Bitcoin

Bitcoin Could Test Record Highs Next Week in ETF Flows, Says Analyst; Coinbase appears in the update

Published

8 months ago

19 May, 2024

Bitcoin Could Test Record Highs Next Week in ETF Flows, Says Analyst; Coinbase appears in the update

Cryptocurrency prices rose on Friday, with bitcoin rising to near $67,000. Institutional investors poured hundreds of millions of dollars into spot bitcoin ETFs last week. This could push bitcoin towards its record highs as early as next week, an analyst said. Meanwhile, COIN shares rose after Coinbase received an upgrade and large price target increase from BofA.

More than 600 investment firms last week revealed significant holdings in spot bitcoin ETFs, CoinTelegraph reported Thursday. The list included major banks and hedge funds such as Morgan Stanley (IN), JPMorgan Chase (JPM), Wells Fargo (Wordfast) It is UBS (UBS). The group collectively owns $3.5 billion in bitcoin ETFs. Hedge fund Millennium Management is the largest investor, with $1.9 billion invested.

Millennium’s holdings include $844.2 million in the BlackRock iShares Bitcoin Trust (I BITE), $806.7 million in Fidelity Wise Origin Bitcoin Fund (FBTC) and $202 million from the Grayscale Bitcoin Trust (GBTC). The company also invested $45 million in the ARK 21Shares Bitcoin ETF (ARKB) and $44.7 million in the Bitwise Bitcoin ETF (BITB).

“Traditional institutions are here – and bitcoin ETFs are a key part of the story,” wrote Nathan McCauley, co-founder and CEO of Anchorage Digital, in a note to IBD. Anchorage Digital is a cryptocurrency infrastructure provider that offers investment and custody services to institutions.

“The recent 13F filings are a testament to the type of institutional participation that bitcoin ETFs promised to unlock. From hedge funds and endowments to governments and pension funds, traditional players are generating hundreds of millions of dollars in ETF inflows,” McCauley said.

More institutions are expected to participate in crypto markets as bitcoin liquidity increases, says McCauley.

Bitcoin ETF Entry Sequence

Meanwhile, spot bitcoin ETFs have seen inflows of $726.8 million so far this week, with four consecutive days of inflows through Thursday, according to UK-based Farside Investors.

FBTC led inflows in the period with US$245.1 million in the week, followed by ARKB with US$233.7 million. Since launching on January 11, total spot bitcoin ETF flows stood at $12.409 billion as of Thursday. IBIT has been the clear leader, with $15.596 billion in inflows. However, Grayscale has seen outflows of $17.65 billion since its conversion to a spot ETF, which reduced total inflows to $12.409 billion.

FXPro senior market analyst Alex Kuptsikevich believes the increase in flows and institutional demand could push bitcoin to test its record highs near $74,000 next week. CoinDesk reported Friday.

“If cryptocurrencies gain support from global risk appetite on Friday, bitcoin (price) could surpass $70,000 by the weekend,” Kuptsikevich wrote. “A test of the $71,000 to $74,000 highs area, in our opinion, could happen as early as the beginning of next week, triggering a new episode of FOMO (fear of missing out).”

Coinbase appears in the update

BofA Updated Friday Coin base (COIN) to low-performing neutral, The Fly reported. The current macroeconomic environment has been positive for crypto market capitalization gains and trading volume growth, the company wrote. Meanwhile, Coinbase has demonstrated expense discipline and benefited from higher operating leverage following major cost cuts in 2022. BofA expects the higher operating leverage to help maintain profitability. Coinbase’s increased revenue distribution should also reduce earnings volatility, the company added. BofA raised its price target from 110 to 217 – a level that Coinbase had surpassed in November.

COIN shares jumped 4.2% on Friday on the update. Shares are trading below their 10-week moving averages after falling steadily from a two-year high of 283.48 in late March. Still, Coinbase shares are up about 19.4% this year.

Crypto Price Action

Bitcoin traded around $66,900 on Friday after rising to $67,458, marking a gain of nearly 3% in the last 24 hours. On March 14, Bitcoin reached a new all-time high of $73,798. The cryptocurrency is off its previous peak of $68,990 set in November 2021. Bitcoin is up nearly 11% this week and is up nearly 59% in 2024.

Ethereum soared 5.1% in the last 24 hours on Friday, trading near $3,100. Ethereum is now a good distance away from its March 12 52-week high of $4,092, and well below its November 2021 peak above $4,800. On March 8, ETH surpassed the $4,000 level for the first time in 26 months. The number 2 crypto soared 35% in 2024.

About that, Microstrategy (MSTR), which holds about $13 billion worth of bitcoin, jumped another 10% on Friday. The software company’s shares are up more than 34.2% this week after Bloomberg Tuesday reports that MSTR shares will join the MSCI World Index at the end of the month. MSCI made the decision based on market value after a review of its indices. The change will take effect after the market closes on May 31.

MSTR shares have soared nearly 151% year to date.

You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison

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SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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