firm SolidProof and is expected to receive regulatory clarity in over 40 regions.
It is no surprise why DTX is in such massive demand among Dogecoin investors. The platform is the first retail trading option that offers No-KYC trading for over 100,000 financial instruments with up to 1,000x leverage. Additionally, users can use the latest Phoenix Wallet to self-custody their assets without requiring centralized monitoring.
Thanks to these innovative features, along with profit shares and priority feature rollouts to pre-sale community members, DTX is currently the fastest growing altcoin on the market. The DTX token quickly sells out at $0.08 in round 4, with over 60% of the supply already purchased by enthusiastic traders. Given the listing price of $0.20, early backers are expected to make a minimum gain of over 120%, making DTX an obvious choice in the market.
Dogecoin (DOGE): traders continue to abandon Memecoins
While memecoins generated massive hype in the first three quarters of this year, the trend is now moving back towards utility coins. Dogecoin (DOGE) is suffering from this change in sentiment, with a daily decline of over 1.63%.
Source: TradingView
DOGE is currently trading at $0.165, down over 77.5% from its 2021 all-time high of $0.73. Although this sharp decline has led to a slight recovery on the monthly charts, DOGE has yet to break through critical resistance at $0.20 to progress towards a bullish rally. Dogecoin wallet analysis shows a major shift towards DTX Exchange as traders attempt to regain memecoin-like exponential growth in 2021.
Conclusion
With Spot Bitcoin ETFs like IBIT seeing historic inflows, altcoins could be poised for a historic rally. However, to make the most gains, it is essential to position yourself on the right altcoins. DOGE whales are switching to DTX Exchange for the attractive entry price and utility features of the platform. However, given current demand, supply could run out quickly. If you are interested in becoming an early adopter, be sure to check out the DTX platform.
To learn more about the DTX Exchange ecosystem, visit:
Visit the website
Buy in presale
Join the community
This is a sponsored post. The opinions expressed are solely those of the sponsor and readers should conduct due diligence before taking any action based on the information presented in this article.
