News

According to Cointelegraph, Galaxy Digital's research division projects that Bitcoin layer-2 (L2) networks could see approximately $47 billion in Bitcoin liquidity by 2030. This estimation comes as part of a broader analysis of the Bitcoin L2 ecosystem's growth, which has seen a significant increase in projects and venture capital investments. In its latest report, Galaxy Research highlighted the expansion of Bitcoin L2 ecosystems in 2024, noting a sevenfold increase in projects and around $447 million in venture capital investments to date. The report emphasized that venture funding in Bitcoin L2s has already reached $447 million, with 39% of these investments occurring in the first three quarters of 2024. Between January and September 2024, Bitcoin L2s secured $174 million in funding, with $105 million allocated to sidechains and $63 million to rollups. The second quarter of 2024 marked a pivotal shift, with Bitcoin L2s capturing 44% of all venture capital invested in layer-2s across the crypto industry. This period also saw a 159% increase in investments compared to the first quarter of 2024. Galaxy Research noted that traditional crypto venture capitalists, excluding Bitcoin-focused funds, had minimal exposure to the Bitcoin ecosystem before 2024. Previously, many firms viewed Bitcoin primarily as "digital gold," but the emergence of Bitcoin Ordinals and BRC-20 tokens in 2023 introduced new investment opportunities. Galaxy Digital anticipates that crypto venture capitalists will continue to invest in Bitcoin L2s as the ecosystem matures. The report suggests that as the Bitcoin L2 ecosystem develops, approximately $47 billion in Bitcoin could flow into the L2 ecosystem by 2030. This influx is expected as Bitcoin holders seek yield opportunities for their assets. Galaxy's report further elaborates that if Bitcoin reaches $100,000 by 2030, the total addressable market for Bitcoin L2s could reach up to $47 billion, assuming 2.3% of the total Bitcoin supply is locked in Bitcoin L2s by that time. Despite the rapid expansion of the ecosystem, Galaxy researchers predict that only a few players, between three and five, will dominate the market among the 75 builders currently involved in the space. This projection underscores the competitive nature of the Bitcoin L2 landscape as it continues to evolve and attract significant investment.

On Nov 21, 2024, 11:07 AM(UTC). According to Binance Market Data, Bitcoin has crossed the 98,000 USDT benchmark and is now trading at 98,080.007813 USDT, with a narrowed 5.32% increase in 24 hours.

According to CoinMarketCap data, the global crypto market cap is $3.19T, a 2.93% increase over the last dayBitcoin (BTC) traded between $92,808 and $97,852 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $97,424, up by 4.42%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include TROY, CTXC, and DGB, up by 56%, 27%, and 23%, respectively.Top stories of the day:Binance Dominates as Crypto Trading Volumes Surge Amid Bitcoin’s ATH and Market OptimismBitcoin ETFs Surpass $100 Billion in Assets Amid Record HighsBitcoin Open Interest Reaches New HighsEthereum Spot ETF in the U.S. Sees Significant OutflowNVIDIA and MicroStrategy See Significant Trading VolumeBitcoin Market Dominance Reaches Highest Level Since 2021 European Central Bank Predicts Inflation Rate to Remain at 2% by Early 2025 Cryptocurrency Market Remains in Extreme Greed State Bhutan's Bitcoin Holdings Reach Significant GDP Proportion Bitcoin Mining Progress: 95% of Blocks to Be Mined by November 2025Market movers:ETH: $3128.31 (+0.18%)SOL: $242.74 (+2.41%)BNB: $611.28 (-0.13%)XRP: $1.1294 (+2.22%)DOGE: $0.38423 (-1.98%)ADA: $0.7839 (-6.44%)TRX: $0.1987 (+0.25%)WBTC: $97162.91 (+4.35%)SHIB: $0.00002402 (-2.24%)TON: $5.482 (+0.75%)

According to PANews, the total assets of Bitcoin exchange-traded funds (ETFs) in the United States have exceeded $100 billion. This milestone comes after Bitcoin reached an all-time high of $97,000, edging closer to the $100,000 mark. Since their debut in January, 12 Bitcoin ETFs, including those from BlackRock and Fidelity Investments, have achieved this significant milestone within just ten months, marking them as one of the most successful fund categories ever launched.Institutional data reveals that as Bitcoin hit record levels, Bitcoin ETFs recorded a net inflow of $773 million on Wednesday. This surge in investment underscores the growing interest and confidence in Bitcoin as a viable investment option. The rapid growth of Bitcoin ETFs highlights the increasing acceptance of cryptocurrencies in mainstream financial markets, driven by both institutional and retail investors seeking exposure to digital assets. The success of these ETFs reflects the broader trend of digital currencies gaining traction as a legitimate asset class in the global financial landscape.

According to Foresight News, data from Coinglass indicates that the total open interest in Bitcoin contracts across the network has reached 643,200 BTC, approximately valued at $63 billion. This marks a new historical high, with a 24-hour increase of 9.48%.The surge in open interest reflects growing investor engagement and speculation in the Bitcoin market. This increase could be attributed to various factors, including market sentiment, upcoming economic events, or changes in regulatory environments. As Bitcoin continues to capture the attention of both retail and institutional investors, the rise in open interest suggests heightened activity and potential volatility in the market.Market analysts often view open interest as a key indicator of market sentiment and potential price movements. A rise in open interest can signal increased confidence or speculation among traders, potentially leading to significant price fluctuations. As the cryptocurrency market evolves, monitoring such metrics becomes crucial for understanding market dynamics and making informed investment decisions.

On Nov 21, 2024, 04:56 AM (UTC), according to Binance Market Data, Bitcoin (BTC) crossed the 97,000 USDT benchmark and is now trading at 97,157.867188 USDT, with a narrowed 5.46% increase in 24 hours.

On Nov 21, 2024, 04:04 AM (UTC), according to Binance Market Data, Bitcoin (BTC) crossed the 96,000 USDT benchmark and is now trading at 96,100.421875 USDT, with a narrowed 4.47% increase in 24 hours.

On Nov 21, 2024, 03:26 AM (UTC), according to Binance Market Data, Bitcoin (BTC) crossed the 95,000 USDT benchmark and is now trading at 95,290.890625 USDT, with a narrowed 3.95% increase in 24 hours.

According to Foresight News, data from Tradingview indicates that Bitcoin's market dominance has surged to 61.44%, marking its highest level since February 2021. This increase in market share highlights Bitcoin's continued prominence in the cryptocurrency market, as it maintains a significant lead over other digital currencies.The rise in Bitcoin's market dominance can be attributed to various factors, including its widespread adoption and recognition as a leading digital asset. As investors continue to seek stability and security in the volatile cryptocurrency market, Bitcoin remains a preferred choice due to its established reputation and extensive network. This trend underscores the ongoing confidence in Bitcoin as a store of value and a hedge against economic uncertainties.The current market dynamics reflect Bitcoin's resilience and its ability to maintain a strong position despite fluctuations in the broader cryptocurrency landscape. As the market evolves, Bitcoin's dominance is likely to influence the performance and perception of other cryptocurrencies, shaping the future of digital finance.

According to Odaily, as of November 20, Hong Kong's Bitcoin Spot ETF has accumulated a total of 4,683 BTC. The assets under management (AUM) for this ETF are approximately $430 million. This data was monitored by HODL15Capital, highlighting the significant holdings of Bitcoin within the ETF.The accumulation of Bitcoin by the Hong Kong ETF reflects a growing interest and investment in cryptocurrency assets within the region. The substantial amount of Bitcoin held indicates a robust confidence in the digital currency's potential for growth and stability. This development is part of a broader trend where institutional investors are increasingly participating in the cryptocurrency market, seeking to diversify their portfolios and capitalize on the potential returns offered by digital assets.The ETF's holdings and AUM are crucial indicators of market sentiment and investor confidence in Bitcoin. As the cryptocurrency market continues to evolve, the performance and strategies of such ETFs will be closely watched by investors and analysts alike. The data provided by HODL15Capital offers valuable insights into the current state of Bitcoin investments in Hong Kong, contributing to a better understanding of the global cryptocurrency landscape.

According to BlockBeats, on November 21, Nate Geraci, President of The ETF Store, shared insights on a social media platform regarding the current state of Bitcoin's supply. He highlighted that out of the total 21 million Bitcoins, nearly 20 million have already been mined. It is estimated that between 4 to 5 million Bitcoins are permanently lost. Additionally, the address associated with Bitcoin's creator, Satoshi Nakamoto, holds over 1 million Bitcoins.Geraci also noted that spot ETFs collectively hold more than 1 million Bitcoins. Furthermore, MicroStrategy (MSTR) is expected to increase its Bitcoin holdings to 400,000. While these figures do not serve as a price prediction, they underscore the limited availability of Bitcoins for circulation. The finite nature of Bitcoin's supply, coupled with significant holdings by entities and individuals, suggests a constrained market for the cryptocurrency.

According to Cointelegraph, United States Senator Cynthia Lummis has proposed establishing a strategic Bitcoin reserve as a potential solution to the country's escalating debt crisis, which has reached $35 trillion. However, Avik Roy, president of the Foundation for Research on Equal Opportunity, expressed skepticism about the effectiveness of this plan. Speaking at the North American Blockchain Summit 2024 in Dallas, Texas, on November 20, Roy cautioned against overestimating Bitcoin's potential to eliminate federal debt.Roy acknowledged that if the US were to acquire a substantial amount of Bitcoin that appreciates in value, it could provide some financial relief. Nonetheless, he emphasized that such a strategy would not address the core issue of the $35.46 trillion debt, which has been increasing at an alarming rate since the 1980s. Roy stressed the necessity of implementing budgetary reforms to tackle the $2 trillion annual federal deficits, suggesting that a Bitcoin reserve alone would not suffice.While Roy noted that a Bitcoin reserve might alleviate pressure in the bond market by backing the US dollar, he also expressed concerns about the potential depletion of these reserves, drawing parallels to the US's handling of gold reserves in the 1970s. The national debt has grown at a compounded annual rate of 5.3% since 1981, rising from $3.81 trillion to its current level, according to US Treasury Fiscal Data.Senator Lummis introduced the Bitcoin Act in July, proposing that the US government purchase 1 million BTC, approximately 5% of the total Bitcoin supply, and hold it for at least 20 years. She also suggested converting some of the US Treasury's 8,000 tons of gold holdings, valued at around $448 billion, into the proposed Bitcoin reserve. Additionally, President-Elect Donald Trump, set to be inaugurated on January 20, has pledged to establish a national Bitcoin stockpile, further highlighting the growing interest in cryptocurrency as a financial strategy.

According to U.Today, Peter Schiff, a well-known critic of Bitcoin, has reignited his debate with MicroStrategy Chairman Michael Saylor regarding Bitcoin's energy status. Schiff dismissed Saylor's assertion that Bitcoin represents 'digital energy,' likening it to other labels such as 'digital gold.' He argued that these terms are exaggerated and do not accurately describe Bitcoin's function.In a recent post, Schiff questioned the practicality of describing Bitcoin as 'digital energy,' asking how it could generate power. He emphasized that Bitcoin is more speculative than a resource capable of producing tangible energy or utility. To strengthen his argument, Schiff compared Bitcoin to crude oil, highlighting the latter's irreplaceable role in sustaining industries and human survival. He warned that the absence of crude oil could lead to mass starvation, posing a rhetorical question about the consequences of Bitcoin's disappearance and its lack of critical function.Michael Saylor, a prominent Bitcoin advocate, has often described Bitcoin in transformative terms, including 'digital gold' and now 'digital energy.' For Saylor, Bitcoin represents a technological breakthrough and a new form of value storage, akin to gold's historical role in monetary systems. Industry figures like Robert Kiyosaki, author of 'Rich Dad Poor Dad,' share Saylor's view, praising Bitcoin's value and urging traders to consider it as a hedge against economic instability and a vital asset for financial growth.However, Schiff views these narratives as misleading attempts to elevate Bitcoin's status without addressing its practical limitations. His critique highlights a broader ideological divide within the financial world. While Bitcoin advocates like Saylor emphasize its potential to transform finance, critics like Schiff question its practical use and sustainability. These differing perspectives reflect ongoing debates about Bitcoin's true value and purpose.

According to U.Today, Michael Saylor, the executive chairman of MicroStrategy, has praised the remarkable success of Japanese public company Metaplanet. Saylor welcomed Metaplanet to the 'Bitcoin standard' in a social media post, highlighting its impressive rise among the top 30 publicly listed Japanese companies by trading volume. This achievement places Metaplanet ahead of major corporations like Itochu and NTT. Metaplanet, previously known for operating budget hotels, has dramatically transformed its business model by heavily investing in Bitcoin, similar to MicroStrategy's approach. Since announcing its Bitcoin strategy in April, Metaplanet has rapidly climbed the ranks of corporate Bitcoin holders. The company's current Bitcoin holdings are valued at $93 million, and it has recently introduced a new debt-for-Bitcoin offering. Metaplanet is poised to surpass other significant players in the Bitcoin space, such as Bitcoin mining equipment manufacturer Canaan and Norwegian industrial giant Aker ASA. MicroStrategy, often referred to as the '800-pound gorilla' in the Bitcoin market, continues to set the standard for corporate Bitcoin investment. The company's Bitcoin holdings have reached a staggering $30 billion following a record-breaking $4.6 billion purchase. Additionally, MicroStrategy has announced a $1.75 billion debt offer to acquire even more Bitcoin. Despite this success, some industry experts express concerns about the centralization of Bitcoin around Saylor. Eric Conner, founder of EthHub, suggests that Bitcoin's centralization poses a risk, while hedge fund manager Mark Spiegel warns that Saylor might face a fate similar to the Hunt brothers, who famously went bankrupt after attempting to corner the silver market.

On Nov 20, 2024, 21:21 PM (UTC), according to Binance Market Data, Bitcoin (BTC) dropped below 94,000 USDT and is now trading at 93,972 USDT.

According to Odaily, MicroStrategy, a U.S. publicly traded company known for its Bitcoin reserve asset strategy, has achieved a significant milestone in the stock market. As disclosed by Bloomberg's senior ETF analyst Eric Balchunas on the X platform, MicroStrategy's trading volume on the U.S. stock market today has surpassed that of tech giants Nvidia and Tesla.MicroStrategy reported a trading volume of $18.56 billion, outpacing Nvidia's $17.32 billion and Tesla's $11.91 billion. This development highlights the growing interest and activity surrounding MicroStrategy's stock, driven by its strategic focus on Bitcoin as a reserve asset. The company's approach has attracted considerable attention from investors, contributing to its substantial trading volume.The comparison with Nvidia and Tesla, both leading companies in the technology sector, underscores the impact of MicroStrategy's unique strategy on its market performance. As the company continues to leverage Bitcoin in its financial strategy, its stock market activity remains a point of interest for analysts and investors alike.

According to Odaily, Bitwise has clarified on the X platform that its Bitcoin ETF, known as BITB, is not registered under the Investment Company Act of 1940, commonly referred to as the '40 Act.' As a result, the fund is not subject to the regulations outlined in this legislation.Investors should be aware that engaging with BITB involves significant risks, including the potential loss of principal. The fund is characterized by high risk and volatility, making it unsuitable for investors who cannot afford to lose their entire investment. It is important to note that investing in this fund does not equate to directly investing in Bitcoin itself.The nature of digital assets, such as those involved in BITB, requires careful consideration and understanding of the inherent risks. Investors are advised to thoroughly assess their risk tolerance and financial situation before considering an investment in such high-risk financial products.

According to Odaily, recent market reports indicate that the ProShares Bitcoin Strategy ETF has experienced a 1.9% increase. Similarly, the iShares Bitcoin Trust Fund has also risen by 1.9%. This development highlights a positive trend in the performance of these financial instruments, reflecting growing investor interest and confidence in Bitcoin-related assets.The rise in these ETFs and trust funds is part of a broader movement in the cryptocurrency market, where digital assets continue to gain traction among institutional and retail investors. The increase in value suggests a favorable outlook for Bitcoin investments, as these funds provide a regulated and accessible way for investors to gain exposure to the cryptocurrency market.As the market evolves, the performance of such ETFs and trust funds will be closely monitored by investors and analysts alike, as they serve as indicators of the overall health and direction of the cryptocurrency sector. The 1.9% increase in both the ProShares Bitcoin Strategy ETF and the iShares Bitcoin Trust Fund underscores the dynamic nature of the market and the potential for continued growth in the digital asset space.

According to BlockBeats, on November 20, Arkham reported that Grayscale has transferred a total of 1,546.514 BTC, valued at approximately $146 million, to two unknown addresses. This transaction was detected 11 minutes prior to the report.The movement of such a significant amount of Bitcoin by Grayscale, a major player in the cryptocurrency market, has drawn attention from industry observers. The reasons behind the transfer remain unclear, and it has sparked speculation about potential strategic moves by the company. Grayscale is known for managing substantial cryptocurrency assets, and any large transactions can influence market perceptions and investor sentiment.This transfer comes at a time when the cryptocurrency market is experiencing fluctuations, with Bitcoin's value showing volatility. Market participants are closely monitoring such transactions for insights into potential market trends and the strategies of major institutional players like Grayscale. The transfer to unknown addresses adds an element of mystery, prompting discussions about the possible implications for the broader market.

According to PANews, Grayscale, an asset management company, has successfully executed a reverse stock split for its two cryptocurrency ETFs: the Grayscale Bitcoin Mini Trust ETF and the Grayscale Ethereum Mini Trust ETF. This move aims to enhance the cost-effectiveness of securities trading.The reverse stock split took place on November 19 at 22:00 UTC. As a result, the per-share price of the Grayscale Bitcoin Mini Trust ETF increased fivefold, while the number of shares held by ETF holders was proportionally reduced. Similarly, the reverse stock split for the Ethereum Mini Trust ETF led to a tenfold increase in its per-share price from the pre-split net asset value (NAV). Shareholders' holdings, excluding fractional shares, were also proportionally reduced. The impact of this reverse stock split will be visible to shareholders on the next trading day, November 20.For the Grayscale Bitcoin Mini Trust ETF, every five pre-split ETF shares have been consolidated into one post-split BTC share, with the price being five times the pre-split NAV per share. In the case of the Grayscale Ethereum Mini Trust ETF, every ten pre-split ETH shares have been consolidated into one post-split ETH share, with the price being ten times the pre-split NAV per share. Grayscale has assured shareholders that the reverse stock split will be conducted automatically, requiring no action on their part.