Are Bitcoin ETFs Driving BTC Demand? Bored Ape NFT Prices Down 90% From Peak

Our Bitcoin ETS driving demand for Bitcoin itself and board Apes see a 90% decline. You're watching Coin Desk daily, I'm your host, Jen Sani. While there's been a lot of talk about spot Bitcoin ETF S in the United States and assets under management. Canaccord genuity says that the products are driving additional demand for the underlying Cryptocurrency itself. According to a research report published on Monday, analysts wrote that it's becoming clear that there is a material multiplier effect underway from the Et F's driving demand for spot Bitcoin. Adding that many investors find Bitcoin more attractive, giving potentially more ways to hedge and generate yield on holes over time. A to coin based economy is starting to take root in messaging app telegram to has gained 15% this month. Clocking record highs above $7 while Bitcoin and the Coin Desk 20 index declined 11% and 16% respectively. Last week to foundation partnered with hash key to facilitate hassle free seamless conversion of fiat currencies into digital assets and Vice Vers for users in the Asia Pacific region to Director of Investments. Justin Hyun said the Open League program announced earlier this month is bringing users on chain in unprecedented numbers. The program is a reward strategy that encourages user participation in the ecosystem. Earlier this year, Telegram introduced its users to an advertising revenue sharing system for channel owners that pays out exclusively in talk and board Ape NFT prices tanked to August 2022 levels down 90% from peak prices. The decline reflects a broader waning interest in Ethereum based NFT collections. Meanwhile newer collections on Bitcoin and Solana have started to gain more interest among investors. The Bo Ape Yacht Club NFT price dropped to just over 10 E from a peak of 100 and 20. That's it for coin desk daily, get more updates on coin desk.com and we'll see you next time.