Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Quant leads the UK Finance's tokenized Sterling initiative amid rising bullish interest

Source Fxstreet

Quant secures the UK's Tokenised Sterling Deposits initiative led by UK Finance.
Derivatives data indicate a surge of bullish interest among traders.
On-chain data shows a rise in whale interest as supply on exchanges declines.

Quant (QNT) price ticks higher by over 5% at press time on Friday on the back of securing UK Finance’s Tokenized Sterling Deposits (GBTD). Both the derivatives and on-chain data point to increased bullish interest in the QNT token.

Quant partners with commercial UK banks to power tokenized Sterling deposits

Gilbert Verdian, CEO of Quant Network, announced in an X post on Friday that the Quant Network was selected to create a digital payment infrastructure and upgrade bank technology for the tokenized Sterling deposits (GBTD) project. The Web 3.0 network will partner with commercial UK banks, including HSBC, Barclays, Lloyds, NatWest, Santander, and Nationwide.

Quant secured the tender based on its previously proven capabilities in interconnecting systems during the UK Regulated Liability Network (RLN) experimentation.

Jana Mackintosh, Managing Director of UK Finance, highlighted that the approach to tokenize the Pound Sterling aligns with the Bank of England Governor Andrew Bailey's appeal for the use of digital technology in financial transactions.

According to Mackintosh, the tokenized sterling offers a secure and regulated evolution of the payments landscape.

Rising whale interactions and Open Interest back bullish interest around Quant

Santiment data shows that QNT large transactions, those with volume over $100,000, have increased significantly this week, with 23 transactions recorded on Monday and 26 transactions on Thursday. This indicates an increased interest among large-wallet investors, commonly referred to as whales, but fails to reveal the underlying sentiment.

However, the QNT reserves on crypto exchanges remain broadly steady at 1.44 million QNT on Friday, down from 1.56 million QNT on Sunday. Generally, a buying spree among whales often leads to a decline in exchange reserves, indicating lowered supply pressure and increased demand among large-wallet investors.

QNT whale transaction count and exchange reserve. Source: Santiment

QNT eyes bullish rebound, holding at key support level

Quant trades above $90 at press time on Friday, as it bounces off the 23.6% Fibonacci retracement level at $85.43, which is retraced from the $171.67 peak on December 7 to the $58.79 low on April 9. The intraday recovery in QNT targets the 200-day Exponential Moving Average (EMA) near the $100 psychological level.

However, the technical indicator on the daily chart indicates that the bullish momentum remains low, as the Moving Average Convergence Divergence's (MACD) signal line continues to maintain a downward trend.

The Relative Strength Index (RSI) is currently at 40, which is below the halfway line. Still, it points upwards and indicates a short-term surge in buying pressure with further room for growth before reaching the overbought zone.

QNT/USDT daily price chart

On the other hand, if QNT drops below $85.43, it could extend the decline to the $58.79 support level.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

Bitcoin CME gaps at $35,000, $27,000 and $21,000, which one gets filled first?Prioritize filling the $27,000 gap and even try higher.

Author FXStreet

Aug 22, 2023

Prioritize filling the $27,000 gap and even try higher.

Pinduoduo Earnings Incoming: Morgan Stanley Sees Long-Term Profit Potential Insights – On November 21, Chinese e-commerce giant Pinduoduo (PDD) will release its Q3 2024 earnings.

Author Mitrade

Nov 20, 2024

Insights – On November 21, Chinese e-commerce giant Pinduoduo (PDD) will release its Q3 2024 earnings.

Elon Musk’s xAI and Neuralink Launch New Funding Rounds Billionaire Elon Musk recently raised funds for his two high-profile tech companies, xAI and Neuralink.

Author Insights

Jun 03, 2025

Billionaire Elon Musk recently raised funds for his two high-profile tech companies, xAI and Neuralink.

Bitcoin briefly loses 2025 gains as crypto plunges over the weekend.Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

Author Mitrade

Nov 17, 2025

Bitcoin experienced a sharp decline this weekend, briefly erasing its 2025 gains and dipping below its year-opening value of $93,507. The cryptocurrency fell to a low of $93,029 on Sunday, representing a 25% drop from its all-time high in October. Although it has rebounded slightly to around $94,209, the pressures on the market remain significant. The downturn occurred despite the reopening of the U.S. government on Thursday, which many had hoped would provide essential support for crypto markets. This year initially appeared promising for cryptocurrencies, particularly after the inauguration of President Donald Trump, who has established the most pro-crypto administration thus far. However, ongoing political tensions—including Trump's tariff strategies and the recent government shutdown, lasting a historic 43 days—have contributed to several rapid price pullbacks for Bitcoin throughout the year. Market dynamics are also being influenced by Bitcoin whales—investors holding large amounts of Bitcoin—who have been offloading portions of their assets, consequently stalling price rallies even as positive regulatory developments emerge. Despite these sell-offs, analysts from Glassnode argue that this behavior aligns with typical patterns seen among long-term investors during the concluding stages of bull markets, suggesting it is not indicative of a mass exodus. Notably, Bitcoin is not alone in its struggles, as Ethereum and Solana have also recorded declines of 7.95% and 28.3%, respectively, since the start of the year, while numerous altcoins have faced even steeper losses. Looking ahead, questions linger regarding the viability of the four-year cycle thesis, particularly given the increasing institutional support and regulatory frameworks now in place in the crypto landscape. Matt Hougan, chief investment officer at Bitwise, remains optimistic, suggesting a potential Bitcoin resurgence in 2026 driven by the “debasement trade” thesis and a broader trend toward increased adoption of stablecoins, tokenization, and decentralized finance. Hougan emphasized the soundness of the underlying fundamentals, pointing to a positive outlook for the sector in the longer term.

Gold declines below $4,500 on stalled US-Iran ceasefire talks, US NFP data looms Gold price (XAU/USD) edges lower to near $4,470 during the early Asian session on Friday. The precious metal remains volatile amid ongoing geopolitical turmoil. Traders will closely monitor the developments surrounding the US-Iran peace deal and the US May employment report later on Friday.

Author FXStreet

Jun 05, Fri

Gold price (XAU/USD) edges lower to near $4,470 during the early Asian session on Friday. The precious metal remains volatile amid ongoing geopolitical turmoil. Traders will closely monitor the developments surrounding the US-Iran peace deal and the US May employment report later on Friday.

Popular Symbols