Bitcoin (BTC) continues to face downward pressure following major negative developments surrounding the digital asset, which has led to speculations about whether BTC’s bull run has reached its climax. As a result, Cathie Wood, a popular advocate for cryptocurrencies and Chief Executive Officer (CEO) of Ark Invest has delved into the discussion offering her insights […]
Bitcoin's latest dramatic sell-off could present a rare opportunity for buyers to scoop up Bitcoin ETF shares at bargain prices.
Crypto twitterati showed no mercy as Polkadot published a transparency report detailing spending on $87 million of DOT tokens – a lot of it on marketing. PLUS blockchain tech news and project highlights from the past week.
Ether spot ETFs, once launched, should help broaden institutional appetite for other digital assets, the report said.
The realm of cryptocurrency ETFs appears to be now expanding, yet not all digital assets are poised for an easy transition into this financial product. GSR’s recent analysis of the potential for ETFs across various crypto has brought forward insights that place XRP and Cardano in a challenging position for ETF adaptation. Using a comprehensive […]
VanEck and 21Shares' applications seem doomed under the Biden administration. But they include a deadline that lapses when Trump would be in office, if he wins the presidency in November.
The crypto market is being overly pessimistic about the imminent launch of spot ether ETFs in the U.S. and net inflows could hit $20 billion in the first year, Steno Research said.
The winds of change are blowing in the Bitcoin market, bringing a fresh wave of short-term traders while veteran holders remain steadfast in their convictions. A recent report by Bitfinex Alpha reveals a fascinating dichotomy in investor behavior, with new players chasing quick profits and seasoned hodlers (hold on for dear life) accumulating for the long haul. Related Reading: Ethereum Longs Crushed! Who Got Burned In The $62 Million Fire Sale? Short-Term Surge Fueled By ETF Frenzy Spot Bitcoin ETFs, financial instruments that mirror Bitcoin’s price, have emerged as a game-changer. These easily accessible options are attracting a new breed of investor, one with a keen eye for short-term gains. This influx is evident in the significant rise of short-term holders (those holding Bitcoin for less than 155 days). Their holdings have skyrocketed by nearly 55% since January, indicating a surge in speculative activity. It looks like we still have overhang from last cycle. Short term holders realized price is steadily rising as new players enter the market and Buy #Bitcoin. Hedge funds, Pension Funds, Banks etc. But the price isn’t taking off because older coins are being distributed. We… pic.twitter.com/VxaXozgANT — Thomas | heyapollo.com (@thomas_fahrer) June 12, 2024 However, this newfound enthusiasm comes with a caveat. Short-term investors, by their very nature, tend to be more reactive to price fluctuations. A sudden market correction could trigger a sell-off, causing price volatility. The report highlights this vulnerability, emphasizing the need for caution amidst the current “greed” sentiment in the market (as measured by the Fear & Greed Index). Long-Term Holders: Diamonds In The Rough While the short-term scene buzzes with activity, long-term holders continue to display unwavering faith in Bitcoin’s potential. These digital veterans, who weathered previous market cycles, have shown a remarkable buying spree after initially offloading some holdings at Bitcoin’s all-time high in March. The report further underscores this bullish sentiment by pointing out the minimal amount of Bitcoin held by long-term investors that was purchased above the current price point. This signifies a “hodling” mentality, where investors are confident that the current price represents a good entry point for future gains. Additionally, Bitcoin whales (large investors holding significant amounts) are mirroring their pre-2020 bull run behavior by aggressively accumulating Bitcoin, indicating a potential repeat of the previous market upswing. Navigating The Crosscurrents The current Bitcoin market presents a unique situation. On one hand, the influx of short-term investors injects fresh energy and liquidity. However, their presence also introduces the risk of increased volatility. On the other hand, long-term holders continue to be the bedrock of the market, providing stability and confidence. Related Reading: Shiba Inu Loses 14% In Last 7 Days – Will The Misery Worsen? Bitcoin Price Forecast The Bitfinex Alpha report coincides with a technical analysis-based prediction, forecasting a potential rise in Bitcoin’s price by 29.51%, reaching $87,897 by July 13, 2024. However, the report also acknowledges the mixed sentiment in the market, with a Fear & Greed Index hovering at “Greed” territory. This indicates a need for caution, as investor optimism can sometimes precede price corrections. Featured image from VOI, chart from TradingView
Ether spot ETFs could attract as much as $3 billion of net inflows this year, the report said.
We took a spin through some of the side events and preparations taking place Tuesday ahead of CoinDesk's annual conference, which starts Wednesday in Austin.
The ever-evolving world of crypto assets could be poised for substantial growth, as market experts at the cryptocurrency channel Our Crypto Talk are heralding an unprecedented super bullish phase for the industry, driven by a convergence of significant global developments. Key among these is the adoption of cryptocurrency assets in the impending United States Presidential […]
U.S. Securities and Exchange Commission Chair Gary Gensler declined on Thursday to preview his agency's decision on ether exchange traded funds (ETFs), though he advised observers to "'stay tuned."
The success of Bitcoin ETFs and the influence of the Bitcoin halving is having a significant impact on cryptocurrency markets.
After five weeks of fleeing the digital asset market, investors are cautiously dipping their toes back in, with Bitcoin (BTC) emerging as the clear favorite. A recent report by CoinShares reveals a net inflow of $130 million into crypto investment products, marking a potential turning point after a period of sustained outflows. Related Reading: Hyperinflation […]
If approved, the EU’s UCITS funds would make way for crypto assets to gain exposure to a 12 trillion euro investment product market.
Amid turbulence surrounding the crypto market, popular founder and Chief Executive Officer (CEO) of Into The Cryptoverse Benjamin Cowen has taken the spotlight to shed his insights on the recent downtrend observed in the Ethereum/Bitcoin (ETH/BTC) pair. Cowen’s views examine the complex relationship between Ethereum and Bitcoin pricing and the potential for further downside risk. According to Benjamin Cowen, the ETH/BTC pair is currently on the downside, and the last 2 times that the pair declined, ETHUSD witnessed a steep decline of around 70%. Given that the crypto community has been eagerly anticipating an Altcoin season for the past 2.5 years, Cowen thinks it is crucial to warn the community that there is still a possibility of a downward movement. ETH/BTC Pair Rejected By The Bull Market Band Cowen has also confirmed that ETH/BTC is presently being rejected by the bull market support band, which he previously predicted days back due to a price pump. “I would expect it (ETH/BTC) to be rejected by the bull market support band, at least when looking at weekly closes ($0.053-$0.054),” he stated. He further noted that the pump appears to be mirroring the last cycle of rate cuts right before summer capitulation. Related Reading: Cracking the Crypto Code: ETH/BTC Signals The Next Altcoin Explosion – Here’s How Following the launch of Bitcoin Spot Exchange-Traded Funds (ETFs), Cowen mentioned that ETH/BTC saw a sharp rally. The analyst affirms that the rally was probably similar to the trend of the previous bull cycle, ushering in new lows. Furthermore, Cowen stated that there has been an unquestionable macro downtrend since November 2021, particularly following the merger of the ETH/BTC pair. However, it is also evident that the market did not decrease abruptly. As a result, investors held ETH instead of BTC all the way down from 0.085 to 0.048 because of the multiple lower highs, giving the impression that it was holding up quite well. Prior to the Bitcoin Halving, Cowen predicted that the bull market support band would reject ETH/BTC, at least when considering weekly closes ($0.053-$0.054), should there be a rebound after the Halving, similar to that witnessed with BTC spot ETF launch. Regardless of what occurs, the expert is confident that ETH/BTC will reach between $0.03 and $0.04 by this summer. Heightened Divergence Between Ethereum And Bitcoin Being the two leading cryptocurrency assets, there is great interest surrounding Ethereum and Bitcoin. However, on-chain analytics firm Glassnode has highlighted a shift in performance between both digital assets. Related Reading: Ethereum Trouncing Bitcoin, ETH/BTC Ratio Bouncing Higher: Will This Trend Continue? According to the firm, the performance of Ethereum and Bitcoin has been increasingly diverging so far in the 2023–2024 cycle. This is due to poorer performance in ETH price, which is explained by a generally weaker trend in capital rotation. In addition, this is evident when particularly compared to preceding cycles and all-time highs. Featured image from iStock, chart from Tradingview.com
Looking to strengthen its market share in the Asia region, Wintermute will become a liquidity provider to the recently launched Hong Kong-listed spot bitcoin and ether exchange-traded funds.
MilkyBull, a well-known personality in the world of cryptocurrency analysis, has drawn attention lately for his analysis of Bitcoin’s price trajectory and his prediction of a situation that might cause more fear in the market. MilkyBull’s analysis delves into the subtleties of Bitcoin’s movement, identifying patterns and trends that could have a big impact on investor mood. Bitcoin Triggering Anxiety In The Market According to the analyst, the market will get even more fearful of the Bitcoin price path before it bottoms out and continues to rise. The analyst claimed that because of the current price of BTC, Blackrock iShares Bitcoin Trust (IBIT) saw its first-ever outflows since the approval of the Bitcoin Spot Exchange-Traded Funds (ETFs). Related Reading: Bitcoin Euphoria Cools Off As BTC Distribution Enters Fear Zone Furthermore, he reminded us that positive news always denotes the peak of a Bitcoin bull cycle, while negative news denotes the bottom. With this notion, investors could position themselves for the next trajectory BTC takes. To further explore his narrative, MilkyBull drew attention to a previous analysis regarding Bitcoin’s final local bottom in this cycle. Given that BTC is following the PA (Price Action) of 2017, MilkyBull believes that the crypto asset might have bottomed out or come close to it. Historically, the bull market support band strongly sustains the Bitcoin market in bull cycles. As a result, the analyst is confident that Bitcoin’s price may wick through the support and recover. Another aspect highlighted by the expert is the Global liquidity during past bull cycles. Presently, Global liquidity is closely linked to Bitcoin at a level where it recovered in October 2022 and October 2023, which led to the inception of a massive surge in the digital assets markets, sparking a massive surge in the whole cryptocurrency market. With the macro volatility on Tuesday, MilkyBull stated that Bitcoin is at a pivotal juncture for the last local bottom before it resumes its rise to the cycle peak. Though the market does not always respond to such expectations, the majority of members in the crypto space are requesting a correction to $48,000. BTC Poised For A Breakout On The Upside Another crypto analyst Captain Faibik has also spotted the largest cryptocurrency asset undergoing a price recovery lately. According to the expert, although BTC is currently seeing a rebound, it is still moving inside the falling wedge formation. Related Reading: Bitcoin Loses Historical Level, Analyst Says “Reclaim And Bounce, Or Die” Thus, Bitcoin’s bullish investors must overcome the $61,000 resistance level for the digital asset to break out from this formation. Should BTC break out from this formation successfully, Captain Faibik anticipates a notable move on the upside toward $78,000. Given that BTC is already trading above $61,000, all eyes are now set on the $78,000 price level. At the time of writing, BTC was situated at $61,701, indicating a rise of over 5% in the past day. Data from CoinMarketCap shows that its market cap has increased by 5%, while the trading volume is down by 21%. Featured image from iStock, chart from Tradingview.com
The luster appears to have faded from Bitcoin’s crown. After a stellar run culminating in a record-breaking price in late March, the world’s leading cryptocurrency has experienced a sharp correction, plunging investor sentiment into the abyss. This sudden shift can be attributed to a confluence of factors, with the “Fear and Greed Index” playing a […]
An SEC approval for spot ETH ETFs looks unlikely but even if the SEC approves exchange traded funds for Ether, investors should learn about total return ETH investment products. That way, they can gain from staking rewards as well as the underlying asset, says Jason Hall, the CEO of Methodic Capital Management.
The spot exchange-traded funds will be denominated in the United States dollar, Hong Kong dollar, and Chinese yuan.
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. Related Reading: Bitcoin Halving: Anticipating Price Impact, Miner Challenges, And Long-Term Outlook 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. Related Reading: Crypto Expert Predicts A Narrative Shift Post-Bitcoin Halving 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. Featured image from iStock, chart from Tradingview.com
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. Related Reading: Cloudy Future For Ethereum ETFs – What’s Casting Doubt On Their Fate? 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. Related Reading: Ethereum Price Hints At Potential Fresh Rally, Buy The Dip? 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. Featured image from iStock, chart from Tradingview.com
Popular economist and vocal opponent of Bitcoin Peter Schiff has issued a warning to the cryptocurrency community, predicting that BTC Spot Exchange-Traded Funds (ETFs) buyers will soon start bailing out as they become overwhelmed by the volatility in the market. Bitcoin ETF Buyers Will Soon Bail Out Being known for holding unconventional opinions, investors are […]
Amid the buzzing excitement following the approval of Bitcoin and Ethereum Spot Exchange-Traded Funds (ETFs) in Hong Kong, Bloomberg Intelligence analyst Eric Balchunas has made a post highlighting the explosive growth of the products in the United States. US Bitcoin ETFs Assets Surpasses Hong Kong’s According to Eric Balchunas, the combined asset pool held by […]
With the fourth Bitcoin Halving just around the corner, Lady of Crypto, a market analyst and trader, has weighed in on claims concerning this bull cycle. The crypto analyst shared her insights after analyzing the recent market decline and the impending Bitcoin halving this month. According to the expert, there have been speculations that since BTC broke its all-time high early, the cryptocurrency can continue seeing fresh gains. Bullish Run Misconception: Bitcoin Can Hit Another ATH? Lady of Crypto has disregarded the claims that this bull cycle will begin early, saying she believed the community was “lied to and suggesting widespread misinformation” and dismissing the current gains as the signs of a widespread bull run. Related Reading: Will The Halving Send Bitcoin Price To $100,000? Analytics Platform Reveals What You Should Expect As The Halving approaches, the analyst noted that Bitcoin and Altcoins are severely down, but this is not the time to panic. Drawing attention to the 2016 and 2020 pre-halving dips, she highlights that BTC plummeted by 30% and 20% shortly before the event. Meanwhile, during this pre-halving period, BTC has dropped by over 17%, with altcoins falling by 29%. Although the current decline was severe, Lady of Crypto notes that it is in the range of a typical pre-halving dip and a black swan event. She compares the COVID meltdown, in which BTC fell by 58% and altcoins by 68%, suggesting that the current decline pales in significance. Lady of Crypto clarified that Bitcoin Spot Exchange-Traded Funds (ETFs) have been a major factor in BTC breaking its peak early, highlighting that the masses have not yet arrived. The expert then points to social media presence, revealing that the masses are returning to the crypto market. “YouTube views and subscribers show interest in returning gradually, in line with this time last cycle, as do new Twitter followers,” she added. This Bull Cycle Is Mirroring Past Halving Except for BTC’s early all-time high break, Lady of Crypto believes this bull run is unfolding similarly to the last two, albeit with more volatility. However, the volatility suggests this will be the biggest bull market ever. Related Reading: Bitcoin Bonanza Before The Halving? Analyst Sees Pre-Crash Buying Window She advises underexposed investors that the dips are the best chance to purchase BTC during a bull run. Meanwhile, if an investor is overexposed, holding the crypto asset has historically been the best course of action, drawing attention to 2020 and 2021 dips. Addressing fear and panic among investors, Lady of Crypto cautioned that multiple situations might trigger a panic sell during every bull run. Even though these events appear terrible, like the bull run coming to an end, they are just sideshows. Featured image from Istock, chart from Tradingview.com
Investors in the cryptocurrency space are eagerly awaiting the halving of Bitcoin in order to fuel future market growth. However, top cryptocurrency expert and trader Benjamin Cowen cautions that if the price of BTC follows a previous pattern, there may be a correction. Bitcoin Halving Could Impact Price Negatively Cowen has highlighted a trend that could potentially lead to a significant decline in the crypto asset’s price when the Bitcoin halving event commences, which suggests that BTC could be poised for a decline in the coming days. Related Reading: Bitcoin Final Dance: Analyst Eyes Final Peak Ahead Of Halving According to Cowen, should Bitcoin continue to follow the same trajectory as it entered the spot ETF during the halving, BTC may witness a trend toward the downside. The crypto expert advocates that these patterns typically do not repeat precisely. However, he believes putting the idea out there is crucial in case it happens again in a similar manner. In response, a pseudonymous user commented on Cowen’s post and reminded the expert that he forgot the arrow backup. Responding to the user, Cowen stated that he believes the outcome of the next phase will depend on whether or not ALT/BTC pairs have collapsed by then. Furthermore, he affirms there could be a move on the upside if they have not broken down. Meanwhile, in the event that they have broken down, the pattern can transit to something new. It is worth noting that the Bitcoin halving event is forecasted to take place within the next 11 days. Given Bitcoin’s halving previous significant impact on price, BTC could be positioned for a notable price surge in the coming days. However, if Cowen’s recent prediction manifests, it could paint a different picture for the crypto asset during the halving event. The expert’s prediction has sent quite a frenzy in the crypto community, with analysts like Peter Brandt supporting his insights. Peter Brandt acknowledged Cowen’s projections noting that previous Bitcoin bull markets have exhibited a similar fundamental trend. What To Expect During The Halving Event As the halving event approaches, the cryptocurrency data analytics platform Kaiko has laid out a perspective to watch out for. Kaiko’s perspective delves into the impact the halving has had on BTC’s price in the short term over the years. Related Reading: Crypto Expert Reveals What To Expect For Bitcoin, Dogecoin, And XRP In 12-16 Months According to the platform, in the past, the short-term price effect of Bitcoin halvings has been inconsistent. Nonetheless, historical data reveals that the coin tends to rise 9-12 months after halving, making it a generally bullish development. At the time of writing, Bitcoin’s price was up by 8% in the past 7 days, valued at $70,770. Its overall market cap is down by over 2%, however, while its trading volume is up by over 8% in the past day. Featured image from iStock, chart from Tradingview.com
Analysts’ optimism on the likelihood of Ethereum Spot Exchange-Traded Funds (ETFs) approval in May is constantly waning, as the once optimistic senior Bloomberg Intelligence analyst Eric Balchunas has lowered his prediction for the products being approved to a mere 25%. Ethereum Spot ETFs Odds Continues To Drop Eric Balchunas, who noted that his chances of […]
Last week, the crypto investment landscape witnessed a significant exodus of capital from global crypto funds. A recent report from CoinShares highlighted nearly $1 billion net outflow from these funds, marking a historic departure from a 7-week inflow streak that had cumulatively amassed $12.3 billion. A Closer Look At The Outflows The magnitude of these […]
Spot Ethereum Exchange-Traded Funds (ETFs) may be witnessing a decline in approval odds, but there is still a wave of optimism among several financial management firms applying for the products. Fidelity Amends Its Ethereum Spot ETF Application Amid the anticipation encompassing the Ethereum spot ETFs, financial management giant Fidelity has recently amended its application for […]