02.03.2024

Large Investors Continue Buying Binance Coin Despite BNB Price Rising

Binance Coin (BNB) has achieved fantastic results over the past few months. The coin not only updated its all-time high, but also made it into the top three digital currencies according to CoinMarketCap. BNB even surpassed Tether (USDT) in terms of capitalization.

On Monday night, February 22, the BNB rate rose to $ 286. Altcoin capitalization over the past 24 hours has added almost 7% more, and now it is $ 44.197 billion. This digital asset became attractive to large investors last year.

According to the Santiment team, in six months the number of BNB addresses containing at least 10,000 coins increased by 84.6% from 26 to 48. Moreover, the accumulation continues, as evidenced by the high transaction activity of users of the Binance Chain network.

Binance CEO Changpeng Zhao noted that this blockchain has already surpassed Ethereum in terms of the number of daily transactions.

Investment volume in Binance Coin (BNB)

The Whales are likely to continue hoarding Binance Coin until the end of this year, as they are already realizing the gigantic potential of the altcoin.

The fact is that the Binance Chain network is becoming more and more popular among developers of decentralized applications (DApps). Accordingly, the number of new blockchain users will grow and the demand for the underlying BNB asset will increase.

the number of daily transactions in the Binance Chain network

You can buy Binance Coin (BNB) token on the official website of the exchange https://www.binance.com/

Bitcoin ETF Launched in Canada Raises $ 421 Million in Just 2 Days After Launch

Purpose Investments, an exchange-traded fund (bitcoin-ETF) since its launch on February 19, has raised $ 400 million in assets under management. Data leads Purpose Investments on its website.

Purpose Bitcoin ETF became the first instrument in its category in North America after being approved by the Ontario Securities Commission. The Canadian regulator this week also authorized the launch of Evolve’s Bitcoin ETF, which has managed to raise $ 1.2 million under management.

Bloomberg ETF analyst Eric Balchunas says the Purpose Investments ETF is «breaking expectations.»

«At current rates, this ETF will be the largest in Canada in 20 days,» he said.

Investment volume in Bitcoin ETF Purpose Investments

Publicly available data indicates that several such instruments are currently awaiting approval in Canada. The last application was filed by CI Financial on 18 February.

Market participants expect the news from Canada to affect US regulators, which until now have refused to approve Bitcoin ETFs in their territory. SEC Commissioner Hester Pierce recently expressed her view that US markets are ready to accept Bitcoin Exchange Traded Product (ETP), without specifying if it will be an ETF or something else.

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