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Bitcoinist
Bitcoinist
Coinbase To SEC: 5 Arguments For A Spot Ethereum ETF
4 days ago
Crypto look 1 look
Crypto look 1 look
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More than a month since the Bitcoin spot ETF was launched on January 11, trading activity has continued to be booming. The trading volume of 9 ETFs (excluding GBTC) hit the largest single-day trading volume since the market opened, reaching approximately US$2 billion. This huge trading volume was mainly due to the significant contribution of three ETFs: VanEck's $HODL, WisdomTree's $BTCW and Bitwise's $BITB. They all broke their respective records, reaching $399 million and $221 million respectively. and $178 million. $2 billion in trading volume would put them in the top 10 or so among ETFs and the top 20 or so among stocks, which is a pretty big number. In particular, $HODL's trading volume exceeded $258 million. This soaring figure (a surge of 14 times its average daily trading volume) was not driven by a large investor, but was composed of 32,000 individual transactions. This is 60 times its average daily transactions. There is currently no definite explanation for this sudden and explosive increase in transactions, but there are only two speculations: It may be that a Reddit or TikTok influencer recommended the product to their followers, which is very similar to the behavior of retail investors. Another speculation is that this could be a transaction between market makers. However, $IBIT and $BITO are more liquid, and it seems unreasonable for institutions to do this. In terms of capital flow, Lookonchain statistics pointed out that Ark Investment’s $ARKB and Fidelity’s $FBTC had the most significant capital inflows yesterday, respectively increasing their holdings of 2,700 Bitcoins (worth approximately US$138 million) and 2,252 Bitcoins ( Valued at approximately US$115 million), 8 ETFs excluding GBTC accumulated a total of 5,008 Bitcoins, valued at approximately US$256 million. In addition, GBTC's latest capital outflow was US$137 million, and the wave of capital outflows in the early days of GBTC's listing seems to be gradually fading. Since the listing of the Bitcoin Spot ETF, the product has had a net inflow of 107,401 Bitcoins, which is worth approximately US$5.584 billion based on the current price of approximately US$52,000. #BTC

4 days ago
Cointelegraph
Cointelegraph
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Bitcoin (BTC) saw continued weakness into Feb. 23 as consolidation accompanied a brief slowdown in institutional investment.  BTC/USD 1-day chart. Source: TradingView Bitcoin ETFs bounce back from day of outflows Data from Cointelegraph Markets Pro and TradingView showed BTC price action struggling around $51,000. Bulls remained caught in a narrow trading zone, in place for more than a week, as concerns surfaced over inflows to the spot Bitcoin exchange-traded funds (ETFs). These slowed considerably in recent days, with Feb. 21 even seeing a net outflow of some $36 million, per data uploaded to X (formerly Twitter) by sources including BitMEX Research. Same data in BTC terms.694 BTC net outflow on 21 Feb 2024 pic.twitter.com/mpqoo44VA2 — BitMEX Research (@BitMEXResearch) February 22, 2024 Feb. 22 saw stronger activity — net inflows of just over a quarter of a million dollars, even accounting for outflows from the Grayscale Bitcoin Trust (GBTC). “Normality resumed a $251M inflow into the Bitcoin ETFs,” James Van Straten, research and data analyst at crypto insights firm CryptoSlate, responded. Continuing on the pace of buying from the ETF operators, Thomas Fahrer, CEO of crypto-focused reviews portal Apollo, predicted that the largest of them, BlackRock’s iShares Bitcoin ETF (IBIT), would in future change BTC supply dynamics. “98% of all the #Bitcoin in existence already costs >100K if you tried to buy it,” he argued alongside a chart of IBIT holdings. “Remember that the current price is just the marginal trade. Blackrock is going to test this theory, so we'll find out soon enough.” Spot Bitcoin ETF holdings (screenshot). Source: Apollo As of Feb. 23, IBIT held 124,535 BTC ($6.35 billion), per data from Apollo’s own ETF tracker. BTC price nears "trend inflection point" Focusing on low-timeframe BTC price analysis, meanwhile, popular trader Skew captured the mood among seasoned market observers. Related: Bitcoin pre-halving ‘pullback’ calls for $45K BTC price support retest The uptrend, he concluded, remained intact, but important support levels were now coming back into play. These were the 88-period and 100-period exponential moving averages (EMAs) on the 4-hour chart at $50,017 and $49,654, respectively, along with the 18-period EMA on the daily chart at $49,645. “Currently price trades around range low & 4H 55EMA which typically is a near term trend inflection point, meaning momentum picks up soon,” part of his latest X analysis read. “Buyers & Sellers likely to fight here for control.” BTC/USD 4-hour chart with EMA data. Source: TradingView This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

2 days ago

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