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Institutional Investor Bets on Cardano ($ADA) Quadruple

CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
The Ethereum Merge has seemingly turned out to be a sell-the-news event, with the price of most cryptocurrencies surging ahead of the network’s move from a Proof-of-Work into a Proof-of-Stake consensus algorithm, and plunging shortly after.
 Market data shows that over the past month, the price of Bitcoin dropped by around 22%, while the S&P 500 dropped roughly 10%, and gold dropped by 7%. While these last few weeks have been negative for every market, cryptoassets appear to be the most affected.
Bitcoin’s low price has been taking its toll on mining operations. Last month, BTC miners continued their selling activity, recording a net flow of -21,300 coins worth nearly $400 million, according to CryptoCompare data.
Bitcoin mining profitability relies heavily on the mining cost being below the price of the flagship cryptocurrency. Bitcoin’s downtrend, combined with a higher hashrate, which rose 5.28% to 212million TH/s, has forced miners to sell to sustain themselves.

Institutional Investor Bets on Cardano ($ADA) Quadruple as Bitcoin Shorts Grow
Institutional investor bets on Cardano-based investment products, offering them exposure to $ADA, have quadrupled from last week, at a time in which inflows to short Bitcoin products are rising significantly.
Digital asset investment products saw outflows totaling $63 million over the last week, marking the fifth consecutive week of outflows for these products. The outflows, the firm added, remain relatively small in size, with $99 million leaving over the last five weeks.
CoinShares 👩‍🚀
[3/5] The outflows remain relatively small in size, totalling US$99m over the last 5 weeks, while volumes remain only 46% of this year’s average at US$1bn for the week.
Cardano ($ADA) led inflows with $400,000 being invested in products offering exposure to the cryptocurrency, in contrast to the $100,000 of inflows seen the week before. As CryptoGlobe reported, a popular cryptocurrency analyst suggested earlier this month that $ADA could outperform the market as investors started using the smart contract network to hedge against Ethereum’s transition from a Proof-of-Work (PoW) consensus algorithm to a Proof-of-Stake (PoS) one.
Year-to-date, Cardano-based investment products have seen $14.1 million in inflows. Other altcoins, including Solana ($SOL) and $XRP also saw inflows of $300,000 and $100,000 respectively, while multi-asset investment products saw inflows of $200,000.
Crypto Whale Who Won Bet Terra’s Collapse Reveals Massive Short Against Terra Classic ($LUNC)
A popular cryptocurrency whale known as Gigantic Rebirth on the microblogging platform Twitter has revealed a massive bet of around $8 million against Terra Classic ($LUNC). Terra Classic is the rebranded version of the original Terra ecosystem, which collapsed earlier this year.
Gigantic Rebirth, known as GCR on Twitter, announced the position against the cryptocurrency in a tweet referring to a now infamous tweet from Terra’s founder Do Kwon, who had said “by my hand $DAI will die.” DAI is an Ethereum-based decentralized stablecoin collateralized by other cryptocurrencies.
GCR is well-known in the cryptocurrency community for shorting Terra before the collapse, at the time making a bet with Do Kwon himself that the price of its $LUNA token would drop below the $92 line within a year. At stake were $10 million.
The Terra ecosystem later collapsed and the cryptocurrency’s original blockchain was rebranded to Terra Classic, while a forked version of it kept the Terra name and moved on with a part of the community.
Shiba Inu ($SHIB) Burn Rate Surges 3,000%
The rate at which tokens of the meme-inspired cryptocurrency Shiba Inu ($SHIB) are being burned has skyrocketed by 3,000% early last week to reach 200 million SHIB in just 24 hours, at a time in which Ethereum ($ETH) whales are accumulating the cryptocurrency.
Shiba Inu’s burn rate rose 2936.73% on Monday, September 12 after the meme-inspired cryptocurrency’s users sent over 200 million tokens to wallets no one has control over, effectively removing the tokens from circulation.
Most of the tokens were seemingly burned in a single transaction, after a whale contributed to the SHIBArmy’s burning efforts to reduce the cryptocurrency’s circulating supply. A lower supply met with growing demand could help the cryptocurrency’s price rise.
In the past hour, there have been a total of 134,686,773 $SHIB tokens burned and 1 transaction. #shibarmy
As CryptoGlobe reported, a mysterious Shiba Inu whale moved its 3.37 trillion token stash in a large transaction that caught the attention of the SHIBArmy for its size late last week. It isn’t known what entity is behind the transaction.
Cardano Surpasses 50 Million Transaction Milestone
The Cardano network has recently surpassed the 50 million transaction milestone ahead of its widely-anticipated Vasil hard fork, which is expected to deliver a “massive performance improvement” to the network.
According to data from Cardano blockchain explorer Cardanoscan, the smart contract platform has surpassed the 50 million transaction mark recently after processing well over 50,000 transactions per day over the past few weeks.
Plutus Staking
#Cardano casually passing 50,000,000 transactions. And the beauty is, we have even really gotten started! $ADA
The Vasil hard fork is a major upgrade that will involve several Cardano Improvement Proposals (CIPs). As reported, the total market capitalization of ADA surged to briefly surpass the $17 billion mark ahead of the network’s highly-anticipated hard fork, before a wider market downturn saw its market cap drop under the $16 billion mark.
What Else is Going On?
Cryptocurrency investor sentiment is remaining low as its Fear & Greed index, which serves as an aggregate for investor confidence and attitude towards the market, has dropped to 21, maintaining a state of “extreme fear.” The index has risen from 6 when BTC dropped below $18,000 earlier this year.
The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
Total value locked in the decentralized finance (DeFi) space has meanwhile dropped to $52.72 billion, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 13.72% of the TVL with little over $7.23 billion on its protocol.
Other Top Stories
$BTC: Bitcoiner in Lebanon Reportedly Gives Away Satoshis at His Wedding | Cryptoglobe
$ETH: Binance CEO on the Problems With Ethereum That the Merge Does Not Fix | Cryptoglobe
FTX US President: Crypto Space Needs Greater Regulatory Clarity | Cryptoglobe
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CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary @CryptoGlobeInfo

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