Jersey City Pension Fund in New Jersey, USA, will invest in Bitcoin ETF. Jersey City Mayor Steven Fulop announced the news on the social media platform X, and said that the pension fund is updating the documents with the U.S. Securities and Exchange Commission, which is expected to be completed by the end of summer. This shows that cryptocurrencies, especially Bitcoin, are gradually being recognized and accepted by traditional financial institutions. From a market perspective, the launch of Bitcoin ETFs provides institutions with a more convenient and regulated way to invest. Unlike buying Bitcoin directly, ETFs can be traded through traditional financial markets, reducing investment risks and complexity. The Wisconsin Pension Fund has taken similar actions, which further proves that Bitcoin is gaining more trust and recognition as an investment asset.
Mayor Steven Fulop's remarks reflect a broader market confidence. He made it clear that "the question of whether cryptocurrencies and Bitcoin will continue to exist is basically over," which means that the mainstream financial market has accepted the existence and value of Bitcoin. Fulop also mentioned the importance of blockchain technology, calling it "one of the most important new technological innovations since the Internet." This view is consistent with the views of many technology experts and players. The application prospects of blockchain technology are broad, not only limited to cryptocurrencies, but also in many fields such as supply chain management, financial services, and medical care. Finally, the investment of pension funds in Bitcoin ETFs also reflects a diversified asset allocation strategy. In the current low interest rate environment, traditional fixed income investments have low returns, while Bitcoin, as an emerging asset, has high growth potential. By investing in Bitcoin ETFs, pension funds can achieve higher investment returns while maintaining moderate risks.
Robert Mitchnick, head of BlackRock's digital assets, made it clear at the Bitcoin 2024 conference that BlackRock clients have little interest in cryptocurrencies other than Bitcoin and Ethereum. This view is far-reaching and reflects the mainstream investment tendencies and risk preferences in the current market. Judging from market data, Bitcoin and Ethereum are far ahead in market capitalization and trading volume. As of July 2024, Bitcoin's market capitalization is about $600 billion and Ethereum's market capitalization is about $300 billion. The two account for about 75% of the entire crypto market. This market concentration shows players' preference for mature and stable crypto assets.
The launch of ETFs often represents the market's recognition and maturity of related assets. However, other cryptocurrencies, except Bitcoin and Ethereum, have not received similar treatment. The lack of market demand for ETFs of other cryptocurrencies reflects the low trust of players in these assets. The reasons are that these assets have a small market size, high volatility, unclear technology and application prospects, etc. From a risk management perspective, large institutions prefer to choose assets with lower risks. After years of development, Bitcoin and Ethereum have formed a relatively mature ecosystem and a broad user base. In contrast, other cryptocurrencies have higher risks and greater uncertainty, so they are not favored by institutions.
U.S. GDP in the second quarter recorded 2.8%, much higher than market expectations of 2.0% and the previous value of 1.4%, indicating a significant acceleration in economic growth. This data demonstrates the strong resilience of the U.S. economy after experiencing multiple stresses. In addition, the number of people applying for unemployment benefits for the first time last week decreased to 235,000, lower than the expected 238,000 and the previous value of 243,000, further supporting the resilience of the labor market. From a macroeconomic perspective, the acceleration in GDP growth is mainly due to the growth in consumer spending and business investment. Although inflationary pressures remain, improving consumer confidence and the solid performance of the labor market have promoted the recovery of the overall economy. On the other hand, the decrease in unemployment claims indicates that the supply and demand relationship in the labor market is improving and business recruitment activities have increased.
The U.S. spot Ethereum ETF saw a net outflow of 45,700 coins yesterday, worth $152 million.
The U.S. spot Bitcoin ETF saw a net inflow of 476 coins yesterday, worth $31.1 million.
BTC: A standard hammer line was closed at the daily level, with a certain amount of energy. It is now above the 5-day moving average. The long-short ratio is at a low level. MACD indicator: The DIF line and the DEA line are currently above the zero axis, and there is a trend of forming a golden cross. The US spot Bitcoin ETF had a net inflow of 476 coins yesterday, worth 31.1 million US dollars. In summary, the market is likely to usher in a wave of rising waves. Pressure reference: around 69,000;
ETH: The daily level closed with a medium-sized Yin line, and is now above the 200-day moving average. The daily MACD has already crossed. It may take some time for shocks to adjust in the short term. Pressure reference: around 3603; around 3790;
JUP: Yesterday it closed with a medium-sized negative line and is now at the 5-day moving average. MACD shows signs of strengthening and there may be further upward demand in the short term.
UNI: Yesterday it closed with a hammer line, and a bottom divergence pattern appeared at the daily level. It may usher in an oversold rebound in the short term.
The Fear Index is currently at 68 (Greed) #美国以太坊现货ETF开始交易 #比特币大会 #比特币走势分析
