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

** 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

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