The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Welcome to a new week! Here’s what you need to know today in crypto: |
| Analysts set $43,000 as a key indicator for next bitcoin surge.Hong Kong's SFC receives its first spot bitcoin ETF application.Solana-based trading aggregator Jupiter overtakes Uniswap v3 in trading volume. |
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GBTC is now an ETF. Grayscale Bitcoin Trust ETF was first created in 2013 as the original Bitcoin fund helping investors gain secure and familiar access to Bitcoin. Today, GBTC is the world’s largest Bitcoin ETF with $26.6B in AUM as of 1/11/24, offering even more investors with convenient exposure to the world’s most popular cryptocurrency. Bitcoin investing begins with GBTC. Find ticker: GBTC in your brokerage account or ask your financial advisor today. Grayscale Bitcoin Trust (BTC) (the “Trust”) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Trust has filed with the SEC for more complete information about the Trust and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Trust or any authorized participant will arrange to send you the prospectus (when available) if you request it by calling (833) 903 - 2211 or by contacting Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, Maine 04101. Foreside Fund Services, LLC is the Marketing Agent for the Trust. An investment in the Trust involves risks, including possible loss of principal. The Trust holds Bitcoin; however, an investment in the Trust is not a direct investment in Bitcoin. Extreme volatility of trading prices that many digital assets, including Bitcoin, have experienced in recent periods and may continue to experience, could have a material adverse effect on the value of GBTC and the shares could lose all or substantially all of their value. |
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CoinDesk 20 Index: 1,636 −0.8%
Bitcoin (BTC): $42,279 −0.3%
Ether (ETC): $2,270 −0.5%
S&P 500: 4,890.97 −0.1%
Gold: $2,026 +0.5%
Nikkei 225: $2,026 +0.5% |
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Bitcoin fluctuated around the $42,000 mark during the European morning as analysts set $43,000 as a key indicator for a surge above $50,000. Founder of 10x Research Markus Thielen, who predicted BTC's drop to $38,000, wrote that traders "should re-engage in long positions once bitcoin breaks above $43,000," in a note to clients. Bitcoin has been in a five-wave bullish pattern since early 2023, with the recent pullback constituting wave 4, he said. Wave 5 has now begun and could take prices up $50,000. The bullish outlook is consistent with the decline in selling pressure from investors taking profits from the Grayscale Bitcoin Trust (GBTC) crypto investment vehicle. The profit-taking was partially responsible for bitcoin falling into the wave 4 correction after the launch of U.S.-based spot ETFs on Jan. 11. |
Hong Kong's Securities and Futures Commission has received its first spot bitcoin ETF application . Chinese asset manager Harvest Global Investments was the applicant, according to Tencent News. Hong Kong's regulators said they are ready to consider spot crypto ETF applications in December, just two weeks before the approval of bitcoin ETFs by the SEC in the U.S. Venture Smart Financial Holdings, a Hong Kong firm, said earlier this month it will file a spot bitcoin ETF application, and hopes to start trading during the first quarter. Venture and Harvest are also in discussions with Hong Kong's central bank about its planned sandbox for the development of stablecoins in the region, according to Bloomberg. Solana-based trading aggregator Jupiter settled over $500 million in trades in the past 24 hours ahead of its planned token issuance on Wednesday , overtaking Uniswap v3 to become the biggest trading platform by that metric. Jupiter has 550 tokens and more than 5,550 trading pairs listed, CoinGecko data show. The USDC/SOL pair was the most active, with $166 million in volume. Meanwhile, the wen (WEN) meme coin issued last week by Jupiter developers chalked up about $150 million in trading volumes across two trading pairs. Jupiter’s JUP tokens are expected to be issued on Wednesday. Nearly 1 million Solana wallets have qualified for a slice of the unusually large airdrop: 40% of JUP's total supply, a size that reflects Jupiter's popularity with traders. |
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Market Insight: Bitcoin Whales Boosted Coin Stash by $3B in January |
Bitcoin whales have accumulated $3 billion worth of BTC this month, according to data tracked by on-chain analytics firm IntoTheBlock. The whales boosted their holdings even as BTC lost over 20% from the highs of $48,900 following the debut of spot bitcoin ETFs in the U.S. as investors in GBTC banked profits. This is seen as a sign of confidence in bitcoin's long-term prospects. "While bitcoin ETFs have seen net inflows of $820M, bitcoin whales have seen an increase of ~$3B (76,000 BTC) so far in 2024," IntoTheBlock said in a weekly newsletter. "Whales include any entity, individual, or fund (including the ETFs) holding over 1,000 BTC." Several observers and investment banks, including Standard Chartered, expect the recently launched ETFs to pull billions of dollars in investments, lifting the cryptocurrency's market price to $100,000 by the end of 2024. |
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| The chart shows dealer gamma exposure in the ether options market in notional terms. Gamma measures the rate of change in the option's price relative to changes in the spot market prices. Ether options dealers have built a net positive or long gamma exposure and are likely to buy low and sell high in the spot/futures market, arresting the price volatility."ETH’s positive cash gamma just hit quarterly high, a signal of more resistance in the upside path," Blofin's Volatility Trader Griffin Ardern said.Source: Amberdata |
- Omkar Godbole We may earn a commission from partner links. Commissions do not affect our journalists’ opinions or evaluations. For more, see our Ethics Policy. |
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Grayscale is the world’s largest crypto asset manager*. We enable investors to access the digital economy through a family of regulated and future-forward investment products. Our decade-long track record and deep expertise as a crypto-specialist means that investors, advisors, and allocators turn to us for both investment insights and innovative products. Crypto investing begins with Grayscale. *By AUM as of 1/16/24. Investing involves risk and possible loss of principal. |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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