China News by Thebittimes.Com

BlackRock’s Ethereum ETF, ETHA, faced heavy selling pressure this week, coinciding with a period of heightened volatility in the asset. Data indicates that the ETF recorded net outflows of $312.5 million. The only positive session came on September 4, when $148.8 million flowed into the fund.  This gain was immediately offset by three consecutive redemption days, including $151.4 million on September 3, $309.9 million on September 5, and smaller drawdowns on other days, resulting in a deeply negative week. Ethereum ETF net inflows. Source: Coinglass The outflows come as U.S. spot Ethereum ETFs, which saw strong inflows in August, are now under broad pressure. By contrast, Bitcoin ETFs, including BlackRock’s IBIT, recorded net inflows, suggesting institutions are rotating toward the more established asset. While large redemptions from spot ETFs signal waning institutional demand, retail and offshore buyers have helped cushion ETH from steeper losses. Even so...

Over the last week of November, the number of Shiba Inu (SHIB) holders has significantly decrease d. According to the data available on Etherscan, there were 1.28 million SHIB holders on November 23rd. By December 1st, this number fell to 1.25 million. A total of 30,000 addresses have completely drained their wallets of the popular canine-themed crypto. Source: Etherscan.io Furthermore, whale holdings of Shiba Inu (SHIB) have also taken a hit. Earlier this year, Ethereum whales had around $500 million worth of SHIB tokens. As of now, the same whales hold around $74.5 million worth of SHIB or 8.03 trillion tokens. Source: Whalestats A majority of whale holdings are currently invested in stablecoins USDT and USDC. Is the hype around Shiba Inu dying? The decrease in holders gives weight to the possibility that SHIB’s popularity is diminishing. However, it is also possible that the bear market has forced the hand of investors to switch to stablecoins. Furthermor...