Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.
Following the considerable excitement surrounding the approval of the highly anticipated Bitcoin Spot ETF, here's an update on its performance during the first week of trading.
So, fair question: It’s been a week. How are those Bitcoin ETFs performing? Historically speaking, it was the most successful ETF (or IPO for that matter) launch on record. Given the very large trade volume ($1.8B in the first three days of trading), the mixed price action can largely be attributed to Grayscale investors cashing out of their positions. That said, in the first 2 days, the BlackRock trust took almost 12K bitcoins off the market, followed very closely by Fidelity (now holding 10K coins for their clients), and this after Bitwise had taken an early lead. (Graph below courtesy of Sprout Finance)
(Notably, later in the week, Blackrock became the first Bitcoin ETF to reach $1B BTC AUM—a 43% increase on the numbers above). And including GBTC? 21Shares (Ark partners) President Ophelia Snyder mused that the initial trading volumes reflected pent-up demand, and noted she expected “a second wave of activity in the coming weeks and months as this becomes more mainstream.” She added that focusing on short-term flows into such funds was “crazy short-sighted and largely not the point,” Snyder said, “It’s going to ramp over time, so I think the short-term view is a mistake.” Blockworks
Golden Cross, Bart Simpson, Hang Man, Superman (jk there’s no Superman)... What do these strange terms have in common? They are visual mnemonics of important occurrences in Technical Analysis. A Golden Cross is a basic technical indicator that occurs in the market when a short-term MA (moving average, 50-day) of an asset rises above a long-term MA (200-day). But you’ll tell us, “Bitcoin’s 50-day MA has crossed above its 200-day MA many times before, so why is this important?” Ah, but this is a first because we're talking about a weekly golden cross, meaning Bitcoin’s 50-week MA has passed above its 200-week MA. In English: Very bullish long-term indicator. But—while traders often interpret this as a sign of a long-term bull market, skeptics note that crossovers are historical indicators and may lag current prices. The bullish sentiment is also challenged by Bitcoin's recent 10% decline from its $49,000 peak, attributed to lower-than-expected ETF flows following the introduction of 11 spot exchange-traded funds in the U.S. The effectiveness of golden and death crosses (it's opposite) in predicting trends remains mixed. Coindesk
After its native token Ether grew by around 15% last week to recapture 2-year price highs, Ethereum's core developers have successfully deployed the Dencun upgrade on the Goerli test network, a prelude to its imminent launch on the mainnet. Despite encountering challenges, including a potential chain split due to client synchronization issues, the upgrade on the Goerli testnet was finalized. The Dencun upgrade introduces EIP-4844, featuring a novel transaction mechanism called ephemeral blobs or proto-dank sharding. This allows Ethereum nodes to temporarily store and access off-chain data, reducing storage demands and lowering transaction costs for decentralized applications (dApps), especially benefiting Layer 2 rollup chains. The mainnet release is scheduled for the end of Q1 2024, following phased implementations on various testnets. The Block
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As of 01/22/2024 12:00 AM EST, values in CAD.
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Disclaimer: This article is not intended to provide investment, legal, accounting, tax, or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.