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Billionaire investor Bill Miller believes Bitcoin is 'significantly undervalued' in market cap
Miller argues that the flagship crypto asset is still highly undervalued and predicts major changes in global capital governance.
Cover art/illustration via CryptoSlate. Images include aggregated content that may include AI-generated content.
Cover art/illustration via CryptoSlate. Images include aggregated content that may include AI-generated content.
Billionaire investor Bill Miller IV, Chairman and CIO of Miller Value Partners, reiterated his firm belief in Bitcoin in a June 11 blog post titled “Why I'm Still Betting on Bitcoin.”
Cover art/illustration via CryptoSlate. Images include aggregated content that may include AI-generated content.
Cover art/illustration via CryptoSlate. Images include aggregated content that may include AI-generated content.
Billionaire investor Bill Miller IV, Chairman and CIO of Miller Value Partners, reiterated his firm belief in Bitcoin in a June 11 blog post titled “Why I'm Still Betting on Bitcoin.”
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Tether asserts nearly 75% dominance in the stablecoin market
According to Glassnode data, the stablecoin market continues to grow, with the combined market capitalization of the top five stablecoins surpassing $150 billion.
Leading the way is Tether (USDT) , which has a market capitalization of $112 billion — cementing its dominance with nearly 75% market share, a level not seen since January 2021. Tether's significant holdings in US Treasuries highlight its critical role in this acquisition. US debt.
Stablecoins: Aggregate Supply: (Source: Glassnode)
Leading the way is Tether (USDT) , which has a market capitalization of $112 billion — cementing its dominance with nearly 75% market share, a level not seen since January 2021. Tether's significant holdings in US Treasuries highlight its critical role in this acquisition. US debt.
Stablecoins: Aggregate Supply: (Source: Glassnode)
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Institutional participation fueled Bitcoin's future rise
Sorotan Onchain
DEFINITION: Bitcoin futures open interest (OI) is the total amount of funds allocated in open futures contracts.
Bitcoin futures OI has seen a further rebound recently. As Bitcoin prices neared $70,000 earlier this year, futures OI reached unprecedented levels, signaling renewed investor interest and market engagement. CryptoSlate's previous insight highlighted that the rise in OI reflected a significant rebound in the futures market, following a period of decline post the FTX collapse, which had wiped out 40% of open contracts.
DEFINITION: Bitcoin futures open interest (OI) is the total amount of funds allocated in open futures contracts.
Bitcoin futures OI has seen a further rebound recently. As Bitcoin prices neared $70,000 earlier this year, futures OI reached unprecedented levels, signaling renewed investor interest and market engagement. CryptoSlate's previous insight highlighted that the rise in OI reflected a significant rebound in the futures market, following a period of decline post the FTX collapse, which had wiped out 40% of open contracts.
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CryptoQuant warns of Ethereum price correction, volatility if ETF approval falters
Approval delays and high exchange inflows may impact the price of EThH.
On-chain analytics firm CryptoQuant warned that ETH prices could fluctuate if pending Ethereum ETFs encounter uncertainty.
It warned that ETH could experience a “significant price correction” if the SEC rejects the ETH ETF application or delays the approval process.
Additionally, high exchange flows may cause ETH price volatility in the coming days. Amid rumors of pending spot ETH ETF approval, exchange flows reached 62,000 ETH, the highest since March.
On-chain analytics firm CryptoQuant warned that ETH prices could fluctuate if pending Ethereum ETFs encounter uncertainty.
It warned that ETH could experience a “significant price correction” if the SEC rejects the ETH ETF application or delays the approval process.
Additionally, high exchange flows may cause ETH price volatility in the coming days. Amid rumors of pending spot ETH ETF approval, exchange flows reached 62,000 ETH, the highest since March.
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Cboe submits 5 amended ETH ETF applications amid new approval opportunities
The amendment concerns proposals from Fidelity and four others.
Cboe BZX filed amendment 19-b4 related to five spot Ethereum ETFs on May 21 , significantly increasing each fund's chances of approval.
The news coincided with a sudden spike in odds on Polymarket, which reported a 70% chance of approval on May 31, up from just 10% a few hours earlier.
Bloomberg ETF analyst James Seyffart commented on the development, stating that the filing validates previous rumors and speculation.
Cboe BZX filed amendment 19-b4 related to five spot Ethereum ETFs on May 21 , significantly increasing each fund's chances of approval.
The news coincided with a sudden spike in odds on Polymarket, which reported a 70% chance of approval on May 31, up from just 10% a few hours earlier.
Bloomberg ETF analyst James Seyffart commented on the development, stating that the filing validates previous rumors and speculation.
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The Trump campaign is banking on crypto with a new donation page amid the changing political landscape
Crypto has become an important topic ahead of November's elections and the political landscape appears to be softening its stance on the industry.
Former President Donald Trump has begun accepting crypto donations for his re-election campaign, making him the first US Presidential candidate to adopt digital assets for funding.
“The addition of this innovative digital fundraising operation marks the first time a major party Presidential candidate has used cryptocurrency for donations.”
Available website information shows that crypto users can donate in various digital assets, such as Bitcoin , Ethereum , XRP, Cardano, Dogecoin, Shiba Inu and others.
Crypto has become an important topic ahead of the November election, with former President Trump and President Joe Biden expected to be the leading candidates for their respective parties.
The candidates have taken different stances on the burgeoning industry, with Trump openly supporting crypto and promising to encourage its growth through proper regulation. Trump stated:
“Democrats, like Biden and his successor Elizabeth Warren, continue to believe that only government has the answers to how our country leads the world.”
Ethereum ETF
On May 20, reports emerged that the US SEC might approve an Ethereum exchange-traded fund (ETF) — a major change from previous expectations.
Bloomberg Intelligence analyst Eric Balchunas noted that the SEC's turnaround may have been politically motivated, a view shared by many in the crypto community.
#BTC #ETH #ADA #Ceypto
Crypto has become an important topic ahead of November's elections and the political landscape appears to be softening its stance on the industry.
Former President Donald Trump has begun accepting crypto donations for his re-election campaign, making him the first US Presidential candidate to adopt digital assets for funding.
“The addition of this innovative digital fundraising operation marks the first time a major party Presidential candidate has used cryptocurrency for donations.”
Available website information shows that crypto users can donate in various digital assets, such as Bitcoin , Ethereum , XRP, Cardano, Dogecoin, Shiba Inu and others.
Crypto has become an important topic ahead of the November election, with former President Trump and President Joe Biden expected to be the leading candidates for their respective parties.
The candidates have taken different stances on the burgeoning industry, with Trump openly supporting crypto and promising to encourage its growth through proper regulation. Trump stated:
“Democrats, like Biden and his successor Elizabeth Warren, continue to believe that only government has the answers to how our country leads the world.”
Ethereum ETF
On May 20, reports emerged that the US SEC might approve an Ethereum exchange-traded fund (ETF) — a major change from previous expectations.
Bloomberg Intelligence analyst Eric Balchunas noted that the SEC's turnaround may have been politically motivated, a view shared by many in the crypto community.
#BTC #ETH #ADA #Ceypto
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#BTC #ETHETFS #ADA/USDT StanChart reaffirms Ethereum's potential to reach $8000 after ETF approval
Standard Chartered reiterated its projection that Ethereum (ETH) will reach $8,000 by the end of this year, following growing anticipation of ETF approval.
StanChart's head of crypto research, Geoffrey Kendrick, said in a note shared with CryptoSlate that the latest developments reflect growing investor optimism and increased market activity.
Kendrick's remarks came after Bloomberg analyst Eric Balchanus significantly increased the likelihood of an Ethereum ETF approval this week.
Balchanus raised his odds from 25% to 75%, citing the Biden administration's change in attitude toward the agreement. Polymarket also revised approval odds to over 60% from 10%.
This announcement had a ripple effect in the crypto market, affecting trading platforms and asset prices.
Kendrick also highlighted that the net asset value (NAV) discount on ETH Grayscale Trust (ETHE) narrowed significantly over the past few days, jumping from -25% to -12% — signaling increasing optimism in the market.
Ethereum price responded strongly, rising 18% to $3,700. This rise has had a positive impact on the broader crypto market, with several digital assets experiencing similar upward trends. The focus now turns to the US SEC, which is expected to make a decision regarding the ETH application on Thursday.
Balchanus recalled the SEC's approval of the Bitcoin (BTC) ETF on January 10, which came shortly after reports of the SEC's Twitter account being hacked the previous day. Market participants observe similar time patterns in ETH ETF decisions.
In a March research note, Kendrick projected that approval of an ETH ETF could generate inflows ranging between $15 billion and $45 billion in the first year. He defended this estimate, emphasizing the potentially larger impact of ETH ETF flows compared to BTC ETFs.
Standard Chartered reiterated its projection that Ethereum (ETH) will reach $8,000 by the end of this year, following growing anticipation of ETF approval.
StanChart's head of crypto research, Geoffrey Kendrick, said in a note shared with CryptoSlate that the latest developments reflect growing investor optimism and increased market activity.
Kendrick's remarks came after Bloomberg analyst Eric Balchanus significantly increased the likelihood of an Ethereum ETF approval this week.
Balchanus raised his odds from 25% to 75%, citing the Biden administration's change in attitude toward the agreement. Polymarket also revised approval odds to over 60% from 10%.
This announcement had a ripple effect in the crypto market, affecting trading platforms and asset prices.
Kendrick also highlighted that the net asset value (NAV) discount on ETH Grayscale Trust (ETHE) narrowed significantly over the past few days, jumping from -25% to -12% — signaling increasing optimism in the market.
Ethereum price responded strongly, rising 18% to $3,700. This rise has had a positive impact on the broader crypto market, with several digital assets experiencing similar upward trends. The focus now turns to the US SEC, which is expected to make a decision regarding the ETH application on Thursday.
Balchanus recalled the SEC's approval of the Bitcoin (BTC) ETF on January 10, which came shortly after reports of the SEC's Twitter account being hacked the previous day. Market participants observe similar time patterns in ETH ETF decisions.
In a March research note, Kendrick projected that approval of an ETH ETF could generate inflows ranging between $15 billion and $45 billion in the first year. He defended this estimate, emphasizing the potentially larger impact of ETH ETF flows compared to BTC ETFs.
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Despite initial skepticism of Cryptocurrency, the digital asset has continued to gain momentum and is now a vital part of the global financial landscape.
Here are Some Reasons Why Cryptocurrency Will Be Important
1. Security and Reliability
Cryptocurrency is powered by blockchain technology which has proven to be extremely secure.
Every transaction is recorded on a decentralized blockchain, making it extremely difficult to manipulate.
This makes it more reliable than traditional financial systems which are sometimes prone to security breaches and fraud.
2. Access to Global Finance
Cryptocurrency allows access to global finance without geographical boundaries.
This is crucial to opening the door to greater financial inclusion around the world.
3. Transparency
Blockchain technology offers an unprecedented level of transparency.
All transactions are recorded on the blockchain, and anyone can review these records. This reduces the potential for fraud and corruption.
4. Smart Contracts
Platforms like Ethereum allow for smart contracts that can be executed automatically when certain conditions are met. It has a wide range of applications, including in the legal industry, insurance, and more.
5. Technological Innovation
Cryptocurrency drives technological innovation. New projects continue to emerge with the aim of solving real-world problems and increasing efficiency in various sectors.
6. The Future of DeFi (Decentralized Finance)
DeFi is a major trend that involves the use of cryptocurrencies for various decentralized financial services such as lending, exchanges, and staking.
7. Transformation of the Financial Industry
Traditional financial firms are starting to adopt blockchain technology and cryptocurrencies.
Cryptocurrency has the potential to change the way we interact with finance and technology in the future.
While there are still challenges and doubts, its continued development and adoption suggest that cryptocurrency will be an important part of our future.
Here are Some Reasons Why Cryptocurrency Will Be Important
1. Security and Reliability
Cryptocurrency is powered by blockchain technology which has proven to be extremely secure.
Every transaction is recorded on a decentralized blockchain, making it extremely difficult to manipulate.
This makes it more reliable than traditional financial systems which are sometimes prone to security breaches and fraud.
2. Access to Global Finance
Cryptocurrency allows access to global finance without geographical boundaries.
This is crucial to opening the door to greater financial inclusion around the world.
3. Transparency
Blockchain technology offers an unprecedented level of transparency.
All transactions are recorded on the blockchain, and anyone can review these records. This reduces the potential for fraud and corruption.
4. Smart Contracts
Platforms like Ethereum allow for smart contracts that can be executed automatically when certain conditions are met. It has a wide range of applications, including in the legal industry, insurance, and more.
5. Technological Innovation
Cryptocurrency drives technological innovation. New projects continue to emerge with the aim of solving real-world problems and increasing efficiency in various sectors.
6. The Future of DeFi (Decentralized Finance)
DeFi is a major trend that involves the use of cryptocurrencies for various decentralized financial services such as lending, exchanges, and staking.
7. Transformation of the Financial Industry
Traditional financial firms are starting to adopt blockchain technology and cryptocurrencies.
Cryptocurrency has the potential to change the way we interact with finance and technology in the future.
While there are still challenges and doubts, its continued development and adoption suggest that cryptocurrency will be an important part of our future.