Bitcoin Leveraged Positions Building Up: BTC To $50,000 Or $60,000?

Bitcoin is firm at spot rates, looking at the development in the daily chart. Even so, the downtrend remains, and price action remains within a bearish breakout formation. This outlook follows the dump on September 7 that saw the world’s most valuable coin plunge, approaching the all-important round number, $50,000. Bitcoin Leveraged Positions Building Up Technically, the downtrend remains, especially if bulls can’t unwind the losses of September 7. From an effort-versus-result perspective, the trend set in motion by September 7 will shape the short-term, possibly accelerating the fall below August lows. Related Reading: FET Teeters At Trendline: Will A Breakout Fuel A Run To $1.86? Amid this development, one on-chain analyst notes that there has been a massive accumulation of leveraged positions from March 2024. Though it remains uncertain which direction prices will move, the current state of affairs means sellers have the upper hand. If bulls take over, this would be a massive sentiment boost for BTC bulls, who have had to contend with sharp losses over the past three months. Regardless of the direction, this build-up in leverage position precedes a period of heightened volatility in the coming days. While Bitcoin trends lower, sentiment has taken a hit, explaining the shrinking trading volume over the past two weeks. Since late August, BTC has fallen from around $66,000, losing nearly 20% by last week’s lows.   At the same time, volatility is comparatively low and not unlike the state of affairs when BTC turned the corner, sharply expanding from late February before printing fresh all-time highs in mid-March 2024. Average Funding Rate Is Bullish, Will This Change? Interestingly, despite the lower lows, trading data shows that the average funding rate across derivatives exchanges has remained bullish for over a year. This development could be due to the shift in price action that saw the world’s most valuable coin turn the corner, rising from late Q3 2023. The recovery saw BTC shake off weakness and explode to above $70,000 after losses in 2022 that took the coin to as low as $15,800. Related Reading: Bitcoin Rainbow Chart Forecasts An End To Bearish Headwinds With $60,000+ Target For bulls to dominate in the derivatives market, prices must recover steadily. A break above $66,000 and July highs would likely spur demand, lifting the coin above the multi-month resistance at $72,000. Nonetheless, for this to happen, there must be inflows to spot Bitcoin ETFs. Falling prices have accelerated outflows from this product, meaning institutions are playing safe. So far, SosoValue shows outflows of over $169 million for spot Bitcoin ETF issuers in the United States. Feature image from DALLE, chart from Trading View

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U.S. Spot Bitcoin ETFs See Record $287 Million in Outflows, Except BlackRock

U.S. spot Bitcoin ETFs experienced significant outflows yesterday, totaling $287 million, with BlackRock being the only exception, reporting no withdrawals.

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Solana price falls 12% as Pump.fun sells $41M SOL tokens

Memecoin launches and a sluggish Bitcoin price could continue to put downward pressure on  SOL, which could be the next major crypto to receive spot ETF approval in the United States.

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US Spot Bitcoin ETFs Become Second-Largest Holder Of BTC Behind Satoshi

Since their approval in January 2024, Spot Bitcoin ETFs have been steadily gaining traction in the United States, with the issuers buying hundreds of thousands of BTC as their popularity spread. This has led to a large stash of BTC by these issuers as BlackRock leads the charge. Given their buying spree so far, the number of BTC being held by the Spot Bitcoin ETFs has been rising and is almost at the 1 million mark, Spot Bitcoin ETFs Now Hold 924,768 BTC The United States Securities and Exchange Commission approved a total of 12 Spot Bitcoin ETFs for trading back in January 2024. Now, only eight months later, these ETFs have managed to acquire more than 4% of the total Bitcoin supply. Combined, this makes the Spot Bitcoin ETFs some of the largest BTC holders. Related Reading: Ripple Vs. SEC Battle Far From Over As Regulator Opposes Courts Decision So far, the BlackRock IBIT has been one of the largest buyers of BTC, surpassing even Grayscales GBTC, which had a 600,000 BTC head start. Currently, Grayscale holds more than 350,000 BTC, making the firm a top Bitcoin holder. Grayscale is still in second place when it comes to the number of BTC held. However, the Bitcoin fund has recorded more outflows than inflows since January, losing more than half of its stash before the Spot Bitcoin ETF approvals. Now, Grayscale holds less than 250,000 BTC after losing more than $20 billion to other Spot Bitcoin ETFs due to their lower fees. Other Spot Bitcoin ETFs such as the Fidelity FBTC and the Ark Invest/21Shares ARKB has reached almost 50,000 BTC. So far, the funds have been able to garner 924,768 BTC, putting their total holdings very close to the 1 million BTC milestone. In total, the Spot Bitcoin ETFs now boast 4.685 of the total Bitcoin supply. Top Addresses With Largest Holdings The top Bitcoin wallet with the largest BTC holdings still remains the Satoshi Nakamoto wallet with 1.1 million BTC in it. However, this wallet has been long dormant, and often left out of the top Bitcoin wallets list due to its inactivity. Related Reading: ETH Rally Pushes Profitability To Nearly 70%: More To Come This Week? According to the BitInfoCharts website, topping the Bitcoin rich list is the Binance old wallet with 248,598 BTC worth over $16.3 billion. Next is the Bitfinex Hack Recovery wallet with 94,643 BTC, with $6.2 billion. The Mt Gox Hack wallet holds 79,957 BTC for the third-largest at $5.2 billion. The wallet holding the BTC confiscated from the Silk Road bust with 69,370 BTC is in fourth position worth $4.56 billion, and the Binance BTCB Reserve wallet has 68,200 BTC in it, worth $4.49 billion. Featured image created with Dall.E, chart from Tradingview.com

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US Bitcoin ETFs raked in $1.1B this week, most since mid-July

BlackRock, ARK 21Shares and Fidelitys Bitcoin products led the way with $499 million, $289.5 million and $206.1 million in inflows, respectively.

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Binance Announces $50,000 HMSTR Token Voucher Spot Trading Tournament

Binance launches a spot trading tournament with a $50,000 HMSTR token voucher reward pool, inviting traders to compete by trading selected tokens. (Read More)

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Expert Highlights How Spot Bitcoin ETFs are Transforming BTC Into a Mature Asset

Popular crypto analyst Kripto Mevsimi highlights how the introduction of spot Bitcoin ETFs is influencing BTCs transformation into a more…

The post Expert Highlights How Spot Bitcoin ETFs are Transforming BTC Into a Mature Asset  first appeared on The Crypto Basic.

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BlackRock Continues To Buy Bitcoin: Holdings Now Reach 358,000 BTC Worth $22 Billion

In less than nine months since the launch of its Bitcoin exchange-traded fund (ETF) following the approval of these investment vehicles by the US Securities and Exchange Commission (SEC), asset manager BlackRock has established itself as the world’s largest Bitcoin fund.  A Tale Of Two Titans In Bitcoin And Ethereum Holdings According to on-chain data from blockchain analysis platform Arkham, BlackRock has aggressively expanded its Bitcoin holdings through its ETF, known as IBIT over the last months.  Despite recent market volatility that saw significant dips in Bitcoin’s price on August 5 and September 6, BlackRock continued to buy more Bitcoin, thereby supporting not only the tokens value but also its own asset base.  Related Reading: Ethereum Gains On Bitcoin Following Fed Rate Cut: Altseason Soon? As of September 25, BlackRock’s holdings have reached approximately 358,000 BTC, valued at around $22.76 billion, representing about 1.70% of Bitcoin’s total supply of 21 million. In comparison, BlackRock’s Bitcoin holdings exceed those of Grayscale, another major crypto asset manager in the industry, by nearly 100,000 BTC. Grayscale currently holds approximately 258,671 BTC, valued at $16.45 billion, highlighting the significant gap that BlackRock has created in the BTC investment landscape. While BlackRock has taken a commanding lead in Bitcoin, Grayscale maintains an advantage in Ethereum (ETH) holdings. Arkham’s data indicates that Grayscale possesses 2.104 million ETH, valued at roughly $5.45 billion based on the current trading price of $2,600 per ETH. In contrast, BlackRock’s Ethereum holdings amount to only 349,970 ETH, valued at approximately $910 million. BlackRock Strengthens Bitcoin Stance BlackRocks support for Bitcoin extends beyond mere investment; it includes a strong endorsement of the technology underpinning the cryptocurrency. In a recent interview with Bloomberg, Robbie Mitchnick, head of digital assets at BlackRock, challenged the prevailing notion that Bitcoin should be categorized as a risk-on asset.  During Tuesday’s interview, Mitchnick noted that while Bitcoin has recently shown a high correlation with US equities, this relationship may be misleading. The head of digital assets at BlackRock noted that risk-on assets, such as stocks, commodities, and high-yield bonds, perform well during periods of market optimism and economic growth. Conversely, assets like gold are sought after in times of uncertainty, providing a safe haven for investors.  Mitchnick drew parallels between Bitcoin and gold, saying “gold shows a lot of the same patterns”, referring to their temporary correlations with equities. He emphasized that the long-term correlation between BTC and traditional financial assets is close to zero. Related Reading: Solana (SOL) Consolidates in Symmetrical Triangle Analyst Reveals $160 Target On Breakout One of BTC’s defining characteristics is its decentralized nature, Mitchnick added. No single country or government controls it, he said, which adds to its appeal as a global monetary alternative.  Mitchnick went on to highlight Bitcoin’s scarcity, global reach and decentralized framework, describing it as a “non-sovereign asset”. He pointed out that BTC has no specific country risk and no counterparty risk, making it a compelling option for investors looking to diversify their portfolios. At the time of writing, the largest cryptocurrency on the market has given back some of the gains made during Tuesday’s trading session, after hitting a one-month high of $64,700. Currently, BTC is trading at $63,220, down a slight 0.3% over the 24-hour period. Featured image from DALL-E, chart from TradingView.com

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Investment managers eye extraordinary upside from BTC options debut

They could potentially spark an "explosively recursive price upside for Bitcoin, according to one investment manager. 

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SEC Approves Options Trading on BlackRocks Spot Bitcoin ETF IBIT

The SEC has approved the listing and trading of options on BlackRock's iShares Bitcoin Trust, marking a significant milestone for Bitcoin integration in traditional finance.

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Crypto exchange volumes reflect Bitcoin traders reduced trading appetite Glassnode

Glassnode data highlights a notable decline in trade activity over the last quarter, but traders are hopeful that Q4 will bring a sharp trend reversal. 

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Spot Bitcoin ETFs Saw Largest Inflows in Two Weeks

Bitcoin spot ETFs saw their largest inflows in 2 weeks on Thursday, totaling $192.5M. The inflows helped push Bitcoin back above $60K after dipping below $50K earlier this week.

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Ethereum Fees Surge Amid Market Volatility, Hinting At A Potential Rally

Ethereum’s network fees spiked this week, driven by heightened market volatility. The surge in fees was largely fueled by increased activity on platforms like Uniswap and a wave of liquidations on Aave, reflecting the intense trading environment. Ethereum fees spiked this week as a result of the volatility, with Uniswap […]

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Binance Offers $100,000 USDC Rewards and Loss Protection for Spot Trading Participants

Binance announces a promotion for new and existing users, offering $100,000 USDC in rewards and loss protection for Spot trading activities. (Read More)

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The Bitcoin bottom is not in BTC traders set price targets in low $40K range

Crypto traders appear to agree that todays market rout is far from over.

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Ethereum price recovery from 8-month low could take longer than expected Analysts

Several factors accelerated ETHs drop to $2,100, and analysts warn that the recovery could take some time.

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Europe's Fourth Largest Investment Manager Discloses $500M in Spot Bitcoin ETFs Amid Market Volatility

The firm reported owning large amounts of BlackRock and Fidelity's Bitcoin ETFs.

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Ethereum Will Remain Bearish Until This Key Trading Reading Changes

Ethereum is steady at press time, as is visible in the daily chart. Even though prices are floating above $2,500, ETH bulls are still weak. The coin remains inside the bear bar of August 27, technically inside a bear formation. From price action, it would take effort for bulls to take charge in the short term. A convincing high volume close above $3,500 would signal a rapid trend shift beneficial for holders. Will Ethereum Bears Press On? Traders Monitoring This Reading Before then, one analyst thinks the short to medium term projection for the second most valuable coin is bearish. In an analysis, citing CryptoQuant data, the analyst said over the last few months, the funding rate in Ethereum perpetuals across exchanges like Binance and OKX has been positive but falling. Related Reading: Chainlink (LINK) Could Drop To $8 If It Loses Current Support: On-Chain Data Reveals Through perpetual platforms, Ethereum traders can place positions using leverage, essentially borrowing from the exchange. The more leverage they have, the more they have to borrow, narrowing their safety margin and increasing the risk of liquidation. Depending on the prevailing price action, the funding rate in these perpetual markets can be positive or negative. Whenever the funding rate is positive, the outlook among leveraged traders is bullish. In this case, they expect prices to rise higher. For equilibrium, traders posting long positions have to pay those who are selling. Conversely, a negative funding rate means the prevailing sentiment is bearish, and the markets could fall further. In this event, short sellers must pay those posting buys. Looking at the price trend over the past few months, the analyst notes that the funding rate for Ethereum perpetuals has been consistently falling, though still in the positive territory. This state of affairs means that, though ETH has been wavy, moving even to $3,900 in May, the dominant sentiment is bearish. Eyes On Spot ETF Net Inflows For Growth Therefore, for the trend to change, there must be a sharp spike in buying interest. In turn, this will also help lift prices and funding rate across these perpetual platforms. Related Reading: Dogwifhat On The Edge: Can WIF Hold Above $1.47 As Bears Close In? Rising funding rates will signal a shift in trend, helping spur demand. One of the many factors that may drive prices is inflows to spot Ethereum ETFs in the United States. According to Soso Value, all spot Ethereum ETF issuers in the country recorded net inflows of over $5.8 million. Still, this reading is way lower than what was seen in late July. Feature image from DALLE, chart from TradingView

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Australian Spot Bitcoin ETF Keeps on Buying

While U.S. Bitcoin ETFs face outflows, Australia's spot Bitcoin ETFs continue steadily accumulating BTC holdings. The ongoing inflows highlight growing mainstream Bitcoin demand in the region.

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Bitwise Brings The Bitcoin Ethos To Wall Street

Bitwise co-founder Hong Kim is a hardcore Bitcoiner whos determined to uphold Bitcoins ideals as his company, which issued one of the 11 US spot bitcoin ETFs, brings bitcoin to the world of traditional finance.

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