Fund issuer Stacked (STKD) has launched a new exchange-traded fund (ETF) that provides leveraged exposure to both Bitcoin (BTC) and gold, capitalizing on the growing “debasement trade” trend ahead of the U.S. presidential elections in November.
In an announcement on October 16, STKD introduced the Bitcoin & Gold ETF (BTGD), designed to offer investors exposure to “two scarcity assets that may protect against future inflation and currency debasement.” The actively managed ETF aims to allocate $1 to Bitcoin and $1 to gold for every $1 invested, utilizing a mix of ETFs and futures contracts linked to the prices of BTC and gold.
Futures contracts are standardized agreements to buy or sell an asset at a specified date in the future, providing investors with exposure without directly holding the underlying asset.
According to an October 3 report by JPMorgan, investors are turning to both Bitcoin and gold as they brace for potential economic instability fueled by rising geopolitical tensions and the upcoming U.S. elections. JPMorgan’s report, shared with Cointelegraph, suggests that these factors reinforce the “debasement trade,” where demand for assets like gold and Bitcoin spikes due to fears of inflation, geopolitical uncertainty, and persistent government deficits.
The “debasement trade” refers to the growing demand for assets that are perceived to protect against inflation and the devaluation of fiat currencies.
A Strategic Blend of Bitcoin and Gold
STKD emphasized that while debates often pit Bitcoin against gold, the two assets together can serve as a strategic combination for investors seeking both capital appreciation and portfolio hedging.
The launch of STKD’s ETF comes as a wave of proposed cryptocurrency-related ETFs are emerging ahead of the U.S. presidential election. Asset manager Canary Capital has also announced plans for ETFs focused on XRP and Litecoin, while Bitwise plans to launch an XRP ETF. Additionally, leveraged MicroStrategy ETFs reached $400 million in net assets, driven by retail investor interest in volatile Bitcoin investments, according to Bloomberg Intelligence.
Leveraged ETFs carry additional risk and may underperform due to the costs associated with daily rebalancing to maintain their leverage targets.
Bitcoin (BTC) hovered around $68,000 on October 16 after reaching new 11-week highs as the Wall Street session began.
Data from Cointelegraph Markets Pro and TradingView showed Bitcoin’s price surge continuing, surpassing the previous day’s peak, which was driven by leveraged trades.
While volatility was apparent, popular trader and analyst Skew cautioned about potential market manipulation. “Very active spoofing going on here today,” he noted on X regarding the Binance spot market. He pointed out that a gap of 1% to 2.5% between ask and bid liquidity could lead to volatility in the absence of passive flows.
Skew also warned that if BTC fell below $67,000, it could trigger a liquidation cascade for late-long positions in the derivatives market.
Meanwhile, most of the buying pressure came from spot buyers on Binance and Bitfinex, particularly around the Wall Street open, mirroring the prior day’s activity.
Monitoring resource Material Indicators observed increased exposure among both large and small investors. “FireCharts binned CVD once again shows all order classes buying Bitcoin,” the platform shared with its X followers, noting that bid liquidity was stacking above $66,000, with $70,000 in sight.
Some traders were confident that sellers would capitulate, marking the return of a bull market. Crypto trader and analyst Michaël van de Poppe predicted that Bitcoin would hit a new all-time high within the next few weeks, stating, “The trend has switched… likely $90K before EOY.”
Interestingly, BTC gained alongside the U.S. dollar, breaking their usual inverse correlation. The U.S. Dollar Index (DXY) climbed to 103.45, its highest level since August 8, a day when Bitcoin also saw a major upside of nearly 12%.
Crypto asset manager Grayscale has filed with the United States Securities and Exchange Commission (SEC) to convert its $520 million multi-cryptocurrency fund into an exchange-traded fund (ETF).
On October 14, the New York Stock Exchange (NYSE), on Grayscale’s behalf, submitted a 19b-4 form to the SEC, requesting approval to convert Grayscale’s Digital Large Cap Fund into an ETF. This form asks the SEC to alter its rules to allow the listing of a new ETF.
Grayscale’s Digital Large Cap Fund manages over $524 million in assets. It is heavily weighted toward Bitcoin (76%), followed by Ether (18%), with the remaining allocation split between Solana, XRP, and Avalanche.
In an accompanying 8-K form, Grayscale notified its investors that the proposed changes from the NYSE would allow for the conversion to a spot ETF, making it easier for investors to buy and sell shares in the fund.
This latest filing comes after Grayscale successfully converted two major funds, the Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE), into ETFs earlier this year. The SEC had previously rejected spot crypto ETF applications until an August court ruling favored Grayscale, prompting the regulator to reconsider.
Spot ETFs hold the underlying assets, unlike non-spot crypto funds, which rely on futures contracts. Spot ETFs simplify transactions for investors by removing added regulatory barriers.
Following these conversions, investors in Grayscale funds began selling their shares due to changes in the discount to net asset value (NAV). For instance, six months before the GBTC conversion, shares were trading at a 44% discount to the price of spot Bitcoin, according to YCharts. This discount disappeared after the conversion, leading to significant sell-offs.
Grayscale’s Bitcoin fund has seen $21 billion in outflows since its January conversion, while the Ethereum ETF has recorded $3 billion in outflows since July.
Additionally, on October 10, Grayscale added 35 altcoins, including Dogecoin and Worldcoin, to its list of assets “under consideration” for future investment products. The firm has also been actively launching new crypto funds, including an Aave investment fund in October, an XRP Trust in September, and an Avalanche fund in August.
Cryptocurrency investment products had another strong week, with Bitcoin leading the inflows, attracting $419 million.
From October 5 to October 11, digital asset investment products saw total inflows of $407 million, according to CoinShares’ Digital Asset Fund Flows Weekly Report, released on October 14. This marked a rebound after a minor sell-off of $127 million the previous week, which had followed stronger-than-expected U.S. economic data.
CoinShares’ head of research, James Butterfill, attributed the rise in crypto investment products last week to political factors, particularly the upcoming U.S. elections, rather than monetary policy shifts.
“This trend is evident in the fact that stronger-than-expected economic data had little impact on stemming outflows,” Butterfill explained. He added that factors like “polling toward the Republicans” provided an “immediate boost in inflows and prices.” He noted that Republicans are generally seen as more supportive of digital assets.
Bitcoin was the main beneficiary of the recent political developments, drawing in $419 million in inflows. In contrast, short-Bitcoin investment products saw outflows of $6.3 million.
Butterfill pointed out that Bitcoin’s price rose over 2% during the week, from $61,900 on October 6 to roughly $63,300 by October 12. He suggested the price surge likely fueled additional investment interest.
Additionally, blockchain equity exchange-traded funds (ETFs) experienced significant inflows, totaling $34 million, marking one of the largest weekly inflows for such products in 2024.
This increase came as U.S. election polls on October 10 suggested a potential shift in Senate control from the Democratic Party to the Republicans, which could influence the digital asset market due to the Republican Party’s perceived pro-crypto stance. The election will also decide the next U.S. president, with former President Donald Trump and Vice President Kamala Harris as the main candidates.
Publicly-listed asset management firm Samara Asset Group is aiming to boost its Bitcoin holdings using proceeds from a €30 million ($32.8 million) bond issuance.
Announced on October 14, Samara revealed that investment bank Pareto Securities would be leading fixed investor meetings to discuss the potential multi-million euro bond, which is intended to expand the firm’s investment portfolio.
Samara stated that “an up to €30 million senior secured Nordic bond may follow subject to, inter alia, market conditions.” Proceeds from the bond would be directed toward “additional limited partnership stakes” and investments in Bitcoin, which the firm considers its “primary treasury reserve asset.”
Samara’s CEO, Patrick Lowry, shared that the company has been holding Bitcoin “for years” and now seeks to further increase its Bitcoin treasury while investing in “disruptive tech through top managers and builders.” Lowry expressed his aspiration to accumulate Bitcoin, saying, “Not sure it’s possible, but it’d be a dream to stack as much as Michael Saylor,” referring to the MicroStrategy CEO whose company holds 244,800 BTC.
Currently, Samara has exposure to approximately 421 BTC, but Lowry aims to increase that significantly, with a goal of holding 1,000 BTC by the end of 2024. He noted that the size of Samara’s Bitcoin investment from the bond issuance would depend on the amount raised, stating, “Any assets that we raise that don’t deploy to the funds will be held in Bitcoin as a part of our core treasury management strategy.”
Samara invests not only in Bitcoin but also in funds and managers, as part of its mission to “advance humanity through technology,” Lowry added.
Co-founded in 2018 by Bitcoin advocate Mike Novogratz, Apeiron Investment Group, and Christian Angermayer’s family office, Samara Asset Group was formerly known as Cryptology Asset Group. The firm is based in Malta and listed on Germany’s Xetra electronic stock exchange. As of June, Samara’s net asset value stood at €189 million ($206 million).
Samara’s move to increase its Bitcoin position comes as Novogratz’s other firm, Galaxy Digital, is also expanding its BTC holdings. Data from Arkham Intelligence shows that Galaxy has purchased nearly 500 BTC since October 7, valued at $32.4 million according to CoinGecko.
Shares in Metaplanet surged 15.7% on October 15 after the Japanese investment firm announced its latest purchase of nearly 107 Bitcoin.
With this latest acquisition, Metaplanet now holds a total of 855.5 Bitcoin (BTC), valued at over $56.1 million, according to the firm’s October 15 statement.
The company disclosed that it spent approximately $6.7 million (1 billion yen) to acquire 106.976 BTC, paying around $62,520 per Bitcoin — 5.8% below the market price of $66,200 at the time of the announcement.
Metaplanet’s share price traded at 1,105 yen ($7.38) before the Tokyo Stock Exchange break at 11:30 am local time, reflecting a 15.7% increase from its October 14 close, according to Google Finance data.
Since unveiling its Bitcoin investment strategy in early April, Metaplanet’s share price has soared 480%.
The company has now spent a total of $53.2 million to accumulate its 855 Bitcoin and is up 5.4% on its overall Bitcoin investment.
This recent Bitcoin purchase is part of a broader buying spree by Metaplanet in October. The firm has more than doubled its Bitcoin holdings this month, with four prior purchases, including 109 BTC on October 11 and 108.8 BTC on October 7.
Earlier in the month, Metaplanet acquired a combined 132 Bitcoin across two transactions on October 1 and 3, according to Bitcoin Treasuries data.
Metaplanet’s CEO, Simon Gerovich, has openly acknowledged that his firm’s Bitcoin strategy is inspired by MicroStrategy and its executive chairman, Michael Saylor, whose company holds over 252,000 Bitcoin worth $16.45 billion.
In May, Metaplanet announced plans to utilize “an entire range of capital market instruments” to expand its Bitcoin reserves, similar to MicroStrategy’s approach. This included securing a $6.8 million loan from one of its shareholders to purchase more Bitcoin in August.
Currently, Metaplanet ranks 23rd among public companies with the largest Bitcoin holdings, according to Bitcoin Treasuries.
Bitcoin is technically on track to reach $233,000, potentially as soon as the first quarter of 2025.
In a new price forecast, the analytics account Bitcoindata21 used the Relative Strength Index (RSI) to predict six-figure price levels for BTC/USD.
Bitcoin’s price action is currently consolidating around $65,000, but the coming months could bring significant market changes.
Using historical RSI data, Bitcoindata21 applied standard deviation to monthly RSI readings to suggest that the top of the current bull market could see Bitcoin reaching as high as $250,000.
“The top of the trend channel for monthly RSI is around 88.6 in Q1 2025,” the forecast stated. “If you are expecting it NOT to get hit, then you believe this time is different.”
Such a rapid price surge would not be unprecedented. As the prediction notes, previous Bitcoin bull markets have shown fast, dramatic upward movements toward macro highs.
“There is plenty of apathy and disbelief in the market right now after a long consolidation. Perfect time for price to rip higher, further than the hive mind believes,” another X post from Bitcoindata21 explained. The post added that the last bull cycle saw Bitcoin go from $10,000 to $67,000 in just seven months, driven largely by institutional buying from entities like Grayscale.
The analytics account also hinted at additional evidence suggesting Bitcoin could reach $250,000, with more details to be shared later.
As reported by Cointelegraph, RSI is a popular indicator for those seeking to predict Bitcoin price breakouts.
On October 15, the daily RSI stood at around 62.7, above the key midpoint of 50 but still below the “overbought” threshold of 70.
Trader Mags, another prominent analyst, echoed Bitcoindata21’s sentiment, noting, “Each bull cycle Bitcoin peaks when the monthly RSI enters the extreme overbought zone (above 90). We haven’t seen that happen in this cycle yet.” Mags added that the monthly RSI still has “a lot of room to grow,” and if history repeats, the next leg up could be “epic.”
On the occasion of Bitcoin’s 15th anniversary, renowned artist Frédéric Imbert unveils The Bitcoin Masterpiece, an innovative work that fuses art and technology. This limited edition collection consists of 99 pieces. The artwork pushes the boundaries of art while carving its place in the history of the crypto space.
The Bitcoin Masterpiece: An Artwork Reflecting the Bitcoin Revolution
An exceptional piece of art is set to leave its mark on the history of cryptocurrency. Frédéric Imbert, alongside his son Bastien Imbert, is preparing to launch The Bitcoin Masterpiece, a groundbreaking creation inspired by the Bitcoin logo, merging art with cutting-edge technology.
This work stands out with its sleek and sophisticated design. The carbon and aluminum frame, measuring 95 cm x 95 cm x 5 cm and weighing 12.8 kg, incorporates advanced electronic components. Using 146 glass displays and 217 low-pressure neon lamps, the piece lights up the Bitcoin logo second by second, through successive patterns, creating a stunning visual effect. Frédéric Imbert meticulously hand-assembles each piece in his Paris workshop, ensuring exceptional quality.
The artwork offers a dynamic and captivating representation of the Bitcoin universe. It incorporates several interactive elements, making it a living and evolving piece:
● Progressive and random illuminations of the Bitcoin logo
● Real-time display of Bitcoin’s market price, allowing for real-time tracking of its fluctuations
● Presentation of essential Bitcoin-related data, providing an overview of the ecosystem
This fusion of art and technology transforms each piece into a gateway to the crypto world, while maintaining a refined aesthetic worthy of the most prestigious contemporary art pieces.
The Limited Edition for Enthusiasts and Collectors
The Bitcoin Masterpiece collection is available in 99 numbered pieces. Each piece, unique and customizable upon request, receives the artist’s meticulous attention. Its rarity, combined with artisanal quality and technological innovation, makes it a potential investment for art collectors and crypto enthusiasts alike.
Each piece is priced at 1 Bitcoin, reflecting the ambition of the project, its symbolism, and its deep connection to the leading cryptocurrency.
The Bitcoin Masterpiece will debut at an exclusive vernissage held at The Outpost, a private mansion in the heart of Paris’s 17th arrondissement. The event that will take place on October 23rd will mark the official launch of the collection.
To register for the event, visit: https://lu.ma/afep9ro4
The Visionary Artist Behind The Bitcoin Masterpiece
Frédéric Imbert, the creative mind behind The Bitcoin Masterpiece, is a renowned artist and engineer. Born in Monaco and based near Paris, he has distinguished himself for more than two decades by his ability to fuse art and science into unique contemporary creations.
His passion for electronics and intricate watchmaking is reflected in each of his works, which often incorporate rare and iconic electronic components. Imbert’s distinctive style is characterized by the use of vintage and modern parts, creating visual symphonies that celebrate the passage of time and pay homage to technological and architectural icons.
The Collection Backed by Esteemed Partners
The Bitcoin Masterpiece is already supported by several renowned partners in the crypto and digital art industries. These collaborations will help boost the artwork’s visibility and strengthen its position in the world of crypto art.
The Bitcoin Masterpiece represents the convergence of technological innovation and artistic expression. This creation by Frédéric Imbert offers collectors, cryptocurrency enthusiasts, and digital art lovers the chance to own a work that stands at the crossroads of these worlds. The Bitcoin Masterpiece is destined to become a symbol of the crypto era in the art world.
Twitter : @BTC_Masterpiece
Instagram : thebitcoinmasterpiece
Event : https://lu.ma/afep9ro4
James Howells, an IT engineer from Newport, UK, is suing Newport City Council for 495 million British pounds (approximately $647 million) after accidentally discarding a hard drive containing 8,000 Bitcoin.
According to WalesOnline, Howells has repeatedly sought permission from the council to retrieve the hard drive from a local landfill but has faced consistent rejection.
The drive, which was mistakenly thrown out during a household clearout in 2013, now holds Bitcoin valued at nearly half a billion pounds.
Howells has been trying to recover the lost hard drive for over a decade. The hard drive ended up in a landfill after he mistakenly placed it in a bin liner that was sent to a recycling center.
Back in 2013, the 8,000 BTC was worth about 1 million pounds (around $1.3 million), but its value has surged since then.
Howells has assembled a team of legal experts and filed a court claim, which is expected to be heard in December.
Despite offering Newport City Council 10% of the recovered Bitcoin’s value if the hard drive is found, the council has consistently denied his requests, citing environmental concerns.
The landfill in question has been flagged for violations of its environmental permit, including high levels of asbestos, arsenic, and methane. The council argues that excavating the site could cause harm to the surrounding environment and maintains that its operations follow strict protocols.
In 2022, Howells reportedly proposed an $11 million plan to recover the lost hard drive, involving the use of technology to locate it among 110,000 tonnes of garbage. The plan would come at no cost to the council, but Newport City Council continues to refuse, questioning the legality and feasibility of Howells’ efforts.
To avoid losing access to Bitcoin, it’s crucial to securely store hardware wallets, protect private keys offline, and back up recovery phrases in multiple secure locations.
Bitcoin (BTC) climbed to multi-day highs on October 12, as markets mirrored last weekend’s brief upward movement.
Data from Cointelegraph Markets Pro and TradingView showed BTC nearing $63,500, with a 1.5% gain on the day, similar to its behavior the previous weekend.
Bitcoin made strong gains during the October 11 Wall Street trading session after spending much of the week testing the $60,000 support level.
Following U.S. equities, Bitcoin brushed off new inflationary pressures in the U.S., despite markets scaling back expectations for future interest rate cuts.
“Initial low was swept & clearly inability to breakdown so naturally there’s a reversion,” wrote popular trader Skew in his analysis of 4-hour timeframes on X.
Skew pointed to relative strength index (RSI) scores above 50 and spot demand as key indicators for a potential move upward.
“Monthly & Weekly open are always pretty pivotal so very important for buyers to reclaim for another shot at $65K,” he concluded.
The monthly and weekly open levels are $62,850 and $63,330, respectively, making this price range a critical battleground for BTC.
Analyzing liquidity in exchange order books, trading resource Material Indicators identified two additional upside targets for BTC, just below $65,000.
“FireCharts shows Bitcoin support stacking above $63k, and it looks like bulls want to challenge the 200-Day Moving Average,” Material Indicators explained to its X followers.
“If they are successful in clearing the 200-Day MA, they will attempt to R/S flip Technical Resistance at the 2021 Mid-Cycle Top at $64.9k.”
These levels suggest that Bitcoin’s next significant challenge lies just below the $65,000 mark, where market momentum will be tested further.