- Bitbot (BITBOT) is a new Telegram trading app whose presale begins on January 17, 2024.
- As traders seek opportunities, cryptocurrencies and Bitcoin ETFs remain in the spotlight.
- BITBOT holders will benefit from a distinctive revenue-sharing model.
Last week’s cryptocurrency headlines were dominated by the rollout of spot Bitcoin ETFs. While attention will likely stay on the ETFs and the short-term outlook for Bitcoin, this week could be significant for traders as the Bitbot (BITBOT) presale goes live.
BlackRock holds 11,439 BTC amid ETF excitement
BlackRock’s IBIT Bitcoin ETF was a major driver of inflows and trading volume for spot Bitcoin ETFs after their debut on January 11. Data show the asset manager’s holdings rose to 11,439 BTC over the first two days of trading.
According to Bloomberg senior ETF analyst Eric Balchunas, Bitcoin ETFs drew more than $1.4 billion in new cash over the two days. With Grayscale’s GBTC reporting outflows of about $579 million, net inflows were roughly $819 million.
BlackRock’s IBIT led the flows with roughly $500 million, and cumulative trading volume reached $3.6 billion from about 500,000 individual trades. Including GBTC figures, individual trades climbed to 1.2 million — a result described as “impressive” by analysts.
Many expect Bitcoin’s price to rebound as demand continues to grow. Although a sharp BTC decline followed the ETF launch and unsettled some traders, market observers generally believe the long-term effects of ETF approval will be positive.
As the market evolves, traders may look for new tools to help navigate heightened volatility and opportunities — and Bitbot is positioning itself as one such option.
What is Bitbot (BITBOT)?
Bitbot (BITBOT) is a Telegram-based trading bot promoted as the first non-custodial bot of its kind. It is garnering attention for combining institutional-grade trading capabilities with a focus on security and user privacy.
One key differentiator is custodial control: Bitbot emphasizes that users retain full custody of their assets rather than handing private keys to a third party. That approach appeals to retail traders concerned about security and control.
Bitbot integrates MPC (multi-party computation) custodial technology together with the Knightsafe smart contract wallet. These measures aim to provide stronger security than many current Telegram trading solutions.
Additional protections include an Anti-MEV Bot and anti-rug features designed to prevent front-running, sandwich attacks and the rug-pull incidents that affected some bots and projects in 2023. Those safeguards are intended to make the Telegram trading ecosystem safer for retail traders.
Bitbot presale goes live this week
The platform’s native ERC-20 token, BITBOT, functions as its governance token and grants access to the bot’s custom wallet management and low gas options.
BITBOT is central to Bitbot’s revenue-sharing mechanism, giving token holders an opportunity to receive a portion of platform revenue as the service grows and expands across the trading ecosystem.
BITBOT has a total supply of 1 billion tokens, with 30% allocated for the public presale starting January 17, 2024.
For more information about Bitbot’s upcoming launch, visit the project’s official Telegram link.