The amount of Bitcoin in exchanges has fallen to its lowest level since November 2018
The supply of Bitcoin on cryptocurrency exchanges has significantly decreased, reaching its lowest level since November 2018. This trend indicates that investors are increasingly inclined to hold Bitcoin for the long term rather than actively trading it. According to CryptoQuant data, the amount of Bitcoin held on trading platforms has dropped to about 2.58 million coins, significantly lower than the peak during the bull market before 2021.
CZ: Countries will compete to include Bitcoin in strategic reserves
November 19 news, CZ appreciates the speech by MicroStrategy founder Michael Saylor, saying: 'Wonderful speech. Worth listening to. Also thanks for the support of Binance in the video. Countries will compete to print money to buy Bitcoin, that is, Bitcoin as a strategic reserve. No one can be the last.'
Wall Street giants are buying MicroStrategy stock in large quantities
Data from 13f.info shows that the number of institutional holders of MicroStrategy has jumped from 667 to 738, with a total reported value of $15.3 billion. The world's second-largest asset management company, Vanguard Group, and Capital International Investors bought nearly 16 million shares of MicroStrategy stock in the third quarter, with both companies' MSTR holdings increasing by about 1000%. Investment banking giant Morgan Stanley bought 8 million shares, soaring 500% during the quarter. Goldman Sachs and Bank of America had smaller purchases (696,000 shares and 766,000 shares, respectively), but this was another purchase following large buys in the previous quarter. Meanwhile, State Street and Susquehanna also bought 5.3 million shares of MSTR.
Economic Daily published an article: Will Bitcoin become a US reserve asset?
Economic Daily published an article titled 'Will Bitcoin Become a US Reserve Asset?' The article states that although the incoming US government shows strong interest in cryptocurrencies, making Bitcoin a true national reserve asset still requires passing through several 'gates'. From a policy perspective, listing Bitcoin as a strategic reserve asset requires a complex legislative process, involving coordination and balancing of interests among multiple regulatory agencies. Additionally, traditional financial institutions in the US, conservative lawmakers, and interest groups skeptical of digital assets may all oppose this, making implementation quite challenging. The explosive rise in Bitcoin prices seems to have revived hopes for some people of experiencing a process similar to 'from the collapse of the Bretton Woods system to the establishment of the petrodollar'. However, Bitcoin's inherent attributes are unstable, and once it becomes a strategic reserve asset, it may pose greater challenges for regulators and alert other countries, increasing friction in the international financial arena. Whether the US economy, eroded by high inflation for days, can withstand the impact remains uncertain.
US Treasury: Foreign holdings of US Treasury bonds hit a record high
The latest data released by the US Treasury on Monday shows that the total amount of US Treasury bonds held by foreign countries rose from $8.5034 trillion in August to $8.6729 trillion in September, the highest level on record and the fifth consecutive month of increase. China's holdings of US Treasury bonds decreased by $3 billion to $772 billion in September, while Japan's holdings decreased by $6 billion to $1.123 trillion.
Analysis: Microstrategy's plan to fund Bitcoin purchases through stock issuance and sales still has $15.3 billion in unused capacity
November 18 news, crypto KOL Remo Uherek analyzed on platform X that the funds for MicroStrategy's disclosed purchase of 51,780 Bitcoin today came from stock issuance and sales (ATM plan). So far, they have used about $5.7 billion from the ATM plan, accounting for about 27% of the total $21 billion ATM plan, leaving $15.3 billion remaining; if they continue to buy at this pace, their ATM plan will be completed by the end of the year. They currently hold a total of 331,200 Bitcoin, accounting for 1.58% of the total Bitcoin supply.
Musk: I still hold a large amount of Dogecoin, and SpaceX holds a large amount of Bitcoin
November 18 news, Dogecoin UI designer DogeDesigner shared an audio clip of Musk, in which Musk stated, 'I still hold a large amount of Dogecoin, and SpaceX holds a large amount of Bitcoin.'
The correlation between Bitcoin and US stocks has dropped to a five-year low
Data shows that Bitcoin's correlation with the Nasdaq index is only 52% in 2024, with a 30-day correlation dropping to 0.46, one of the lowest levels in the past five years. According to Fidelity data, the correlation between Bitcoin and the S&P 500 index is only 19%, performing best in terms of Sharpe ratio among major asset classes.
