Bitcoin ETF Outflows Escalate as BlackRock’s Inflow Streak Ends, Cardano (ADA) Prepares for Scalability Boost
In a YouTube video, the popular cryptocurrency analyst Altcoin Daily discussed the current state of Bitcoin ETFs, highlighting the significant outflows experienced by major players like BlackRock, Fidelity, Arc, and Bitwise. “The US Bitcoin ETF outflows saw 564 million to the negative,” Altcoin Daily stated, emphasizing the magnitude of the recent sell-off.
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BlackRock’s IBIT Dominates Inflows, but Streak Comes to an End
Altcoin Daily noted that BlackRock’s IBIT had been dominating net inflows into the spot Bitcoin ETFs, taking in 1.5 billion during April. However, the fund’s impressive 71-day inflow streak came to an end on April 23rd, followed by 5 days of consecutive zero flows.
This development raised questions about potential manipulation, but Altcoin Daily explained that the answer lies in the role of authorized participants, who act as a buffer within a limited volatility range.
Despite the recent outflows, BlackRock’s Bitcoin ETF has still attracted over 15 billion dollars in Bitcoin year-to-date, showcasing the growing interest in cryptocurrency investments.
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Show more +MicroStrategy Unveils Bitcoin-Based Decentralized Identity Platform
Altcoin Daily also covered the significant announcement from MicroStrategy, led by Michael Saylor, regarding their plans to launch a Bitcoin-based decentralized identity platform called MicroStrategy Orange. The platform aims to provide a secure and decentralized solution for digital identity, leveraging the strength and security of the Bitcoin network.
MicroStrategy has already developed an application using its service, Orange for Outlook, which integrates digital signatures into emails to enable recipients to verify the sender’s identity. The company has also open-sourced the draft specifications for creating a decentralized identity anchored into Bitcoin, making it available on their GitHub repository.
Cardano Gears Up for Scalability Enhancements and Increased Network Participation
Altcoin Daily discussed the upcoming upgrades for Cardano, aimed at enhancing the platform’s scalability and overall network performance. The YouTuber emphasized that upcoming updates like “Laos” will significantly boost layer one performance, and the integration of rollups like “Pluto V3” will consolidate multiple transactions into a single one, thereby enhancing the network’s processing capacity.
These developments not only prioritize scalability, but also uphold Cardano’s stringent decentralization and security standards. Altcoin Daily emphasized that the protocol adjustments ensure that Cardano retains strong resistance to attacks, maintaining a 50% Byzantine resistance, without compromising security for the sake of scalability.
With the projected increase in network performance and scalability, more revenue opportunities are expected to arise, encouraging a higher number of participants to become stake pool operators. This, in turn, is anticipated to further decentralize the network and enhance its robustness.
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