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Emerging markets investors are being attracted by local currency-denominated bond instruments while leaving dollar-denominated debt, according to data provided by EPFR Global, a fund flow and allocation data insights company. These markets have outperformed dollar-denominated debt due to the behavior of currencies like the Brazilian real and the Mexican peso, which have appreciated against their U.S. counterpart.
Emerging Market Debt Investors Flee to Local Currency Bonds
Investors in emerging market debt have taken interest in local currency-denominated instruments, while abandoning dollar-based bonds, according to data provided by EPFR Global, a fund flow and allocation data provider. Numbers indicate that monetary flows have moved from bonds denominated in hard currency to local currency bonds, given that these have outperformed their dollar-denominated counterparts.
EPFR Global found that during the first four months of the year, investors withdrew $2.65 billion from emerging market bonds denominated in U.S. dollars. During the same period, the money flows to local currency-denominated emerging market debt rose by $5.23 billion.
Analysts believe this move will continue, as the strength of the dollar is being threatened by a possible debt default and interest rate volatility. Paul Greer, emerging markets debt portfolio manager at Fidelity International, stated:

Local markets are far outperforming external debt. Frankly, I think that trend will probably continue for the rest of the year.

Similarly, Thanos Papasavvas, chief investment officer at ABP Invest, stated:

We have seen a clear divergence between emerging market local and hard currency bonds over the past few quarters with local currency debt looking more attractive on a fundamental and valuation basis.


Reasons for Abandoning Dollar-Denominated Bonds
There are several reasons for this trend. First, some local currencies have appreciated compared to the U.S. dollar. This is true for the Mexican peso and the Brazilian real, which have appreciated more than 10% against the U.S. dollar.
Also, the early actions of some central banks in emerging countries, which raised their interest rates due to inflation, have improved the real yield that some of these bonds offer. Brazil and Mexico are examples of this again, with the former having an interest rate of 13.75% and year-over-year inflation of 4.15% in May, and the latter having an 11.25% interest rate compared to a 5.3% inflation rate in April.
However, other analysts state that confidence in the market is very low and that investors are hoarding cash waiting for signals to start putting funds in these instruments again.
What do you think about local currency-denominated debt instruments? Tell us in the comments section below.


Emerging markets investors are being attracted by local currency-denominated bond instruments while leaving dollar-denominated debt, according to data provided by EPFR Global, a fund flow and allocation data insights company. These markets have outperformed dollar-denominated debt due to the beha...

news.bitcoin.com

Report: Emerging Market Investors Dumping Dollar-Denominated Debt and Seeking Local Currency Bonds Instead

In the world of cryptocurrencies, strange and unexpected events are not uncommon. The latest puzzling development revolves around Shiba Inu (SHIB), as trillions of these tokens have mysteriously found their way into large holders’ accounts, often called whales. 
The influx of SHIB tokens into these wallets has caught the attention of crypto enthusiasts and analysts, sparking curiosity and speculation about the motives behind these substantial transfers. Interestingly, regardless of this activity, SHIB has only continued to move in a downward trend. 
Large Shiba Inu Holders Record Large Inflows
According to data provided by the crypto intelligence portal IntoTheBlock, the past day has witnessed an unprecedented surge in the number of SHIB tokens flowing into the addresses of large Shiba Inu holders.

The total inflow recorded amounts to a staggering 20.1 trillion SHIB tokens. To put this into perspective, this activity level has not been observed since March 23 and January of this year, suggesting that something significant may be unfolding within the Shiba Inu ecosystem.
Interestingly, previous instances of such massive inflows were accompanied by similarly large outflows. The recent surge is no exception, as more than 20.16 trillion SHIB tokens were observed to flow out of these large wallets within the same 24-hour period. 
Though the exact reason behind these anomalous activities remains unclear, it is suggested that it could result from redistribution between exchange wallets.
Meanwhile, renowned crypto tracking platform Whale Alert has also reported consecutive transactions involving five trillion SHIB tokens each, totaling $43.6 million. 
While the scale of these transfers might suggest internal transactions within a major crypto exchange, it is important to note that similar large SHIB transactions among Binance’s crypto wallets have been confirmed.
SHIB Remains In Red
Despite the intriguing influx of SHIB tokens into the accounts of large Shiba Inu holders, it is worth noting that the token’s price has experienced a continuous downtrend in the past week. This raises questions about the impact of these whale movements on the overall market dynamics and investor sentiment toward Shiba Inu.

Over the past 7 days, Shiba Inu has continued to move downwards, particularly in the meme coin market. The token has plummeted nearly 6% in the past week, down from a high of $0.00000911 seen last Wednesday to $0.00000871 at the time of writing.

The supposed Dogecoin Killer has also recorded a huge loss in its market capitalization in the past month. SHIB’s market cap has plunged 23% over this period, from a cap-high of above $6 billion to $5.1 billion.
It is worth noting this plummet in the asset’s market cap can be attributed to the hype in the frog-themed meme coin PEPE, which took the spotlight away from several meme coins, including SHIB.
Featured image from Shutterstock, Chart from TradingView.com


In the world of cryptocurrencies, strange and unexpected events are not uncommon. The latest puzzling development revolves around Shiba Inu (SHIB), as trillions of these tokens have mysteriously found their way into large holders&#8217; accounts, often called whales. The influx of SHIB tokens int...

newsbtc.com

Unveiling the Mystery: Trillions of SHIB Flow Into Accounts of Large Shiba Inu Holders

Tether, the world’s biggest stablecoin issuer, says it will now direct as much as 15% of its profits into Bitcoin (BTC).
In an official announcement, Tether, the firm behind USDT, says it will start plowing profits into Bitcoin, which it will self-custody, to further strengthen its reserves.

“Starting this month, Tether will regularly allocate up to 15% of its net realized operating profits towards purchasing Bitcoin (BTC). Tether anticipates that the current and future BTC holdings in its reserves will not exceed the Shareholder Capital Cushion and will further strengthen and diversify the reserves. As reflected in Tether’s Q1 2023 Assurance Report, as of the end of March 2023, Tether already held approximately $1.5 billion in BTC in its reserves. 
While it is common practice among many institutional investors to third-party custody their Bitcoin, Tether believes in the philosophy “Not your keys, not your Bitcoin” and takes possession of the private keys associated with all of its Bitcoin holdings.”
Tether’s chief technology officer Paolo Ardoino also acknowledged the company’s move on Twitter, explaining its logic.
“Why Bitcoin and not something else? Because Bitcoin is the epitome of a sound and secure monetary system with its decentralized nature and scarcity, Bitcoin is revolutionizing the concept of money and challenging traditional finance.
Bitcoin has defied expectations, shattered boundaries, and provides access to the global financial system to anyone with an internet connection.”
Last week, Tether reported that it made nearly $1.5 billion in profits in the Q1 of this year alone.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/FullRix/Andy Chipus
The post Billions of Dollars To Flow Into Bitcoin As Tether Announces Up to 15% of Profits Will Go to BTC appeared first on The Daily Hodl.


Tether, the world&#8217;s biggest stablecoin issuer, says it will now direct as much as 15% of its profits into Bitcoin (BTC). In an official announcement, Tether, the firm behind USDT, says it will start plowing profits into Bitcoin, which it will self-custody, to further strengthen its reserves...

dailyhodl.com

Billions of Dollars To Flow Into Bitcoin As Tether Announces Up to 15% of Profits Will Go to BTC

There is a substantial flow of assets from Ethereum to the Binance Smart Chain (BSC), according to data from Cryptoflows.
Migration From Ethereum To BSC
The shift to move assets from the legacy smart contracting network could be driven by the desire to escape high gas fees.
For every transaction executed on public ledgers like Ethereum and BSC, a fee is paid. In Ethereum, gas fees remain higher, especially for users deploying smart contracts.
Analysis of the latest gas fee trends on Etherscan indicates shows that network fees have been fluctuating, and generally higher in the past weeks. As of May 17, Gas fees stood at 43 gwei or roughly $1.59 for simple transfers.
Meanwhile, BscScan data shows that users have to pay 3 gwei for transfers, regardless of the urgency of the transaction.

The difference in gas fees between Ethereum and BSC, when analyzed in USD terms, is apparent and could explain why users are seeking alternatives, moving assets from Ethereum to alternative blockchains like BSC that offer lower Gas fees.
Is PEPE FOMO The Reason?
The recent surge in Ethereum gas fees can be attributed, in part, to the hype surrounding the PEPE, a meme token. With PEPE spurring demand and forcing on-chain activity higher, Ethereum gas fees rose in tandem. According to Y-Charts, Gas fees on Ethereum increased from $43 on April 22 to $155 as of May 5, 2023.
The unprecedented demand for PEPE due to the fear of missing out (FOMO) coincided with the near-exponential increase of fees from the last week of April to early May.
This spike highlighted the scalability challenges faced by Ethereum during periods of increased activity.
Fluctuating Gas fees, depending on network activity, is primarily one of the reasons why developers are looking to integrate long-lasting solutions, including on-chain and off-chain scaling methods.

According to the roadmap, Ethereum will introduce Sharding, where the network will be broken into portions called “shards”.
Shards are sub-networks that will form part of the whole of the Ethereum blockchain. Each Shard will process transactions independently but remain connected to other shards. In this system, Ethereum developers hope to scale transaction processing throughput on-chain, lowering fees. Shards remain an idea and are being studied.
Given this, layer-2 scaling options are gaining traction as a means of improving scalability by re-routing transactions to an off-chain platform, relieving the underlying blockchain, and reducing processing fees.
L2Beat currently shows that there are over 20 layer-2 scaling options aiming to scale the mainnet. Arbitrum and Optimism, two of the most active general-purpose platforms for deploying smart contracts and decentralized applications are the most active.  The two, Optimism and Arbitrum, control over $7.5 billion of assets as measured by total value locked (TVL).

Optimism will release “bedrock,” via a hard fork in early June 2023. This upgrade aims to enhance scalability, improve transaction speeds, and reduce gas fees on the off-chain solution. With these improvements, Optimism hopes to carve out a larger market share, pushing its TVL higher.



There is a substantial flow of assets from Ethereum to the Binance Smart Chain (BSC), according to data from Cryptoflows. Migration From Ethereum To BSC The shift to move assets from the legacy smart contracting network could be driven by the desire to escape high gas fees. For every transaction ...

Crypto Assets Flow From Ethereum To BSC, Are Users Escaping High Gas Fees?

The Department of Justice (DOJ)  is about to initiate a crackdown on the crypto industry in a purported effort to prevent the flow of illicit funds.
According to a report from the Financial Times (FT), the DOJ’s top crypto enforcement tsar Eun Young Choi is promising a new wave of scrutiny over crypto exchanges and mixing services.

Choi says that the government is now digging its heels deeper into the industry as she says that the scale of crime within it has grown “significantly.” She says the platforms that commit crypto crime, or allow it to happen, need to be targeted in more persistent ways.
“But on top of that, they’re allowing for all the other criminal actors to easily profit from their crimes and cash out in ways that are obviously problematic to us. And so we hope that by focusing on those types of platforms, we’re going to have a multiplier effect.”
Without mentioning Binance, Coinbase or any other large crypto firm, Choi warns that no company is too big or too prominent to skirt the DOJ’s purview.
“[A company’s size] is not something that the department will countenance [while weighing potential charges]. [If a company] has amassed a significant market share in part because they’re [flouting] US criminal law, [he DoJ cannot] be in a position where we give someone a pass because they’re saying ‘Well, now we’ve grown to be too big to fail’…
Think of what message it would send. It can’t be the way that we think when it comes to crypto, when it comes to any white-collar crime.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/WWWoronin
The post US Government Will Come Down Hard on Crypto Exchanges and Mixers To Send a Message to Industry: Report appeared first on The Daily Hodl.


The Department of Justice (DOJ)  is about to initiate a crackdown on the crypto industry in a purported effort to prevent the flow of illicit funds. According to a report from the Financial Times (FT), the DOJ&#8217;s top crypto enforcement tsar Eun Young Choi is promising a new wave of scrutiny ...

Flow price	$0.730941
Low - High 24H	$0.722907 - $0.735001
Market cap	$759.26M
Volume 24H	$15.00M
All time high	$42.40 -98.28% April 5th 2021
All time low	$0.646701 12.68% January 2nd 2023
Genesis date	N/A

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