What BTC price slump? Bitcoin outperforms stocks and gold for 3rd year in a row

But concerns remain that the cryptocurrency could fall harder than its traditional rivals in 2022 on the U.S. Federal Reserve’s increasingly hawkish tones.

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Bitcoin ETFs Threaten Golds Dominance As Digitalization Trends Gain Momentum

In just over a month since their approval by the US Securities and Exchange Commission (SEC), Bitcoin ETFs have swiftly gained traction in the market, posing a formidable challenge to the long-standing dominance of gold ETFs. Bitcoin ETFs Gain Ground on Gold ETFs The rapid rise of Bitcoin ETFs has led to a convergence in [...]

The post Bitcoin ETFs Threaten Golds Dominance As Digitalization Trends Gain Momentum appeared first on Crypto Breaking News.

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Spot ETFs Fail To Ignite Bitcoin Growth Analyst

The Spot Bitcoin ETFs have become a major headliner recently due to heightened levels of market inflows. According to data from SoSoValue, these ETFs have attracted over $5 billion in investments over the past three weeks coinciding with an impressive Bitcoin price rally of over 23%. However, amidst this euphoria, macro investment researcher Jim Bianco says these Spot ETFs have contributed no significant growth to the Bitcoin market.  Related Reading: BlackRocks Bitcoin ETF Reaches 2% Of Total BTC Supply Amid Record Inflows Spot Bitcoin ETFs Bring In No New Money, Only Recycled Investments In a series of X posts on November 2, Bianco claimed the Spot Bitcoin ETFs despite their impressive inflow record do not attract any new investments to the underlying asset. Firstly, The analyst applauds the performance of these institutional funds some of which rank as the best-performing ETFs of 2024 following their launch in January. However, Bianco highlights BTC has failed to surpass its all-time high value of 73,750 set eight months ago despite the Spot Bitcoin ETFs accruing over $12 billion in inflows since BTC within the same period.  Rather than being less than 4% down from its ATH, the analyst explained that such high inflows should have since pushed premier cryptocurrency beyond the $100,000 mark especially considering other positive indicators such as Fed rate cuts, the halving, and public endorsement by Republican Presidential candidate Donald Trump.  For context, Bianco references the Gold ETFs with a record of over $6 billion in inflows since March 13, resulting in a 25% increase in golds market price during that period. The market analyst postulates that this price growth can be attributed to the new money flowing into the Gold ETFs. However, recycled funds shifted from on-chain wallets or centralized exchanges account for the majority of the investments in Spot Bitcoin ETFs.  Jim Bianco backs this theory with a report from Coinbase CFO Alesia Haas which highlighted a decline in the exchanges bitcoin retail traders over the last few months. Furthermore, he also points to the average Spot BTC ETF trade of $16,000 compared to the average gold ETF trade of  $72,000 which is consistent with investments from wealth managers and institutions. In conclusion, Jim Bianco states the Spot Bitcoin ETFs are not attracting any new money but merely circulating existing investments in Bitcoin, which he describes as a concerning trend that may grant traditional financial institutions (TradFi) more influence in the crypto market as against the ethos of decentralization.   Related Reading: Dogecoin Price Could Climb To $0.209 Heres The Level To Watch Bloomberg Analyst Fires Back At BTC ETF Criticism Popular Bloomberg ETF analyst Eric Balchunas has issued a strong rebuttal to Biancos take on the Spot Bitcoin ETFs which he describes as merely mental gymnastics. Balchunas has lauded the performances of these ETFs which he believed have played a crucial role in driving Bitcoins price from $35,000 in January to the present market price of almost $70,000. The Bloomberg analyst describes the Spot Bitcoin ETFs as powerful due to their low cost, high liquidity, and association with an established brand name and advises against betting against them. At the time of writing, BTC. continues to trade at $68,100 reflecting a 2.55% decline in the past 24 hours.  Featured image from Blockzeit, chart from Tradingview

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US Bitcoin ETF assets break $100 billion

Bitcoin exchange-traded funds now collectively manage approximately $104 billion, and are on track to surpass gold ETFs in net assets.

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Analyst Backs Spot Bitcoin ETFs To Surpass Gold ETFs In Cumulative Net Inflows

Market analyst and President of the ETF Store Nate Geraci has backed the US-based spot Bitcoin ETFs to overtake the Gold ETFs in terms of cumulative net flows. This projection comes amidst a staggering performance by these Bitcoin ETFs in the past few days where they have attracted over $2 billion in weekly netflows. Related Reading: Bitcoin Breaking Out Of 7-Month Accumulation Channel: Expert Predicts Further Upside Spot Bitcoin ETFs To Surpass Gold ETF In 2 Years, Analyst Says The spot Bitcoin ETFs rattled the global financial markets this week recording net inflows of $2.13 billion according to data from SoSoValue. This massive influx of investments occurred as Bitcoin surged by 9.23%, approaching a critical resistance zone at the $70,000 price mark.  Amidst this market euphoria, Nate Geraci has predicted the spot Bitcoin ETFs to record a higher cumulative total netflows than the Gold ETFs in the next two years. This forecast is largely unsurprising considering the exponential growth of these Bitcoin ETFs since their launch on January 11.  For context, the Gold ETFs currently boast of combined net inflows of around $55 billion in comparison to $20.66 billion aggregate net inflows in the spot Bitcoin ETFs market. However, the Bitcoin ETFs have been trading for barely a year compared to the Gold ETFs which have been around for over 20 years. Furthermore, Bloomberg analyst Eric Balchunas recently highlighted that spot Bitcoin ETFs have amassed over $65 billion in total net assets, a milestone that took Gold ETFs nearly five years to achieve. This figure is also over 25% of the total assets under management in the global Gold ETF market. In addition, Geraci’s theory is further strengthened by the few 11 spot Bitcoin ETFs currently trading compared to the almost 5000 Gold ETFs on the global financial market. Therefore, these Bitcoin ETFs may actually be poised to overtake their Gold counterparts, especially considering the upcoming crypto market bull run and current adoption levels of digital assets. Related Reading: Bitcoin Price To $95,000? Heres What Needs To Happen First Bitcoin Set For Price Recorrection Amidst Market Surge In other news, crypto analyst Ali Martinez has shared that Bitcoin may soon experience a short-term dip following its recent price rally.  As earlier stated, the crypto market leader gained by over 8% moving from around $63,000 to nearly breaking above $69,000.  While the BTC market is currently bullish, Martinez states that the TD sequential is currently indicating a sell signal on the 4-hour chart which is strengthened by a bearish divergence on the Relative Strength Index (RSI). If Bitcoins price were to decline, investors would turn their attention to the $60,000 price zone at which lies its next support level. Albeit a strong selling pressure may cause the premier cryptocurrency to trade as low as $55,000. At the time of writing, Bitcoin continues to trade at $68,428 with a 0.98% gain in the last day. Featured image from Forbes, chart from Tradingview

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STKD launches Bitcoin and gold ETF as debasement trade gains traction

The fund touts leveraged exposure to Bitcoin and gold as investors brace for inflation and geopolitical strife. 

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Billionaire Tim Draper’s Forecast: Bitcoin To Hit $250,000 By 2025

Renowned billionaire investor Tim Draper has again captured the crypto community’s attention with his bullish stance on Bitcoin. Despite missing his previous forecast 2018, where he predicted Bitcoin would hit $250,000 by 2022, Draper remains steadfast in his belief in Bitcoin’s potential. Bitcoin To Hit $250,000 By 2025 In a recent Bloomberg interview, Draper first humorously acknowledged his missed prediction, joking: “Well, I don’t know why anybody is still listening to me if I missed that one.” Yet, this missed forecast hasn’t dampened his optimism; Draper is doubling on his prediction, projecting that Bitcoin will reach the quarter-million mark by 2025. Related Reading: Glassnode Co-Founder Warns: Bitcoin’s Surge Could Trigger A $1 Billion Liquidation Event – Here’s Why Draper cites his misjudgment of the US government’s conservative stance on cryptocurrency regulation as the reason behind his previous prediction not materializing. However, he emphasizes the increasing adoption of Bitcoin in countries with unstable currencies. Draper notes the growing preference for conducting business in Bitcoin over traditional currencies like the US dollar, especially in regions where the dollar is often associated with criminal activities. His vision for Bitcoin extends beyond a mere store of value; he anticipates a future where Bitcoin becomes a universally accepted currency, fundamentally transforming financial transactions. Draper noted: I actually think there will be a moment in time when I can buy my food, clothing, and shelter all in Bitcoin, and people won’t want dollars anymore. It is worth noting that Tim Draper further foresees a “transformative shift” in the worldwide financial landscape, where Bitcoin’s limited supply and resistance to political interference render it a more dependable and stable currency choice. Here’s why Draper Associates Founder Tim Draper is still bullish on Bitcoin https://t.co/pGnc9lUzVf pic.twitter.com/ac3NMJjCPx — Bloomberg (@business) January 30, 2024 Draper sees a parallel between Bitcoin’s growth trajectory and Microsoft’s initial stages, forecasting Bitcoin’s rise as a central platform for diverse financial innovations, notably in the realms of Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), which he refers to as “organelles.” Industry Titans BTC Forecast Align Draper’s bold predictions echo those of other industry figures, like the founder of the hedge fund Skybridge, Anthony Scaramucci, who projects that Bitcoin could reach as high as $400,000, nearing half of gold’s market capitalization. This prediction suggests a potential tenfold increase, dramatically shifting the landscape of digital assets. Related Reading: Bitcoin Whales Increase Holdings By 4.5%, Getting Ready For Rally? Meanwhile, Bitcoin’s influence is already being felt in traditional finance. Recent data from JP Morgan shows a significant inflow into Bitcoin funds. In contrast, gold exchange-traded funds (ETFs) experience a concurrent outflow, indicating a shift in investor preference from traditional to digital assets. Gold flow consistently moving out while btc flows move in pic.twitter.com/Y1A75nAZBa — Tom Dunleavy (@dunleavy89) January 31, 2024 Amid these developments, Bitcoin’s market performance continues to exhibit resilience and growth. Over the past week, the cryptocurrency has seen a 6.1% increase, trading at around $43,056 at the time of writing. Featured image from Unsplash, Chart from TradingView

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