Kraken Launches Non-Custodial Bitcoin Yield Product
- Product Launch: Kraken unveiled a non-custodial Bitcoin yield product on Wednesday, offering a 2.5% annual yield, aimed at meeting the rising investor demand for crypto reward products while expanding the company's yield offerings.
- Positive Market Response: Approximately 10 hours post-launch, Veda reported that the Bitcoin yield product attracted over $30 million in deposits from 4,000 unique wallets, indicating strong market interest in the offering.
- Yield Generation Mechanism: The product generates yield by converting Bitcoin into Kraken Wrapped Bitcoin (kBTC), which is then allocated across crypto lending platforms like Aave, Morpho, and Tydro by Sentora, optimizing yield potential for users.
- Enhanced User Experience: Designed as a non-custodial product, only depositors can withdraw or transfer funds, with an estimated five-day processing time for withdrawals, while service providers charge a 25% performance fee on rewards, simplifying the operational process for users.
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Technical Analysis for WBTC
Technical Sentiment Analysis for Wrapped Bitcoin (WBTC). As of , Wrapped Bitcoin (WBTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for WBTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, WBTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Wrapped Bitcoin (WBTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 38038.087 | 48317.744 | 55482.457 | 65762.114 | 72926.827 | 83206.484 | 90371.197 |
| Fibonacci | 48317.744 | 54981.493 | 59098.364 | 65762.114 | 72425.863 | 76542.734 | 83206.484 |
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