The cryptocurrency trend was positive over the past 24 hours ahead of Bitcoin’s halving next week and despite the release of higher-than-expected US inflation data that initially pushed prices lower.
“Whether the Fed cut rates 25bps in June or not isn't the long-term driver of bitcoin prices right now. It's a marginal factor. ETF flows + rising deficits matter more, and they are lining up very well for bitcoin,” commented Matt Hougan, Bitwise Invest’s chief investment officer.
The spot Bitcoin exchange traded funds (ETFs) approved in the US three months ago exactly recorded $124 million in net inflows on Wednesday. There are currently roughly 19,680,000 Bitcoins in circulation.
“Investors in US ETFs own 838,730, or 4.3 %. If we exclude the BTC that has not moved in the last 3 years (9,650,000), the US ETFs own 8.4%. If we exclude the BTC that has not moved in the last 1 years (15,190,000), the U.S. ETFs own 18.7%,” the crypto profile @HODL15Capital noted.
Quarterly regulatory filings starting to drip in also show that financial advisers have acquired spot Bitcoin ETFs. Signal Advisors, for example, reported that it holds more than 20,000 of BlackRock’s
IBIT
ETF, BlockBeats reports.
A bullish sun shines over the global crypto market in the next 24 hours, including Bitcoin and Ether, signaling upside potential. Over a one-week horizon, the trading conditions will be mixed with bearish clouds lingering over Uniswap, Polkadot, Ripple’s XRP and Binance Coin, indicating downside risks. The sun will, however, continue to shine over both Bitcoin and Ether over this medium-term time horizon.
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“Whether the Fed cut rates 25bps in June or not isn't the long-term driver of bitcoin prices right now. It's a marginal factor. ETF flows + rising deficits matter more, and they are lining up very well for bitcoin,” commented Matt Hougan, Bitwise Invest’s chief investment officer.
The spot Bitcoin exchange traded funds (ETFs) approved in the US three months ago exactly recorded $124 million in net inflows on Wednesday. There are currently roughly 19,680,000 Bitcoins in circulation.
“Investors in US ETFs own 838,730, or 4.3 %. If we exclude the BTC that has not moved in the last 3 years (9,650,000), the US ETFs own 8.4%. If we exclude the BTC that has not moved in the last 1 years (15,190,000), the U.S. ETFs own 18.7%,” the crypto profile @HODL15Capital noted.
Quarterly regulatory filings starting to drip in also show that financial advisers have acquired spot Bitcoin ETFs. Signal Advisors, for example, reported that it holds more than 20,000 of BlackRock’s
IBIT
ETF, BlockBeats reports. A bullish sun shines over the global crypto market in the next 24 hours, including Bitcoin and Ether, signaling upside potential. Over a one-week horizon, the trading conditions will be mixed with bearish clouds lingering over Uniswap, Polkadot, Ripple’s XRP and Binance Coin, indicating downside risks. The sun will, however, continue to shine over both Bitcoin and Ether over this medium-term time horizon.
Follow us for more crypto news and crypto weather reports!
Find out more detailed forecasts at www.attmo.ai/