In a notable achievement for the cryptocurrency industry, global Spot Bitcoin ETFs have now amassed over $70 billion in total holdings, representing about 5% of the entire Bitcoin (BTC) supply.
This milestone underscores the rising institutional interest and investment in Bitcoin as a credible asset class.
Spot Bitcoin ETFs have become a formidable presence in the cryptocurrency market, with their holdings exceeding $70 billion, equivalent to 5% of Bitcoin’s total supply.
As of March 2024, these ETFs collectively held around 776,464 BTC.
This remarkable growth in Spot Bitcoin ETFs is primarily fueled by major asset management firms like BlackRock and Grayscale, indicating increased institutional adoption and trust in Bitcoin.
The rapid expansion of Spot Bitcoin ETFs has also influenced Bitcoin’s price, pushing it to an all-time high of over $73,000 earlier in March 2024.
This price surge mirrors the rising demand for Bitcoin among institutional investors, further establishing its legitimacy as an investment option.
READ MORE: Bitcoin’s Rebound Could Trigger $1 Billion Short Position Liquidation Amid Market Uncertainty
Despite the substantial inflows into Spot Bitcoin ETFs, the cryptocurrency market has experienced a phase of consolidation, with Bitcoin trading sideways and occasionally dipping.
Nonetheless, recent data reveals a renewed surge in investor interest, with digital asset investment products seeing inflows totaling $2 billion in the past week alone.
Bitcoin dominated these inflows, attracting a remarkable $1.97 billion in investments.
Currently, Bitcoin is priced at $69,414.92, with a 24-hour trading volume of $15.4 billion.
While it has seen a slight decline of -0.10% in the last 24 hours, Bitcoin has posted a modest increase of 0.47% over the past 7 days.
With a circulating supply of 20 million BTC, Bitcoin now has a market capitalization of $1.3 trillion, solidifying its position as the leading cryptocurrency by market value.
Despite short-term market fluctuations, Bitcoin’s overall trajectory remains positive, driven by growing institutional adoption and increasing investor confidence in its long-term prospects.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin hovered around $69,000 on June 8 as traders recovered from a sudden sell-off.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price began to stabilize over the weekend.
The largest cryptocurrency had faced abrupt volatility due to what was described as “schizophrenic” U.S. employment data during the prior Wall Street opening.
The market situation was further exacerbated by a significant drop in altcoins, triggered by a livestream from pseudonymous investor Roaring Kitty.
On Bitstamp, BTC/USD hit local lows of $68,450, while the largest altcoin, Ether (ETH), briefly dipped below $3,600.
Reflecting on the past 24 hours, trading firm QCP Capital labeled the U.S. session as “doubly strange.”
They stated, “It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed.” This was part of their latest update to Telegram channel subscribers.
QCP highlighted next week’s macroeconomic data releases, which include the Consumer Price Index (CPI) and the Federal Reserve meeting on interest rate policy.
“Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed,” they continued.
“It was probably not a coincidence that Alts and Memecoins started collapsing as well, with over $40 billion wiped in market cap.”
Despite the turmoil, QCP saw the local lows of BTC and ETH as “a good opportunity to buy the dip,” predicting that future Federal Reserve actions could benefit risk assets.
Focusing on key levels, crypto market analysts identified the monthly open around $67,500 as a crucial support level if the weakness persisted.
“Lots of coins are at do-or-die levels IMO, these are the types of trades I like,” popular trader Crypto Chase shared on X.
He added, “If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”
A potential positive aspect emerged with a leverage flush across Bitcoin and Ether.
“Bitcoin lost approximately $1.3B in Open Interest on this flush. $ETH also lost about $800M, totaling well over $2B for just BTC & ETH combined,” noted trader Daan Crypto Trades.
Previously, Cointelegraph reported on global liquidity trends already supporting a BTC price breakout to all-time highs.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Digital asset investment products had a strong start in June, with nearly all providers experiencing inflows and an overall inflow of $2 billion.
On June 10, CoinShares published its weekly fund flows report, highlighting that crypto investment products gathered over $2 billion in inflows.
This brought digital asset products’ five-week total to $4.3 billion.
Additionally, trading volumes for exchange-traded products (ETPs) soared to $12.8 billion for the first week of June, marking a 55% increase compared to the previous week.
CoinShares noted that almost all providers of crypto ETPs saw inflows in the first week of June, describing this pattern as unusual and suggesting it might be a response to weaker macroeconomic data.
CoinShares wrote, “We believe this turnaround in sentiment is a direct response to weaker than expected macro data in the U.S., bringing forward monetary policy rate cut expectations.”
They also mentioned that positive price action pushed the total assets under management (AUM) to exceed $100 billion for the first time since March 2024.
Among the digital asset investment product providers, only Grayscale Investments and CoinShares XBT recorded outflows for the week.
For those with inflows, the iShares exchange-traded fund (ETF) in the United States recorded the highest inflows with $948 million, followed by Fidelity ETFs with $680 million.
Bitcoin continued to lead the ETF space, with $1.97 billion in inflows for the week. Ether-based products also saw significant inflows, totaling $69 million, their best record since March.
CoinShares attributes this to the recent approval of spot Ether ETFs, noting, “This is likely a response to the recent approval of spot Ether ETFs.”
On May 23, the Securities and Exchange Commission officially approved several spot ETH ETFs in the United States.
Altcoin-based ETPs had minor activity, with Fantom and XRP showing inflows of $1.4 million and $1.2 million, respectively.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In a notable achievement for the cryptocurrency industry, global Spot Bitcoin ETFs have now amassed over $70 billion in total holdings, representing about 5% of the entire Bitcoin (BTC) supply.
This milestone underscores the rising institutional interest and investment in Bitcoin as a credible asset class.
Spot Bitcoin ETFs have become a formidable presence in the cryptocurrency market, with their holdings exceeding $70 billion, equivalent to 5% of Bitcoin’s total supply.
As of March 2024, these ETFs collectively held around 776,464 BTC.
This remarkable growth in Spot Bitcoin ETFs is primarily fueled by major asset management firms like BlackRock and Grayscale, indicating increased institutional adoption and trust in Bitcoin.
The rapid expansion of Spot Bitcoin ETFs has also influenced Bitcoin’s price, pushing it to an all-time high of over $73,000 earlier in March 2024.
This price surge mirrors the rising demand for Bitcoin among institutional investors, further establishing its legitimacy as an investment option.
READ MORE: Bitcoin’s Rebound Could Trigger $1 Billion Short Position Liquidation Amid Market Uncertainty
Despite the substantial inflows into Spot Bitcoin ETFs, the cryptocurrency market has experienced a phase of consolidation, with Bitcoin trading sideways and occasionally dipping.
Nonetheless, recent data reveals a renewed surge in investor interest, with digital asset investment products seeing inflows totaling $2 billion in the past week alone.
Bitcoin dominated these inflows, attracting a remarkable $1.97 billion in investments.
Currently, Bitcoin is priced at $69,414.92, with a 24-hour trading volume of $15.4 billion.
While it has seen a slight decline of -0.10% in the last 24 hours, Bitcoin has posted a modest increase of 0.47% over the past 7 days.
With a circulating supply of 20 million BTC, Bitcoin now has a market capitalization of $1.3 trillion, solidifying its position as the leading cryptocurrency by market value.
Despite short-term market fluctuations, Bitcoin’s overall trajectory remains positive, driven by growing institutional adoption and increasing investor confidence in its long-term prospects.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin hovered around $69,000 on June 8 as traders recovered from a sudden sell-off.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price began to stabilize over the weekend.
The largest cryptocurrency had faced abrupt volatility due to what was described as “schizophrenic” U.S. employment data during the prior Wall Street opening.
The market situation was further exacerbated by a significant drop in altcoins, triggered by a livestream from pseudonymous investor Roaring Kitty.
On Bitstamp, BTC/USD hit local lows of $68,450, while the largest altcoin, Ether (ETH), briefly dipped below $3,600.
Reflecting on the past 24 hours, trading firm QCP Capital labeled the U.S. session as “doubly strange.”
They stated, “It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed.” This was part of their latest update to Telegram channel subscribers.
QCP highlighted next week’s macroeconomic data releases, which include the Consumer Price Index (CPI) and the Federal Reserve meeting on interest rate policy.
“Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed,” they continued.
“It was probably not a coincidence that Alts and Memecoins started collapsing as well, with over $40 billion wiped in market cap.”
READ MORE: Bitcoin’s Rebound Could Trigger $1 Billion Short Position Liquidation Amid Market Uncertainty
Despite the turmoil, QCP saw the local lows of BTC and ETH as “a good opportunity to buy the dip,” predicting that future Federal Reserve actions could benefit risk assets.
Focusing on key levels, crypto market analysts identified the monthly open around $67,500 as a crucial support level if the weakness persisted.
“Lots of coins are at do-or-die levels IMO, these are the types of trades I like,” popular trader Crypto Chase shared on X.
He added, “If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”
A potential positive aspect emerged with a leverage flush across Bitcoin and Ether.
“Bitcoin lost approximately $1.3B in Open Interest on this flush. $ETH also lost about $800M, totaling well over $2B for just BTC & ETH combined,” noted trader Daan Crypto Trades.
Previously, Cointelegraph reported on global liquidity trends already supporting a BTC price breakout to all-time highs.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Despite a notable short interest, MicroStrategy, led by Michael Saylor, continues to witness significant attention from investors, holding $6.9 billion in major short positions as reported by institutions.
As per data from investment research firm Fintel, as of June 6, MicroStrategy features prominently with 18 short positions on Fintel’s “The Big Shorts” list, a compilation of substantial short positions disclosed to the U.S. Securities and Exchange Commission.
The largest of these short positions against MicroStrategy stands at about $2.4 billion, ranking as the 27th-largest net short position among institutions.
This figure is notably less than Amazon’s highest net short position of $3.59 billion, while the largest net short position in the U.S. targets the SPDR S&P 500 Trust ETF, valued at a staggering $114.06 billion.
Despite this backdrop of aggressive short-selling, the sentiment among short-sellers seems to be changing.
The short-interest ratio for MicroStrategy’s stock has halved over the past six months, plummeting from 3.1 days to 1.5 days, indicating a decrease in short-seller interest and reduced risk of a short squeeze.
This ratio measures the average number of days required for short sellers to cover their positions, with a lower figure suggesting waning interest.
Amid these dynamics, MicroStrategy’s stock performance has been robust.
READ MORE: Meta Faces 11 Complaints Over AI Data Use Without Consent, Potential EU Privacy Violations
According to Google Finance, since December 2023, the stock price has surged from $570 to $1,656, effectively tripling in value.
This rally coincides with developments in the cryptocurrency sector, where the launch of spot Bitcoin ETFs in 2024 led investment firm Kerrisdale Capital to speculate on the decreasing necessity of trading MicroStrategy shares as a proxy for Bitcoin exposure.
Kerrisdale Capital highlighted this shift in a March 28 analyst note, stating, “The days when MicroStrategy shares represented a rare, unique way to gain access to Bitcoin are long over.”
This sentiment reflects a broader market adjustment to new financial products that offer direct exposure to Bitcoin, potentially diminishing MicroStrategy’s appeal as an indirect investment option.
Adding to the narrative of success, a recent report by Cointelegraph highlighted that MicroStrategy has substantially outperformed Bitcoin itself over the past year.
The stock has risen by approximately 469%, compared to a 168% increase in Bitcoin’s value, underscoring a period of significant financial growth for the firm amidst a challenging and evolving investment landscape.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
If Bitcoin rebounds swiftly from its recent dip to $71,000 on June 6, over a billion dollars worth of short positions will be liquidated.
On June 7, Bitcoin fell by 3.33% to $68,507 before slightly recovering above the crucial $69,000 level.
This decline occurred amid broader macroeconomic uncertainty following the United States Employment Situation Summary Report, which revealed higher-than-expected job growth in May.
In addition to Bitcoin’s drop, Ether also fell by 3.58% over 24 hours, while several altcoins like Solana, Dogecoin, and Pepe experienced significant declines of 5.61%, 8.70%, and 9.99%, respectively, according to CoinMarketCap data.
This market plunge resulted in a $409.51 million liquidation of both short and long positions across the board, based on CoinGlass data, with $56.71 million being long positions in Bitcoin.
However, just two days before this price decline, on June 5 and 6, Bitcoin was trading between $70,000 and $71,662.
Many traders were optimistic that it might inch closer to its all-time high of $73,679.
Currently, traders are betting that Bitcoin’s price may not rebound quickly.
If Bitcoin returns to $71,000, $1.38 billion in long positions will be wiped out, indicating that futures traders expect further price declines.
This comes as investors question why Bitcoin’s price hasn’t surpassed its March all-time highs, despite a 19-day streak of positive inflows into Bitcoin exchange-traded funds (ETFs).
On June 7, Cointelegraph reported that analysts highlighted the impact of multiple factors on Bitcoin’s price, noting that ETFs alone do not have enough influence.
“ETF flows are fantastic, but they are not strong enough to exceed the entire ecosystem selling (yet),” Capriole Investments founder Charles Edwards told Cointelegraph.
Crypto trader Christopher Inks also emphasized that “the market is made up of spot, futures, ETFs, and options.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin’s price has fallen by approximately 3.25% in the last 24 hours, settling at $3,690 on June 8.
Despite this decline, the BTC/USD pair is performing better than the broader crypto market, which has seen a 3.75% drop in the same period.
Two main factors are driving Bitcoin’s lower prices today: better-than-expected job data in the United States and a slight reduction in the BTC supply held by its wealthiest investors.
The primary reason for Bitcoin’s price drop today is the robust U.S. employment report for May.
Nonfarm payrolls surged by 272,000, surpassing all 77 estimates in Bloomberg’s economist survey.
This positive data led to a surge in Treasury yields, with both two-year and 10-year yields rising by about 12 basis points.
As a result, stocks declined, with the benchmark S&P 500 Index down around 0.3%, while the dollar strengthened.
Higher yields typically indicate increased borrowing costs, leading to a reduced appetite for risk.
Consequently, investors tend to move away from riskier assets like stocks and cryptocurrencies in favor of safer investments.
Another factor contributing to Bitcoin’s price decline is a slight dip in the BTC supply held by its wealthiest holders.
Notably, the Bitcoin supply held by “whales” with at least 100,000 BTC has decreased by 0.2% in the last 48 hours.
This suggests that these investors are either redistributing their holdings into smaller addresses or cashing out altogether.
However, other Bitcoin supply cohorts, such as those holding 10,000-100,000 BTC and 1,000-10,000 BTC, have been accumulating in recent months
From a technical perspective, Bitcoin’s decline today started after testing its interim resistance level at around $70,000.
Since mid-March, Bitcoin has been unable to close decisively above this level.
This resistance level appears to be the neckline of Bitcoin’s prevailing inverse-head-and-shoulders (IH&S) pattern.
This classic bullish reversal setup resolves when the price breaks above the neckline and rises by the maximum distance between the pattern’s lowest point and the neckline.
If the IH&S pattern plays out as intended, Bitcoin’s primary upside target for July is over $90,000.
Conversely, a pullback from the neckline could send BTC price toward its 50-day exponential moving average (50-day EMA) at around $66,740.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin hovered around $69,000 on June 8 as traders recovered from a sudden sell-off.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin’s price stabilized as the weekend approached.
The largest cryptocurrency experienced abrupt volatility at the start of the Wall Street session, driven by what was termed “schizophrenic” U.S. employment data.
This was exacerbated by a decline in altcoins, following market reactions to a livestream by pseudonymous investor Roaring Kitty.
BTC/USD hit local lows of $68,450 on Bitstamp, while Ether, the largest altcoin, briefly dipped below $3,600.
Reflecting on the past 24 hours, trading firm QCP Capital described the U.S. session as “doubly strange.”
“It was confusing enough to trigger a risk-off ahead of US inflation numbers and FOMC next Wed,” QCP wrote in a Telegram channel update.
They referred to the upcoming macroeconomic data releases, including the Consumer Price Index (CPI) and the Federal Reserve’s meeting to decide on interest rate policy.
QCP continued, “Followed by a Roaring Kitty live stream which had almost a million viewers, during which GME stock price crashed.
“It was probably not a coincidence that Alts and Memecoins started collapsing as well with over $40 billion wiped in market cap.”
READ MORE: Sky Mavis Recovers $5.7 Million from Ronin Bridge Hack with Aid of Norwegian Authorities
Despite the turmoil, QCP viewed the local lows on BTC and ETH as a buying opportunity, anticipating future Federal Reserve actions might favor risk assets.
Analyzing key levels, the crypto market focused on the monthly open around $67,500 as a critical support level if weakness persisted.
“Lots of coins are at do or die levels IMO, these are the types of trades I like,” popular trader Crypto Chase noted on X.
“If we lose all these levels, we lose the current HTF bullish bias to a degree IMO. BTC holding 64-65K would be the last hope before destruction.”
A potential positive aspect was the leverage flush in Bitcoin and Ether.
“Bitcoin lost approximately $1.3B in Open Interest on this flush.
$ETH also lost about $800M for a total of well over $2B for just BTC & ETH combined,” observed fellow trader Daan Crypto Trades.
Previously, Cointelegraph had reported on global liquidity trends already supporting a potential BTC price breakout to all-time highs.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
If Bitcoin rebounds swiftly from its recent dip to $71,000 on June 6, over a billion dollars worth of short positions will be liquidated.
On June 7, Bitcoin fell by 3.33% to $68,507 before slightly recovering above the crucial $69,000 level.
This decline occurred amid broader macroeconomic uncertainty following the United States Employment Situation Summary Report, which revealed higher-than-expected job growth in May.
In addition to Bitcoin’s drop, Ether also fell by 3.58% over 24 hours, while several altcoins like Solana, Dogecoin, and Pepe experienced significant declines of 5.61%, 8.70%, and 9.99%, respectively, according to CoinMarketCap data.
This market plunge resulted in a $409.51 million liquidation of both short and long positions across the board, based on CoinGlass data, with $56.71 million being long positions in Bitcoin.
However, just two days before this price decline, on June 5 and 6, Bitcoin was trading between $70,000 and $71,662.
Many traders were optimistic that it might inch closer to its all-time high of $73,679.
Currently, traders are betting that Bitcoin’s price may not rebound quickly.
If Bitcoin returns to $71,000, $1.38 billion in long positions will be wiped out, indicating that futures traders expect further price declines.
This comes as investors question why Bitcoin’s price hasn’t surpassed its March all-time highs, despite a 19-day streak of positive inflows into Bitcoin exchange-traded funds (ETFs).
On June 7, Cointelegraph reported that analysts highlighted the impact of multiple factors on Bitcoin’s price, noting that ETFs alone do not have enough influence.
“ETF flows are fantastic, but they are not strong enough to exceed the entire ecosystem selling (yet),” Capriole Investments founder Charles Edwards told Cointelegraph.
Crypto trader Christopher Inks also emphasized that “the market is made up of spot, futures, ETFs, and options.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.