Documents filed by Reddit with the U.S. SEC reveal that the social media platform has sold the majority of its cryptocurrency holdings in Q3 2024, including reserves held in Bitcoin and Ethereum.
This marks a shift in strategy for Reddit, which previously held these assets for financial reserves. The move could indicate a cautious approach in response to market volatility or a reassessment of digital assets’ role in corporate treasuries.
Documents submitted by social media website Reddit to the U.S. SEC show that most of its cryptocurrency portfolio has been sold in the third quarter, including the sale of Bitcoin and Ethereum that were previously used for financial reserves. https://t.co/rR58BMfpTv
— Wu Blockchain (@WuBlockchain) October 30, 2024
Meanwhile, Ethereum futures are seeing a wave of optimism as positive funding rates signal strong bullish sentiment.
A higher funding rate is often a sign that futures traders have growing confidence in Ethereum’s price potential. Analysts suggest that if Ethereum can break through key resistance levels, this optimism might translate into more sustained buying interest, potentially paving the way for upward momentum.
Bullish Sentiment Builds in Ethereum Futures: Positive Funding Rates Signal Growing Optimism
“For #Ethereum to overcome key resistance levels and sustain an upward trajectory, a higher funding rate would signal increased buying interest and confidence from futures traders.” – By… pic.twitter.com/sV31F8KWxX
— CryptoQuant.com (@cryptoquant_com) October 31, 2024
In another development, the now-bankrupt crypto lending platform BlockFi recently transferred 7,382 ETH (worth around $19.77 million) to Coinbase Prime. This follows a larger transfer of 19,449 ETH ($51.46 million) made just over a day prior. These large transactions are part of BlockFi’s asset liquidation process as it undergoes bankruptcy proceedings.
已破产清算的加密借贷平台 BlockFi 在 6 小时前继续向 Coinbase Prime 转移了 7,382 枚 ETH ($19.77M)。
BlockFi 在最近一天多的时间里向 Coinbase Prime 转移了 19,449 枚 ETH ($51.46M)。 https://t.co/L7PX0RZzkM
本文由 #Bitget｜@Bitget_zh 赞助 https://t.co/uav9cY9Pvw pic.twitter.com/XAJv8gWAE4
— 余烬 (@EmberCN) October 31, 2024
Ethereum ETFs Market Shows Potential Bullish Surge
Ethereum has also shown resilience in the ETF market, with October 30 seeing a net inflow of $4.3576 million into Ethereum spot ETFs.
On October 30, Bitcoin spot ETF had a total net inflow of $893 million, becoming the second largest net inflow day in history, second only to the $1.05 billion on March 12. BlackRock ETF IBIT had an inflow of $872 million. Ethereum spot ETF had a total net inflow of $4.3576… pic.twitter.com/sjEvAxKTdZ
— Wu Blockchain (@WuBlockchain) October 31, 2024
The combination of futures market optimism and ETF inflows paints an encouraging picture for Ethereum, suggesting that interest in the cryptocurrency remains strong, even as institutional players like Reddit adjust their crypto portfolios.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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