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On March 12, spot Bitcoin ETFs recorded a net inflow of $1 billion
March 12 marked another day of record inflows into newly approved Bitcoin exchange-traded funds in the United States.
According to BitMEX Research, on March 12, the net inflow of bitcoins into the ETF exceeded $1 billion. At the same time, Blackrock's IBIT product, which this week had assets under management exceeding 200,000 BTC, received a record inflow of $849 million.
The cryptocurrency also saw a record inflow of 14,706 BTC. Since January 11, 2024, the total net inflow of Bitcoin ETFs has reached $4.1 billion.
As of yesterday, spot Bitcoin ETFs accounted for more than 90% of the daily trading market share of BTC-based ETFs, while Bitcoin futures ETFs now account for only 10%.
Spot Bitcoin ETFs in the US have seen great success, exceeding even the most optimistic expectations, noted GSR analyst Brian Rudick.
Their influx of more than $10 billion in just two months suggests that most expected to be able to participate in the first year. And there are arguments for why inflows may increase...
#etf #bitcoinETF #Bitcoin #HotTrends #CryptoNews
$BTC
March 12 marked another day of record inflows into newly approved Bitcoin exchange-traded funds in the United States.
According to BitMEX Research, on March 12, the net inflow of bitcoins into the ETF exceeded $1 billion. At the same time, Blackrock's IBIT product, which this week had assets under management exceeding 200,000 BTC, received a record inflow of $849 million.
The cryptocurrency also saw a record inflow of 14,706 BTC. Since January 11, 2024, the total net inflow of Bitcoin ETFs has reached $4.1 billion.
As of yesterday, spot Bitcoin ETFs accounted for more than 90% of the daily trading market share of BTC-based ETFs, while Bitcoin futures ETFs now account for only 10%.
Spot Bitcoin ETFs in the US have seen great success, exceeding even the most optimistic expectations, noted GSR analyst Brian Rudick.
Their influx of more than $10 billion in just two months suggests that most expected to be able to participate in the first year. And there are arguments for why inflows may increase...
#etf #bitcoinETF #Bitcoin #HotTrends #CryptoNews
$BTC
#write2earn #BITCOIN #ETF OUTFLOWS SIGNAL MARKET SHIFT: INSIGHTS AND ANALYSIS #bitcoinETF #BTC_ANALYSIS
Over the last three days, a cluster of 10 spot-Bitcoin exchange-traded funds experienced their most significant outflow since they launched in January. This marks a shift from the previous rush for exposure that had propelled the token to its highest-ever value.
Between Monday and Wednesday, a total of $742 million exited these ETFs. This reflects withdrawals from the Grayscale Bitcoin Trust and a slowdown in subscriptions for similar offerings from companies like BlackRock Inc. and Fidelity Investments.
Despite this recent outflow, these funds have still attracted a total of $11.4 billion in net inflows since their inception, making it one of the most successful launches for this type of ETF.
On Wednesday, Bitcoin surged more than 5% in the US after signals from the Federal Reserve hinted at potential interest-rate cuts, lifting various asset classes. However, this upward momentum stalled in Asia on Thursday, even as global stocks and gold continued to rise, with the ETF outflow data making its mark on the markets.
Following the Fed's decision, cryptocurrency regained some steam, but according to Chris Weston, head of research for Pepperstone Group, more effort is needed to sustain this momentum. As of 7:33 a.m. in London, Bitcoin was trading at $67,300, approximately $6,500 below its all-time high reached on March 14 amid heightened enthusiasm about the ETFs and the impending reduction in the token's supply growth.
Over the last three days, a cluster of 10 spot-Bitcoin exchange-traded funds experienced their most significant outflow since they launched in January. This marks a shift from the previous rush for exposure that had propelled the token to its highest-ever value.
Between Monday and Wednesday, a total of $742 million exited these ETFs. This reflects withdrawals from the Grayscale Bitcoin Trust and a slowdown in subscriptions for similar offerings from companies like BlackRock Inc. and Fidelity Investments.
Despite this recent outflow, these funds have still attracted a total of $11.4 billion in net inflows since their inception, making it one of the most successful launches for this type of ETF.
On Wednesday, Bitcoin surged more than 5% in the US after signals from the Federal Reserve hinted at potential interest-rate cuts, lifting various asset classes. However, this upward momentum stalled in Asia on Thursday, even as global stocks and gold continued to rise, with the ETF outflow data making its mark on the markets.
Following the Fed's decision, cryptocurrency regained some steam, but according to Chris Weston, head of research for Pepperstone Group, more effort is needed to sustain this momentum. As of 7:33 a.m. in London, Bitcoin was trading at $67,300, approximately $6,500 below its all-time high reached on March 14 amid heightened enthusiasm about the ETFs and the impending reduction in the token's supply growth.
#write2earn Navigating #Bitcoin 's Recent Trends: #Grayscale Influence and Price Analysis #bitcoinETF #Bullmarlet
$BTC
Over the past five days, the significant outflow of Bitcoin ($BTC ), driven by the selling of Grayscale Spot ETF, has been balanced by a substantial inflow of $418 million on Tuesday. This indicates a likely decrease in Grayscale outflows soon, paving the way for renewed Bitcoin buying momentum.
During this period, Grayscale Bitcoin Spot ETF (GBTC) has been consistently selling Bitcoin into the market, coinciding with dwindling inflows in other 9 Spot Bitcoin ETFs. Surprisingly, despite these sell-offs, the Bitcoin price has seen an upward trend.
Who else has been participating in Bitcoin transactions? Much attention has been on Spot Bitcoin ETFs, with Grayscale alone selling over $500 billion worth of Bitcoin since January 11, almost half of its holdings, in just two months. Despite this massive sell-off, other Spot Bitcoin ETFs have made significant purchases, as seen with Tuesday's $418 million net inflow.
However, the question arises: who was buying during the five days when these 9 ETFs were making minimal purchases? It seems that adoption of Bitcoin is on the rise, with influential individuals becoming increasingly aware of its potential. With just a few billionaires entering the market, the supply of Bitcoin could rapidly decrease.
Already, the daily mined supply of Bitcoin is being bought up multiple times over, particularly by Spot Bitcoin ETFs. When considering factors like the impending halving in April and notable investors like "Mr 100," a supply shock seems imminent.
In terms of Bitcoin's next move, examining the short-term hourly chart reveals a potential bearish pattern forming, with the price hovering around support at $69,450. However, there's a possibility of an upside breakout if the price remains within the larger triangle and doesn't drop below $68,000.
Zooming out to the 4-hour timeframe, Bitcoin appears to be forming a bullish inverse head and shoulders pattern, with the neckline breached upwards.
$BTC
Over the past five days, the significant outflow of Bitcoin ($BTC ), driven by the selling of Grayscale Spot ETF, has been balanced by a substantial inflow of $418 million on Tuesday. This indicates a likely decrease in Grayscale outflows soon, paving the way for renewed Bitcoin buying momentum.
During this period, Grayscale Bitcoin Spot ETF (GBTC) has been consistently selling Bitcoin into the market, coinciding with dwindling inflows in other 9 Spot Bitcoin ETFs. Surprisingly, despite these sell-offs, the Bitcoin price has seen an upward trend.
Who else has been participating in Bitcoin transactions? Much attention has been on Spot Bitcoin ETFs, with Grayscale alone selling over $500 billion worth of Bitcoin since January 11, almost half of its holdings, in just two months. Despite this massive sell-off, other Spot Bitcoin ETFs have made significant purchases, as seen with Tuesday's $418 million net inflow.
However, the question arises: who was buying during the five days when these 9 ETFs were making minimal purchases? It seems that adoption of Bitcoin is on the rise, with influential individuals becoming increasingly aware of its potential. With just a few billionaires entering the market, the supply of Bitcoin could rapidly decrease.
Already, the daily mined supply of Bitcoin is being bought up multiple times over, particularly by Spot Bitcoin ETFs. When considering factors like the impending halving in April and notable investors like "Mr 100," a supply shock seems imminent.
In terms of Bitcoin's next move, examining the short-term hourly chart reveals a potential bearish pattern forming, with the price hovering around support at $69,450. However, there's a possibility of an upside breakout if the price remains within the larger triangle and doesn't drop below $68,000.
Zooming out to the 4-hour timeframe, Bitcoin appears to be forming a bullish inverse head and shoulders pattern, with the neckline breached upwards.
BlackRock's iShares Spot Bitcoin ETF Relisted on the DTCC (Depository Trust & Clearing Corporation).
#WebGTR #BlackRock #bitcoinETF #BTC #etf
#WebGTR #BlackRock #bitcoinETF #BTC #etf
Grayscale CEO "Bitcoin is not a fad"
According to The Block, Michael Sonnenshein, CEO of Grayscale Investments, said, "Bitcoin has become a fad when large financial institutions such as BlackRock and Fidelity filed applications for listing on Bitcoin spot ETFs. This suggests that it is not." “Currently, cryptocurrency market participants are reacting enthusiastically to the adoption of Bitcoin by traditional financial giants. Bitcoin, previously dismissed as a fad, is being given more value,” he explained.
#bitcoin #etf #bitcoinETF #crypto2023
According to The Block, Michael Sonnenshein, CEO of Grayscale Investments, said, "Bitcoin has become a fad when large financial institutions such as BlackRock and Fidelity filed applications for listing on Bitcoin spot ETFs. This suggests that it is not." “Currently, cryptocurrency market participants are reacting enthusiastically to the adoption of Bitcoin by traditional financial giants. Bitcoin, previously dismissed as a fad, is being given more value,” he explained.
#bitcoin #etf #bitcoinETF #crypto2023
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Crypto Rover analyzed the impact of 11 new Bitcoin ETFs on the BTC price
In a new video, YouTuber Crypto Rover shared his thoughts on the impact of 11 recently adopted Bitcoin spot ETFs on the price of the major cryptocurrency. Citing information from Bloomberg, he spoke of a colossal influx of $4 billion on the first day of trading.
Indeed, on January 11, the price of Bitcoin almost tested the $49,000 level, then it rolled back to the beginning of the $46,000 range and from this point resumed its recovery to $46,600.
According to Rover, even an injection of 1% of the trillion-dollar institutional capital controlled by the funds will lead to a significant increase in prices.
Having delved into technical analysis, the YouTuber came to the conclusion that the price of Bitcoin is growing exponentially, and, in his opinion, upward momentum should be observed throughout 2024.
#BitcoinETFs! #BitcoinWorld #Bitcoin-BTC
#bitcoinETF #BitcoinETF💰💰💰
$BTC
In a new video, YouTuber Crypto Rover shared his thoughts on the impact of 11 recently adopted Bitcoin spot ETFs on the price of the major cryptocurrency. Citing information from Bloomberg, he spoke of a colossal influx of $4 billion on the first day of trading.
Indeed, on January 11, the price of Bitcoin almost tested the $49,000 level, then it rolled back to the beginning of the $46,000 range and from this point resumed its recovery to $46,600.
According to Rover, even an injection of 1% of the trillion-dollar institutional capital controlled by the funds will lead to a significant increase in prices.
Having delved into technical analysis, the YouTuber came to the conclusion that the price of Bitcoin is growing exponentially, and, in his opinion, upward momentum should be observed throughout 2024.
#BitcoinETFs! #BitcoinWorld #Bitcoin-BTC
#bitcoinETF #BitcoinETF💰💰💰
$BTC
#BlackRock's spot #bitcoinETF first to hit $1 bln in assets.
BlackRock's spot bitcoin exchange-traded fund (ETF) hit $1 billion in assets in the first four days of trading, the first to clinch the milestone among a batch of newly launched ETFs tracking spot bitcoin prices, J.P.Morgan data showed.
The U.S. Securities and Exchange Commission (SEC) approved nearly a dozen ETFs tracking the world's largest cryptocurrency last week, after years of regulatory pushback.
The nine newly launched ETFs have drawn $2.90 billion in investment flows in the first four days of trading.
Grayscale Bitcoin Trust , which was converted from a closed-end fund to an ETF, charges the steepest fee compared to the newly launched ETFs and has witnessed $1.62 billion in outflows in the first four days.
$BTC $ETH
BlackRock's spot bitcoin exchange-traded fund (ETF) hit $1 billion in assets in the first four days of trading, the first to clinch the milestone among a batch of newly launched ETFs tracking spot bitcoin prices, J.P.Morgan data showed.
The U.S. Securities and Exchange Commission (SEC) approved nearly a dozen ETFs tracking the world's largest cryptocurrency last week, after years of regulatory pushback.
The nine newly launched ETFs have drawn $2.90 billion in investment flows in the first four days of trading.
Grayscale Bitcoin Trust , which was converted from a closed-end fund to an ETF, charges the steepest fee compared to the newly launched ETFs and has witnessed $1.62 billion in outflows in the first four days.
$BTC $ETH
Bought the rumor, indecisive on the coming news.
My Tuesday longs are already printing. Wednesday is unpredictable.
Let me know your opinion for wednesday's BTC futures.
One thing I know for sure, SEC is will not approve any ETFs on Wednesday. But they might be some progressive news to keep the bullish momentum.
Don't #fomo
Just #dyor
#bitcoinETF
Wednesday's BTC futures?
My Tuesday longs are already printing. Wednesday is unpredictable.
Let me know your opinion for wednesday's BTC futures.
One thing I know for sure, SEC is will not approve any ETFs on Wednesday. But they might be some progressive news to keep the bullish momentum.
Don't #fomo
Just #dyor
#bitcoinETF
Wednesday's BTC futures?
Long
100%
Short
0%
4 votes • Voting closed
According to the Cboe website, after #bitcoinETF ‘s the $ARKB, $HODL and $BTCW will be tradable on January 11, 2024!
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VanEck Liquidates Its Bitcoin Futures ETF
A week after launching spot Bitcoin ETFs in the US, VanEck is closing its BTC futures fund
Asset manager VanEck announced the liquidation of its Bitcoin futures ETF. Reasons for this decision include declining productivity and declining investor interest.
On January 17, VanEck's board of trustees approved the liquidation of the BTC futures ETF on the Cboe BZX exchange. The fund appeared in November 2021 and invested in contracts based on the first cryptocurrency.
The decision follows the US Securities and Exchange Commission's (SEC) approval of spot Bitcoin ETFs, which was one of the reasons for the closure.
#Bitcoin-BTC #BitcoinWorld #etf #SEC #bitcoinETF
$BTC
A week after launching spot Bitcoin ETFs in the US, VanEck is closing its BTC futures fund
Asset manager VanEck announced the liquidation of its Bitcoin futures ETF. Reasons for this decision include declining productivity and declining investor interest.
On January 17, VanEck's board of trustees approved the liquidation of the BTC futures ETF on the Cboe BZX exchange. The fund appeared in November 2021 and invested in contracts based on the first cryptocurrency.
The decision follows the US Securities and Exchange Commission's (SEC) approval of spot Bitcoin ETFs, which was one of the reasons for the closure.
#Bitcoin-BTC #BitcoinWorld #etf #SEC #bitcoinETF
$BTC
#write2earn #Bitcoin ETFs Facing Outflows Amid Crypto Market Volatility #bitcoinBloddBath #BTC #bitcoinETF
$BTC
Spot bitcoin ETFs listed on U.S. exchanges are gearing up for their first week of experiencing more money flowing out than in since late January.
Crypto markets remained highly volatile on Friday, with bitcoin (BTC) dropping below $63,000 at one point after hovering around $67,000 just hours earlier. Though it has seen a slight recovery, the current price sits at $64,000, marking a 3.7% decrease over the past day. This sell-off had a ripple effect across the market, with Solana's token (SOL) taking a particularly hard hit, declining by more than 10% at one stage.
Bitcoin's sharp decline from its recent all-time high above $73,000 over a week ago initiated a corrective phase for crypto assets. Despite a 10% rally on Wednesday following a dovish stance from the Federal Reserve, recent price movements suggest a slower recovery than anticipated.
Mike Novogratz, CEO of Galaxy Digital, shared during a panel discussion at Bitcoin Investor Day in New York that reclaiming the $73,000 mark might take some time.
The weak price performance coincides with four consecutive days of net outflows for U.S.-listed spot bitcoin ETFs. While most funds are still seeing inflows, they haven't been enough to offset significant outflows from the Grayscale Bitcoin Trust (GBTC). On Thursday alone, GBTC witnessed $359 million flowing out, contributing to $94 million in outflows for the entire fund group. Fidelity's Wise Origin Bitcoin Fund (FBTC) experienced its lowest daily inflow on record.
This week, spot ETFs have seen over $830 million in outflows, marking their second negative week since late January when BTC corrected to $39,000.
Analysts at Coinbase Institutional suggested that the increased selling of GBTC shares could be partly due to Genesis selling shares as part of its bankruptcy process.
$BTC
Spot bitcoin ETFs listed on U.S. exchanges are gearing up for their first week of experiencing more money flowing out than in since late January.
Crypto markets remained highly volatile on Friday, with bitcoin (BTC) dropping below $63,000 at one point after hovering around $67,000 just hours earlier. Though it has seen a slight recovery, the current price sits at $64,000, marking a 3.7% decrease over the past day. This sell-off had a ripple effect across the market, with Solana's token (SOL) taking a particularly hard hit, declining by more than 10% at one stage.
Bitcoin's sharp decline from its recent all-time high above $73,000 over a week ago initiated a corrective phase for crypto assets. Despite a 10% rally on Wednesday following a dovish stance from the Federal Reserve, recent price movements suggest a slower recovery than anticipated.
Mike Novogratz, CEO of Galaxy Digital, shared during a panel discussion at Bitcoin Investor Day in New York that reclaiming the $73,000 mark might take some time.
The weak price performance coincides with four consecutive days of net outflows for U.S.-listed spot bitcoin ETFs. While most funds are still seeing inflows, they haven't been enough to offset significant outflows from the Grayscale Bitcoin Trust (GBTC). On Thursday alone, GBTC witnessed $359 million flowing out, contributing to $94 million in outflows for the entire fund group. Fidelity's Wise Origin Bitcoin Fund (FBTC) experienced its lowest daily inflow on record.
This week, spot ETFs have seen over $830 million in outflows, marking their second negative week since late January when BTC corrected to $39,000.
Analysts at Coinbase Institutional suggested that the increased selling of GBTC shares could be partly due to Genesis selling shares as part of its bankruptcy process.
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Victory Securities top manager admits approval of spot crypto ETFs in Hong Kong during the first quarter
Chan Pui Chuen, chief executive of virtual asset brokerage Victory Securities, said Hong Kong stock firms are preparing to submit applications to launch Bitcoin-based spot exchange-traded funds (ETFs). According to him, some of them may be approved as early as the first quarter of 2024. The executive sees the launch of such products in the US as a way to create a link between cryptocurrencies and stock exchanges that will attract more investors to participate in the market.
Material HKTKWW
#ETF's #ETFBitcoin #etf #bitcoinETF #BTC-ETF.
$BTC
Chan Pui Chuen, chief executive of virtual asset brokerage Victory Securities, said Hong Kong stock firms are preparing to submit applications to launch Bitcoin-based spot exchange-traded funds (ETFs). According to him, some of them may be approved as early as the first quarter of 2024. The executive sees the launch of such products in the US as a way to create a link between cryptocurrencies and stock exchanges that will attract more investors to participate in the market.
Material HKTKWW
#ETF's #ETFBitcoin #etf #bitcoinETF #BTC-ETF.
$BTC
#Write2earn #Bitcoin Pullback: #ETF Outflows Signal Market Uncertainty, one of the worst weeks in 2024 #bitcoinETF #bloodbath $BTC
Bitcoin has pulled back over 10% from its peak, mainly due to reduced interest in new spot Bitcoin exchange-traded funds. JPMorgan Chase and Co. analysts are cautioning that this pullback might have further to go.
The cluster of 10 spot Bitcoin ETFs is witnessing its largest weekly outflow since their launch on January 11. Concurrently, Bitcoin, the world’s largest cryptocurrency, is experiencing one of its toughest weeks this year, with a 4% drop. Its value stands at $65,434 as of 9:48 a.m. Friday in London.
According to JPMorgan strategists, Bitcoin appears to be overvalued, echoing their earlier prediction in February of possible declines leading up to April's highly anticipated halving event, which will reduce the supply of newly mined Bitcoin.
The sustained interest in CME Bitcoin futures coupled with declining flows into ETFs are significant warning signs for Bitcoin's price, the strategists noted in a Thursday report.
The strategists also highlighted a slowdown in net inflows into spot Bitcoin ETFs, particularly evident in the past week with significant outflows. This challenges the expectation of a continuous one-way influx into spot Bitcoin ETFs. They anticipate profit-taking to persist as the halving event nears, especially given the currently overbought market sentiment despite the recent correction.
In the previous month, the bank forecasted a potential drop in Bitcoin's price to around $42,000 post-April as the hype around the halving event diminishes.
From Monday through Thursday, a net $836 million was withdrawn from ETFs, reflecting outflows from the Grayscale Bitcoin Trust and a decrease in subscriptions for similar offerings from companies like BlackRock Inc. and Fidelity Investments.
Despite the record high of nearly $73,798 on March 14, retail trader enthusiasm may be fading, according to Naeem Aslam, chief investment officer at Zaye Capital Markets.
Bitcoin has pulled back over 10% from its peak, mainly due to reduced interest in new spot Bitcoin exchange-traded funds. JPMorgan Chase and Co. analysts are cautioning that this pullback might have further to go.
The cluster of 10 spot Bitcoin ETFs is witnessing its largest weekly outflow since their launch on January 11. Concurrently, Bitcoin, the world’s largest cryptocurrency, is experiencing one of its toughest weeks this year, with a 4% drop. Its value stands at $65,434 as of 9:48 a.m. Friday in London.
According to JPMorgan strategists, Bitcoin appears to be overvalued, echoing their earlier prediction in February of possible declines leading up to April's highly anticipated halving event, which will reduce the supply of newly mined Bitcoin.
The sustained interest in CME Bitcoin futures coupled with declining flows into ETFs are significant warning signs for Bitcoin's price, the strategists noted in a Thursday report.
The strategists also highlighted a slowdown in net inflows into spot Bitcoin ETFs, particularly evident in the past week with significant outflows. This challenges the expectation of a continuous one-way influx into spot Bitcoin ETFs. They anticipate profit-taking to persist as the halving event nears, especially given the currently overbought market sentiment despite the recent correction.
In the previous month, the bank forecasted a potential drop in Bitcoin's price to around $42,000 post-April as the hype around the halving event diminishes.
From Monday through Thursday, a net $836 million was withdrawn from ETFs, reflecting outflows from the Grayscale Bitcoin Trust and a decrease in subscriptions for similar offerings from companies like BlackRock Inc. and Fidelity Investments.
Despite the record high of nearly $73,798 on March 14, retail trader enthusiasm may be fading, according to Naeem Aslam, chief investment officer at Zaye Capital Markets.
#write2earn #BITCOIN FACES TURBULENCE: #ETF DEMAND WANES AMID FED UNCERTAINTY #bloodbath #bitcoinETF
Bitcoin took a dive to its lowest point in two weeks, but then managed to recover some losses as interest in dedicated US exchange-traded funds dwindles and investors start questioning how fast the Federal Reserve can slash interest rates.
Since hitting a record high of almost $73,798 on March 14, the digital currency has been on a downward trend, raising doubts about whether it’s hit its peak for now. Bitcoin dropped by as much as 4.6% before stabilizing around $63,350 on Wednesday.
The excitement around US spot-Bitcoin ETFs, which were launched with great hype on January 11, has cooled off. While these products saw a net inflow of $11.7 billion overall, they experienced their largest outflow on Tuesday.
The exit from the Grayscale Bitcoin Trust led to a $326 million outflow, while subscriptions dwindled for similar offerings from companies like Fidelity Investments and BlackRock Inc., according to Bloomberg data.
Bitcoin’s decline is happening as uncertainty looms over whether the Fed will adjust its rate-cut projections due to higher-than-targeted inflation. This uncertainty doesn’t bode well for speculators.
Tony Sycamore, a market analyst at IG Australia Pty, noted that some latecomers who bought in above $60,000 are now facing a reality check, especially those who expected a continuous influx into the new Bitcoin ETFs.
The broader crypto market has shed around $460 billion since reaching $2.9 trillion last week, according to CoinGecko. Tokens like Ether, BNB, and even the meme-favorite Dogecoin are all seeing losses.
The liquidation of bullish bets using derivatives could prolong, potentially hindering a quick recovery in the digital asset market, as suggested by K33 Research.
K33 Research’s Anders Helseth and Vetle Lunde highlighted the substantial liquidation of about $511 million worth of bullish crypto wagers in the past 24 hours, indicating significant downside volatility.
Bitcoin took a dive to its lowest point in two weeks, but then managed to recover some losses as interest in dedicated US exchange-traded funds dwindles and investors start questioning how fast the Federal Reserve can slash interest rates.
Since hitting a record high of almost $73,798 on March 14, the digital currency has been on a downward trend, raising doubts about whether it’s hit its peak for now. Bitcoin dropped by as much as 4.6% before stabilizing around $63,350 on Wednesday.
The excitement around US spot-Bitcoin ETFs, which were launched with great hype on January 11, has cooled off. While these products saw a net inflow of $11.7 billion overall, they experienced their largest outflow on Tuesday.
The exit from the Grayscale Bitcoin Trust led to a $326 million outflow, while subscriptions dwindled for similar offerings from companies like Fidelity Investments and BlackRock Inc., according to Bloomberg data.
Bitcoin’s decline is happening as uncertainty looms over whether the Fed will adjust its rate-cut projections due to higher-than-targeted inflation. This uncertainty doesn’t bode well for speculators.
Tony Sycamore, a market analyst at IG Australia Pty, noted that some latecomers who bought in above $60,000 are now facing a reality check, especially those who expected a continuous influx into the new Bitcoin ETFs.
The broader crypto market has shed around $460 billion since reaching $2.9 trillion last week, according to CoinGecko. Tokens like Ether, BNB, and even the meme-favorite Dogecoin are all seeing losses.
The liquidation of bullish bets using derivatives could prolong, potentially hindering a quick recovery in the digital asset market, as suggested by K33 Research.
K33 Research’s Anders Helseth and Vetle Lunde highlighted the substantial liquidation of about $511 million worth of bullish crypto wagers in the past 24 hours, indicating significant downside volatility.
After a long wait, US markets regulator Securities and Exchange Commission (SEC) finally gave a go-ahead to the spot bitcoin ETFs on Wednesday, a move that led to a massive jump in the bitcoin prices.
An ETF will be the simplest form of Bitcoin exposure for retail users. Investors can seamlessly benefit from Bitcoin price movements without the complexities of digital wallets or drastic investment strategy overhauls.
What is a spot bitcoin ETF?
A spot bitcoin ETF refers to an investment instrument which can invest directly in bitcoin rather than in its futures contracts
This would enable investors to get direct exposure to bitcoins rather than through derivative contracts. So, a spot ETF would own actual bitcoins, which will lead to higher transparency in the crypto transactions, and obviously greater stability of crypto prices.
Notably, SEC has rejected all such applications seeking approval for spot bitcoin ETF in the past 10 years but the speculations were rife that the approval would come at the start of calendar year 2024.#bitcoinETF #BTC #ETH $BTC $ETH $BNB
An ETF will be the simplest form of Bitcoin exposure for retail users. Investors can seamlessly benefit from Bitcoin price movements without the complexities of digital wallets or drastic investment strategy overhauls.
What is a spot bitcoin ETF?
A spot bitcoin ETF refers to an investment instrument which can invest directly in bitcoin rather than in its futures contracts
This would enable investors to get direct exposure to bitcoins rather than through derivative contracts. So, a spot ETF would own actual bitcoins, which will lead to higher transparency in the crypto transactions, and obviously greater stability of crypto prices.
Notably, SEC has rejected all such applications seeking approval for spot bitcoin ETF in the past 10 years but the speculations were rife that the approval would come at the start of calendar year 2024.#bitcoinETF #BTC #ETH $BTC $ETH $BNB
SEC-- A First in Spot Bitcoin ETF Talks! Bloomberg
There has been a new development on the spot #Bitocin #ETF front, which has been expected to be approved for a long time and January 10 has been pointed out for possible approval.While the companies that have applied for the spot Bitcoin ETF to date have updated their applications in line with the SEC's statements and expectations, many companies have held meetings with the SEC.However, there was a first in spot BTC ETF applications.Bloomberg analyst James Seyffart also stated that Hashdex executives met with Samantha Ostrom from the SEC Chairman's Office, that is, from SEC Chairman Gary Gensler's team.However, there was a first in spot BTC ETF applications.Bloomberg analyst James Seyffart also stated that Hashdex executives met with Samantha Ostrom from the SEC Chairman's Office, that is, from SEC Chairman Gary Gensler's team.Related:Will Dogecoin (DOGE) Reach One Dollar?Dogecoin (DOGE) reaching $1 has become a common aspiration. But is it a realistic goal or a delusion? While there are contrary opinions, analysts believe Meme Moguls (MGLS), a new ICO, will. This P2E memecoin is currently in the first stage of its presale and has been tipped for a 100x upside.This post will cover the possibility of Dogecoin reaching $1 and present opposing arguments. Further, it will explore why Meme Moguls is the best new crypto to invest in. Let’s begin.Dogecoin Price Prediction: Will It Reach the Historic $1?Dogecoin (DOGE) is one of the most popular cryptocurrencies on the market, despite its humble origins. By market capitalization, it ranks tenth, highlighting its popularity.This memecoin reaching $1 has become one of the most discussed topics in the crypto community. At the time of writing, the Dogecoin price is $0.093, depending on the market sentiment.Related:Crypto Analyst Predicts Major Price Shift For Cardano (ADA)LuckSide, a crypto analyst, has weighed in on the price action of Cardano (ADA), giving an analysis of the near-term price performance of the crypto asset. The crypto analyst recently shared his predictions for Cardano (ADA) with the crypto community during one of his YouTube videos. In the YouTube video – “CARDANO ADA – MOMENT OF TRUTH!,” LuckSide asserted that ADA is at a critical crossroads.The analyst revealed a technical projection that indicates ADA is about to undergo a major price shift. According to him, this is either a bullish or a bearish trajectory in the near future.LuckSide finds signals that are pointing in the direction of a significant price shift, after analyzing ADA’s price charts. This analysis is centered on the significant price gap in the Cardano native token.LuckSide asserted that the gap is “where the highest concentration of liquidity is located for ADA.” This is marked by ongoing selling pressure at the resistance level between “$0.60 and $0.67,” in sharp contrast to a $0.40 level. This gap denotes an unexplored area and suggests a potential strong move, given ADA’s price history. He noted that Cardano could either rise to test the resistance level around $0.70 or drop to the $0.40 support level.The crypto expert also pointed out signs of robustness and strength of ADA in his video. The stability of pivotal support levels and moving averages underscores the strength of the crypto asset.The larger market indicators, such as the volatility and price stability of Bitcoin (BTC), further support this resiliency. The analyst also attributed the market’s movement to the impending Bitcoin Halving event in Mid-2024, due to its market impact. However, LuckSide notes that unforeseen circumstances have the potential to change ADA’s direction while conceding the unpredictability of the market. He further added that although, a decline to $0.40 “might create opportunities to buy the token at a lesser price.”Charles Hoskinson, the founder of Cardano recently underscored the network’s growth, acknowledging that it mimics the natural growth of Bitcoin. The founder took to X (formerly Twitter) to celebrate the network’s performance with the community.In the X post, Hoskinson stated that he has been observing with “glee as some people worry about Cardano’s blocks filling up.” He further reminded the community about the criticism of the network being a useless “ghost chain,” with no liquidity.Hoskinson has assured the community that “Cardano is designed to handle these loads.” He noted a “huge design space” that optimizes the network and DApps for greater scalability in the short and long term.In addition, he has highlighted the network’s victories without Venture Capital (VCs), the media, or influencers. My name is Godspower Owie and i am an employee for Bitcoinnist and NewsBTC news outlet. Sometimes i like to picture myself as an explorer, this is because i like visiting new places, i like learning new things (useful things to be precise), i like meeting new people - people who makes an impact in my life no matter how little it is. I cherish my time, my work, my family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, i chase dreams. NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.#bitcoinETF #BinanceSquare. #BinanceFeed.
BREAKING 🚨🚨
"We did not approve or endorse #bitcoin ": #GaryGensler said a court forced SECGov's hand to greenlight spot $BTC ETFs.
jesseahamilton reports on the sign-offs for the #bitcoinETF
Don't forget to vote me in Binance awards.
Click here to vote me in Binance awards
#beyoglu
"We did not approve or endorse #bitcoin ": #GaryGensler said a court forced SECGov's hand to greenlight spot $BTC ETFs.
jesseahamilton reports on the sign-offs for the #bitcoinETF
Don't forget to vote me in Binance awards.
Click here to vote me in Binance awards
#beyoglu
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HashKey: Ten Companies Preparing to Launch Spot Crypto ETFs in Hong Kong
According to the chief operating officer of China's first licensed exchange, Livio Weng, seven or eight spot products are already in the actual development stage.
The HashKey exchange itself mainly deals with spot ETFs. This summer, the firm became the first licensed trading platform in Hong Kong to offer retail services.
Earlier, the Securities and Futures Commission of Hong Kong (SFC) and the Hong Kong Monetary Authority announced that they are ready to accept and consider applications for the launch of spot cryptocurrency exchange traded funds (ETFs).
#bitcoinETF
$BTC
According to the chief operating officer of China's first licensed exchange, Livio Weng, seven or eight spot products are already in the actual development stage.
The HashKey exchange itself mainly deals with spot ETFs. This summer, the firm became the first licensed trading platform in Hong Kong to offer retail services.
Earlier, the Securities and Futures Commission of Hong Kong (SFC) and the Hong Kong Monetary Authority announced that they are ready to accept and consider applications for the launch of spot cryptocurrency exchange traded funds (ETFs).
#bitcoinETF
$BTC
There are already 20 spot bitcoin-ETFs launched globally, which have raised $4.16 billion 👆 👆
The leader in this market is Canada, with second place going to Germany.
The question of the week with a claim to the question of the year: if the SEC approves a spot ETF in the US will more money be raised in it?
Clearly, BlackRock and Fidelity are now getting into the game, but if they actually needed such a fund, they would have bought shares of the Canadian Purpose Bitcoin ETF a long time ago 🙄
$BTC #bitcoinETF
The leader in this market is Canada, with second place going to Germany.
The question of the week with a claim to the question of the year: if the SEC approves a spot ETF in the US will more money be raised in it?
Clearly, BlackRock and Fidelity are now getting into the game, but if they actually needed such a fund, they would have bought shares of the Canadian Purpose Bitcoin ETF a long time ago 🙄
$BTC #bitcoinETF
NEWS:
Ripple's 2024 forecast predicts big tech companies like Amazon, Uber, and Apple adopting cryptocurrency and blockchain, focusing on real-world utility and regulatory alignment.
📈 Potential positive impact on Bitcoin's price due to increased mainstream adoption and trust in cryptocurrencies.
REASON: The shift from speculative hype to real-world applications and institutional adoption signals a maturing crypto market, likely boosting investor confidence in cryptocurrencies like Bitcoin.
#etf #bitcoinETF
Ripple's 2024 forecast predicts big tech companies like Amazon, Uber, and Apple adopting cryptocurrency and blockchain, focusing on real-world utility and regulatory alignment.
📈 Potential positive impact on Bitcoin's price due to increased mainstream adoption and trust in cryptocurrencies.
REASON: The shift from speculative hype to real-world applications and institutional adoption signals a maturing crypto market, likely boosting investor confidence in cryptocurrencies like Bitcoin.
#etf #bitcoinETF
