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Tag: BTC

  • Bitcoin Price Soars Past $71,000: Here’s Why

    Bitcoin Price Soars Past $71,000: Here’s Why

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    Bitcoin has surged 2.9% in the last 24 hours, reaching a high of $71,166 on Binance today, marking the highest price since May 21. This rally appears to be primarily fueled by robust inflows into US spot Bitcoin ETFs, with the sector experiencing its 16th consecutive day of net inflows.

    Why Is The Bitcoin Price Up Today?

    Yesterday alone, these ETFs saw an inflow of $886.6 million, with Fidelity leading at $378.7 million—setting a new record for the fund. BlackRock wasn’t far behind, with substantial inflows totaling $274.4 million. Other significant contributions included Ark with $138.7 million, Bitwise at $61 million, and the Grayscale Bitcoin and VanEck Bitcoin Trust recording $28.2 million and $4 million respectively.

    The sustained interest is further evidenced as BlackRock’s iShares Bitcoin ETF surpassed $20 billion in assets, becoming the fastest ETF to reach this milestone, reflecting significant momentum and investor enthusiasm.

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    Eric Balchunas, a Bloomberg ETF analyst, emphasized the scale of these inflows, stating, “Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in past 4wks, net YTD at $15b (which was top end of our 12mo est). The ‘third wave’ is turning into a tidal wave.”

    Despite the positive inflow dynamics, Byzantine General (@ByzGeneral), a prominent crypto analyst, observed that the price surge could have been more pronounced. He highlighted the presence of substantial passive supply on spot exchanges, which might have tempered the price increase.

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    He noted yesterday, “High volume today, and the perps basis actually went down a bit. I think that we got good ETF flows today, but… They’re buying into a lot of passive supply on spot exchanges.” He further commented today, “What did I say, big ETF inflows. But because of all of the passive supply it’s like an unstoppable force colliding with an immovable object.”

    BTC volume delta and cumulative volume delta | Source: X @ByzGeneral

    Moreover, it’s important to note that the price increase was not driven by the liquidation of short positions in the BTC futures market, which saw only $27.58 million in shorts liquidated in the last 24 hours, according to Coinglass data.

    However, Willy Woo, a renowned on-chain analyst, warned that a continued rise could trigger a significant short squeeze. Woo said via X, “Tapping 72k is the fuse that’s set to start a liquidation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all time high.”

    Bitcoin Liquidation Heatmap
    Bitcoin Liquidation Heatmap | Source: X @woonomic

    At press time, BTC traded at $71,075.

    Bitcoin price
    Bitcoin price surpasses $71,000, 1-day chart | Source: BTCUSD on TradingView.com

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

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    Jake Simmons

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  • Rising Tide: Crypto Investment Products See $185M Inflows, May Sets New Record At $2 Billion

    Rising Tide: Crypto Investment Products See $185M Inflows, May Sets New Record At $2 Billion

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    The crypto market is showing signs of a bullish resurgence, with reports of an impressive $2 billion in inflows for May alone. 

    Alongside this positive trend, Ethereum (ETH) has seen a notable turnaround in investor sentiment as the long-awaited spot exchange-traded funds (ETFs) for the market’s second-largest cryptocurrency received approval from the US regulators last week. 

    Record-Breaking Month For Crypto Products

    According to a recent report from research firm CoinShares, digital asset investment products consistently attracted inflows during the four weeks, amassing a total of $185 million. 

    May proved to be particularly fruitful, with inflows surpassing $2 billion. This achievement marks the first time on record that year-to-date inflows have exceeded the $15 billion mark, highlighting investors’ growing interest in the crypto market.

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    Most inflows originated from the United States, with a net inflow of $130 million. However, it is worth noting that ETF issuers experienced outflows amounting to $260 million. 

    Switzerland also witnessed a significant uptick in investor interest, recording its second-largest weekly inflow this year at $36 million. Meanwhile, Canada witnessed a positive turnaround, with inflows of $25 million, despite experiencing a net outflow of $39 million in May.

    Ethereum Rebounds With $200M Inflows

    Per the report, Bitcoin (BTC) continued to dominate the crypto market, attracting inflows totaling $148 million. Conversely, short-Bitcoin products witnessed another week of outflows, amounting to $3.5 million, suggesting that sentiment among ETF investors remains largely positive for the leading cryptocurrency.

    Ethereum, on the other hand, experienced a notable change in investor sentiment following the Securities and Exchange Commission’s (SEC) approval of a spot-based ETF that is expected to launch in July 2024. 

    CoinShares notes that this approval marked a turning point for Ethereum, which had endured ten weeks of outflows totaling $200 million. Interestingly, the positive news for Ethereum had a ripple effect on Solana (SOL), which received an additional $5.8 million in inflows last week.

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    While direct investments in crypto assets have been thriving, blockchain equities faced a different scenario. In the past week alone, blockchain equities witnessed outflows of $7.2 million. 

    The report notes that since the beginning of the year, the sector has suffered outflows totaling $516 million, reflecting a challenging period for blockchain-related stocks.

    The 1-D chart shows ETH’s sideways price action between $3,700 and $3,900 over the past 10 days. Source: ETHUSD on TradingView.com

    At the time of writing, Ethereum has seen a 4% price drop in the last week, resulting in a trading price of $3,770. However, the second-largest cryptocurrency on the market still holds gains of 21%, as recorded in the 30 days. 

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

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    Ronaldo Marquez

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  • Bitcoin Whale Signal Echoes Pre-480% Surge In Mid-2020

    Bitcoin Whale Signal Echoes Pre-480% Surge In Mid-2020

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    CryptoQuant CEO Ki Young-Ju today pointed out significant similarities in Bitcoin’s market behavior between the current state and mid-2020, a period marked by stagnant prices but high on-chain activity. Young-Ju’s insights were illustrated with two key charts and shared via a post on X, drawing parallels that suggest a robust undercurrent of large volume transactions, potentially outside the public exchange networks.

    Bitcoin realized cap for new whales | Source: X @ki_young_ju

    The first chart, representing data up until 2020, shows Bitcoin’s price alongside the realized cap for new whales – a metric that tracks the aggregate value at which the newly acquired Bitcoin by large investors was last moved. It’s a different form of market capitalization that assesses each UTXO at the price it last changed hands, rather than its present market price. This metric reflects the actual realized value of all the coins in the network, rather than their current market value.

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    This value experienced a sharp increase around mid-2020, precisely when Bitcoin’s price was caught in boredom just like in recent months, consistently trading around the $10,000 mark. According to Young-Ju, this period was characterized by high on-chain activity which later analysis suggested involved over-the-counter (OTC) transactions among institutional players.

    In the second chart, extending to 2024, a similar pattern emerges with even more pronounced growth in the realized cap for new whales, despite Bitcoin’s price showing a sideways movement for almost 100 days now. The chart indicates a significant addition of about $1 billion daily into new whale wallets, a term typically referring to addresses holding large amounts of Bitcoin, often linked with institutional or highly capitalized individual investors.

    What This Means For Bitcoin Price

    Ki Young-Ju elaborated on these observations: “Same vibe on Bitcoin as mid-2020. Back then, BTC hovered around $10k for 6 months with high on-chain activity, later revealed as OTC deals. Now, despite low price volatility, on-chain activity remains high, with $1B added daily to new whale wallets, likely custody.”

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    He further referenced a tweet from September 2020 that corroborated his analysis, noting that the “number of BTC transferred hits the year-high, and those TXs are not from exchanges. Fund Flow Ratio of all exchanges hits the year-low. Something’s happening. Possibly OTC deals.”

    This comparison and the sustained high level of the realized cap for new whales suggest an ongoing accumulation phase among large-scale investors, reminiscent of the activity observed in mid-2020. Such movements are generally not visible on traditional crypto exchanges and indicate a strong institutional interest that could be a precursor to significant market moves. Following Young-Ju’s tweet, BTC price rallied by 480% from September 2020 till November 2021.

    If a similar move is brewing for Bitcoin price remains to be seen, but the continuous growth in Bitcoin holdings among new whales, along with sustained price levels, points to a potential buildup of pressure beneath the apparent calm of the market surface. As observed in the past, such conditions may lead to substantial price movements once the accumulated Bitcoin begins to impact the broader market through either increased liquidity or renewed trading interest.

    At press time, BTC traded at $68,271.

    Bitcoin price
    BTC price remains below key resistance, 1-day chart | Source: BTCUSD on TradingView.com

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

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    Jake Simmons

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  • Parabolic Rally In The Making? Bitcoin Regains $70,000 As Traders’ Paper Profits Collapse To 3%

    Parabolic Rally In The Making? Bitcoin Regains $70,000 As Traders’ Paper Profits Collapse To 3%

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    The world’s largest cryptocurrency, Bitcoin (BTC), has been consolidating over the past week, trading between $67,000 and $70,000 after experiencing a brief 20% price correction that sent it as low as $56,400 in early May. 

    This consolidation period comes as inflows into the US spot Bitcoin ETF market have reignited, and selling pressure appears to have cooled off, both in the ETF market and among Bitcoin investors more broadly.

    Bitcoin Selling Pressure Fades

    According to Julio Moreno, head of research at on-chain market analytics firm CryptoQuant, the current Bitcoin price level of $70,000 differs from when it last reached that mark in March. 

    Moreno notes that traders are now exerting much lower selling pressure, as unrealized profits are only around 3%, compared to 69% in early March. This suggests that much of the “heavy selling” has been exhausted, as seen in the chart below.

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    Unrealized gains for BTC holders are only 3%. Source: Julio Moreno on X

    Santiment data also shows that Bitcoin has once again eclipsed a $70,000 market capitalization, even as the US stock market took a hiatus for the Memorial Day holiday. 

    Market intelligence platform Santiment sees this as an encouraging sign, as it demonstrates BTC’s ability to perform positively on days when it is not closely correlated with the primary stock market, which has been the case for much of 2022.

    Final Pre-Breakout Consolidation Phase

    Despite this positive momentum, crypto analyst Rekt Capital has noted that Bitcoin’s latest weekly candle closed below the range high resistance of its ongoing “re-accumulation” phase, which spans roughly $60,000 to $70,000.

    This likely sentences the leading cryptocurrency to further consolidation within this range, aligned with Rekt Capital’s thesis that two phases remain in the current bull cycle: the post-halving re-accumulation phase and the “parabolic rally phase.”

    Historically, Bitcoin has tended to consolidate around all-time highs before embarking on the most illustrative stretch of its bull cycles. According to the analyst, Bitcoin has indeed been consolidating at these highs for quite some time now, especially by the standards of previous cycles. 

    While there is still room for further sideways trading at these elevated price levels, the time remaining in this phase is slowly running out. This leads to the belief that the long-awaited post-Halving rally, coupled with renewed investor sentiment, is poised to take the largest cryptocurrency on the market to even higher levels than the current $73,700 reached in mid-March.

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    As such, Bitcoin appears to be entering a critical juncture in its current bull cycle. The consolidation and re-accumulation that has dominated the market in recent months could soon give way to the next parabolic surge, should historical patterns hold. 

    Bitcoin
    The 1-D chart shows BTC’s price consolidation. Source: BTCUSD on TradingView.com

    As of now, BTC has gained 2% in the past 24 hours, adding to its 10% positive movement in the past month alone. Bitcoin is currently trading at $70,200. 

    Featured image from Shutterstock, chart from TradingView.com

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    Ronaldo Marquez

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  • Bitcoin Whales Spend $6.3 Billion In One Day As Historic BTC Buy Signal Appears

    Bitcoin Whales Spend $6.3 Billion In One Day As Historic BTC Buy Signal Appears

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    Bitcoin whales are not backing down from the market and have continued to capitalize on the pump by buying every dip. The most recent dip toward $60,000 saw these large investors gobble up BTC at an alarming rate, with their daily spending coming in at billions of dollars.

    Bitcoin Whales Buy $6.3 Billion Worth Of BTC

    In a stunning discovery, co-founder of Bitcoin-based company Apollo, Thomas Fahrer, revealed that Bitcoin whales have been rapidly buying up the tokens amid price drawdown. More specifically, the daily spend of these whales caught Fahrer’s eye.

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    The report shared by the founder shows that while smaller investors had been selling, Bitcoin whales were buying up billions of dollars worth of coins. In the 24-hour period, these whales holding more than 1,000 BTC on their balances accumulated 8,953 BTC, worth $6.3 billion at the time. This further adds to their weekly accumulation numbers, coming out at 12,058 BTC, which is almost $9 billion worth of BTC bought in one week.

    This accumulation trend comes in light of smaller investors selling their tokens. For example, Fahrer’s screenshot show Sharks, which are investors holding between 100-1,000 BTC on their balances sold 6,746 BTC in one day, worth around $5 billion.

    Other notable sellers include the crabs, which are investors holding 1-10 BTC, selling 1,074 BTC in the same time period. Shrimps – investors holding 0-1 BTC, were also caught selling, with a total of 591 BTC sold. While Fish investors, those holding 10-100 BTC, sold only 95 BTC in the one day period.

    The flow of these investors shows that BTC is flowing out from smaller investors toward larger investors, something that is bullish for the price. The same is the case on the weekly timeframe where Shrimps sold 2,079 BTC, Crabs sold 5,748 BTC, Fish sold 1,155 BTC, while Sharks bought up 60 BTC, with Bitcoin whales buying the majority with 12,085 BTC.

    Time To Buy

    A number of crypto analysts have called for buying and it seems Bitcoin whales are the ones following this advice. One of the analysts who has been vocal about it being the time to buy is Ali Martinez, who shared an interesting formation on the Bitcoin chart.

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    Martinez pointed out that the TD Sequential, which had previously predicted the Bitcoin price movement, had flashed a buy signal. The level at which this analyst presented this buy signal was around the $69,500 level, and since then, the BTC price has since rebounded above $70,000, suggesting the buy signal was correct.

    If the TD Sequential holds like it did the last time it appeared, then the current price push could see Bitcoin reach a new all-time high above $74,000, since the last one saw an almost 15% move. But for now, Bitcoin bulls are fighting to maintain its position above $70,000, with a 12.22% increase in the last week.

    BTC price drops to critical level | Source: BTCUSD On Tradingview.com

    Featured image created with Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Bitcoin Rally Incoming: This Major BTC Metric Just Turned Bullish Once Again

    Bitcoin Rally Incoming: This Major BTC Metric Just Turned Bullish Once Again

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    A crucial Bitcoin metric has just turned bullish, sparking optimism from a crypto analyst regarding an impending rally for Bitcoin. This unique technical pattern suggests that the world’s largest cryptocurrency could see its price ascending further, potentially kick-starting a highly welcomed bull run this cycle. 

    Bitcoin Technical Pattern Flips Bullish

    Bitcoin’s price has often followed distinct historical patterns, with the majority of these indicators preceding significant rallies or bearish trends. One of the most compelling signs that Bitcoin may be turning bullish again is seen as the Stablecoin Supply Ratio (SSR) Oscillator breaks below the lower Bollinger Bands, a technical indicator used to measure a market’s volatility and momentum. 

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    According to a crypto analyst identified as ‘Dominando Cripto’ on X (formerly Twitter), the SSR is a unique technical tool designed to evaluate the market sentiment by comparing the supply of stablecoins to Bitcoin. This tool is used by analysts and traders to identify buying and selling opportunities for Bitcoin. Additionally, it quantifies how the 200-day Simple Moving Average (SMA) of the SSR moves within the Bollinger Bands. 

    Source: X

    Dominando Cripto has provided an in-depth explanation of how the SSR oscillator is calculated and how to interpret its signals for identifying bullish trends. 

    “The oscillator is calculated by taking the difference between the current Stablecoin Supply Ratio value and its 200-day Simple Moving Average (SMA), then dividing it by the standard deviation of the SSR over the same period,” the analyst stated. 

    Sharing a price chart depicting movements of the SSR oscillator, the crypto analyst suggests that when the oscillator moves above the upper Bollinger Bands, it suggests that the SSR is significantly higher than normal levels. This indicates that stablecoins are dominating the market, signaling bearish sentiment and a potential downturn for Bitcoin. 

    Conversely, when the oscillator falls below the lower Bollinger Band, it indicates that the SSR is low, highlighting the reduced dominance of stablecoins and signaling bullish sentiment that could potentially trigger an incoming rally in Bitcoin. 

    In the above price chart, Dominando Crypto pinpointed several instances when the SSR oscillator displayed bearish and bullish sentiment, identifying these periods as heated zones and cold zones, respectively. Recent market movements indicate that the SSR oscillator is in the cold zone, indicating a potential bullish outlook for Bitcoin. 

    More Bullish Signs For BTC

    On May 18, Blockchain analytics platform, Santiment, revealed a new market trend where small traders are consistently liquidating their BTC holdings, even as the cryptocurrency has shown positive performance lately. 

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    The analytics platform noted that historically, when small wallets dump coins into larger wallets, it is considered an encouraging sign for Bitcoin, indicating a potential bullish turnaround for the pioneer cryptocurrency. 

    At the time of writing, Bitcoin’s price is trading at $66,955, according to CoinMarketCap. The cryptocurrency has been on a major bullish momentum recently, witnessing an 8.94% increase in the last seven days and a 4.25% surge over the past month. 

    Bitcoin price chart from Tradingview.com
    BTC price recovers above $67,000 | Source: BTCUSD on Tradingview.com

    Featured image created using Dall.E, chart from Tradingview.com

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    Scott Matherson

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  • Bitcoin: Will Prices Easily “Explode” Past $74,000 Or Dump Due To Miner Capitulation?

    Bitcoin: Will Prices Easily “Explode” Past $74,000 Or Dump Due To Miner Capitulation?

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    Bitcoin prices have been trending lower in the past couple of weeks and generally remain within a bearish formation. Although momentum appears to be picking up, bulls are not out of the woods just yet.

    Analysts are not losing hope and remain overly upbeat, expecting a surge that would take the world’s most valuable coin to new levels.

    Bitcoin Forms A “Cup And Handle” Formation In The Weekly Chart

    In a post on X, one of them, MikybullCrypto, said Bitcoin has formed a “cup and handle” reversal pattern, suggesting an imminent surge towards new all-time highs. This formation is a glimmer of hope for optimistic traders, especially now that prices have been moving lower and sideways, erasing gains posted in March.

    BTC forms a cup and handle pattern | Source: @MikybullCrypto via X

    The “cup and handle” formation is a technical pattern chartists use to identify potential reversals and confirm trend continuations. In the current setup, as identified by the trader on the weekly chart, the “handle” was formed after the recent price drop from all-time highs. The “cup” follows the price decline in 2022 and the subsequent recovery in 2023.

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    Historically, if there is a breakout above the handle and the rim of the cup, prices tend to rally to new levels. For this reason, the analyst says that if buyers press on from spot rates, the breakout above the current range and all-time highs of $73,800 will be “explosive.”  

    Bitcoin prices trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView
    Bitcoin prices trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

    For now, prices remain in a descending channel with clear resistance levels marked out in the immediate term at around $66,000 and $72,000. A breakout, reading from the candlestick formation in the daily chart, above these liquidation levels could spark demand, lifting the coin to new levels. 

    Will Miners Dump BTC And Force Prices Lower?

    However, lurking beneath the optimistic outlook is a potential storm cloud: declining on-chain activity. After the brief spike in on-chain activity on Halving Day due to the launch of the Runes protocol, transaction fees have been declining.

    Bitcoin transaction fees | Source: YCharts

    According to YCharts, it is currently at $3.206, down from over $128 on April 20. This contraction means miners are getting less revenue, heaping more pressure now that there is more pressure on margins post-Halving.

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    Now that miners are feeling the pinch of slashed block rewards and declining transaction fees, it is likely that they might liquidate some of their BTC to stay afloat. Their participation, especially in the secondary market, would heap more pressure on BTC, forcing prices lower. 

    Feature image from Shutterstock, chart from TradingView

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    Dalmas Ngetich

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  • Is Bitcoin Out Of The Woods? Analyst Bullish On 6-Figure Future

    Is Bitcoin Out Of The Woods? Analyst Bullish On 6-Figure Future

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    Bitcoin (BTC) began the month with the deepest retrace of the cycle, falling to the $56,000 support level. The retrace raised alarms for some crypto investors and market watchers, who feared the bull run had ended.

    Since then, the largest cryptocurrency by market capitalization has recovered crucial levels, and analysts have identified bullish patterns on BTC’s chart, suggesting that it might finally be out of the woods.

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    Is Bitcoin Out Of Danger?

    As the May 1st retrace developed, crypto analyst Rekt Capital highlighted the similarities between Bitcoin’s 2016 and 2024 post-halving performances. He suggested that the flagship cryptocurrency’s price development came “as no surprise,” as it was mirroring the “post-Halving Bitcoin Danger Zone” of 2016.

    Per the analyst, the “Danger Zone” is officially over, which BTC is “celebrating with a good bounce from the Re-Accumulation Range Low support.” He stated that May could be an “unremarkable” month for the largest cryptocurrency, potentially continuing next month. However, Bitcoin is “running out of unremarkable months” before the beginning of this cycle’s “Parabolic Phase.”

    Additionally, Rekt Capital considers that BTC’s sell-side momentum is starting to show signs of slowing down, “slowly developing a curl against the $60,000 support.” Per the post, Bitcoin must continue to hold this support zone for the curl to “progress and eventually lift up.”

    BTC's curl pattern developing. Source: Rekt Capital

    Similarly, analyst Bluntz identified a bullish engulfing pattern on Thursday, considering there would be “a solid engulfing on the daily close.” To the analyst, it appeared that the “next push-up into ATH has started.”

    This morning, Bluntz confirmed the pattern formation and announced to his followers that this cycle’s Round 2 began, which would lead to a “fresh ATH.”

    BTC’s Strength Could Lead The Price To 6-Figures

    Following the bullish analysis, CryptoJelle stated that BTC “is looking good.” Per his post, the cryptocurrency “has nearly completed a full reset,” as it’s back to the 100-day Exponential Moving Average (EMA).

    Additionally, the chart displays a “bullish MACD cross” below the zero line and the “first higher low in a long time,” suggesting a positive divergence.

    Jelle highlights that BTC’s price is again pushing into the trendline that “has pushed prices lower over the past weeks.” Despite the higher low, he points out the necessity of reclaiming the $63,000 support zone before new highs come.

    For these new highs, he set an $82,000 target for BTC’s price, suggesting that a 6-figure price for the flagship cryptocurrency is possible during this cycle.

    The analyst emphasizes Bitcoin’s performance this cycle, stating that the community has under-appreciated its strength during this bull run. He considers that the run is not over, as the “Halving” event occurred just a few weeks ago, and BTC’s price has been consolidating around the previous cycle’s all-time high for a long period.

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    On Monday, Bitcoin surged to $63,000 after hovering between $60,000 and $61,000 for the past few days. Despite its recent performance showing short-term red numbers, BTC’s price still registered a 25.7% and 76.5% increase in the three-month and six-month periods, respectively.

    At the time of writing, BTC is trading at $62,752, a 3% increase in the past 24 hours.

    BTC, BTCUSDT, Bitcoin

    BTCis performance in the three-day chart. Source BTCUSDT on TradingView

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

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    Rubmar Garcia

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  • US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000

    US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000

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    JP Morgan and Wells Fargo, two of the largest banks in the United States, have announced their investments into Spot Bitcoin ETFs, unveiling their exposure to BTC, the world’s largest cryptocurrency. This significant development comes amidst the persistent downturn in the crypto market, resulting in BTC’s price dipping slightly above $60,000. 

    US Financial Banks Expose Spot Bitcoin ETF Holdings

    American financial services companies, Wells Fargo and JP Morgan, have revealed their exposure to BTC by disclosing their adoption of Spot Bitcoin ETFs in a recent filing. This decision to invest in BTC ETFs marks a notable change from the banks’ previous cautious approach to cryptocurrencies. 

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    Wells Fargo revealed in its new filing to the United States Securities and Exchange Commission (SEC) that it currently holds 2,245 shares of Grayscale Bitcoin Trust (GBTC), valued at $121,207, which it has since converted into an ETF. Additionally, the American bank holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), valued at $1,195. 

    On the other hand, JP Morgan, which holds about $2.9 trillion in Assets Under Management (AUM), has revealed its total Spot BTC ETF holdings in an SEC filing. The bank reported that it had purchased about $760,000 worth of shares of BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO). 

    Moreover, JP Morgan also owns about 25,021 shares valued at $47,000 in cryptocurrency ATM provider, Bitcoin Depot. The investment company also unveiled its exposure to Spot BTC ETFs just hours after Wells Fargo’s announcement.

    Despite the regulatory uncertainty and the market’s continuous volatility, institutional interest in cryptocurrencies, particularly BTC, has been growing rapidly. Bloomberg senior analyst, Eric Balchunas also forecasted that more financial services companies would likely follow JP Morgan and Wells Fargo’s footsteps to unveil holdings in Spot Bitcoin ETFs as market makers or Authorized Participants (APs). 

    BTC Price sUFFERS More Declines

    Despite the increasing interest from traditional financial institutions seeking exposure to BTC, the price of the cryptocurrency has shown a surprising lack of bullish momentum. Since its halving event on April 20, BTC has been trading sideways, witnessing continuous declines that have pushed its price down to around $57,000 previously. 

    The cryptocurrency, which recorded an all-time high above $73,000 in March, has seen a 14.20% drop over the past month. Additionally, Bitcoin gave up a large portion of its gains before the halving and is currently trading at $60,494, according to CoinMarketCap. 

    Blockchain analytics platform, Santiment, revealed that the ongoing lack of interest in BTC and the broader market sentiments could be a strong sign that the cryptocurrency is getting close to its bottom. 

    BTC price falls below $61,000 | Source: BTCUSD on Tradingview.com

    Featured image from PlasBit, chart from Tradingview.com

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    Scott Matherson

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  • Ethereum Wild Fluctuations: Here’s What ETH Implied Volatility Tells Us

    Ethereum Wild Fluctuations: Here’s What ETH Implied Volatility Tells Us

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    The cryptocurrency market has recently exhibited distinct divergences in the behavior of its two leading assets, Bitcoin and Ethereum. While Bitcoin appears to be stepping into a phase of relative stability, Ethereum’s journey paints a contrasting picture of sustained uncertainty, particularly in its options market.

    This divergence is highlighted by the sustained high levels of implied volatility associated with Ethereum options, signaling a cautious outlook among investors regarding its future price movements.

    Ethereum Persisting Volatility: A Comparative Analysis

    Implied volatility (IV) serves as a crucial indicator in the options market, providing insights into the expected price fluctuations of an asset over a specific period. It reflects the market’s temperature, gauging the intensity of potential price movements traders anticipate.

    Recent analyses suggest that while Bitcoin’s implied volatility has settled down significantly post-halving, Ethereum’s has not followed suit. As Bitcoin’s IV dipped to a multi-month low, indicating a calming market, Ethereum’s IV remains stubbornly high.

    Contrary to the calming waves in the Bitcoin market, Ethereum wrestles with heightened volatility. According to data from Bitfinex Alpha Report, Bitcoin’s volatility index sharply declined from 72% at the time of its latest halving event to about 55%.

    Bitcoin (BTC) implied volatility. |  Source: Bitfinex Alpha Report

    On the other hand, Ethereum saw a more modest reduction in its volatility index, dropping from 76% to 65% in the same period. This persistent volatility in Ethereum’s market is primarily fueled by uncertainties surrounding significant upcoming regulatory decisions and broader market implications.

    Ethereum (ETH) implied volatility.
    Ethereum (ETH) implied volatility. | Source: Bitfinex Alpha Report

    The Ethereum market is particularly jittery in anticipation of the US Securities and Exchange Commission’s (SEC) impending decision on two spot Ethereum ETFs, slated for late May 2024.

    This upcoming regulatory milestone is considered a critical event that could either catalyze a major market move or exacerbate the current volatility.

    The Bitfinex Alpha report underscores that regulatory uncertainty is a primary driver behind Ethereum’s less significant drop in its Volatility Risk Premium (VRP) compared to Bitcoin’s.

    ETH And BTC Show Signs of Recovery Amid Volatility

    Ethereum and Bitcoin have shown signs of recovery over the past week in terms of trading performance. Bitcoin has seen a 4.1% increase, while Ethereum reported a more modest gain of 2.4%.

    Ethereum (ETH) price chart on TradingView
    ETH price is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

    However, the last 24 hours have been less favorable for Ethereum, with a slight dip of 0.7%, underscoring the ongoing volatility and investor caution.

    Moreover, Ethereum’s network dynamics also reflect a subdued activity with a marked decrease in ETH burn rate attributed to reduced transaction fees.

    This technical aspect further complements a cautious Ethereum market narrative, poised on the brink of potentially significant shifts depending on external regulatory actions.

    Despite all these, analysts like Ashcrypto suggest that the current volatility could set the stage for a strong rebound in the year’s third quarter. Drawing on historical patterns, Ethereum’s speculative forecast is potentially reaching the $4,000 mark, provided market conditions align favorably.

    Featured image from Unsplash, Chart from TradingView

    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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    Samuel Edyme

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  • Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here

    Bitcoin Relative Strength Jumps To 40%: 10x Research Reveals Next Steps From Here

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    Crypto research platform 10x Research recently noted that the Bitcoin Relative Strength has jumped to 40%. In line with this, they provided insights into what major moves the flagship crypto might make soon enough. 

    What Next For Bitcoin?

    In their newsletter titled “Fake Dip?” 10x Research drew the crypto community’s attention to the fact that Bitcoin has historically experienced potential rallies whenever its relative strength index (RSI) drops to 40%. As such, there is the possibility that BTC could again rally following its recent decline. 

    The research platform warned that a “line in the sand” at the $62,000 mark could keep the flagship crypto from rallying. However, Bitcoin has already broken above that level, which could mean there is still a bullish sentiment around the crypto token. 

    Meanwhile, the research hinted that BTC would need a catalyst to enjoy a sustained rally. They highlighted four bullish events that helped Bitcoin enjoy a parabolic run soon after breaking a vital support level. These events included Treasury Secretary Janet Yellen’s bid for uncapped deposit insurance, BlackRock’s application for a Spot Bitcoin ETF, Franklin Templeton also filing for a Spot Bitcoin ETF, and when US Core PCE dropped below 3.0%.

    This echoes the sentiment of Andrey Stoychev, Head of Prime Brokerage at Nexo, who previously mentioned that Bitcoin would need a catalyst to make a significant move to the upside. He predicts that Bitcoin will only continue to trade around the $67,000 range without this catalyst. 

    10x Research didn’t sound optimistic about BTC enjoying a sustained rally, as their trend model indicates that the flagship crypto is in a downtrend. Despite that, they are not ruling out the possibility of BTC experiencing a bullish reversal. The research firm also revealed that they would look to buy the dip if Bitcoin drops significantly or rallies from here. 

    BTC Still Destined To Hit New Highs

    Crypto analyst Mikybull Crypto recently suggested that Bitcoin will still hit new highs. He stated that Bitcoin’s current price action is meant to create “more fear across the market and then bottom for upward continuation.” Crypto analyst Ali Martinez also recently suggested that the bull run was far from over, bearing in mind that Bitcoin consolidated around this period in the last two bull runs. 

    He claimed that BTC might be over 500 days away from hitting its market top for this cycle. As to how BTC could rise, Martinez mentioned that it could hit a new all-time high (ATH) of $92,190 if it breaches the resistance level of $69,150. It is also worth noting that crypto analyst PlanB stated that Bitcoin hitting $100,000 this year is “inevitable.”

    At the time of writing, BTC is trading at around at around $63,500, up over 7% in the last 24 hours, according to data from CoinMarketCap.

    BTC price recovers above $63,000 | Source: BTCUSD on Tradingview.com

    Featured image from BBC, 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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    Scott Matherson

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  • Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range

    Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range

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    Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable resurgence in its bullish momentum, with the Bitcoin price reclaiming the crucial $61,000 threshold. 

    This recovery follows a week-long downtrend that led to a 20% drop to $56,000 on Wednesday. As the bullish momentum returns, the possibility of further testing upper resistance levels and reclaiming previously lost price levels grows stronger.

    Bitcoin Bulls Eye $68,000

    According to market expert Justin Bennett, a recovery of the $61,000 resistance level would open up potential areas such as $67,000 to $68,000. However, at the present moment, this level continues to pose a significant resistance.

    Analyzing the recent correction in the Bitcoin price, analyst Crypto Con suggests that the market correction was necessary for the long-term price trajectory. 

    The full retest of the 20-week Exponential Moving Average (EMA) support at $56,700 and the return to indicator support zones, such as the Directional Movement Index, indicate a healthy price consolidation.

    In addition to the technical indicators, on-chain and market data analytics firm CryptoQuant’s founder and CEO, Ki Young Ju, highlights the current bullish sentiment. 

    BTC whales buying spree in the past 24 hours. Source: Ki Young Ji on X

    According to their data, whales accumulated a significant amount of Bitcoin, totaling 47,000 BTC, within the past 24 hours. This increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price.

    Bitcoin Price Poised For Bullish Surge

    Crypto analyst Titan of Crypto has provided further bullish predictions for the Bitcoin price, suggesting that recent corrections have resulted in the grabbing of leverage longs liquidity. In addition, the Stochastic Relative Strength Index (RSI)on the 5-day chart is on the verge of crossing into bullish territory. 

    This occurrence has historically been followed by an upward price movement in Bitcoin, leading to higher highs. Such a pattern has the potential to fuel renewed investor confidence and attract further buying pressure.

    Another positive signal highlighted by Titan of Crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in an asset’s price movement. 

    Bitcoin Price
    BTC’s supertrend buy signal. Source: Titan of Crypto on X

    The buy signal, which occurred just three months ago, implies that Bitcoin may still have significant room for growth before reaching its cycle top. According to the analyst, historical data suggests that the average duration from the buy signal to the cycle top is approximately 19 months, indicating the potential for a sustained upward trend.

    Bitcoin price
    The daily chart shows BTC’s price recovery over the past 24 hours. Source: BTCUSD on TradingView.com

    Currently trading at $61,600, Bitcoin has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen if BTC will successfully break above resistance levels, while also challenging the ability of previously retested support levels to withstand potential future downtrends.

    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 Sell Calls Going Through The Roof: But Is It Really Time To Sell?

    Bitcoin Sell Calls Going Through The Roof: But Is It Really Time To Sell?

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    The story has not been any much different for Bitcoin, with its price still stuck in a consolidation range in the past week. The sluggishness of the premier cryptocurrency – and the general market – has continued despite the completion of the halving event over a week ago.

    The halving event, which saw mining rewards take a significant cut, was expected to usher in another round of bullishness for the Bitcoin price. On the contrary, investors appear to be getting frustrated with the slow activity of the market, with many calling for the dump of BTC.

    Bitcoin Sell Calls At Increased Rate: Blockchain Firm

    According to a recent report by on-chain analytics firm Santiment, investors are increasingly calling for the sale of Bitcoin across social media following its latest drop toward $63,000. The relevant metric here is the “social volume” indicator, which tracks the number of unique posts and messages on different social platforms that mention a specific topic.

    Santiment aggregated data of “buy or bullish”, “sell or bearish,” or related mentions for the premier cryptocurrency over the past week. The on-chain analytics then highlighted a shift in the trend, with the bearish calls looking to drown out the bullish noise on social media.

    According to Santiment, Bitcoin’s recent fall to $63,000 resulted in the lowest level of buy and bullish calls since April 21st (just before BTC recovered back above $67,000). As shown in the chart above, the social volume for terms related to “sell” shot up after the price decline.

    Typically, the increased bearish mentions of Bitcoin suggest a rising level of FUD (fear, uncertainty, and doubt) amongst investors. However, when traders seemingly become frustrated and impatient, there is usually a higher probability of a market rebound.

    Almost 90% Of Circulating BTC In Profit – Impact On Price

    According to recent on-chain data, about 90% of Bitcoin in supply is in profit. On the surface, this basically implies that the most current holders of the premier cryptocurrency bought at a lower price compared to the current price.

    However, this level of profitability can also be an overbought signal, especially after bullish periods like the one that occurred between October 2023 and March 2024. Ultimately, this suggests investors could see Bitcoin shed more of its price gains over the next coming weeks.

    As of this writing, Bitcoin is valued at $63,077, reflecting a 2% price decline in the past 24 hours.

    Bitcoin

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    Opeyemi Sule

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  • Bitcoin Forms Death Cross & TD-9 Sell Signal: Brace For Impact?

    Bitcoin Forms Death Cross & TD-9 Sell Signal: Brace For Impact?

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    An analyst has explained how Bitcoin is forming both a death cross and TD sell signal, which may lead to potential dips in these targets.

    Bitcoin Looking In Trouble As 12-Hour Chart Forms Two Bearish Signals

    In a new post on X, analyst Ali discussed two signals that have recently formed in Bitcoin’s 12-hour chart. The first of these is a “death cross,” which occurs when an asset’s short-term simple moving average (SMA) dips below its long-term SMA.

    Regarding the death cross, the 50-day and 100-day SMAs make up for the short-term and long-term trend lines. Historically, such formations have been considered bearish signals, with the price potentially suffering once the pattern is confirmed.

    The other signal that has appeared for the cryptocurrency involves the Tom Demark (TD) Sequential. This indicator is popularly used for finding locations of probable tops and bottoms in any asset’s price.

    The TD Sequential has two phases: the “setup” and “countdown.” The first phase, the setup, is said to be complete once the asset has gone through nine candles of the same polarity. After these nine candles, the price may have reached a likely reversal point.

    Naturally, if the candles in the setup’s formation were red, then the signal would be a buy one, while if the prevailing trend were bullish, the reversal would be towards the downside.

    Once the setup is complete, the countdown phase begins. This phase works much like the setup, except that candles are counted up to thirteen instead of nine. After the countdown’s completion, the commodity may be assumed to have reached another potential top/bottom.

    Now, here is the chart shared by Ali that highlights how signals about both of these technical analysis patterns have been witnessed in the 12-hour price of Bitcoin recently:

    The two signals that the 12-hour BTC price has formed in recent days | Source: @ali_charts on X

    As is visible in the graph, the 12-hour price of Bitcoin first saw a death cross form with the 50-day SMA moving under the 100-day SMA. Then, it observed the completion of a TD Sequential setup, with the indicator suggesting a reversal to the downward direction.

    Since this double bearish pattern has appeared, BTC has been heading down, suggesting that these signals may already be in effect. “If BTC falls below $63,300, brace for possible dives to $61,000 or even $59,000,” says the analyst.

    From the current price of the cryptocurrency, a potential drawdown to the first of these targets would mean a decline of 4.6%, while one to the latter level would suggest a drop of nearly 8%.

    BTC Price

    So far, Bitcoin has managed to prevent falls under the $63,300 target listed by the analyst, as it currently floats around $64,000.

    Bitcoin Price Chart

    Looks like the price of the coin has lost its earlier recovery during the past 24 hours | Source: BTCUSD on TradingView

    Featured image from Shutterstock, charts 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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    Keshav Verma

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  • Negative Nirvana? Decoding The First Bitcoin Funding Rate Dip Of 2024

    Negative Nirvana? Decoding The First Bitcoin Funding Rate Dip Of 2024

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    The recent Bitcoin halving event, which cut the block reward for miners in half on April 20, 2024, has sparked a wave of optimism in the cryptocurrency market. While a brief dip in a key futures metric hinted at potential short-term bearishness, overall market indicators suggest a bullish trend taking hold.

    Analysts at Kaiko, a market data provider specializing in crypto derivatives and futures, reported a shift in Bitcoin’s funding rate leading up to the halving. The funding rate is a fee paid between long and short position holders in futures contracts.

    A negative rate signifies that short positions are compensating long positions, potentially indicating a bearish outlook. Notably, Bitcoin’s funding rate dipped into negative territory for the first time this year on April 18th, just two days before the halving.

    Bitcoin Bounces Back With Renewed Bullishness

    However, this short-lived bearishness seems to have been overshadowed by a broader sense of optimism. Following the halving, Bitcoin’s funding rate swiftly recovered and currently sits at a positive 0.0051. This suggests a return to the status quo where long positions are incentivized, reflecting a more bullish market sentiment.

    Further bolstering this positive outlook is the uptick in Bitcoin’s Open Interest (OI), a metric that represents the total amount of outstanding futures contracts. Despite a dip last week, OI has since rebounded to over $17 billion, indicating continued investor engagement in the Bitcoin market.

    Bitcoin is now trading at 64.250. Chart: TradingView

    Halving Impact Exceeds Historical Trends

    Perhaps the most intriguing finding from Kaiko’s analysis is the suggestion that this halving event might be having a more positive impact on Bitcoin’s price compared to previous halvings.

    At the time of the report, Bitcoin was up 2.8% since the halving, exceeding the price increases observed immediately after the 2012, 2016, and 2020 halving events. Despite a slight price correction in the following days, Bitcoin remains nearly 3% up since the halving.

    However, analysts caution against drawing definitive conclusions from this initial data. The cryptocurrency market is inherently volatile, and short-term fluctuations are to be expected.

    Some experts point to historical trends where price increases following a halving event were often followed by periods of consolidation or correction. The true impact of the halving on Bitcoin’s long-term price trajectory might not be fully evident for several months.

    Bullish Sentiment Fueled By Macroeconomic Factors

    Beyond technical indicators, some analysts believe that broader macroeconomic factors are also contributing to the current bullish sentiment surrounding Bitcoin.

    The ongoing global inflationary pressures and geopolitical uncertainties have driven investors towards assets perceived as hedges against inflation. Bitcoin, with its finite supply due to the halving mechanism, fits this profile for some investors.

    Additionally, the increasing institutional adoption of cryptocurrency is seen as a positive sign for Bitcoin’s long-term prospects. Major financial institutions are actively exploring ways to offer Bitcoin exposure to their clients, suggesting a growing level of confidence in the asset class.

    Featured image from Pexels, chart from TradingView

    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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    Christian Encila

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  • Analysts Identify Key Scenario For Bitcoin Hitting $100,000

    Analysts Identify Key Scenario For Bitcoin Hitting $100,000

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    Prior to the Bitcoin Halving event, BTC’s price saw considerable instability, but it has since rebounded, reaching the $66,000 level, triggering bullish predictions from top crypto analysts regarding the coin’s future path.

    Captain Faibik, a crytocurrency analyst and trader, has emerged with an intriguing prediction, underscoring a narrative that could potentially propel the price of Bitcoin to the coveted $100,000 mark in the upcoming months.

    Bitcoin Poised For A Notable Rally To $100,000 

    According to Captain Faibik, Bitcoin has managed to hold the $60,000 support level in the wake of bullish investors in the market. As a result, the largest crypto asset by market cap is currently making a strong comeback.

    These bullish investors, according to Faibik must reclaim the crucial $72,000 resistance level in order to see a major rally to the $100,000 price level. This scenario acts as a ray of hope for the cryptocurrency community, igniting speculations and influencing projections about Bitcoin’s potential for future growth. Given the anticipated impact of the Bitcoin Halving and bulls, the $72,000 level could be realized in the short term.

    Possible rally to $100,000 | Captain Faibik on X

    The expert previously highlighted that the Bitcoin weekly candle closed above the Exponential Moving Average (EMA) 10, demonstrating that the bulls are still very much in charge of the market. Following the Descending Channel break out in October last year, BTC Bulls has firmly secured the weekly EMA10, prompting the crypto analyst to put his next price target for the digital asset at $100,000.

    Faibik also noted that the daily Relative Strength Index (RSI) for Bitcoin has emerged from a falling wedge pattern. This breakout suggests that a 15% to 20% bullish rally in Bitcoin’s value is on the horizon.

    Meanwhile, in the daily timeframe, a bullish flag formation is underway, and in the event of an upward breakout from the bullish flag, Faibik anticipates a new all-time high for Bitcoin by May.

    Is A $1.5 million Price Level Possible For BTC?

    One of the most bullish predictions for Bitcoin this year came from Ark Invest Chief Executive Officer (CEO) Cathie Wood. The CEO foresees the digital asset to rise by over 2,000% reaching a whopping $1.5 million by 2030.

    During an interview in Hong Kong, Wood reiterated her projections for BTC, which were supported by a thorough investigation that included institution surveys and evaluations of market volatility.

    She stated:

    I have been asked this question from different angles, and our analysis from multiple perspectives indicates that by 2030, Bitcoin could rise to $1.5 million. This price prediction is based on a survey of institutions, using a discount rate and volatility analysis.

    Initially, Wood’s forecast for Bitcoin was estimated at $600,000 in the next six years. However, considering the effect of the Bitcoin Spot Exchange-Traded Funds (ETFs), she now believes the coin has the potential to hit $1.5 million.

    Bitcoin
    BTC trading at $66,567 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from iStock, 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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    Godspower Owie

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  • Is A $72K Bitcoin Surge On The Horizon? Glassnode’s Latest Analysis Points To An Answer

    Is A $72K Bitcoin Surge On The Horizon? Glassnode’s Latest Analysis Points To An Answer

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    Recent insights from Glassnode’s cofounders, shared under their X (formerly Twitter) account ‘Negentrophic’ have sparked interest in Bitcoin market dynamics, leading to a promising stabilization and possible price surge.

    Market Sentiments And EMA Trends

    With Bitcoin’s value recently wavering below the $70,000 mark, a detailed analysis from the cofounders suggests that a strong support level around the $62,000 50-day Exponential Moving Average (EMA) could set the stage for a significant rebound.

    This crucial support level indicates a strong buying sentiment, indicating the market’s confidence in the cryptocurrency’s value and a potential resistance against further declines.

    Using the strategic placement of the 50-day EMA as a support point, the analysis suggests that investors might see the current price levels as a solid base, preventing significant downward movements.

    This perspective is reinforced by recent price movements, where despite a pre-halving general dip, Bitcoin has experienced a 7.1% increase in value over the past week, and the same uptick continued in the last 24 hours.

    BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

    Further analysis by the Glassnode cofounders delves into the behavior of EMAs over different durations. Short-term EMAs indicate a growing inclination among investors to buy, while longer-term EMAs lean towards selling.

    This contrasting behavior between short and long-term EMAs sheds light on the current phase of the market, which seems to be in a period of consolidation after the notable 92% increase in Bitcoin’s price over six weeks earlier in the year.

    Such insights are vital as they offer a deeper understanding of the underlying market forces and investor behavior during volatile periods.

    Meanwhile, Glassnode’s team’s analytical approach extends beyond simple price movements. Yesterday, they compared the current market conditions to the early 2021 “strong correction,” which they term “wave 4” of the ongoing market cycle.

    This historical perspective provides a lens through which current trends can be evaluated, suggesting a cyclic return to bullish conditions reminiscent of past market behaviors.

    Bitcoin Bullish Projections And Market Dynamics

    Bitfinex analysts have highlighted significant activities around Bitcoin withdrawals, supporting the optimistic outlook on Bitcoin. The current levels, echo those of January 2023, suggest that investors are increasingly moving their Bitcoin to cold storage—a sign that many anticipate further price increases.

    Veering back to Glassnode’s projections yesterday based on their indexes and Fibonacci levels, the cofounders were boldly optimistic, anticipating a potential 350% increase from current market levels.

    Notably, this forecast highlights the expected financial trajectory and underscores a growing confidence among experts and market analysts in Bitcoin’s market performance and its foundational economic principles.

    Featured image from Unsplash, Chart from TradingView

    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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    Samuel Edyme

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  • Bitcoin Market Dynamics Still Positive Post-Halving – Bitfinex Analysis

    Bitcoin Market Dynamics Still Positive Post-Halving – Bitfinex Analysis

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    In the midst of the dramatic changes that have occurred in the cryptocurrency space after the Bitcoin halving event, Bitfinex provides a perceptive analysis that reassures investors that the market dynamics of BTC have remained positive in the post-halving period. Bitfinex examines the on-chain data and finds encouraging signs for Bitcoin in spite of the United States economy’s current state of uncertainty in its most recent Alpha report, which was released on April 22.

    Bitcoin Market Dynamics Remains Bullish

    According to the Hong Kong-based crypto platform, exchange withdrawals of Bitcoin are currently at levels not seen since January 2023. This simply indicates that a lot of investors are putting their assets in cold storage in expectation of price rises.

    Also, the exchange noted that long-term investors’ aggressive selling has not yet caused the usual pre-halving price decline, which suggests that new market participants are absorbing the selling pressure quite well, highlighting the tenacity of the present market structure of Bitcoin.

    The Bitfinex Alpha report revealed that the average daily net inflow from spot Bitcoin Exchange-Traded Funds (ETFs) is $150 million. Given the ETFs’ inflows far exceeding the $30 and $40 million daily issuance rate of BTC following the halving, this significant supply and demand imbalance could encourage further price appreciation.

    Bitfinex further claims the massive purchases of spot Bitcoin ETFs, which have dominated the entire year’s market narrative, may decline. However, recent ETF outflows have shown that ETF demand may be starting to stabilize.

    It is important to note that the recently concluded Halving cut down miners’ reward from 6.25 BTC to 3.125 BTC. As a result, miners are now modifying their operating tactics in order to sustain their activities against the decline in reward following the Halving.

    Thus, the amount of Bitcoin that miners are sending to exchanges has significantly decreased, which may indicate that they are selling ahead of time or collateralizing their holdings to upgrade infrastructure. Consequently, this could possibly lead to a gradual increase in selling pressure rather than a sudden drop in value at the Halving.

    New BTC Whales Surpassed Old Whales

    Since the conclusion of the fourth Halving, on-chain data shows a significant rise in new Bitcoin whales. CryptoQuant Chief Executive Officer (CEO) Ki Young Ju, reported the development, noting that the initial investment made by the new whales in Bitcoin is nearly twice that of the old whales combined.

    According to the data, the total holding by these new whales, which are short-term holders, is valued at $110.6 billion. Meanwhile, the old whales, which are long-term holders, own a whopping $67 billion worth of BTC. This change in whale demographics may impact Bitcoin’s future course and the dynamics of the cryptocurrency landscape as a whole.

    BTC trading at $66,002 on the 1D chart | Source: BTCUSDT on Tradingview.com

    Featured image from iStock, 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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    Godspower Owie

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  • Ethereum Spot ETFs Approval Skepticism Persists, As ETH Recovers

    Ethereum Spot ETFs Approval Skepticism Persists, As ETH Recovers

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    Ethereum Spot Exchange-Traded Funds (ETFs) approval odds continue to witness notable pessimism as the cryptocurrency space awaits the United States Securities and Exchange Commission’s (SEC) decision on the products scheduled for May.

    The expectation surrounding the SEC’s decision highlights how important ETF approval is in terms of giving conventional investors more convenient access to Ethereum’s spot market. Presently, data from Polymarket, the world’s largest prediction market, shows that ETH ETF approval odds have fallen to a mere 11%.

    Pessimism Deepens As Ethereum ETFs Remain Uncertain

    As the May deadline draws near, doubt and skepticism loom large on the horizon, casting a dark shadow for the products. One of the most recent figures to voice doubts about the SEC’s willingness to approve the exchange-traded products this May is Nate Geraci, the president of ETF Store.

    According to Geraci, the regulatory watchdog is eerily silent on Ethereum spot ETFs. He further suggested that the products might not be approved due to the SEC’s significantly lower level of engagement with ETF issuers than in previous interactions.

    “Logic says that is correct, but also wonder if SEC learned a lesson from clown show with spot Bitcoin ETFs,” he added. Thus, he has pointed out two possible options for the products, which are either an approval or lawsuit from the Commission.

    Commenting on the president’s insights, a pseudonymous X user questioned if there is a possibility that activities are taking place behind closed doors in order to avoid disrupting the pre-launch market. Geraci responded, saying he believes that could be possible, drawing attention to Van Eck CEO Jan Van Eck’s review, which might prove otherwise.

    It is worth noting that Van Eck is one of the earliest firms to submit its application for an Ethereum exchange product. Even though the company was the first to file for an application, Jan Van Eck is pessimistic about the approval of the ETPs, saying they will probably be rejected in May.

    He stated:

    The way the legal process goes is the regulators will give you comments on your application, and that happened for weeks and weeks before the Bitcoin ETFs. And right now, pins are dropping as far as Ethereum is concerned.

    In light of this, investors prepare for an unpredictable result while managing market swings and modifying their investment plans in the face of changing regulations.

    ETH Price Sees Positive Movement

    While Ethereum ETFs might be experiencing negative sentiment, ETH, on the other hand, has witnessed a positive uptick lately. ETH has revisited the $3,000 level again after falling as low as $2,888 during the weekend.

    Today, ETH price rose by over 4%, reaching around $3,234, indicating potential for further price recovery. At the time of writing, Ethereum was trading at $3,215, demonstrating an increase of 1.40% in the past day.

    Also, the asset’s market cap and trading volume are up by 1.40% and 5.96% in the last 24 hours. Given the anticipated impact of the recently concluded Bitcoin Halving on cryptocurrencies, ETH could be poised for noteworthy moves in the coming months.

    ETH trading at $3,204 on the 1D chart | Source: ETHUSDT on Tradingview.com

    Featured image from iStock, 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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    Godspower Owie

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  • Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000

    Battle For The Halving Block: Bitcoin Users Spend Record $2.4 Million On Block 840,000

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    With Bitcoin finally completing its fourth-year halving cycle, many users are aggressively competing for halving blocks, paying exorbitant amounts of fees to mine a single block. 

    Bitcoin Mining Pool Pays Over $2.4 Million In Block Fees

    Earlier today, the 840,000th block was added to the Bitcoin blockchain, triggering the onslaught of the highly anticipated halving event. While the price of BTC did not witness a dramatic change following the halving, transaction fees spiked to unprecedented highs. 

    Amidst the massive competition, a mining pool identified as ViaBTC had successfully mined the 840,000th Bitcoin block. Cumulatively, BTC users had spent a staggering $37.7 BTC in mining fees, equivalent to $2.4 million, recording the highest fee ever paid for a Bitcoin block. 

    According to reports from mempool, after ViaBTC had produced the 840,000th block, the protocol had initiated an automated reduction of miners’ reward by half, from 6.25 BTC to 3.125 BTC per block. In addition to the fees, ViaBTC had received a total payout of 40.7 BTC, valued at approximately $2.6 million, for mining the historic block.  

    While it may seem that Bitcoin miners had thrown caution to the wind by spending over $2.4 million on a single block, the 840,000th block had a major significance within the cryptocurrency space. The historic Bitcoin block is said to hold the first Satoshis, ‘sats,’ the smallest units of BTC following the halving. 

    There are several of these “epic sats,” that appear after the halving event, coveted as a rare collector’s item among cryptocurrency enthusiasts. Some even speculate that these Bitcoin fragments could be potentially worth millions of dollars. 

    Including the hype surrounding these fragmented BTC, much of the competition for the Bitcoin blocks, following the halving has been attributed to the new Runes Protocol which launched at the same time as the Bitcoin halving. 

    Degens Rush To Secure Infamous Rune Tokens

    The Runes Protocol, created by Casey Rodamor, a Bitcoin developer, has sent shockwaves through the cryptocurrency community, as degens are avidly competing to etch and mint tokens directly on the Bitcoin network. 

    While mining pools were mining new Bitcoin blocks, degens had paid over 78.6 BTC valued at $4.95 million to mint the rarest Runes. This exponential surge in fees has been an unprecedented event, highlighting the increased adoption and participation of the Bitcoin network.

    According to reports from Ord.io, a Rune labeled as ‘Decentralized’ was acquired for a fee of 7.99 BTC, equivalent to $510,760. While another titled ‘Dog-Go-To-The-Moon’ was obtained for a fee of 6.73 BTC, worth approximately $429,831.

    Leonidas, protocol developer and host of the groundbreaking Ordinals, a system for numbering “epic sats,” has declared the Runes Protocol a remarkable success as degens have “single-handedly offset the drop in miner rewards from the halving.” He concluded that Runes have significantly impacted Bitcoin’s security budget, potentially playing a major role in ensuring the network’s sustainability.

    BTC price sitting at $63,700 after halving | Source: BTCUSD on Tradingview.com

    Featured image from Watcher Guru, 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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    Scott Matherson

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