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  • šŸ¤” Insider Trading on Moonbirds Acquisition?

šŸ¤” Insider Trading on Moonbirds Acquisition?

Plus: Record of $2.5B Inflows while OpenAI's Sora Release Causes AI Tokens to Surge

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ā˜€ļø GM
Est. read time: 4 minutes

We reported last week that Moonbirds saw crazy price action out of nowhereā€¦ and just one day later it was announced that Yuga acquired Moonbirds šŸ¤” 

Letā€™s digest:  

1. Insider Trading? Moonbirds Sales Surge eBfore Yuga Acquisition Announcement

2. Record of $2.5B Inflows as a Result of Interest for Bitcoin ETFs

3. OpenAIā€™s Sora Launch Causes Price Action in AI Tokens

šŸ“ˆ MARKETS

NFT Market Flash

Market Flash

šŸ“° TODAYā€™S TOP STORY

Insider Trading? Moonbirds Sales Surge before Yuga Acquisition Announcement

Yuga X Moonbirds

Yuga Labs, creator of Bored Ape Yacht Club, acquired Proof XYZ and Moonbirds on Friday, stating that the acquisition is to get closer to their goal of being the ā€œfront door of Web3.ā€

In the days leading up to Yuga Labs' acquisition of Proof and the Moonbirds NFT collection, significant increases in sales volume and asset prices have sparked speculation regarding potential insider trading.

  • CryptoSlam revealed that before February 14, Moonbirds NFTs experienced daily sales volumes consistently below $100,000 throughout the month.

  • However, sales volume surged to approximately $460,000 on February 14, nearly five times the previous day's total, followed by $333,000 in sales on February 15.

  • The trend continued with sales reaching around $3.1 million post-announcement.

The floor price of Moonbirds saw an increase from $2,680 to $5,000 in the days leading up to the announcement, with a peak over $6,000 following the news.

This unexpected surge in trading activity and prices before the official announcement has raised eyebrows with degens in the community.

Cirrus commented on the situation, suggesting that certain traders might have acted on confidential information to profit from the acquisition news.

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 šŸ“ˆ ETFs

Record $2.5B Inflows into Crypto Funds as a Result of Spot Bitcoin ETF Interest

Bitcoin ETF

Funds managed by leading asset managers, including BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares, experienced unprecedented inflows totaling $2.5 billion globally.

This surge in investment has propelled year-to-date inflows to digital asset products to $5.2 billion.

  • The influx of capital has elevated assets under management to $67 billion, reaching a peak not seen since the bull market in 2021.

  • The United States dominated the inflow landscape, accounting for 99% of the total weekly inflows, signaling a growing investor appetite for U.S. spot Bitcoin ETFs.

  • Interestingly, there was also an uptick in investments into short-bitcoin products, indicating a nuanced market approach.

Via CoinShares

Ethereum led altcoin-based funds, with $21.1 million in inflows, followed by Avalanche, Chainlink, and Polygon.

Conversely, Solana funds faced $1.6 million in outflows, attributed to recent network issues impacting investor confidence.

Additionally, blockchain equity ETF investors opted to secure profits, resulting in $167 million in outflows, reminding everyone of the volatility in the crypto markets.

šŸ¦ REGULATION

OpenAIā€™s Sora Launch Causes Surge in AI Tokens

Open AIā€™s Sora

Artificial Intelligence (AI)-related tokens experienced a notable surge over the weekend, following OpenAI's introduction of Sora, a text-to-video generator.

  • According to CoinGecko, AI sector tokens increased by an average of 7.7% in the past 24 hours.

  • Ocean Protocol's OCEAN and Fetch.AI's FET saw increases exceeding 10%, while the broader CoinDesk 20 Index (CD20) rose by 2.68%.

  • Worldcoin's WLD experienced the most significant growth among AI tokens, with a 30% increase, setting a new record high at $7.

The connection between Worldcoin and OpenAI CEO Sam Altman has led traders to view WLD as a proxy for OpenAI's potential growth.

Ethereum co-founder Vitalik Buterin highlighted AI's potential in auditing smart contracts, which contributed to gains in lesser-known tokens like 0x0 and TokenFiā€™s TOKEN, each climbing as much as 15%.

PwC has projected that AI could contribute up to $15.7 trillion to the global economy by 2030, underscoring the potential of AI.

As AI and Web3 continue to evolve, the role of AI tokens and their potential impact remain key areas of interest.

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