⭐⭐VanEck, Managing $108 Billion: “The Great Fall in Bitcoin is Over” ⭐⭐

Matthew Sigel, Head of Digital Assets Research at VanEck, a global investment firm that manages $108 billion in assets, expressed optimistic views about Bitcoin in a recent interview with CNBC. Sigel stated that the recent Bitcoin sell-off is largely over and that he foresees a recovery in the cryptocurrency market.

Sigel explained in his interview that the recent sell-off in Bitcoin was due to several factors. These factors included the relaxation of carry trade transactions, increasing correlation with Nasdaq, and the significant sale of Bitcoin assets by the German and US governments. He also emphasized that payments to creditors from the Mt. Gox and Genesis bankruptcies also contributed to the selling pressure.

Despite these challenges, Sigel stated that Bitcoin’s seasonal pattern points to a recovery in the near future. He stated that Bitcoin generally struggled after the halving event in April, but tended to make a strong recovery when market conditions stabilized.

Sigel also noted that Bitcoin miners, who usually offer high volatility in cryptocurrencies, have underperformed despite Bitcoin's recovery. Sigel attributed this to the decline in investor interest and the easing of high-beta assets, and noted that miners have also started to make more agreements with artificial intelligence (AI) companies. Sigel believes that these companies can significantly improve their financial positions by repurposing some of their electrical capacity for AI applications.

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