Matt Horne, head of digital asset strategists at Fidelity Investments, advises that investors should allocate a small portion of their portfolios to Bitcoin, regardless of their investment stance on the cryptocurrency.
In a CNBC report on June 4, Horne highlighted the issue of analysis paralysis affecting many traditional investors and asset managers when considering Bitcoin and digital assets:
“It’s tough because a lot of professional investors are able to model out every asset class given the amount of data that’s at our fingertips now.
“With digital assets, you don’t have the luxury… and I think that’s fine.”
“That’s why you just have to understand why you might want to own this, understand the potential of this technology, and then position accordingly,” he added.
Horne suggested that a small allocation of 1-5% could be prudent.
This range is minimal enough to mitigate significant loss if Bitcoin’s value plummets but substantial enough to benefit from potential gains and its role as an inflationary hedge.
His remarks underscore the growing interest from institutional investors and fund managers towards Bitcoin and cryptocurrencies, which were previously dismissed by many large financial institutions.
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Institutional interest in Bitcoin and other digital assets soared after the introduction of spot Bitcoin exchange-traded funds (ETFs) in the United States in January 2024, driving Bitcoin’s value above $70,000 per coin.
According to the latest Coinshares “Digital Asset Fund Flows” report, Bitcoin funds saw $148 million in inflows during the last week of May, with nearly $2 billion in total inflows for May alone.
Since the beginning of 2024, Bitcoin funds and exchange-traded products (ETPs) have accumulated over $14 billion in inflows.
Conversely, short Bitcoin funds faced $12.3 million in capital outflows in May, indicating a positive market sentiment among ETF and ETP investors towards Bitcoin.
The Coinshares report also revealed that Bitcoin investment funds now manage over $74 billion in assets globally.
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United States-based spot Bitcoin exchange-traded funds (ETFs) experienced significant inflows of $488.1 million on June 5.
However, data from Google indicates that public interest in these ETFs remains low compared to the 2021 bull run, suggesting that retail investors have yet to re-enter the market.
On June 4, the ETFs saw their second-highest inflow day, totaling $886.6 million.
The following day, inflows were approximately half that amount, with the Fidelity Wise Origin Bitcoin Fund contributing the largest portion at $220.6 million, according to Farside Investors data.
BlackRock’s iShares Bitcoin Trust followed with $155.4 million, and the Grayscale Bitcoin Trust, despite net outflows exceeding $17.8 billion since January, recorded $14.6 million in net inflows.
Despite the robust inflows and Bitcoin’s surge past $71,000, Google Trends data shows minimal search activity related to Bitcoin and Bitcoin ETFs in the U.S. compared to 2021.
On June 5, searches for “Bitcoin” scored 31 out of 100, while “Bitcoin ETF” scored only 1.
Other terms like “Bitcoin price” and “crypto” scored 18 and 13, respectively, but these numbers are still significantly lower than those during the 2021 bull run.
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Interest in crypto-related searches has diminished over the past year, with notable spikes on January 11, when the U.S. approved 10 spot Bitcoin ETFs, and on March 5, when Bitcoin surpassed $69,000 for the first time since 2021.
Search interest for “Bitcoin” peaked in May 2021. This was shortly after Bitcoin first surpassed $50,000, eventually reaching its all-time high of nearly $69,000 in November 2021.
Crypto analyst Miles Deutscher highlighted in a June 6 X post that viewership of crypto-related YouTube channels has significantly declined from 2021 levels, despite Bitcoin achieving new highs.
In 2021, crypto YouTube viewership was around four million daily views, but it dropped to about 800,000 views per day in 2024.
“Retail isn’t back yet,” Deutscher asserted.
“There is no indicator in the world that sums up the current state of the market better than crypto [YouTube] views.”
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Bitcoin is poised to extend its current bull run, fueled by a record high in global liquidity.
On June 5, Philip Swift, the creator of the on-chain data platform LookIntoBitcoin, published an analysis revealing that worldwide liquidity is approaching $100 trillion.
This surge in liquidity is significant for Bitcoin and crypto markets, which are highly sensitive to global liquidity trends.
According to Swift, 2024 presents ideal conditions for a BTC price increase.
Swift’s platform monitors the global M2 money supply and its correlation with Bitcoin’s price behavior.
In terms of U.S. dollars, M2 has reached $94 trillion, surpassing previous levels by $3 trillion since Bitcoin’s peak at $69,000 in late 2021.
After dipping to $85 trillion in late 2022, during the depths of the crypto bear market, M2 has rebounded by 10%.
“The most important chart for this bull run has just made a new all-time high,” Swift commented on X. “Are you ready?”
This data aligns with other recent findings that also predict a bullish trajectory for Bitcoin.
Notably, Bitcoin’s performance against the U.S. M1 money supply is breaking out from a seven-year consolidation period, the longest in its history, which suggests significant upside potential.
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As financial conditions ease, additional analysis indicates growing interest in crypto and risk assets among institutional investors.
The on-chain analytics platform CryptoQuant, in its latest “Weekly Report” shared with Cointelegraph, drew parallels to investor behavior in 2020.
It noted, “Indeed, large investors are adding about $1B into Bitcoin, paralleling 2020 before the rally from $10K to $70K.
Back in 2020, Bitcoin hovered around $10k for 6 months with high on-chain activity, later revealed as OTC deals.”
CryptoQuant’s report further emphasized that despite low price volatility, on-chain activity remains high, with $1 billion added daily by new whale wallets, likely in the form of Bitcoin purchases from institutional investors moving into custody wallets.
An accompanying chart from CryptoQuant compares the aggregate cost basis, or realized price, of new whales from 2020 to 2024.
Additionally, CryptoQuant highlighted the increasing inflows to U.S. spot Bitcoin exchange-traded funds (ETFs), which saw their second-highest net inflows on June 4.
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DMM Bitcoin, a Japanese cryptocurrency exchange, recently suffered a hack resulting in the loss of $320 million worth of Bitcoin.
To address this breach, the company plans to raise 50 billion yen ($320 million) to compensate affected users.
In a statement issued on June 5, DMM Bitcoin detailed its plan to recover the stolen funds by acquiring an equivalent amount of Bitcoin from its parent company, DMM.com.
The exchange reassured users that it would “take care” to minimize the market impact of these purchases.
The company is conducting an ongoing investigation into the “unauthorized outflow” of 4,503 BTC that occurred on May 31.
DMM Bitcoin “deeply” apologized for the incident and its repercussions on its customers, pledging to “continue to investigate the cause of the unauthorized outflow.”
They also committed to keeping the public informed of any new developments as they arise.
To fund the compensation for its customers, DMM Bitcoin secured a loan of five billion yen ($32 million) on June 3.
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Further financial measures include a planned capital increase of 48 billion yen ($308 million) scheduled for June 7, and an additional two billion yen ($12.8 million) through subordinated debt financing on June 10.
This financial support from DMM.com is intended to ensure that the exchange has the necessary funds to “guarantee customers’ Bitcoin holdings.”
The DMM Bitcoin hack is ranked as the eighth-largest cryptocurrency hack in history, making it one of the top 10 biggest crypto exchange hacks of all time.
The largest hack to date occurred in March 2022, when the Ronin Network’s validator nodes were exploited, resulting in the theft of $620 million.
In response, Ronin significantly enhanced their security measures, introduced $1 million bug bounties, and doubled their validator nodes to prevent future incidents.
DMM Bitcoin’s proactive steps in securing funds and ongoing investigation aim to restore user trust and ensure the stability of their platform amidst the aftermath of this significant security breach.
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A legal battle involving multiple exchanges delisting a particular token in 2019 continues to unfold after five years, with U.K. authorities initiating proceedings against six companies.
On June 5, the U.K.’s Competition Appeal Tribunal commenced a hearing against six exchanges that removed the forked cryptocurrency Bitcoin SV (BSV) from their platforms in 2019.
The defendants include major crypto exchanges such as Binance’s European arm, Binance Europe Services, as well as Erik Voorhees’ ShapeShift, Kraken (represented as Payward), and the Bitcoin exchange Bittylicious along with related entities.
BitMEX Research indicates that each of the six defendants has its own legal team, resulting in a significant number of lawyers and extensive documentation involved in the case.
The tribunal has estimated that the collective proceedings order (CPO) will take three days to complete.
Bitcoin SV, a blockchain and cryptocurrency, emerged from a split with Bitcoin Cash in 2018.
Named “Satoshi’s Vision,” it was founded by a blockchain development firm associated with Craig Wright, who falsely claimed to be Bitcoin’s anonymous creator, Satoshi Nakamoto.
The Bitcoin Cash fork led to a divide within the community, with different groups and key figures promoting their own versions.
Prominent supporters of another forked coin, Bitcoin ABC, included Roger Ver, Bitmain, and exchanges like Binance and Coinbase.
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The class-action lawsuit revisits the controversy surrounding the wave of BSV delistings in April 2019. Exchanges such as Binance and Kraken provided minimal explanations for their decision to remove the token.
Kraken stated that BSV was involved in behavior “completely antithetical” to the values of Kraken and the broader crypto community, even conducting a poll on X in 2019 that labeled BSV as “toxic.”
Similarly, Binance offered little rationale for delisting BSV, merely stating that it no longer met their standards.
In 2022, Binance, Kraken, and other exchanges faced a $12-billion U.K. class action over the BSV delistings.
Plaintiffs claimed that those who held BSV after the 2019 delistings missed out on growth opportunities, demanding $9 billion in compensation for their losses.
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Bitcoin surged to a two-week high on June 5, with market analysis linking the rise in BTC price to renewed institutional interest.
Data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin reached local highs of $71,286 on Bitstamp after the daily close.
During the Asia session, bulls maintained their gains, with attention now turning to the Wall Street open following a “strong bid” at the start of the U.S. trading week.
Prominent trader Skew attributed the bullish momentum to U.S. spot Bitcoin exchange-traded funds (ETFs).
These ETFs experienced net inflows of nearly $900 million on June 4, marking the second-largest single-day tally in their five-month history, according to data from sources such as the UK-based investment firm Farside.
“Not surprising to see tbh,” Skew commented on BTC price action on X. “
“We had considerable twap spot bid behind price all of yesterday till late US session.
“Typically consistent twap spot buying via Coinbase has been Spot ETF related – precedes inflows.”
Skew also mentioned that Binance, the largest global exchange, could play a crucial role in sustaining the uptrend.
“The edge for a while has been what Binance spot does in terms of moving price both prior and post large inflow days,” he concluded.
Trading resource Material Indicators highlighted significant resistance between the current spot price and the all-time high of $73,800.
Bidders placed liquidity above $69,000, a key level to turn into support, to support the BTC price.
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“Time will tell if it’s enough to keep price elevated above the R/S Flip line,” noted part of X commentary.
“Meanwhile ask liquidity is stacked above $71.5k and very dense around $72k. Some consolidation above $69k would be healthy.
“A wick below that line would invalidate the R/S Flip.”
Bitcoin ETFs gained approval globally.
‘Trading firm QCP Capital observed that institutional investment worldwide provided broader bullish support for Bitcoin.
“As BlackRock’s BTC spot ETF becomes the fastest ETF ever to cross $20b in size, we are seeing more follow suit with Thailand’s SEC approving the first BTC spot ETF and Australia’s first BTC spot ETF starting to trade today,” it wrote in an update to Telegram channel subscribers on June 4.
“Unprecedented inflow access for traditional capital around the world will undoubtedly keep BTC price supported.”
QCP also predicted that U.S. unemployment data due later in the week could further boost Bitcoin, particularly if it indicates that restrictive financial policy is having a significant impact.
“Could this be the catalyst to break all-time highs?” it queried.
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If the price of Bitcoin reaches $72,000, it would act as a “fuse,” triggering the breakthrough of the $75,000 psychological barrier.
Bitcoin hitting $72,000 would spark a wave of mass liquidations, paving the way to new all-time highs, according to analyst Willy Woo.
Woo wrote in a June 5 X post to his 1.1 million followers:
“Tapping $72k is the fuse set to start a liquidation cascade. $1.5b of short positions ready to be liquidated all the way up to $75k and a new all-time high.”
Bitcoin rose 3.15% in the 24 hours leading up to 8:05 am UTC on June 5 to trade at $71,124. The world’s first cryptocurrency is up 4.8% on the weekly chart, according to CoinMarketCap data.
Bitcoin price faces significant resistance at the $71,500 and $72,000 marks.
According to CoinGlass, a potential move above $72,000 would liquidate $800 million worth of cumulative leveraged short positions across all exchanges.
Above the $72,500 mark, Bitcoin would trigger the liquidation of over $1.2 billion worth of leveraged short positions.
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Currently, Bitcoin is down 3.4% from its previous all-time high of $73,740, which it reached on March 14.
Bitcoin’s post-halving distribution “danger zone” ended on May 6 when Bitcoin firmly rose above the reaccumulation range of $60,000, according to popular crypto analyst Rekt Capital.
Bitcoin’s price has risen over 12.5% since May 6, confirming the end of the post-halving danger zone.
Bitcoin price broke out of a significant two-week downtrend on June 3, wrote Rekt Capital in an X post:
“Bitcoin broke its two-week downtrend today.
“However, we have seen upside wicks beyond this downtrend before.
“Which is why a Daily Close later today is needed to confirm this breakout.”
However, Bitcoin still needs to turn the $72,000 resistance into support, before it enters the “parabolic phase” of the bull cycle, according to Rekt Capital.
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Australia is set to launch its first spot Bitcoin exchange-traded fund (ETF), which directly holds the asset, on Tuesday.
The Monochrome Bitcoin ETF (IBTC) will begin trading on the Cboe Australia exchange on June 4.
While Australia already has several exchange-traded products offering Bitcoin exposure, Monochrome Asset Management is the first to receive approval under a new crypto asset licensing category established in 2021 under Australian Financial Services (AFS) licensing rules.
This new category allows the ETF to directly hold Bitcoin.
Monochrome ensures that IBTC’s holdings are stored offline in a device not connected to the internet, utilizing a crypto custody solution that meets “Australian institutional custody regulatory standards.”
“Before IBTC, Australian investors were only able to invest in ETFs that indirectly hold Bitcoin or through offshore Bitcoin products, both of which don’t benefit from the investor protection rules under the directly held crypto asset AFS licensing regime,” Monochrome stated.
Unlike its U.S. counterparts, which are cash-settled, the ETF allows in-kind redemption from investors.
Monochrome CEO Jeff Yew expressed optimism about the new ETF, citing the consistent growth of indirect Bitcoin ETF products in recent months.
He told Cointelegraph that he anticipates “strong interest” in the firm’s ETF and confirmed that Monochrome is prepared to launch an Ether ETF, which will also hold the asset directly.
“We are also exploring other thematic opportunities within the digital asset sector to meet investor demand,” he added.
The launch of IBTC follows the introduction of four spot Bitcoin ETFs in Hong Kong on April 30.
However, three of the four Hong Kong ETFs have experienced cumulative net outflows since their launch, with the exception of Bosera’s spot Bitcoin ETF.
In contrast, U.S. Bitcoin ETFs have seen better performance, with cumulative inflows of $13.9 billion, although this is offset by $17.9 billion in outflows from the Grayscale Bitcoin Trust.
Yew noted that Australia is a “very crypto-heavy country” and predicted that local spot Bitcoin ETFs could generate between $3 billion to $4 billion in net inflows within the first three years.
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Bitcoin could potentially reach a peak of $130,000 to $150,000 between late August and early September, following patterns observed in previous post-halving bull markets, according to crypto trader Peter Brandt.
The Bitcoin halving event, which occurred on April 20, is a scheduled event approximately every four years that cuts mining rewards by half. Brandt highlighted in a June 2 report that these halving dates have historically marked significant points in bull market cycles.
Brandt noted that historically, the halving date has been situated roughly halfway between the start of a bull market and its peak.
For instance, the last Bitcoin bull market began about 16 months before the May 11, 2020, halving and concluded around 18 months later, according to his analysis.
The two previous halvings, on July 9, 2016, and November 28, 2012, exhibited similar trends.
Brandt suggested that if this pattern continues, “the next bull market cycle high should occur in late Aug/early Sep 2025.”
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Despite the historical patterns, Brandt emphasized that predicting Bitcoin’s cycle high is not foolproof, stating that “no method of analysis is fool-proof.”
However, if the past growth pattern continues, he estimates a bull market high “in the $130,000 to $150,000 range.”
Considering the possibility of Bitcoin already peaking, Brandt’s analysis indicates that the current bull market started on December 17, 2022, when BTC was trading around $16,800.
Since then, it has surged over 300%, reaching $67,882, according to Cointelegraph Markets Pro.
Although Bitcoin has dropped from its all-time high of $73,679 on March 14, Brandt believes there’s a 25% chance that Bitcoin has already reached its bull market top.
He noted that the gains in each bull cycle have been decreasing compared to the previous ones.
Brandt warned that if Bitcoin fails to achieve a new all-time high and falls below $55,000, he would consider the probability of the cryptocurrency undergoing an “exponential decay” to be higher.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin could potentially reach a peak of $130,000 to $150,000 between late August and early September, following patterns observed in previous post-halving bull markets, according to crypto trader Peter Brandt.
The Bitcoin halving event, which occurred on April 20, is a scheduled event approximately every four years that cuts mining rewards by half. Brandt highlighted in a June 2 report that these halving dates have historically marked significant points in bull market cycles.
Brandt noted that historically, the halving date has been situated roughly halfway between the start of a bull market and its peak.
For instance, the last Bitcoin bull market began about 16 months before the May 11, 2020, halving and concluded around 18 months later, according to his analysis.
The two previous halvings, on July 9, 2016, and November 28, 2012, exhibited similar trends.
Brandt suggested that if this pattern continues, “the next bull market cycle high should occur in late Aug/early Sep 2025.”
READ MORE: Ripple CEO Brad Garlinghouse Predicts Inevitable Crypto ETFs Amid $5 Trillion Market Optimism
Despite the historical patterns, Brandt emphasized that predicting Bitcoin’s cycle high is not foolproof, stating that “no method of analysis is fool-proof.”
However, if the past growth pattern continues, he estimates a bull market high “in the $130,000 to $150,000 range.”
Considering the possibility of Bitcoin already peaking, Brandt’s analysis indicates that the current bull market started on December 17, 2022, when BTC was trading around $16,800.
Since then, it has surged over 300%, reaching $67,882, according to Cointelegraph Markets Pro.
Although Bitcoin has dropped from its all-time high of $73,679 on March 14, Brandt believes there’s a 25% chance that Bitcoin has already reached its bull market top.
He noted that the gains in each bull cycle have been decreasing compared to the previous ones.
Brandt warned that if Bitcoin fails to achieve a new all-time high and falls below $55,000, he would consider the probability of the cryptocurrency undergoing an “exponential decay” to be higher.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.