Stacks

Portal

sBTC

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Portal Ventures has increased its investment in Bitcoin L2 scaling solution Stacks, citing solid fundamentals and minimal selling pressure.</li> 
 <li>Despite some reduction in exposure by whales, Stacks’ uptrend remains robust, with potential for further growth following the launch of sBTC.</li> 
</ul>  
<p>Crypto venture capital firm, Portal Ventures, has reinforced its commitment to <a href="https://coineagle.com/price/bitcoin/">Bitcoin (BTC)</a> L2 scaling solution, Stacks (STX). The decision was influenced by the strong fundamentals of the project and the reduced selling pressure due to the complete unlocking of STX’s supply. </p> 
<h2 id="stacks-first-mover-advantage">Stacks’ First-Mover Advantage</h2> 
<p>Catrina Wang, a partner at Portal Ventures, pointed out that Stacks has been a pioneer in BTC L2 solutions for over a decade. This first-mover advantage, coupled with the resurgence of BTC and its DeFi ecosystem, suggests a significant upside potential for the Stacks protocol.</p> 
<p>One unique feature of Stacks is that it offers institutional investors a native Bitcoin staking yield on the original crypto network without counter-party risk. This has been a significant driver for institutional adoption. Furthermore, all of STX’s supply has been unlocked, which means there is no more selling pressure from early investors, unlike other venture-backed coins.</p> 
<h2 id="whale-activity-and-price-potential">Whale Activity and Price Potential</h2> 
<p>Despite a strong start to December with a surge in whale positioning, there has been a recent decrease in their long positions. However, the price uptrend of STX remains intact. If this momentum persists, STX could potentially reach its 2024 high of $3.8.</p> 
<p>In terms of technical indicators, strong capital flows and buying pressure suggest that STX could push higher on the charts. The upcoming launch of its sBTC mainnet on 16 December could further enhance its native BTC staking capabilities, thereby expanding DeFi possibilities on BTC’s network.</p> 
<p>The strong fundamentals of STX are reflected in its recent price action. However, the short-term reaction of STX’s price to the upcoming update remains uncertain.</p>

Why this Crypto Venture Capitalist is Strongly Backing STX: A Deep Dive into Stacks

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CoinEagle.com

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