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💰 Bitcoin's Bullish Trajectory Should Resume After the Halving, Analysts Say
Global asset management firm Alliance Bernstein’s analysts Gautam Chhugani and Mahika Sapra shared their perspectives on the Bitcoin halving in a note to clients on Wednesday. Bernstein predicted in November last year that the price of bitcoin could reach $150,000 by 2025. Chhugani stated at the time that this prediction is driven by optimism of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs).
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💰 Funding rate turns negative as Bitcoin drops below $64k
In the volatile world of cryptocurrency, perpetual futures are a go-to for many traders. These contracts don't expire, relying instead on a mechanism called the funding rate to balance market forces. Recently, Bitcoin's perpetual futures saw a dramatic shift. Typically steadied by consistent positive funding rates, a sudden plunge into negative territory coincided with geopolitical turmoil and a significant drop in Bitcoin's price.
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💰 Bitcoin ETFs Are Driving a Spot Multiplier Effect, Canaccord Says
While there has been a lot of noise about how much assets under management (AUM) bitcoin (BTC) exchange-traded funds (ETFs) are attracting, it is now becoming obvious that these ETFs are driving additional demand for the underlying cryptocurrency itself, broker Canaccord Genuity said in a research report on Monday. The broker held its 2024 Digital Assets Symposium last Thursday and hosted leaders from 29 crypto-related companies.
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🇩🇪 German Investors Increasing Crypto Investments Ahead of Bitcoin Halving: KPMG Study
Bitcoin remains dominant in investors’ portfolios (91%), followed by Ethereum (78%), reflecting strong asset preferences. A recent research by KPMG has revealed that after a turbulent year for the cryptocurrency market, investor sentiment appears to be on the rebound. The study, which surveyed approximately 2,400 private crypto investors across Germany, Austria, and Switzerland, sheds light on changing investment behaviors and attitudes in the DACH region.
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💰 Crypto prices rebound from selloff as Bitcoin dominance hits three-year high
Bitcoin's dominance over all other cryptocurrencies has hit its highest value in three years following crypto's mild recovery from yesterday's sharp selloff, which was sparked by the news of an impending Iranian attack against Israel. Following the recovery, according to The Block's data dashboard, Bitcoin now commands nearly 53% of the crypto market, the most since early April 2021 and more than every other cryptocurrency combined.
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💰 Bitcoin Plunges to $66K 📉 , Altcoins Tumble 10-15% on Ugly Day for Risk Assets
Cryptocurrencies tumbled Friday as risk-off sentiment in traditional markets amid flared-up geopolitical risks spread over to digital assets. In fast downward afternoon action during U.S. trading, bitcoin (BTC) plunged below $66,000 after having challenged the $71,000 level just hours earlier. At press time, bitcoin had bounced back to $66,700, down more than 5% over the past 24 hours.
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🪙 Crypto Miners Run Down Bitcoin Inventory to 3-Year Low in a Strategic Pre-Halving Move
Bitcoin miners are depleting their coin stashes, possibly to ensure the sustainability of operations in the face of the impending halving of per-block rewards from April 20. The number of bitcoin held by miners, which receive the coins in return for validating transactions in the blockchain block, declined to 1.794 million BTC this week, the lowest since early 2021, according to data source CoinMetrics.
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💰 Independent financial advisors start disclosing Bitcoin exposure via ETFs
Two financial advisors disclosed investments in spot Bitcoin ETFs on April 9. Signal Advisors, a Michigan-based startup serving independent financial advisors, disclosed ownership of 20,571 BlackRock iShares Bitcoin Trust (IBIT) shares. Spot Bitcoin ETF shares comprise a small amount of each firm’s investments. Wedmont has over $1.3 billion in assets under management (AUM), while Signal’s AUM stands at roughly $403 million.
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💰 GBTC Drops Nearly 3,000 BTC in a Day as Blackrock, Fidelity Command Record Inflow Streaks
As of yesterday, GBTC possessed 325,686.78 BTC, but as per Grayscale’s website, this figure has diminished to 322,697.17 BTC today. This indicates a reduction of 2,989.61 BTC from its holdings in just one day. On April 8, the fund experienced a substantial outflow of $303 million, dragging the total net flows of all ETFs into the red, even though every other fund recorded inflows. GBTC’s holdings are currently valued at approximately $23.12 billion, and since Jan. 12, 2024, the fund has reduced its bitcoin holdings by a total of 294,382.82 BTC.
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💰 BlackRock and Fidelity’s Bitcoin ETFs make history with record streak of inflows
BlackRock’s iShares Bitcoin Trust (IBIT) and the Fidelity Wise Origin Bitcoin Trust (FBTC) have broken another record by becoming two of the top 20 exchange-traded funds with the longest streak of continuous inflows of all time. Bloomberg ETF analyst Eric Balchunas observed on April 8 that the two spot Bitcoin ETFs have seen continuous inflows since their launch 59 trading days ago. IBIT and FBTC will enter the top 10 ranking if they continue to see inflows for another 11 days.
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💰 Skybridge Founder: Bitcoin Halving Not Priced in — BTC Has 'a Lot More' Upside
Skybridge Capital founder Anthony Scaramucci discussed his bitcoin outlook in an interview with CNBC Friday. He explained that the demand for spot bitcoin exchange-traded funds (ETFs) “was a big reason” for the recent rebound in bitcoin’s price. “The regulatory hurdle where the United States government is now allowing a CUSIP to be attached to bitcoin is a big reason and … when Wall Street gets a product like this, it’s like a selling machine and it’s generating lots of demand for the product,” he detailed.
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💰 Bitcoin ‘pretty unlikely’ to revisit $50K price level, says analyst
The frequency of Bitcoin reaching higher support price levels, as well as the “lack of immediate froth” in the derivatives markets, suggests that its price is unlikely to retrace down to $50,000 anytime soon, according to a crypto analyst. Senior analyst at digital asset fund UTXO Management, Dylan LeClair, explained in an analyst note on April 7 that if Bitcoin rises back into the $70,000–$75,000 price range, it will put significant pressure on short positions. “As we’ve consolidated, an increasing amount of short liquidations are building from 70-75k,” he stated.
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💰 BlackRock names Citi, Citadel, Goldman Sachs as APs for its spot bitcoin ETF
BlackRock has revealed the names of four more Wall Street firms it's enlisting to buy bitcoin for its iShares Bitcoin Trust ETF. Citi, Goldman Sachs, UBS, and Citadel have joined JP Morgan and Jane Street as authorized participants for the world's largest asset manager's spot bitcoin ETF, according to an amendment filed with the Securities and Exchange Commission on Friday to the ETF's Form S-1.
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💰 10 Spot Bitcoin ETFs Now Hold Over 507,000 BTC, Securing 2.57% of Circulating Supply
On Wednesday, the U.S. spot bitcoin exchange-traded funds (ETFs) saw a modest uptick in positive inflows, amassing a total of $113.5 million across a trading volume of $2.31 billion. The group of ten spot bitcoin ETFs, excluding Grayscale’s Bitcoin Trust GBTC, now encompasses 507,472.89 BTC or 2.57% of the total circulating supply of 19.67 million bitcoins.
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/channel/Bitcoin_Crypto_Signals
🥇 Bitcoin barely holds on to $60k as bears retest March lows
Bitcoin (BTC) took a downturn below $60,000 on April 17 as US markets began trading, marking a return to prices last seen in early March before the digital currency rallied to new heights. The flagship crypto touched a low of $59,658 before modestly recovering to around $60,800 as of press time, based on CryptoSlate data. Bitcoin was clinging to the $60,500 support level after a slowdown in sell pressure, with bulls attempting a potential recovery above $61,000.
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💰 Exchanges expected to run out of Bitcoin 9 months after halving – Bybit report
A recent analysis by crypto exchange Bybit has sounded the alarm on a potential shortage of Bitcoin (BTC) on exchanges by the end of 2024 if demand remains at similar levels. The report predicts that reserves could be entirely depleted within the next nine months if current withdrawal rates persist — currently around 7000 BTC per day. The shortage forecast is closely tied to the anticipated halving event in 2024, which will cut the Bitcoin production on each block by half.
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💰 Bitcoin NFTs outperform ETH and SOL combined in trading volume ahead of halving
Bitcoin-based non-fungible tokens (NFTs) in the form of Inscriptions are in the spotlight as the network halving event looms closer. Data from CryptoSlam indicates that Bitcoin NFTs have dominated the market, representing 55% of total NFT trades observed over the past week. The trading volume of Bitcoin NFTs in the past week has outstripped that of Ethereum and Solana combined. Bitcoin NFT sales surged by 96% during this period, reaching $176.8 million.
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🇬🇧 Chinese Fraud Victims Seek Government Aid in Recovering 💰 61,000 BTC Seized by UK Law Enforcement
A group of Chinese victims of a $6 billion fraud scheme have requested assistance from their country’s foreign ministry in recovering 61,000 bitcoins, seized from a fraudster and her associate. The fraud victims have strongly opposed attempts to transfer the ownership of these bitcoins to the U.K. government.
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💰 Robert Kiyosaki Concurs With Cathie Wood’s $2.3M Bitcoin Prediction
American author and financial educator Robert Kiyosaki has voiced his agreement with a $2.3 million per Bitcoin (BTC) prediction that Cathie Wood’s asset management firm Ark Invest made earlier this year. The invest manager explained that a 1% allocation from the $250 trillion global investable asset base could push BTC to $120,000. In the same vein, a 4.8% average maximum Sharpe ratio allocation from 2015 to 2023 would have placed BTC at $550,000, while a 19.4% allocation could make the cryptocurrency skyrocket to $2.3 million.
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💰 Bitcoin mining difficulty rises 4% just days before halving event
Bitcoin mining difficulty increased by 4% during the past day, reaching a high of 86.39 trillion hashes on April 10. This uptick is consistent with the ongoing trend witnessed since the beginning of the year, highlighting the mounting computational challenges miners face on the leading digital asset network. The increasing difficulty has occurred amid BTC’s rapid rise to more than $70,000 thanks to the bullish momentum fueled by spot exchange-traded funds and the impending halving event.
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🇭🇰 Hong Kong Said Likely to Approve Spot 💰 Bitcoin ETFs Next Week: Reuters
Hong Kong regulators are likely to approve the first set of applications for spot bitcoin exchange-traded funds (ETF) next week, making it possible that the products could be ready to start trading in April, Reuters reported, citing two people familiar with the matter. Australia and Hong Kong are the two jurisdictions that could become the first in Asia to offer spot bitcoin ETFs, with Singapore and the UAE not reflecting immediacy just yet.
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💰 Bitcoin long-term holder begin to ease off profit-taking: Glassnode
Bitcoin's March all-time high saw a spike in profit-taking by long-term holders, but this activity has since begun to taper off, a Glassnode report said. According to the report, the balance of assets between long-term bitcoin holders and new demand suggests the current market is in the early stages of a euphoria, or price discovery, phase. However, the Glassnode analysis noted that previous euphoria phases have experienced numerous price drawdowns exceeding 10%, with the majority being much deeper, with 25% plus price corrections being commonplace.
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🇭🇰 Hong Kong subsidiaries of Chinese asset managers apply for spot 💰 bitcoin ETFs
The Hong Kong subsidiaries of two China-based asset management firms have submitted applications to offer spot bitcoin exchange-traded funds in the administrative region. Harvest Fund and Southern Fund, both located in Hong Kong and each managing assets worth more than $200 billion, filed requests on Monday to offer the funds, Bitcoin Magazine reported, citing the state-owned Securities Times. Due to severe restrictions on cryptocurrency trading and mining, asset managers cannot offer ETFs in mainland China.
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💰 Cathie Wood’s ARK Invest Accidentally Owns $15,000 Bitcoin Puppet
Cathie Wood has been one of the biggest proponents of Bitcoin. Interestingly, the investor’s financial company accidentally owns a Bitcoin Puppet. Arkham’s latest update revealed a fascinating twist involving the investment management firm’s inadvertent ownership of a Bitcoin Puppet valued at $15,000. The Bitcoin Puppet in question found its way into a custody wallet associated with their ARKB ETF, sparking curiosity about its origins.
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💰 BlackRock Adds Goldman Sachs, Citigroup, UBS as APs for Bitcoin ETF
BlackRock (BLK) has added five additional authorized participants (APs) to the iShares Bitcoin Trust (IBIT), bringing the total number to nine as the fund continues to attract billions of dollars from investors. The new APs include Wall Street banking giants Goldman Sachs, Citadel Securities, Citigroup and UBS as well as clearing house ABN AMRO, according to a prospectus filed with the U.S. Securities and Exchange Commission (SEC). They join Jane Street Capital, JP Morgan, Masquarie and Virtu Americas.
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💰 Bitcoin’s Acceptance as 'Digital Gold' May Spur Demand From New Investors: Coinbase
Cryptocurrency markets dropped along with other risk assets after the Federal Reserve reiterated a cautious stance on the pace of future interest-rate cuts. Gold has outperformed, and this may benefit bitcoin (BTC), Coinbase (COIN) said in a research report on Friday. “Given the market’s recent hawkish views on rate cuts, we think gold’s performance signals an overweighting on inflation relative to Fed rate changes as well as an overall belief that certain inflation bumps could materialize more problematically than anticipated,” the report said.
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💰 Bitcoin mining market cap eclipses $20 billion as industry continues growing amid challenges
Quick Take The Bitcoin mining industry has reached a significant milestone, surpassing a market capitalization of $20 billion, now standing at $20.6 billion, according to Farside data. This milestone emphasizes the growing significance of public miners within the Bitcoin ecosystem, contributing approximately 28% of the global hash rate.
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🏦 Coinbase partners with Lightspark for 💰 Bitcoin Lightning payments
Coinbase is one step closer to integrating Bitcoin Lightning on its platform amid a new partnership with Lightspark, an enterprise-focused Lightning solution led by former PayPal president David Marcus. In an April 4 X post, Coinbase’s CEO Brian Armstrong said the integration of the Bitcoin layer-2 network will happen “soon” — which will allow its 108 million user base to leverage potentially faster and cheaper Bitcoin transactions.
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