U.S. spot bitcoin ETFs added $186 million in their second straight day of positive flows, as Morgan Stanley's MSBT topped WisdomTree's fund.
The fund would provide exposure to ETPs that hold bitcoin, options on spot Bitcoin ETPs and options on “Bitcoin ETP Indices."
High-level negotiations between the US and Iran failed to reach a meaningful resolution earlier on Sunday.
CME has lost its position as the largest Bitcoin futures exchange to Binance for the first time since November 2023.
Institutions appear to be taking profits from the bitcoin rally rather than joining the momentum, one analyst said.
Morgan Stanley Bitcoin Trust's first-day volume exceeded the $30 million estimate from Bloomberg Senior Analyst Eric Balchunas.
The bank boasts "the largest network of financial advisors [with] 16,000 advisors managing $6.2 trillion" according to an analyst.
Global crypto funds saw $224 million worth of net inflows last week, led by XRP products with $119.6 million, per CoinShares.
The return in inflows reflects renewed confidence among institutional participants in the crypto market, analysts said.
Following the close of the deal, its new crypto arm will be called Franklin Crypto, with strategies focused on institutional investors.
Analysts said long-term conviction in bitcoin is still intact, noting that the decline is more cyclical than fundamental.
Crypto analyst Sweep has revealed that 20 Bitcoin indicators have flashed bullish at the same time, providing a bullish outlook for the leading crypto. Based on this development, the analyst has predicted that BTC could rally to $150,000, marking a new all-time high (ATH). 20 Bitcoin Indicators Hint At Rally To $150,000 In an X post, Sweep stated that 20 independent indicators are bullish at the same time. He noted that this has only happened three times in Bitcoin’s history, and each time was followed by a 300% rally. The first of this indicator is the Global M2 money supply, which just hit an all-time high (ATH) while BTC is still lagging. Related Reading: None Of The 30 Bitcoin Market Peak Indicators Have Been Hit, So Why Did The Price Crash? Sweep further revealed that the Dollar Index is at 100, the exact level that preceded 500% rallies twice before. Another bullish indicator is that BTC’s exchange reserves have fallen to a 7-year low, with only 2.1 million BTC remaining across all crypto exchanges. The drop in these exchange reserves has come as whales bought 270,000 BTC over 30 days, the largest accumulation wave since 2013. Another bullish indicator is that the Fear and Greed index has been stuck at extreme fear for 46 straight days, currently at 12. Bitcoin’s weekly RSI has printed 27.48, the third time in history that it has been this low. Furthermore, funding rates have been negative for weeks, with traders paying fees to short BTC. Meanwhile, Sweep also mentioned that the stablecoin supply has hit an all-time high of $320 billion, with supply sitting on the sidelines. Miners have been in capitulation for 4 months straight, the longest stretch this cycle. At the same time, the hash rate is recovering from a 22% decline. The Macro Angle For BTC Sweep mentioned bullish macro indicators, such as the Fed ending quantitative tightening, draining the reverse repo from $2.5 trillion to nearly zero, and resuming purchases of Treasury bills. Furthermore, Consumer confidence is in the second-lowest zone ever recorded in 70 years of data, while the ISM manufacturing is back in expansion for the first time in 40 months. Related Reading: The Last Time Bitcoin Sentiment Was This Bad Was 2022, But There Was A Silver Lining Another bullish indicator is that the Bitcoin ETF flows have turned positive in March, with $2.5 billion in inflows. SoSoValue data shows that the BTC ETFs are on course to end a streak of four consecutive months of outflows. Sweep mentioned that BTC has just printed 5 consecutive red monthly candles, which has happened only once and led to a 308% rally afterwards. Lastly, 92% of short-term holders are underwater. The analyst noted that the last time this many signals aligned was in November 2022, when Bitcoin was trading at $16,000. Since then, BTC has pumped to a new ATH of $126,000. At the time of writing, the Bitcoin price is trading at around $67,500, down in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com
The T-Strive Digital Credit ETF would invest in bitcoin treasury firms' yield-bearing preferred stock equities, including Strategy's Stretch.
U.S. spot bitcoin ETFs saw $296 million in outflows last week as global crypto funds posted $414 million in net withdrawals.
Bloomberg ETF analyst James Seyffart called the pricing a "big move" and predicted that the fund may launch in early April.
One analyst noted that this reflects short-term profit-taking rather than a shift in long-term conviction.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Eric Balchunas noted that the NYSE officially announced the listing of Morgan Stanley's spot Bitcoin ETF, a sign its launch is likely "imminent."
Head of Research Vetle Lunde said subdued derivatives activity and limited inflows point to a cautious market, but one forming a bottom.
The changes mean crypto ETF options are now treated identically to other commodity-based ETF options at every major exchange in the U.S.
The amendment confirmed that the Morgan Stanley Bitcoin Trust will list on the NYSE Arca under the ticker symbol MSBT.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Bitcoin and ether ETFs posted $219.2 million in combined net outflows on March 18, ending week-long inflow streaks.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The SEC's latest guidance on cryptocurrencies will lead to increased institutional capital flowing into crypto ETFs, one analyst said.
Most demand for crypto ETFs at major brokerages is still coming from self-directed investors, Morgan Stanley’s Amy Oldenburg said.
Bernstein said bitcoin’s ownership base is strengthening as ETFs and corporate treasury buyers like Strategy reshape the market.
The Bitcoin NUPL metric is flashing a warning that traders probably don’t want to hear right now. Price action might look bullish on the surface, but underneath the hood the structure of the market is starting to look… shaky. Here’s the situation. Supply distribution data shows the 1,000–10,000 BTC whale cohort shrinking, while the 100–1,000 …
Analysts said the move reflects a relief bounce driven by ETF inflows, liquidation short squeeze, and bitcoin's position as a macro hedge.
U.S. spot bitcoin ETFs added another $155 Million on Wednesday, continuing a two week run of institutional inflows even as Glassnode warns underlying demand remains fragile.