BlackRock’s Spot Bitcoin ETF Pulls In Largest Daily Inflow Since Mid-March At $527 Million

By Brenda Ngari – July 24, 2024

BlackRock’s blockbuster spot Bitcoin exchange-traded fund (ETF) attracted $526.7 million in investor funds on July 22, logging its largest single day of inflows since March 13 as investors’ appetite for spot Bitcoin products continued to increase.

IBIT’s Record-Breaking Inflow

BlackRock’s Bitcoin ETF drew $526.7 million in net inflows on Monday.

The July 22 inflows bring the total assets under management for the iShares Bitcoin Trust ETF to 333,000 BTC, valued at around $22 billion at current prices.

IBIT recorded its highest single-day tally on March 18, when it drew in $848 million worth of BTC. The second-largest day on record happened on March 5, when $789 million was added to the fund, per data from UK-based investment firm FarSide Investors.

Overall, the 11 Bitcoin ETFs saw $533.57 million worth of inflows yesterday, with BlackRock’s IBIT, of course, accounting for a giant share of the cumulative inflows. IBIT’s inflow was followed by $23.73 million from Fidelity’s FBTC. Invesco and Galaxy’s BTCO recorded a $13.65 million inflow, while Franklin Templeton’s ETF pulled in $7.87 million.

In the meantime, VanEck’s HODL amassed $38.36 million. Grayscale’s GBTC, Ark Invest, and 21Shares’ ARKB registered zero inflows on Monday.

Bitcoin momentarily rose above $68,000 yesterday, hitting its highest level in more than a month. The bullish move happened amidst a dramatic improvement in the probability of pro-crypto Republican presidential candidate Donald Trump winning his reelection in November. There has also been speculation that Trump will announce a game-changing role for BTC in the U.S. financial system at the upcoming Bitcoin conference in Nashville, on July 27.

However, the bulls were unable to withstand the bullish momentum, paving the way for a fresh retracement. According to CoinGecko data, Bitcoin traded at around $66,661 at the time of writing, down 1.5% on a 24-hour basis.

The large inflows to BlackRock’s fund came on the same day that the Securities and Exchange Commission (SEC) approved a batch of spot Ethereum ETFs for trading on U.S. stock exchanges.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

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Tim Moseley

German Gov’t Accelerates Sell-Offs With $900M BTC Unloaded In Just 8 Hours — Deeper Price Pullback Ahead?

By Brenda Ngari – July 8, 2024

The German government cannot stop selling Bitcoin (BTC).

Germany has made a series of transfers in recent hours since ZyCrypto reported that the government had sent $27 million in assets to Coinbase and Bitstamp, bringing the total BTC amount moved by the government over the last 24 hours to a five-figure amount.

The sell-offs come despite crypto-friendly German lawmaker Joana Cotar urging it to “refrain” from liquidating the remaining Bitcoin holdings. Cotar issued her statement to the German government on July 4, stating that the preeminent crypto could help the country diversify its treasury assets and promote innovation while also serving as a hedge against inflation.

Germany’s Biggest Bitcoin Sale

The German government has made waves in the crypto market today with massive transfers.

According to blockchain data platform Arkham Intelligence, the authorities have dramatically ramped up the amount of seized Bitcoin that it is sending to crypto exchanges and market makers, with at least 16,309 BTC (equivalent to over $900 million) transferred on July 8 in the space of just 8 hours.

The latest transfers include $200 million worth of Bitcoin sent to market makers Flow Traders and Cumberland DRW and additional deposits to Coinbase, Bitstamp, and Kraken. Germany has made multiple smaller transfers in recent weeks, but this is the largest single-day string of transfers witnessed thus far. With the deposit of funds to exchanges suggesting sell-offs, the actions of the German government have wreaked havoc on the crypto market.

According to CoinGecko data, Bitcoin’s price fell 3% to as low as $54,320 shortly after the blockchain transactions. Later, the foremost cryptocurrency rebounded slightly, trading at $56,129 as of press time.

Dreaded BTC Sell-Off

The latest transfers leave the wallets of the Eurozone’s biggest economy with just 23,788 BTC (worth $1.33 billion), down from a peak of almost 50,000 BTC ($3.5 billion).

The German Federal Criminal Police Office (BKA) seized 49,857 BTC from the operators of the piracy website Movie2k.to. in January this year when Bitcoin was valued at around $46K.

The pending coin stockpile suggests further price turbulence if the sell-offs continue. Last week, Tron founder Justin Sun offered to purchase BTC from the German government off-market to minimize the adverse impact on the spot price. At the moment, it remains unclear just how serious the popular crypto founder really was.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin Is ‘Economic Immortality’, BTC Price Will Hit $10 Million A Coin — Michael Saylor

By Brenda Ngari – June 24, 2024

One of the crypto industry’s best-known pundits insists that Bitcoin will reach $10 million per coin.

In a recent 84-minute podcast interview, Michael Saylor, co-founder and executive chairman of business intelligence firm MicroStrategy, explained how Bitcoin offers “economic immortality” and claimed the entire country of China would support the benchmark cryptocurrency.

Bitcoin To Eliminate Challenges Of Corporate Mortality

During the discussion with Bitcoin podcast host Robin Seyr, Michael Saylor shared the belief that companies investing in Bitcoin are positioned to outlive those stuck in the corporate dysfunction of old. Saylor believes Bitcoin helps eliminate corporate mortality by extending economic vitality “by a factor of 10, maybe by a factor of a hundred, maybe by a factor of a million.”

By acting as a secure, verifiable store of value, Bitcoin can enable the efficient transfer of capital across generations, essentially serving society as a sort of corporate immortality machine.

This vision stems from the flagship crypto’s ability to hedge against traditional economic shortcomings like inflation and fiat currency devaluation. The Bitcoin bull argues that “perfect money,” like Bitcoin, safeguards against such pitfalls, while “imperfect money,” like fiat currencies, makes firms vulnerable.

Saylor further postulates that Bitcoin’s decentralized design and fast transaction speeds have the potential to profoundly reform global payments, offering a near-instantaneous, cheaper alternative to legacy banking systems. This could be especially revolutionary in developing economies, where citizens have little access to financial services.

“Capital has never been programmable before, but with science, Bitcoin allows us to channel capital through time and space. This means we could eventually enable global payments for 8 billion people at the speed of light, directly from a mobile phone, without intermediaries,” he posited.

Why Bitcoin Is Poised To Reach $10 Million, Earn Support From China

Saylor is optimistic that the Chinese people and government would embrace Bitcoin. He suggests the possibility of a Chinese-listed Bitcoin exchange-traded fund (ETF), which would grant China’s massive population exposure to the benchmark crypto:

“When the Bank of Shanghai rolls out a Bitcoin ETF, providing custody services, it will give access to 1.5 billion people in China.”

While it remains uncertain that China will make this move, spot Bitcoin and Ether ETFs have already been conditionally approved in Hong Kong. This widespread adoption, Saylor asserts, would considerably impact global Bitcoin prices and usher in a new era of financial stability.

More striking, however, the outspoken Bitcoin evangelist predicted that a single Bitcoin would cost $10 million at some point in the future. This sky-high price prediction highlights Saylor’s belief in Bitcoin’s long-term value proposition.

Saylor has not only led MicroStrategy to its purchase of 226,331 BTC worth over $14 billion over the past almost four years — the latest being the acquisition of 11,931 BTC just last week — but he’s also evangelized for other corporations to make Bitcoin a part of their treasury strategies.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin Price At $100,000 Still Possible in this Cycle, On-Chain Analysis Reveals

By Olivia Brooke – June 4, 2024

The apex cryptocurrency remains in view, with analysts and investors fixating on price movements. Interestingly, Bitcoin at $100,000 is a hot conversation among market participants.

An analyst published under CryptoQuant has made an incredibly bullish analysis, validating the bullish outlook shared by proponents. Per his observation, Bitcoin is still on track to tap new highs this cycle, and $100,000 is still very much attainable.

Citing market indicators and historical data, the analyst outlines the multiple bullish possibilities for Bitcoin in the near term.

With a keen focus on the MVRV (Market Value to Realized Value) indicator, which signals Bitcoin price tops and bottoms, the analyst explains that an MVRV value under 2 indicates an ongoing accumulation zone, further revealing that prices do not reflect actual value.

On the other hand, an MVRV value above 2 is a sign that the market is well on its way to hitting a new price peak.

Citing previous cycle patterns, the analyst observed that a value above 3.5 or higher indicated a peak in price. Notably, market players typically begin a slow exit around this time.

However, with the current MVRV value sitting at 2.3, the price of Bitcoin is still poised to soar significantly until it hits a fair value, the analyst asserted.

“Even if the price drops, it’s a new opportunity to reinforce. Exiting should only start when the indicator approaches a value of 3. This means we are still somewhat far from the peak, and the price will achieve a new high in this cycle, which could be above $100k.” He added.

Bitcoin is attracting new investors, increasing the accumulation

Fundamental factors also seem to strengthen technical indicators. As Bitcoin and Ethereum have experienced price stability these past few days, more investors have shown interest in both assets, and the number of new participating accumulation addresses has reportedly soared over the past month.

At report time, Bitcoin trades for $68,959. Although market players had received Bitcoin’s stagnancy around the $69,000 price level positively, the asset retreated as losses piled up over the last 24 hours.

While leading altcoins like ETH outperform Bitcoin’s daily performance, a handful of altcoins remain in the red zone. The week ahead remains crucial for Bitcoin and the broader cryptocurrency market.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Historical Cycle Data Suggests Bitcoin Is Out Of The Danger Zone — Is Return To $73,000 Imminent?

By Brenda Ngari – May 25, 2024

Bitcoin has officially left the post-halving “danger zone” where there is a possibility of a drop below its range low, and is now headed for reaccumulation, according to a popular crypto strategist citing historical data.

The Bitcoin price recently experienced a retracement and currently hovers around $69,000 despite the U.S. Securities and Exchange Commission’s (SEC) eventual approval of several spot Ethereum exchange-traded funds (ETFs). With Bitcoin escaping the danger zone, will the preeminent crypto resume its upward movement soon, or is a deeper correction still likely?

Bitcoin’s Sideways Trading To Continue For Several More Weeks: Analyst

On May 24, crypto trader and analyst Rekt Capital posted an update on X, noting that the classic Bitcoin “danger zone” when the asset corrects after the quadrennial halving event is now behind us.

The post-halving danger zone has happened in prior market cycles when the asset corrects after a block subsidy halving, as per Rekt Capital. After the danger zone is over, Bitcoin historically enters a reaccumulation phase when it moves sideways within a tight range. This suggests that further pullbacks during the period of sideways chop that often follows the halving could still be on the cards.

“Since the Bitcoin post-halving ‘danger zone’ ended, Bitcoin broke out to $71,500. However, ~$71,500 is where the range high resistance of the macro re-accumulation range is and this is where Bitcoin rejected from,” Rekt Capital wrote. “The consolidation continues and history suggests it will continue for several more weeks between $60,000 and $70,000.”

Rekt Capital further observed that based on historical behavior, Bitcoin is likely to remain range-bound below $70,000 until September.

“Historically, Bitcoin has always rejected from the range high on the first attempt at a breakout after the halving. Moreover, history suggests this re-accumulation should last much longer. Bitcoin tends to break out from these re-accumulation ranges only up to 160 days after the halving. That would translate to a Bitcoin breakout from the re-accumulation range only in September 2024.”

Bitcoin Price At A Glance

In this cycle, Bitcoin dipped by over 20% from its $73,737 all-time high in mid-March to around $56,780 on May 1, marking the potential bottom of the post-halving danger zone period.

On May 21, Bitcoin’s price briefly topped the psychologically important $70K mark; however, it swiftly dropped to around $67,000. BTC has now recovered and is trading back to $69,176 at press time, bolstering the return to the reaccumulation zone analysis.

Although the flagship crypto appears stuck in sideways price action, industry pundits remain uber-bullish. For instance, veteran crypto market commentator Tom Lee said his base case for Bitcoin by the end of the year is $150,000.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Altseason: Top Trader Exits Bitcoin, Predicts Insane Ether, XRP, Solana, Cardano, Shiba Inu Price Explosions

By Arnold Kirimi – May 17, 2024

Popular cryptocurrency analyst and trader Michaël van de Poppe has liquidated his Bitcoin holdings. Van de Poppe, a prominent figure at the Amsterdam Stock Exchange known for his sharp market insights, announced this strategic move to his 718,100 followers on social media platform X on May 16.

Despite Bitcoin’s strong performance and institutional support, Van de Poppe clarified that his decision to liquidate was not due to losing confidence in Bitcoin’s future. Instead, he aims to strategically reallocate his investments into altcoins, where he anticipates greater potential returns later in the year. As such, this move is part of a broader strategy to capitalize on market dynamics and emerging opportunities for Van De Poppe.

Institutional Influx and Evolving Bitcoin Dynamics

Van de Poppe highlighted the increasing involvement of major institutional investors in the Bitcoin market, citing the recent approval of the Spot Bitcoin ETF as a significant milestone.

Institutions such as pension funds, insurance companies, and hedge funds are now heavily investing in Bitcoin, further legitimizing its role as a mature financial asset. Additionally, the potential introduction of spot Bitcoin trading by CME Group has reinforced Bitcoin’s standing in the financial ecosystem.

However, Van de Poppe pointed out that Bitcoin’s traditional four-year cycle, heavily influenced by halving events, is becoming less predictable. He explained, “That automatically means that the simplicity of the four-year cycle is going to diminish over time and that the halving will have a reduction in impact over the cycles, as institutions care more about risk appetite in their portfolio combined with macroeconomic events taking place.”

Van De Poppe Turns to Altcoins, Eyes Big Gains

Van de Poppe is confident that altcoins like Ether, XRP, Solana, Cardano, and Shiba Inu have the potential to higher returns than Bitcoin in the present market environment. Traditionally, there’s a market shift from Bitcoin to altcoins around the halving cycle. However, given Bitcoin’s persistent strength during this cycle, he expects an upcoming transition that could greatly benefit altcoins.

He also discussed the possible impacts of a spot Ethereum ETF getting the green light despite the existing regulatory challenges. Van de Poppe suggests that the market might be undervaluing the chances and timeline of this approval, which could trigger a significant market shift if it comes to fruition.

High Risks for Potential High Rewards

Acknowledging the high risks associated with his strategy, Van de Poppe expressed confidence in achieving substantial returns, ranging from 300-900% in Bitcoin value within the next 6-12 months. Additionally, he projected overall potential returns of 900-4500% over the next 12-24 months, provided Bitcoin stabilizes.

Additionally, Van de Poppe argued that altcoins have faced undue downward pressure recently, making their potential upside significant and undeniable. He emphasized that Decentralized Physical Infrastructure Networks (DePIN) and Real-World Assets (RWA) are poised for substantial growth. As more traditional companies transition into the Web 3.0 ecosystem.

DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.

The original article written by Arnold Kirimi and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin’s Ascent In Coming Months ‘Will Be One For The Record Books’ — BTC Price Analysis

By Brenda Ngari – May 16, 2024

On May 15, Bitcoin (BTC) recorded its largest single-day gain in nearly two months as weaker U.S. economic data raised the likelihood that the U.S. Federal Reserve will ease monetary policy with interest rate cuts in the coming months.

The price of the benchmark cryptocurrency soared to an intraday high of $66,567.91 during the last 24 hours. And according to prominent Bitcoin analyst Willy Woo, the bull cycle is only starting.

Woo Expects Bullish BTC Price Breakout Before October

Willy Woo, a popular on-chain Bitcoin strategist and managing partner at CMCC Crest, told his 1.1 million followers on the X platform that he envisions a Bitcoin price breakout before October 2024. Woo believes the subsequent Bitcoin rally in 2025 will be “one for the record books”.

The crypto guru says increased global liquidity, which normally bodes well with risk assets like Bitcoin, will spur the stratospheric BTC rally:

“Global liquidity forming a bullish ascending triangle.”

An ascending triangle is typically a bullish indicator that forms when an area of horizontal resistance is continuously tested while higher lows are successively created.

Woo Forecasts When Bitcoin Mining Pressure Will Ease

In a related post, Willy Woo noted that the Bitcoin price advances parabolically roughly two to five months post-halving. Bitcoin underwent its fourth halving event on April 19th.

In Woo’s view, inefficient miners are eliminated from the ecosystem after the halving. According to the analyst, they prefer to dump their Bitcoin holdings before dying. This leaves only the fittest miners to survive, operating “on fatter margins so don’t need to sell.” This dynamic is expected to push miner sell pressure out.

Fellow Bitcoin analyst PlanB agrees with Woo, stating that Bitcoin miner revenue “historically recovers 2-5 months after a halving, and after that bitcoin price goes vertical.”

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Bitcoin Price Taps $65K As Analyst Who Nailed Pre-Halving All-Time High Says $95,000 Is ‘Quite Obvious’

By Brenda Ngari – May 15, 2024

The price of Bitcoin (BTC) today soared past the $65,000 mark for the first time since May 6. The climb came after U.S. data showed that the monthly pace of inflation was softer than expected in April. This development could spur the Fed’s willingness to begin rate cuts.

Meanwhile, BitQuant, who correctly called the Bitcoin lifetime high before the April halving event, sees Bitcoin hitting $95,000 “in just one move.”

Bitcoin Price Leaps Over $65K

Bitcoin rebounded strongly immediately after the U.S. Bureau of Labor Statistics released its new Consumer Price Index (CPI). The CPI report comes after a slew of higher-than-expected inflation readings, dampening traders’ hopes about when rate cuts might commence this year.

The BTC price now hovers at $66,034, CoinGecko data shows. That’s a 7.29% increase over the last 24-hour trading period. And Ether (ETH), the industry’s second-biggest crypto asset by market cap, was changing hands for $3,007.94 — a 3.9% gain compared to yesterday’s. Over the same period, Solana (SOL) jumped 7.6% to around $154.91.

Bitcoin set a new all-time high in March, nearing breaching the $74,000 level. This was a widely celebrated Bitcoin bull rally that some said showed unique strength despite coming before the long-awaited April halving. But the premier crypto soon fluttered downward, a trend attributed to headwinds ranging from depressing U.S. economic metrics to growing political unrest in the Middle East.

Was the halving priced in, or is a new all-time high for this cycle on the horizon? Analyst BitQuant believes a new peak is imminent.

Bitcoin’s Looming Explosive Price Move To $95,000

Bitcoin is gearing up to continue upward and should advance to an eye-popping $95,000. As per BitQuant, such sky-high BTC price heights are a matter of time.

“$95K will be achieved in just one move, and that is quite obvious,” he postulated on X. “Will that move start today, tomorrow, or the day after tomorrow? I don’t think anyone knows.”

BitQuant was reacting to commentary from fellow crypto analyst Mikybull Crypto, who noted a “cup and handle” formation on Bitcoin’s weekly chart.

The setup comprises a consolidation phase following a run-up, a correction, and an ensuing move higher. In Mikybull Crypto’s view, this results in an astronomical flight to new highs. “The breakout will be explosive and will send it to a cycle top,” he observed in an X post.

Meanwhile, the nearly a dozen new U.S. spot Bitcoin ETFs have seen billions of dollars in inflows so far, which has not only helped re-legitimize crypto given the involvement of trustworthy Wall Street titans such as BlackRock, Fidelity, and JPMorgan but also put considerable buying pressure on Bitcoin.

DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley