Institutional investors are continuing to pile into Bitcoin (BTC) despite prices pushing up to a five-month high.
According to CoinShares’ Tuesday “Digital Asset Fund Flows Weekly” report, more than $226 million in capital flowed to institutional Bitcoin products this past week. Bitcoin products dominated inflows for the third consecutive week, posting a week-over-week increase of 227%. The heavy inflows coincided with the price of BTC gaining 12.5% for the week, with BTC sitting at around $54,000 on Friday.
CoinShares attributes the positive shift in sentiment toward Bitcoin to recent statements from United States Securities and Exchange Commission Chairman Gary Gensler suggesting the long-awaited approval of the U.S.’ first Bitcoin exchange-traded fund (ETF) may be just around the corner.
The surging activity surrounding Bitcoin has seen the combined assets under management (AUM) of institutional crypto products push up to $66.7 billion last week — with CoinShares estimating the total is just 5% shy of the sector’s record AUM from May.
Products tracking altcoins have posted mixed performances for the week, with Solana (SOL) and Cardano (ADA) products generating inflows of $12.5 million and $3 million, respectively. However, funds offering exposure to Ether (ETH), Polkadot’s DOT and XRP suffered outflows of $13.6 million, $2.1 million and $600,000, respectively.
Crypto investment products have now posted inflows for eight weeks in a row.
Twitter, which has seen its user base steadily grow to surpass 185 million users last year, is experimenting with NFTs to allow users to display their collections as their profile pictures.
According to Mada Aflak, a senior software engineer at Twitter, the microblogging platform is working on new functionality that will let users import their NFT collections from their wallets on the blockchain. The feature would display a verified checkmark based on the blockchain the NFT has been minted on.
Twitter’s verified NFTs may be an answer to a problem that has been plaguing crypto Twitter. After NFTs exploded earlier this year and collections like CryptoPunks started trading for hundreds of thousands and even millions of dollars, they started being used as profile pictures.
While on the blockchain ownership can easily be verified, on social media anyone can copy and paste the profile picture of someone else and use it on their own profile. When this started happening with extremely expensive NFTs, collectors weren’t pleased.
Decentralized exchanges (DEXs) empower users by getting cryptocurrency assets into the hands of more people.
One platform is attempting to make the trading of crypto more accessible and straightforward with the use of artificial intelligence. Currently, new users must learn about markets and the assets they want to trade, adding to the barriers of getting started.
The decentralized exchange, Soldex, is eliminating these barriers by giving traders the capabilities to use AI-powered trading algorithms developed by users.
Beyond its innovative AI trading capabilities, Soldex offers many additional features over other DEXs. Since it is natively built on the Solana blockchain, it resolves many of the infrastructure issues apparent in older systems. It is relatively quick and cheap to use compared to anything built on Ethereum (ETH).
To remain decentralized, the internal infrastructure consists of smart contracts and the use of oracles.
Throughout the last decade, exchanges continued to evolve to keep pace with the development of the crypto market. The team at Soldex shares, on their platform, “you can experience real-time transactions, conveniently deposit using your exchange wallets and make light-speed swaps. It also allows investors to participate in community governance and incentivized liquidity. The latter means that users can lock their funds for a certain period of time and earn interest on the investment.”
This Daily Dose was brought to you by Cointelegraph.