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Tag: Bitcoin ETFs

  • Bitcoin And Crypto ETFs Set To Attract $130 Billion-Plus Inflows This Year, JPMorgan Predicts

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    According to analysts at JPMorgan, crypto-focused exchange-traded funds (ETFs), particularly for Bitcoin (BTC), are expected to see inflows in 2026 that will far exceed those from 2025. 

    Led by Nikolaos Panigirtzoglou, the analysis highlights a significant trend where capital flowing into the crypto market through ETFs reached a record high of $130 billion last year, driven by a growing interest in digital asset treasuries (DATs).

    DAT Companies Lead Crypto Inflows In 2025

    Panigirtzoglou explained that the inflows observed in 2025 were largely attributed to Bitcoin and Ethereum (ETH) ETFs, which the analyst suggests were primarily fueled by retail investors, as well as Bitcoin acquisitions by DAT companies. 

    In contrast, participation from institutional investors and hedge funds, as indicated by the buying activity in Bitcoin and Ethereum Chicago Mercantile Exchange (CME) futures, appeared to have declined compared to 2024. 

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    The analysts noted that over half of the total digital asset inflows in 2025, approximately $68 billion, came from DAT companies. Another $23 billion was attributed to formal strategies, marking a slight increase from $22 billion in Bitcoin buying from the previous year. 

    Notably, other DATs acquired about $45 billion in digital assets, a significant rise from just $8 billion in 2024. However, most of these purchases occurred earlier in the year, and by October, the momentum in crypto buying from DATs had markedly decreased.

    Crypto venture capital funding also contributed to the overall capital flows, though this area remained substantially lower than the peaks experienced in 2021 and 2022. 

    While total crypto venture capital funding saw a modest increase in 2025 compared to 2024, the number of deals declined sharply, and investment activity became increasingly concentrated in later-stage funding rounds. 

    JPMorgan further suggested that this muted growth in venture funding was, in part, due to the increasing allocation of capital toward DATs. Funds that might have otherwise been directed to early-stage startups were increasingly diverted toward treasury strategies that provide immediate liquidity.

    Regulatory Changes Anticipated To Boost Institutional Interest 

    Looking forward, the analysts expect a rebound in institutional crypto flows in 2026, which could be spurred by the anticipated passage of additional regulatory measures, such as the Crypto Market Structure Bill (CLARITY Act) in the US. 

    This anticipated legislation is expected to further entrench institutional adoption of digital assets, along with renewed institutional engagement in areas like venture capital funding, mergers and acquisitions, and initial public offerings (IPOs). 

    However, the expected markup of this bill has been delayed late on Wednesday, as crypto industry leaders, including the cryptocurrency exchange Coinbase (COIN), have withdrawn their support for the legislation. 

    This is attributed to issues related to key provisions, which the firm’s CEO, Brian Armstrong, has described as making this version “materially worse than the current status quo”.

    The daily chart shows BTC’s price inching closer to regaining the key $100,000 milestone. Source: BTCUSDT on TradingView.com

    At the time of writing, the market’s leading cryptocurrency, Bitcoin, was trading at $96,050, having recorded gains of 10% over the previous fourteen days, as broader inflows have already returned to the market since the beginning of the year. 

    Featured image from DALL-E, chart from TradingView.com 

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    Ronaldo Marquez

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  • Old Bitcoin Supply Keeps Moving Into ETFs: Data Shows Three Waves So far

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    On-chain data shows the Bitcoin spot exchange-traded funds (ETFs) have seen three waves of major inflows from the veteran hands in this cycle so far.

    Bitcoin Coin Days Destroyed Shot Up Alongside Earlier ETF Net Inflows

    As explained by CryptoQuant author Maartunn in a new post on X, Bitcoin has been observing major reshuffles related to old tokens and the spot ETFs. The spot ETFs refer to investment vehicles that trade on traditional platforms and allow investors to gain exposure to an underlying asset like BTC without having to directly own the asset.

    The BTC spot ETFs launched in the US in January 2024. Since then, the funds have generally enjoyed growth, with a few periods involving a particularly sharp burst of inflows. The main attraction of the ETFs is that investors unfamiliar with the cryptocurrency world can invest into BTC in a form that’s convenient to them.

    When a trader invests into such a vehicle, the fund buys an equivalent amount of the cryptocurrency on the client’s behalf. This reflects as an on-chain movement into the wallets associated with the ETF.

    Below is the chart shared by Maartunn that shows the trend in the 30-day Bitcoin spot ETF netflow since the start of 2024.

    As displayed in the graph, the Bitcoin spot ETF netflow has seen a few phases of extremely positive values. These naturally correspond to a high amount of demand for the ETFs.

    Interestingly, there is a pattern common among these large waves of inflows. From the chart, it’s visible that the Coin Days Destroyed (CDD) gave distribution signals alongside the netflow spikes.

    The CDD is an on-chain indicator that measures the total number of coin days that are being “destroyed” in transactions across the BTC network. A coin day is a quantity that one BTC accumulates after staying dormant on the blockchain for one day. When a token dormant for some number days is moved, its coin days counter returns back to zero. The coin days that it had previously been carrying are said to be destroyed.

    Generally, spikes in this metric correspond to activity from the diamond hands of the network. These HODLers tend to accumulate a massive amount of coin days with their patience, so when they finally break their silence, large-scale destruction of coin days takes places.

    The three major Bitcoin ETF net inflow waves of Summer 2024, Fall 2024, and Summer 2025 all accompanied a distribution signal from the CDD, which suggests a rotation of coins happened from the veteran hands to new demand coming through these vehicles.

    Since the latest such wave, the ETF netflow has calmed down to the neutral level, meaning demand has gone cold. “ETF inflows are key,” notes Maartunn. “Without strong new demand, selling pressure from new holders could increase.”

    BTC Price

    At the time of writing, Bitcoin is trading around $110,500, up 2% over the past week.

    Bitcoin Price Chart

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    Keshav Verma

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  • Bitcoin ETFs See Historic Surge – Institutions Go Bullish On BTC With $1.38 Billion Record Inflows

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    Este artículo también está disponible en español.

    Yesterday, Bitcoin had one of its most bullish days in history, skyrocketing past its all-time high to reach $76,990. This new milestone has ignited widespread excitement and confidence among investors, who now see the potential for further gains. 

    Key data from Carl Runefelt reveals that Bitcoin ETFs experienced a historic surge, with $1.38 billion in net daily inflows. This record-breaking figure highlights institutional demand for Bitcoin, as major players like BlackRock are buying BTC in anticipation of long-term growth.

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    The influx into Bitcoin ETFs underscores a broader trend of institutional adoption, with increasing interest from financial giants as they recognize Bitcoin’s potential as a store of value and hedge against economic uncertainty. Runefelt’s analysis suggests that this level of demand is unprecedented, marking a turning point that could sustain Bitcoin’s bullish momentum. 

    The recent surge is not just a technical breakout but also a fundamental shift driven by institutional confidence, setting Bitcoin up for potential further highs as large-scale investors continue to enter the market. 

    Bitcoin Hits New ATH

    Bitcoin has surged into uncharted territory, breaking its previous all-time highs once again to reach a new peak that has captivated the crypto community. This historic rally comes on the heels of the U.S. election, which saw Donald Trump emerge victorious.

    Market sentiment suggests that Trump’s pro-crypto stance could have played a role in driving renewed confidence among U.S. investors, who are looking to Bitcoin as a hedge amid changing economic policies.

    Adding to this momentum, traditional investors increasingly pour into Bitcoin through ETFs, marking a significant shift in institutional interest. According to key data from SoSo Value, shared by prominent analyst Carl Runefelt on X, Bitcoin ETFs experienced record-breaking daily inflows yesterday, totaling an astounding $1.38 billion.

    Bitcoin ETFs Daily Total Net Inflows hit a record $1.38B | Source: Carl Runefelt on X

    This historic inflow underscores the growing appetite from institutional players who are viewing Bitcoin as a critical asset for their portfolios.

    The recent bullish shift among institutions follows a prolonged 7-month accumulation phase that had cast shadows of doubt over Bitcoin’s potential to break new highs this year. Many investors remained cautious, with market volatility and uncertainty testing their confidence. 

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    With institutional backing at record levels, Bitcoin’s recent rally could signify the beginning of an extended bullish phase. As big players like BlackRock buy-in through ETFs, the market sees this as a signal of renewed strength. All eyes are now on Bitcoin’s next moves, with analysts suggesting the recent price action may only be the beginning of a larger bull run for the world’s largest cryptocurrency.

    BTC Pushing Up: Strong Price Action

    Bitcoin is trading at $76,000 after reaching new all-time highs. BTC is entering a strong consolidation phase above the previous record level of $73,800. This price zone is crucial for bulls, as holding above it could provide stability for Bitcoin’s rally to continue. Analysts are closely watching this level; if BTC can respect it, the bullish momentum may persist, encouraging further gains.

    BTC tags $76,990 after breaking previous ATH
    BTC tags $76,990 after breaking previous ATH | Source: BTCUSDT chart on TradingView

    However, the recent euphoria could lead to a consolidation phase just below $77,000—a level some experts identify as a short-term local top. This resistance could take time to overcome as the market digests recent gains and awaits fresh catalysts for another breakout.

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    Despite potential consolidation, demand remains robust, and on-chain data reflects strong buying pressure that could continue driving the price upward. The technical outlook suggests further upside potential if Bitcoin can stay above $73,800 over the coming days. Bulls are optimistic, as it could establish a solid foundation for the next leg up in Bitcoin’s ongoing rally.

    Featured image from Dall-E, chart from TradingView

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    Sebastian Villafuerte

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  • Ethereum ETFs Launch About To Kickstart The Altseason?

    Ethereum ETFs Launch About To Kickstart The Altseason?

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    The long-awaited Ethereum Exchange-Traded Funds (ETFs) are finally live, registering over $100 million in volume in the first 15 minutes. Investors expect to see the launch’s impact on the crypto market, while some market watchers believe ETH ETF’s performance will kickstart the Altcoin season.

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    Ethereum Spot ETFs Are Officially Live

    On Monday, the US Securities and Exchange Commission (SEC) gave the final nod to Ethereum spot ETFs, setting the launch date for Tuesday, July 23. After the approval, investors raised the alarm following some online reports.

    Per Whale Alert, Grayscale has transferred $1 billion in ETH to Coinbase Institutional. This led many investors to fear that the digital asset manager’s transaction would add selling pressure to the asset and affect its price performance ahead of the launch.

    However, ETF expert Eric Balchunas offered some relief to investors after pointing out that Grayscale didn’t move the tokens to dump them. The firm transferred the 292,262 Ethereum “from $ETHE to its mini-me = $ETH.” Balchunas considers it “a new variable in this race that we didn’t have in the btc race.”

    The initial numbers have been released now that the highly anticipated products are live. Balchunas shared on X that the Ethereum ETFs saw $112 million in the first 15 minutes of trading. This number increased to $361 million total after 90 minutes.

    ETH ETFs’ initial volume after 90 minutes. Source: Eric Balchunas on X

    The Bloomberg expert praised the volume, calling it a “solid showing” regardless of being 20-25% of Bitcoin (BTC) ETFs numbers. Despite the healthy performance, ETH remains hovering between the $3,440 and $3,540 price range.

    Are ETH And Altcoins About To Take Off?

    Ahead of the launch, some market watchers anticipated that the ETFs’ performance could kickstart an upswing for Altcoins. According to several analysts, the Altcoins chart shows similarities to the 2016-2017 performance, suggesting that the Altseason is “brewing.”

    To Crypto Jelle, “Altcoins are still following the traditional bull market preparation playbook.” Per the macro chart, altcoins broke from the accumulation zone and chopped around key support levels during previous cycles.

    Ethereum
    ETH’s chart shows similarities to previous bull runs. Source: Crypto Jelle on X

    The “pre-bull market consolidation” was followed by a take-off that propelled cryptocurrency prices to new highs. Jelle pointed out altcoins are currently in the consolidation zone, similar to past cycles. He also suggested a new take-off “shouldn’t take long” after Ethereum ETFs’ launch.

    Crypto trader MikyBull also highlighted the similarities between the previous cycles, which suggest that a “huge Altseason is brewing.” To the trader, the recent “fake out” made investors believe that this cycle’s Altseason “has been written off,” but he expects altcoins to “pull a 2017 kind of explosive” rally that follows the same PA path.

    The trader considers Ethereum’s price might be positively affected by ETH spot ETFs. This performance will be the primary driver for the “huge rally in the coming months.” Additionally, he set a band price target of $10,000 for ETH.

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    Other market watchers suggested that investors must remain serene if a price drop occurs. Pseudonym analyst and trader Moustache called for patience as “it’s only a matter of time.” “Ethereum chart looks like it did in the last cycle, just before the Altcoin bull market started,” he added.

    As of this writing, the second-largest cryptocurrency by market capitalization is trading at $3,419, a 1.1% decline in the last 24 hours.

    Ethereum, ETH, ETHUSDT, ETH ETFs
    Ethereum’s performance in the three-day chart. Source: ETHUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

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    Rubmar Garcia

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  • Hong Kong Bitcoin ETF Readies For Stellar Debut, Expected To Outshine $125M US Launch

    Hong Kong Bitcoin ETF Readies For Stellar Debut, Expected To Outshine $125M US Launch

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    The eagerly anticipated Hong Kong Bitcoin ETF market is scheduled to commence trading on Tuesday, marking a significant milestone in the increasing adoption of the leading cryptocurrency and building upon the success of the US ETF market. 

    With their approval, the newly regulated index funds are poised for a noteworthy debut, surpassing the first-day inflows in the United States.

    HK Bitcoin ETF Market Poised For Record-Breaking Debut

    Zhu Haokang, the Digital Asset Management Supervisor and Family Wealth Supervisor at Warsaw Fund expressed great confidence in the trading volume of Hong Kong Bitcoin ETFs on its inaugural day.

    This volume exceeded the scale achieved during the US launch on January 10th of this year, which amounted to over 125 million US dollars. 

    Haokang further stated that Huaxia, one of the three ETF issuers, is confident in becoming the largest ETF issuer on the first day of trading. At the same time, OSL, a digital asset platform, has already completed the initial fundraising with two funds, including Huaxia. 

    Furthermore, the capital inflow during the Hong Kong spot Bitcoin ETF’s first-day listing transaction has surpassed that of the US spot ETF market. 

    According to Haokang, this difference can be attributed to two factors: the purchase and redemption of spot and in-kind transactions, which are unavailable in the US spot Bitcoin ETF.

    Unprecedented Investment Options

    One unique aspect of the China Summer Fund’s Hong Kong spot ETF is its incorporation of Hong Kong dollars, US dollars, and dual counter offers (RMB counters), distinguishing it from the other two offerings. 

    Additionally, the fund features a non-listed share alongside the listed share, further setting it apart from its counterparts. Given the physical purchase method, investors, including Bitcoin miners, can directly acquire the Hong Kong virtual asset spot ETF using the Bitcoin they already hold. 

    Moreover, outreach efforts have reportedly been made to attract investors from countries and regions without ETF offerings, such as Singapore and the Middle East, generating significant interest.

    Despite the substantial market size of the current US spot Bitcoin ETF market, Hong Kong’s utilization of cash and in-kind subscriptions, coupled with the appeal of open trading during Asian market hours, is expected to attract numerous American investors, according to Haokang. 

    Mainland Chinese Investors Restricted

    Wayne Huang, OSL ETF and Trusteeship Business Manager, highlighted that Victory Securities could facilitate physical purchases, and the winning securities in China can also leverage OSL’s support. 

    Three vouchers enable physical purchases, with more expected to follow suit. Following the ETF’s listing, various voucher chambers of commerce are likely to participate, increasing the overall ecosystem of the Bitcoin ETF market in May.

    On the other hand, Zhu Haokang also clarified that mainland Chinese investors are currently restricted from investing in Hong Kong’s spot ETF market. However, qualified investors, institutional investors, retail investors, and qualified international investors in Hong Kong can participate in the spot ETF race. 

    Individuals seeking further details are advised to consult voucher providers and sales channels while closely monitoring potential regulatory adjustments and the development of a specific regulatory framework in the future.

    The daily chart shows that BTC’s price is trending downward. Source: BTCUSD on TradingView.com

    Currently, BTC is trading at $63,000 after failing to consolidate above the key $66,000 level in recent days. However, the launch of the ETF market in Hong Kong is expected to significantly impact the price of BTC in the long run. 

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • The $86,500 Bitcoin Question: Will The Halving Spark A Price Surge This April?

    The $86,500 Bitcoin Question: Will The Halving Spark A Price Surge This April?

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    The cryptocurrency market has undergone a substantial downturn, with many of the top 100 cryptocurrencies experiencing sharp price drops. Bitcoin, the leading digital asset, hit a low of $61,600 on Tuesday. 

    However, industry experts suggest a potential rebound to higher highs may be on the horizon as the highly anticipated Halving event draws near. 

    Adrian Zduńczyk, a crypto trader and technical analyst, provides valuable insights into the market dynamics, highlighting key factors such as bull market indicators, ETFs, and the imminent Halving event.

    Mixed Signals For BTC

    According to Zduńczyk’s analysis, the market exhibits bullish signs, with the 200-week and 50-week moving averages (MAs) at $33,700  and $39,900, respectively. 

    The Net Unrealized Profit/Loss (NUPL) ratio is 0.55, indicating a favorable trading environment. Additionally, the 7-week correlation with the S&P 500 (SPX) remains firm at 0.71. 

    In terms of daily trends, Zduńczyk notes that Bitcoin is currently in a choppy range between $59,000 and $74,000, with the 200-day Simple Moving Average (SMA) rising at $46,600 and the 200-day Bitcoin Production Cost (BPRO) rising at $57,700. 

    However, the analyst notes that the medium-term momentum is declining, and the 50-day Average True Range (ATR) volatility has increased to $3270. This suggests that Bitcoin’s overall price trend is losing strength or momentum in the medium-term timeframe.

    Bitcoin Aims For $86,500

    Zduńczyk highlights the market sentiment. The Fear & Greed Index is at 65, indicating a state of greed among market participants. The analyst notes that the current phase of the market cycle is characterized by belief. 

    Moreover, miners are still profitable at prices above $41,800, and as mining difficulty rises post-Halving, a price spike is expected. 

    Notably, previous Halving events have triggered substantial price rallies, with Bitcoin experiencing significant gains of 90X, 30X, and 7X. Importantly, Bitcoin has never returned to Halving prices after these rallies.

    Examining seasonality trends, the monthly opening price for April stands at $71,000, suggesting a positive outlook for the month. The average gain for April is estimated at 21.95%, implying an end-of-month target of $86,500, according to Zduńczyk. 

    Moreover, the period from April 16 to 30 has historically seen average gains of 14.69%, further reinforcing positive expectations and further price gains for BTC during the upcoming weeks. According to Zduńczyk, this timeframe could attract investors seeking to buy the dip. 

    The 1-D chart shows that BTC’s price is trending downward. Source: BTCUSD on TradingView.com

    Despite the overall positive outlook, BTC is trading at $62,600, reflecting a consistent decline over the past month. In the last 30 days, BTC has experienced a 9% drop from its mid-March all-time high of $73,700.

    Moreover, in its quest for new highs and surpassing the $80,000 threshold, BTC has encountered a significant obstacle at the $70,000 level. Despite surpassing its all-time high, BTC has struggled to consolidate above this level for over a week.

    Nonetheless, as emphasized by Zduńczyk, the potential synergy between the success of the ETF market in the United States and the upcoming Halving event may hold the key to revitalizing BTC’s price trajectory. 

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Bitcoin Price Stuck Below $66,000: Are ETF Outflows An Issue?

    Bitcoin Price Stuck Below $66,000: Are ETF Outflows An Issue?

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    On Tuesday, the crypto market was off guard when Cathie Wood’s ARK 21Shares spot Bitcoin ETF (ARKB) experienced a significant outflow. This marked the first time since the introduction of spot Bitcoin ETFs in the United States that one of the “Newborn Nine” surpassed the outflows of Grayscale’s Bitcoin Trust (GBTC). On April 2, ARKB saw outflows of $87.5 million, approximately 1,300 BTC, as reported by Farside Investors, while Grayscale recorded a daily outflow of $81.9 million.

    This event marked a notable shift in the Bitcoin market dynamics, raising concerns and debates among investors and analysts alike. The core question that arises is whether such outflows indicate a bearish signal for Bitcoin’s price or if they are a natural part of the market’s ebb and flow.

    Are ETF Outflows Beyond Grayscale Concerning?

    Bloomberg’s ETF analyst, Eric Balchunas, offered an analytical perspective on the event, advocating for a broader view of ETF dynamics. In a series of comments on social media platform X, Balchunas downplayed the severity of the outflows.

    “Seeing some of CT up in arms over ARKB having an outflow day, which really shows the greedy and short-sighted nature of some of the folks in this space tbh,” he remarked, suggesting that even the most reputable ETFs, like those offered by Vanguard, periodically experience outflows as part of their operational cycle.

    Balchunas further elaborated on the significance of ARKB’s performance, stating, “ARKB has $2.8b in under 3 months on the market. And it’s only the 3rd biggest. I would have guessed 3rd place would be $500m at this point. The inflows have been that epic, and without the ETFs, btc is probably at like $30k.”

    This comment highlights the instrumental role of ETFs in bolstering Bitcoin’s market price, suggesting that the recent outflows, while notable, represent a minor setback in the grand scheme.

    The analyst also addressed the collective behavior of ETF investors, emphasizing that the recent downturn in Bitcoin’s price should not solely be attributed to ETF outflows. “The ‘ten’ are a team, and yesterday they saw net inflows as a team, yet btc went down like 6% = the selling (as usual) is coming from your fellow supposed hodlers,” he pointed out, hinting at the broader market dynamics and investor behaviors influencing price movements.

    Renowned crypto expert Scott Melker weighed in on the debate, suggesting a possible rationale behind the ARKB outflows. “Probably just a large investor allocating to a different ETF,” Melker commented, indicating the strategic reallocation of assets within the crypto ETF space.

    Responding to inquiries about the transparency of ETF transactions, Balchunas highlighted the inherent anonymity of ETF trading, stating, “No way to know, could be someone spooked by volatility, […] could have been ARK itself taking profits […] Not even the issuer knows who is going in and out of their ETFs. That anonymity is an underrated feature of ETFs,” thereby shedding light on the privacy aspects that differentiate ETFs from other investment vehicles.

    Bitcoin Inflows Are Positive Again

    Despite the concerns raised by the recent outflows, the ETF market demonstrated resilience yet again with positive flows of $113.5 million yesterday. Fidelity led the pack with $116.7 million in inflows, followed by Blackrock with $42 million and Bitwise with $23 million. ARKB had zero activity. GBTC did $75 million of outflows.

    Renowned analyst WhalePanda commented, “Not much more to say now, price is going sideways. The big outflows on GBTC are over. Just consolidation and accumulation. 16 days until halving. Currently we [need] $60 million per day to buy up the daily mined supply. In 2.5 weeks that’s only $30 million at these prices.”

    At press time, BTC traded at $66,217.

    BTC price, 4-hour chart | Source: BTCUSD on TradingView.com

    Featured image created with DALL·E, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Jake Simmons

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  • Has the SEC Approved the First Bitcoin ETFs? 10 Things to Know – Southwest Journal

    Has the SEC Approved the First Bitcoin ETFs? 10 Things to Know – Southwest Journal

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    The world of investing just got a big shake-up, and it’s all thanks to the U.S. Securities and Exchange Commission (SEC). They’ve said “yes” to not just one, but 11 Bitcoin exchange-traded funds (ETFs).

    If you’re into Bitcoin or just curious about its price movements, this is pretty huge news. In this post, I’ll explain what this means and explore seven critical things you should know about this landmark decision.

    Key Highlights

    • The SEC has approved 11 Bitcoin ETFs, making it easier for investors to get involved in Bitcoin without direct ownership.
    • Big fund managers like BlackRock and Fidelity are managing these ETFs, signaling strong institutional support for Bitcoin.
    • The approval has led to significant price increases for Bitcoin and Ethereum, highlighting the impact of regulatory decisions on cryptocurrency markets.
    • While Bitcoin ETFs offer a more accessible way to invest in cryptocurrencies, they come with risks related to market volatility and regulatory uncertainty.

    What Is a Bitcoin ETF?

    Imagine you want a piece of chocolate cake, but instead of buying the whole cake, you get a slice. That’s what investing in a Bitcoin ETF is like. 

    You get a share of the action without needing to own the actual Bitcoin. It’s a way for more people to join the party without the hassle of managing a digital wallet or understanding all the techy stuff.

    To keep an eye on Bitcoin’s current market value, Binance offers real-time price tracking and comprehensive market data, making it a valuable resource for investors interested in the cryptocurrency’s latest price movements.

    1. Eleven’s the Magic Number

    Eleven Bitcoin ETFs have received the green light from the SEC. There are a lot of new ways for investors to get involved in Bitcoin without diving directly into buying and holding the cryptocurrency themselves.

    2. Big Names Are Playing the Game

    Heavy hitters like BlackRock and Fidelity Investments are stepping into the ring to manage these ETFs. 

    With such big fund managers getting involved, it’s a sign that Bitcoin is becoming a significant part of the investment landscape.

    3. But, There’s a But…

    Bitcoin's Price

    Even with the approval, the SEC still has its eyebrows raised about cryptocurrencies. 

    They’re cautious, pointing out the risks and the rollercoaster ride that is Bitcoin’s price. It’s a reminder that while Bitcoin can shoot up in value, it can also plummet.

    4. A Ripple Effect on Prices

    Following the SEC’s nod, Bitcoin’s price saw a significant jump. Ethereum, another popular cryptocurrency, also got a boost in price. 

    People are speculating that Ethereum might get its own set of ETFs, and that’s creating excitement and pushing prices up.

    5. Analysts Are Betting Big

    Experts think a lot of money will flow into Bitcoin ETFs, which could push the currency’s price even higher. 

    Galaxy, a financial services provider, predicts that the market for these ETFs could balloon to $100 billion over time. That’s a lot of confidence.

    6. A Win for Accessibility

    Investing in BitcoinInvesting in Bitcoin

    Spot Bitcoin ETFs are making it easier for everyone to invest in Bitcoin. You don’t need to worry about keeping your investment in a digital wallet anymore. 

    It’s a big step toward bringing more people and more money into the crypto space.

    7. A Shift in the Landscape

    The approval of Bitcoin ETFs by the SEC is a big deal. It shows a change in how regulators view cryptocurrencies. 

    Before, the U.S. was seen as not very welcoming to crypto. Now, with nearly a dozen new Bitcoin funds hitting the U.S. markets, it’s a clear sign that times are changing.

    8. The Ripple Effect on Other Companies

    The entrance of Bitcoin ETFs into the market could also mean a shift in how people invest in cryptocurrencies. Before, companies like Coinbase and MicroStrategy were popular choices for investors looking to get exposure to Bitcoin without directly buying it. 

    Now, with Bitcoin ETFs offering a more straightforward and possibly safer avenue, the value of these companies as “crypto proxies” might decrease.

    9. The Role of the Court

    The Role of the CourtThe Role of the Court

    Interestingly, the path to approval wasn’t just about the SEC deciding to say yes. A court ruling played a crucial role by calling out the SEC’s previous denial of a Grayscale ETF as “arbitrary and capricious.” This ruling effectively opened the door for the approval we’re seeing now.

    10. Caution in the Wind

    Despite the excitement, it’s crucial to remember that investing in Bitcoin, whether directly or through ETFs, carries risks. 

    Bitcoin’s price is famous for its dramatic ups and downs. Plus, with ETFs, there’s the additional consideration of fees and the potential loss of anonymity that comes with direct cryptocurrency ownership.

    What Does the SEC Really Think?

    What Does the SEC Really Think?What Does the SEC Really Think?

    It’s worth noting that the SEC’s approval of Bitcoin ETFs doesn’t mean they’re giving Bitcoin itself a thumbs up. 

    SEC Chairman Gary Gensler made it clear that the approval of specific Bitcoin ETF shares is not an endorsement of Bitcoin. It’s an important distinction, emphasizing the regulatory body’s cautious stance towards the cryptocurrency itself.

    FAQs

    Can Anyone Invest in A Bitcoin ETF?

    Yes, anyone with access to a brokerage account that offers the ETFs can invest in a Bitcoin ETF.

    Do Bitcoin ETFs Pay Dividends?

    No, they typically do not pay dividends. They reflect the price movements of Bitcoin.

    Are Bitcoin ETFs Safe?

    They are subject to market risks, including the volatility of cryptocurrency prices. They are considered safer than direct cryptocurrency investments but are not risk-free.

    How Do Bitcoin ETFs Affect Taxes?

    Investing in them can lead to capital gains taxes, similar to other investment vehicles. It’s advisable to consult a tax professional.

    Can I Use Bitcoin ETFs for Retirement Savings?

    Yes, you can include them in your retirement savings, but consider the high risk associated with cryptocurrency investments.

    How Quickly Can I Sell My Bitcoin ETF Shares?

    These shares can be sold as quickly as any other ETF or stock, typically within the trading hours of the stock exchange they’re listed on.

    Final Thoughts

    Investing in Bitcoin ETFs brings its own set of challenges and opportunities. While it opens the door for many to invest in Bitcoin more easily, it’s essential to remember the volatile nature of cryptocurrencies. 

    Prices can skyrocket, but they can also take sharp dives. If you’re thinking about jumping into Bitcoin ETFs, it’s wise to proceed with caution, do your homework, and consider how it fits into your overall investment strategy.

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    Natalie Cowles

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  • BlackRock Spot Bitcoin ETF Launches In Brazil, ETF Market Secures 4% Of Total BTC Supply

    BlackRock Spot Bitcoin ETF Launches In Brazil, ETF Market Secures 4% Of Total BTC Supply

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    BlackRock, the world’s largest asset manager, announced the iShares Bitcoin Trust ETF (IBIT39) launch in Brazil on Thursday. Starting today, Friday, March 1, shares of this index fund, which tracks the spot price of Bitcoin (BTC), will be traded on the Brazilian Commodities and Futures Exchange, known as B3.

    BlackRock Launches IBIT39 Bitcoin ETF In Brazil

    Karina Saade, president of BlackRock in Brazil, highlighted the company’s commitment to providing high-quality access vehicles to investors in the digital asset market. She stated:

    IBIT39 is a natural progression of our efforts over many years and builds on the fundamental capabilities we have established so far in the digital asset market.

    Felipe Gonçalves, Superintendent of Interest and Currency Products at B3 discussed the growth of the listed crypto market in Brazil. He noted that the market, which started in 2021, now has 13 ETFs with total assets of R$2.5 billion, or about $505 million.

    While the market experienced fluctuations in its early years, it reached an eye-catching daily trading volume of R$30 million reais ($6.6 million) by the end of last year, according to local media reports in Brazil. 

    Gonçalves mentioned that investors in crypto ETFs include institutional investors, such as funds, and individual investors, with a current number of 170,000. Liquidity in the market is provided by non-residents investing in B3 as a whole.

    IBIT39 will reportedly have a management fee of 0.25%, with a one-year waiver that reduces the fee to 0.12% once the fund reaches its first $5 billion in assets under management (AUM). The product will be made available to the general public, allowing broader participation in the Bitcoin market.

    $7.5B Net Inflow In Bitcoin ETFs Since Launch In The US

    BlackRock’s IBIT (iShares Bitcoin Trust) ETF has emerged as a notable player in the US ETF race, countering a significant outflow from Grayscale’s Bitcoin Trust (GBTC).

    BitMEX research data shows that on February 29, 2024, positive flows amounted to $92 million for the day. Notably, BlackRock and GBTC offset each other, experiencing $600 million in opposite directions. The data shows that since the ETFs began trading on January 11, 2024, there has been an impressive net inflow of $7.5 billion.

    The overall holdings of spot funds, which directly hold Bitcoin, stood at 776,464 BTC (equivalent to $47.7 billion) on Friday morning, according to BitMEX Research. It’s essential to consider that the total BTC supply currently in circulation is 19.64 million, with a maximum limit of 21 million. 

    With this context, the fact that the ETFs have secured 4% of the total BTC supply is a significant milestone. It demonstrates the growing demand for Bitcoin among investors utilizing these index funds to gain exposure to the cryptocurrency.

    The daily chart shows the consolidation of BTC prices. Source: BTCUSD on TradingView.com

    BTC continues to consolidate above the $62,000 mark, rising 1.3% in the past 24 hours.

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Bitcoin ETFs Boosts Coinbase (COIN) Shares As JPMorgan Upgrades Rating

    Bitcoin ETFs Boosts Coinbase (COIN) Shares As JPMorgan Upgrades Rating

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    The recent Bitcoin rally, propelling its price to the $52,000 level, has positively impacted the stock of US-based cryptocurrency exchange Coinbase (COIN). After experiencing a notable dip to $115 at the start of February, Coinbase’s stock rose to $172 on Thursday, following a significant upgrade by a JPMorgan analyst.

    Improved Prospects For Coinbase Amid Crypto Rally

    According to a Bloomberg report, JPMorgan analyst Kenneth Worthington abandoned his bearish view on Coinbase weeks after downgrading the stock. 

    As Bitcoin traded higher, Coinbase shares gained as much as 7.8% following the upgrade. Worthington believes the exchange will likely benefit from the recent rally in digital asset prices, prompting him to shift his rating back to neutral.

    This change in stance comes after Worthington’s January downgrade, where he predicted a potential deflation of enthusiasm for Bitcoin exchange-traded funds (ETFs). 

    However, contrary to his previous forecast, Bitcoin ETFs have been successful in terms of trading measures, and the price of Bitcoin has surged beyond $52,000, reaching its highest level since 2021. In a note to clients on Thursday, Worthington explained:

    Given the acceleration in recent days of flows into Bitcoin ETFs and the significant price appreciation of Bitcoin and now Ethereum, we are returning to a Neutral rating on Coinbase as we see the higher cryptocurrency prices not only sustaining but improving activity levels and Coinbase’s earnings power as we look to 1Q24.

    The daily chart shows COIN’s 4% uptrend in the past 24 hours. Source: COIN on TradingView.com

    Coinbase’s stock experienced an 8% dip at the beginning of the year, following an impressive 400% surge in 2023. Analyst opinions on the stock remain divided, with buy, hold, and sell recommendations being roughly evenly split. 

    Worthington maintained his $80 price target on the stock ahead of the company’s earnings report, which is scheduled to be released after the market closes on Thursday.

    Worthington emphasized that Coinbase’s business is closely tied to token prices, with its core revenue being transaction-based. As the value of tokens increases and trading activity gains momentum, fees based on the value traded are expected to drive higher trading volumes, ultimately contributing to improved revenue for Coinbase.

    Bitcoin ETFs Witness Significant Trading Volume 

    On February 14th, the trading volume of Bitcoin ETFs showcased notable figures, with Blackrock’s IBIT recording the lead with $721 million in volume. 

    Grayscale’s Bitcoin Trust (GBTC) followed closely with $619 million, while Fidelity’s FBTC secured the third spot with $456 million. On the other hand, Ark Invest accumulated a volume of $169 million.

    The nine ETFs’ total trading volume amounted to approximately $1.5 billion. Notably, the largest ETFs experienced higher trading volume than the previous day, with IBIT surpassing $700 million and GBTC exceeding $600 million.

    Coinbase
    Bitcoin ETF’s February 14 trading volumes with Blacrock’s IBIT leading the pack. Source: AlexOtta on X

    Intriguingly, before the trading session, GBTC sent less than half of the Bitcoin it sent to Coinbase the previous day. Despite this decrease, GBTC’s total trading volume was 50% higher.

    As the demand for Bitcoin continues to surge, ETFs play a crucial role in facilitating institutional and retail investors’ participation in the cryptocurrency market. The increased trading volume of Bitcoin ETFs highlights investors’ growing interest and confidence in digital assets.

    Coinbase
    BTC’s price rally on the 1-D chart. Source: BTCUSDT on TradingView.com

    Currently, Bitcoin is trading at $51,900 and encountering a critical resistance level at $52,000. 

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Grayscale Transfers Almost 12,000 BTC To Coinbase, Bitcoin Price Reacts

    Grayscale Transfers Almost 12,000 BTC To Coinbase, Bitcoin Price Reacts

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    In a significant development that could potentially impact the Bitcoin price, Arkham Intelligence data reveals that Grayscale, the manager and owner of the Grayscale Bitcoin Trust (GBTC), has been sending a significant amount of Bitcoin to Coinbase since the launch of Bitcoin spot exchange-traded funds (ETFs) on January 12.

    Grayscale Bitcoin Trust Initiates Substantial BTC Outflow

    According to the data, four days ago, Grayscale initiated the first batch of BTC outflows from their holdings to the US-based exchange in four separate batches, totaling 4,000 BTC, which amounted to approximately $183 million. However, the asset manager resumed outflows from the Trust to the exchange on Tuesday.

    A portion of Grayscale’s transfers to Coinbase. Source: Arkham

    In a recent update, approximately three hours ago, the asset manager sent an additional 11,700 BTC to Coinbase, amounting to $491.4 million. This additional selling pressure could push the Bitcoin price to test lower support levels.

    Furthermore, Bloomberg reports that investors have withdrawn over half a billion dollars from the Grayscale Bitcoin Trust during the initial days of trading as an ETF. 

    According to Bloomberg’s data, outflows from the Grayscale Bitcoin Trust reached approximately $579 million, while the other nine spot Bitcoin ETFs witnessed inflows totaling nearly $819 million.

    Investors Shift Capital To ‘Lower-Cost’ Spot Bitcoin ETFs

    James Seyffart, an ETF analyst at Bloomberg Intelligence, noted that investors may be profit-taking following the ETF conversion. The flow data provides valuable insights into the ETF’s performance following SEC approval. 

    Although over $2.3 billion of GBTC shares were traded on its first day, the outflows indicate that a portion of that volume was due to selling. Seyffart anticipates that a significant amount of capital will enter other Bitcoin exposures.

    The outflows from Grayscale’s ETF were somewhat expected. Bloomberg Intelligence had previously projected that the fund would experience outflows of over $1 billion in the coming weeks. 

    Some of this outflow can be attributed to investors shifting towards more cost-effective spot Bitcoin ETFs. With an expense ratio of 1.5%, GBTC is the most expensive US ETF directly investing in Bitcoin. In contrast, the VanEck Bitcoin Trust, the second-most expensive fund, charges 0.25%.

    On the other hand, other spot Bitcoin ETFs have witnessed net inflows. BlackRock’s IBIT attracted nearly $500 million in the first two days of trading, while Fidelity’s FBTC received approximately $421 million. 

    According to Bloomberg, these inflows suggest strong demand for Bitcoin exposure in physically backed ETFs, even beyond potential seed funding from the fund issuers.

    Bitcoin Price Finds Support At $42,000

    Currently, the Bitcoin price remains unaffected by the news of Grayscale’s transfers to Coinbase. The leading cryptocurrency is trading at $43,100, showing a slight increase of 0.8% over the past 24 hours.

    However, since the commencement of ETF trading, it is important to note that the Bitcoin price has experienced a significant retracement, declining by 8%. This decline can be attributed to profit-taking and selling pressure, with Grayscale’s involvement being noteworthy.

    In the event of a further drop in the Bitcoin price, a significant support level has been established at $42,000. If this level is breached, the next key level for Bitcoin bulls to watch is $41,350, followed by a potential dip below $40,000.

    The market is eagerly observing whether Grayscale and its BTC selloff will continue and how this will impact the Bitcoin price leading up to the scheduled halving event in April, which many consider to be the main catalyst for the year.

    Bitcoin price
    The daily chart shows BTC’s valuation at $43,100. Source: BTCUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Bitcoin Price Suffers Post-Spot ETF Blues, Drops 7% To $43,200

    Bitcoin Price Suffers Post-Spot ETF Blues, Drops 7% To $43,200

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    The introduction of Bitcoin (BTC) exchange-traded funds (ETFs) has triggered a significant sell-off, leading to a sharp decline in the Bitcoin price.

    After gaining approval and commencing trading on Thursday, the ETFs have prompted a “sell the news” event, causing Bitcoin’s value to plummet from its initial trading price of $46,500 at the time of approval to a low of $43,200 within a matter of hours on Friday.

    Over the past 24 hours, Bitcoin, the largest cryptocurrency by market capitalization, has experienced a 7% drop. Its gains over the past 30 days have been limited to a mere 4%, erasing much of the progress made during that period. 

    Additionally, as selling pressure continues to mount following the approval, there are indications that the Bitcoin price may face further downward pressure.

    Bitcoin Price Under Pressure

    CryptoQuant analyst J.A. Maartunn observed significant sell orders in Bitcoin’s two-week chart on Wednesday. Notably, three clusters of sell orders were positioned between $46,100 and $48,000, comprising stacks of 755, 1,031, and 794 BTC, respectively.

    According to the CryptoQuant analyst, such patterns are typically associated with market tops, unless these orders are later withdrawn or executed.

    This influx of sell orders may help explain the lackluster response to the ETF approvals until now, as it appears that selling pressure has been building up. However, the situation has intensified even further. 

    According to Maartunn, additional sell orders were detected on Friday, indicating that the seller is not yet finished. Two substantial sell orders have been placed just above the current Bitcoin price: one for 894 BTC at $44,000 and another for 1,071 BTC at $45,100.

    Sell orders placed in BTC’s 2-week chart since Wednesday. Source: Maartunn on X

    These developments suggest that market participants are taking advantage of the ETF news to offload their Bitcoin holdings, leading to increased selling pressure and a subsequent price decline. 

    The market’s stabilization following this period of heightened selling pressure remains uncertain. The introduction of ETFs was believed to bring about heightened institutional interest and potentially drive up the Bitcoin price. 

    However, it is important to note that the impact of these ETFs is expected to unfold over the long term, rather than being evident within days, weeks, or even months. It will likely take years to fully gauge the effects and consequences of ETF integration on the Bitcoin market.

    Bitcoin’s Bullish Structure Remains Intact

    Amidst the ongoing selling pressure, several support lines may potentially halt the downtrend and bring positive news for the Bitcoin price and BTC bulls.

    Although Bitcoin has already lost its $44,000 support level, there is another crucial threshold at $42,700 that could prevent further decline. If this level holds, there is a chance for Bitcoin to regain the $43,000 mark and reverse the downward momentum.

    Bitcoin price
    The daily chart shows BTC’s price drop. Source: BTCUSDT on TradingView.com

    If the $42,700 support is breached, additional support lines come into play. These include $42,300, $41,700, and $41,200, which act as the last barriers before a potential test of the $40,000 support level. The $40,000 mark holds significance as it represents the final support before a potential dip towards $38,000.

    However, there is a positive aspect for Bitcoin bulls to consider. The current bullish structure of the cryptocurrency remains intact as long as the dip does not breach the $29,900 mark.

    This level marked the beginning of the current bullish uptrend, and its preservation would ensure the maintenance of the overall positive market structure.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • BREAKING: SEC Approves All 11 Spot Bitcoin ETFs, BTC Price Holds Steady At $46,000

    BREAKING: SEC Approves All 11 Spot Bitcoin ETFs, BTC Price Holds Steady At $46,000

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    In a groundbreaking development for the cryptocurrency and Bitcoin market, the United States Securities and Exchange Commission (SEC) has approved all 11 spot Bitcoin ETFs submitted by the world’s largest asset managers. 

    Bitcoin ETFs Align With Exchange Act Standards

    In its official filing, the SEC stated that each proposal sought to list and trade shares of a trust that would hold spot Bitcoin, either wholly or partially. 

    Importantly, the commission found that the proposals were consistent with the provisions of the Exchange Act and the applicable rules and regulations governing national securities exchanges. 

    Specifically, the SEC determined that the proposals adhere to the requirements outlined in Section 6(b)(5) of the Exchange Act, which includes preventing fraudulent and manipulative acts and practices to protect investors and the public interest.

    SEC’s approval announcement on January 10. Source: SEC’s official filing

    The approval of these Bitcoin ETFs marks an important milestone in the maturation of the cryptocurrency market. 

    However, despite the significant news, the Bitcoin price has remained stable at the $46,200 level, defying some expectations of immediate price surges following the SEC’s decision. 

    Nevertheless, it is important to note that the true impact of these index funds is anticipated to unfold over the coming years, once institutions and retail investors fully enter the market.

    New Era For Bitcoin

    According to the official filing, trading for the approved Bitcoin ETFs is scheduled to commence tomorrow, enabling market participants to gain exposure to Bitcoin through regulated and traditional investment vehicles. 

    The introduction of these Bitcoin ETFs is expected to attract a broader range of investors, including institutional players, and contribute to increased liquidity and market efficiency.

    Ultimately, as institutional and retail investor participation grows, the Bitcoin market is poised for significant developments and further mainstream adoption. 

    The approval of these ETFs represents a pivotal moment in the ongoing integration of cryptocurrencies into the traditional financial system. It sets the stage for future growth, innovation, and the potential for broader acceptance of digital assets in the investment landscape.

    Bitcoin ETFs
    The daily chart shows BTC’s price has remained stable despite the SEC’s ETF approvals. Source: BTCUSDT on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Bitcoin Price Analysis: Ascending Parallel Channel Pattern Points To $57,000 Target

    Bitcoin Price Analysis: Ascending Parallel Channel Pattern Points To $57,000 Target

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    As anticipation builds around the potential approval or rejection of spot Bitcoin (BTC) exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) on January 5, the Bitcoin price has witnessed a notable 2.7% recovery in the past 24 hours. 

    This development comes amidst growing speculation about the patterns that could drive the Bitcoin price to reclaim the highs lost during the bear market in 2022. 

    Notably, crypto analyst Ali Martinez has identified an ascending parallel channel as the governing pattern behind the Bitcoin price action since September 2023.

    Bitcoin Price Faces Crucial Test At $48,000

    According to Ali Martinez’s analysis, Bitcoin prices have exhibited a consistent pattern known as an ascending parallel channel. 

    This technical formation suggests that the BTC’s price has been trading within the confines of a channel characterized by an upper and lower boundary, as seen in the chart below.

    BTC’s ascending parallel channel pattern targets. Source: Ali Martinez on X

    BTC could experience further price movement within the defined boundaries if the ascending parallel channel pattern holds. 

    The price is expected to advance toward the upper boundary, which currently resides around $48,000. However, the Bitcoin price is anticipated to face resistance at this level and retrace towards the lower boundary at approximately $34,000. 

    Following the retracement, a rebound toward the upper boundary, potentially reaching around $57,000, could be expected.

    The upcoming decision by the SEC regarding spot Bitcoin ETF applications adds a layer of significance to Bitcoin’s price movement. The approval of Bitcoin ETFs has been a subject of great interest within the cryptocurrency community, as it can enhance liquidity and provide greater legitimacy to the cryptocurrency market. 

    While the outcome of the SEC decision remains uncertain, the ascending parallel channel pattern reveals a compelling technical perspective that could impact Bitcoin’s price trajectory.

    Critical Moment For BTC? 

    Supporting the upside potential of the Bitcoin price in Martinez’s analysis, crypto analyst Rekt Capital highlights the importance of BTC’s ability to establish a strong support level at $43,900.

    According to Rekt Capital’s analysis, Bitcoin is exhibiting promising signs as it strives to reclaim the top of the pattern at $43,900 as a support level. 

    Bitcoin
    Bitcoin’s price currently surpassing its nearest $43,900 resistance. Source: Rekt Capital on X

    This level holds importance in determining the cryptocurrency’s ability to sustain upward momentum. Rekt Capital suggests that a daily candle close above this resistance is essential for Bitcoin to make another attempt at moving higher.

    The successful establishment of $43,900 as a support level and a daily candle close above this resistance would signify a positive development for Bitcoin’s upside potential. 

    It would indicate a renewed bullish sentiment and potentially pave the way for further price appreciation. However, failure to overcome this resistance level and ending up as an upside wick could hinder Bitcoin’s ability to sustain upward momentum in the short term.

    Bitcoin price
    The daily chart shows BTC’s price recovery. Source: BTCUSDT on TradingView.com

    On Wednesday, Bitcoin trades at $44,000, followed by a news-driven dip toward the $40,800 level.

    Featured image from Shutterstock, chart from TradingView.com 

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • Coinbase Custody Head Departs As Crypto Giant Prepares For Bitcoin ETF Services

    Coinbase Custody Head Departs As Crypto Giant Prepares For Bitcoin ETF Services

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    According to Bloomberg, Coinbase Global has recently experienced a change in leadership within its custody division. The departure of Aaron Schnarch, former CEO of Coinbase Custody, has been confirmed by a spokesperson, who also revealed that Schnarch was replaced by Rick Schonberg in August.

    Per the report, the transition aligns with Coinbase’s efforts to offer services to applicants of spot Bitcoin (BTC) exchange-traded funds (ETFs).

    Coinbase Affirms Readiness For Bitcoin ETF Approval

    Rick Schonberg, who joined Coinbase in 2021, aims to provide experience to his new role, having previously worked at reputable financial institutions such as Goldman Sachs, State Street, and Tagomi, according to Bloomberg. 

    Coinbase on the other hand, has emerged as the preferred choice for custodial services among Bitcoin ETF applicants, including industry giants like BlackRock, Franklin Templeton, and Grayscale Investments.

    Custody services play a crucial role for potential managers of spot Bitcoin ETFs, as investors rely on these providers to securely safeguard their digital tokens.

    Notably, a Coinbase spokesperson emphasized the company’s preparedness for ETF approval, stating to Bloomberg: 

    We have extensively prepared for ETF approval. Our systems have been designed and tested to handle added trading volume, increased liquidity, and general increases in demand on our systems.

    Coinbase Custody, operating as a trust company, falls under the regulatory oversight of the New York Department of Financial Services and undergoes auditing by Deloitte & Touche.

    Countdown To Historic Decision

    The race to obtain regulatory approval for the first ETF directly investing in the largest cryptocurrency, Bitcoin, is entering a critical phase. 

    The US Securities and Exchange Commission (SEC) faces a deadline of January 10 to decide whether to approve a spot Bitcoin ETF application submitted by ARK Investment Management, led by Cathie Wood, and 21Shares, along with potentially other similar filings.

    Overall, the departure of Aaron Schnarch and the subsequent appointment of Rick Schonberg within Coinbase Custody highlight the company’s strategy to the growing demand for custodial services from Bitcoin ETF applicants. 

    With the potential approval of spot Bitcoin ETFs on the horizon, the industry eagerly awaits the SEC’s decision, which will have far-reaching implications for the adoption and mainstream acceptance of cryptocurrencies.

    The 1-day chart shows BTC’s sideways price action over the past 24 hours. Source: BTCUSDT on TradingView.com

    Bitcoin, the largest cryptocurrency in the market, is currently trading at $42,100, representing a 1.1% decline over the past 24 hours. 

    In recent weeks, BTC’s price has been consolidating above $40,000, exhibiting sideways movement since the beginning of December. However, it has achieved a notable gain of over 11% in the last 30 days.

    It remains to be seen how the price of BTC will react to the potential approval of these index funds by the largest asset managers in the world, and what other impact it will have on the overall crypto market.

    Featured image from Shutterstock, chart from TradingView.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Ronaldo Marquez

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  • 2 Reasons Why An Ethereum Mega Bull Run Is Inevitable

    2 Reasons Why An Ethereum Mega Bull Run Is Inevitable

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    While the recent Bitcoin and crypto momentum is cooling off, Ethereum (ETH) rejects lower lows, especially against Bitcoin (BTC). Taking to X on December 8, decentralized finance (DeFi) researcher DefiIgnas shared insights that suggest ETH could be on the verge of a rally that would potentially see the second most valuable coin usurp BTC’s current position as the best-performing asset. 

    Reasons That Might Drive Ethereum Bulls

    The researcher observed that ETH is down 24% versus BTC in 2023. However, multiple fundamental indicators show that this is about to change. First, DefiIgnas noted that crypto investors are increasingly drawn to discounted Grayscale Ethereum Trust (GETH), which has been rallying over the past few months, outperforming Ethereum spot prices. 

    GETH surged by 298% in the past few months, while ETH only rose by around 100% in the same period. As GETH share prices increased, its discount with spot ETH decreased. This means more capital indirectly flowed into ETH, leading to higher demand.

    Money flowing into GETH | Source: @DefiIgnas on X

    Besides GETH rising, the researcher remains bullish on Ethereum because of the recent developments surrounding the approval of the first spot Bitcoin ETF. The crypto community expects the Securities and Exchange Commission (SEC) to authorize multiple products, including those proposed by Fidelity and BlackRock.

    In DefiIgnas’ assessment, once the spot Bitcoin ETF goes live, likely in early 2024, all “attention, narrative, and speculation” will shift toward the agency approving the first spot Ethereum ETF. BlackRock, the world’s largest asset manager, has already applied with the SEC to issue the first spot Ethereum ETF.

    The expected activation of the Cancun upgrade in H1 2024 will also likely support Ethereum prices. Over the years, Ethereum has integrated multiple upgrades. This includes shifting to proof-of-stake (PoS) from proof-of-work (PoW) and overhauling their fee auction mechanism, introducing ETH burning.

    However, with Cancun, the goal is to directly enhance the main net’s capabilities by activating several proposals, including EIP-4844 proto-dank sharding, which aims to reduce gas fees associated with rollups. This update will further cement Ethereum’s quest to significantly increase on-chain scalability and reduce gas fees over the years.

    ETH Looks Firm, Resistance At November Highs

    At spot rates, ETH is firm versus BTC, looking at the candlestick arrangement in the daily chart. How prices react in the days ahead remains to be seen.

    ETHBTC price trending upward on the daily chart | Source: ETHBTC on Binance, TradingView
    ETHBTC price trending upward on the daily chart | Source: ETHBTC on Binance, TradingView

    Even so, if there is confirmation of the December 7 gains, ETH might extend gains. In that case, it can break above the current consolidation as bulls aim to break above November 2023 highs of around 0.058 BTC.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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  • SEC Insider: Bitcoin ETF Approval Probability Surges Beyond 99% As BTC Hits Fresh Yearly High

    SEC Insider: Bitcoin ETF Approval Probability Surges Beyond 99% As BTC Hits Fresh Yearly High

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    In the countdown to the deadline for the long-awaited Bitcoin ETF applications by major asset managers worldwide, predictions regarding the rate of approval have significantly improved. 

    Inside sources from the US Securities and Exchange Commission (SEC) indicate that Bloomberg’s initial 90% chance prediction of approval has now surged beyond 99%. 

    This development has heightened the excitement surrounding this investment vehicle, which has the potential to bring substantial inflows of capital into the Bitcoin market and further amplify its year-to-date gains of over 153%.

    Market Sentiment Soars As Bitcoin ETF Approval Probability Surpasses 99%

    Andrew, an SEC insider, shared an update on X (formerly Twitter), stating that the 99% probability of a Spot Bitcoin ETF being approved is no longer deemed high enough. 

    While acknowledging that nothing is ever certain, the source emphasized that the current likelihood of approval surpasses the 99% estimate from the previous week.

    The sentiment in the market is clearly reflected in the price movement of Bitcoin, as it continues to establish new yearly highs and display unwavering bullish momentum. 

    Currently trading at $42,900, Bitcoin recently reached a fresh annual peak of $43,400 on Tuesday. Over the past 24 hours, the largest cryptocurrency has surged by 4%, and it has witnessed a remarkable increase of over 14% in the past seven days.

    BTC’s uptrend on the daily chart. Source: BTCUSDT on TradingView.com

    It is worth noting that the prospect of a Bitcoin ETF being approved has captured the attention of investors and industry participants alike. If approved, the ETF would provide a regulated and accessible investment vehicle for institutional and retail investors, potentially bringing significant liquidity to the cryptocurrency market. 

    The spike in approval forecasts to over 99% has further fueled optimism that this milestone decision is imminent. While nothing can be guaranteed, the growing confidence in Bitcoin ETF approval and the cryptocurrency’s impressive price performance underscores the potential for a significant positive impact on the market. 

    As the final deadline approaches, market participants eagerly await the SEC’s decision, anticipating a potential game-changer for the Bitcoin ecosystem and its ongoing growth.

    BTC Faces Crucial Range High Resistance

    Renowned crypto analyst Rekt Capital has shed light on Bitcoin’s recent price action, emphasizing the significance of key support and resistance levels within a specific price range. 

    In late November, Rekt Capital identified a range between $36,120 and $43,200, highlighting the importance of the lower boundary for a potential upward move.

    Bitcoin successfully tested and held the range’s lower boundary as support, resulting in a substantial rally in recent days. The primary objective now, according to Rekt, is to revisit the upper boundary, known as the black $43,900 range high resistance, as seen in the chart below.

    Bitcoin ETF
    BTC’s next target at $43,900. Source: Rekt Capital Newsletter.

    Rekt Capital underscores the importance of the black Range High resistance as a crucial reference point for Bitcoin’s price. During the parabolic phase of the 2021 Bull Market, Bitcoin managed to break above this level relatively easily. 

    On two occasions, the cryptocurrency surged beyond the black level, with the first instance followed by a retest of the level as a new support, leading to further upward momentum. 

    The second instance occurred later in the year when Bitcoin successfully retested the black level as short-term support before continuing its ascent.

    However, late in 2021, Bitcoin lost the black level as support (first red circle from the left) and experienced a fake breakout above it, subsequently entering a multi-week downtrend. 

    Rekt Capital highlights that Bitcoin’s historical performance suggests the cryptocurrency needs to successfully retest the black $43,900 level as support to pave the way for further upward movement.

    Featured image from Shutterstock, chart from TradingView.com 

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    Ronaldo Marquez

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  • Boomers Interested In Bitcoin, Market Won't Allow BlackRock To Buy BTC Below $60k

    Boomers Interested In Bitcoin, Market Won't Allow BlackRock To Buy BTC Below $60k

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    As institutional interest in Bitcoin grows, Fidelity and BlackRock’s proposed spot Bitcoin Exchange-Traded Fund (ETF) faces an unexpected hurdle: the crypto market’s unwillingness to let go of the coin at bargain prices. 

    Bitcoin To $60,000 In Progress?

    According to Mike Alfred, who claims to be a value investor and a board director, the market will “unlikely” allow BlackRock to purchase BTC below $60,000. Taking to X on December 4, Alfred said BlackRock and other Wall Street players keen on issuing spot Bitcoin ETFs would have to “buy for Boomer’s 401k plans for at least $60,000.” 

    This preview stems from the rapidly growing demand among institutional investors, as seen by the number of Wall Street players willing to issue complex derivatives tailored for, among other investors, “baby boomers,” most of whom are “approaching retirement.” With their substantial retirement savings, baby boomers increasingly recognize BTC’s potential as a hedge against inflation and a store of value.

    Following Federal Reserve intervention during the COVID-19 pandemic, inflation rose to multi-year levels in 2021. To preserve purchasing power, the central bank began hiking interest rates. Although inflation has fallen and the economy stabilized, it remains higher than the target of 2%. The Fed continues to track this metric and may further intervene by raising rates to lower inflation. This might impact Bitcoin prices, as seen in the past months.

    Nonetheless, the potential influx of boomer money into Bitcoin via a Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) approved derivatives product is a big boost for the coin. Though the SEC has yet to authorize multiple spot Bitcoin ETFs, the crypto and Bitcoin market expects the strict regulator to greenlight the first product in the next few weeks. 

    BlackRock And Company To Buy BTC At A Premium

    Accordingly, ahead of this milestone development for the Bitcoin and crypto market, Alfred thinks BlackRock, Fidelity, and other players won’t secure Bitcoin at spot rates. Instead, the market anticipates that BlackRock, one of the world’s largest digital asset managers, will make their “bi-weekly purchases at prices above $60,000.”

    The coin is trading at April 2022 levels, ripping above $40,000 over the weekend as bulls step up. Looking at the BTC candlestick arrangement on the daily chart, the first clear resistance is around $48,000. 

    Bitcoin price trending higher on the daily chart | Source: BTCUSDT on Binance, TradingView

    The coin trades within a bullish breakout formation following gains above $32,000. As buyers step up and investors anticipate the SEC approving the first batch of spot Bitcoin ETFs, the coin will likely continue increasing toward all-time highs of around $70,000.

    Feature image from Canva, chart from TradingView

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    Dalmas Ngetich

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