As cryptocurrency exchange-traded funds (ETFs) dominate 2024’s top launches, the surge in investment, particularly in Bitcoin ETFs, signals growing market confidence in digital assets.
With total net assets in Bitcoin and Ethereum ETFs now surpassing $60 billion, this trend could significantly influence Bitcoin price predictions.
The influx of capital into these ETFs reflects a broader acceptance and could potentially drive Bitcoin prices higher as investor interest grows.
Crypto ETFs Dominate 2024’s Top ETF Launches, Surpassing $60 Billion
Thirteen of the top 25 ETF launches in 2024 have been cryptocurrency exchange-traded funds (ETFs), according to Nate Geraci, president of The ETF Store. The spot Bitcoin ETFs were the most popular among the nearly 400 new launches this year.
Top-performing: BlackRock’s iShares Bitcoin Trust, which has taken in almost $21 billion in new money; two other funds have netted about $2 billion and Fidelity’s Wise Origin Bitcoin Fund with around $10 billion.
On the Ethereum front, iShares Bitcoin Strategy is seeing inflows that total more than $1 billion.
The growth of crypto ETFs’ adoption is a milestone given that Bitcoin and Ethereum ETF total net assets are more than $60 billion.
This influx of investment points towards increasing market confidence in digital currencies, which could impact the price rise further for Bitcoin and Ethereum as interest builds.
The increasing demand and sheer volume of Bitcoin ETF inflows would lead to higher prices for BTC as more institutional and non-institutional investors become exposed to the asset.
Metaplanet Partners with SBI VC for Bitcoin Custody and Financial Leveraging
Metaplanet has partnered with Japanese investment firm SBI VC Trade to enhance its Bitcoin custody solutions. This collaboration allows Metaplanet to use Bitcoin as collateral in financial leveraging operations, improving its financing capabilities.
Earlier this year, Metaplanet added Bitcoin to its reserves to hedge against yen volatility and currently holds 360.4 BTC, valued at $21 million as of August 20.
SBI VC Trade, a subsidiary of the $185 billion asset manager SBI Holdings, operates a registered crypto exchange in Japan.
Key points:
Metaplanet’s strategy mirrors MicroStrategy’s, emphasizing Bitcoin as a reserve asset. The partnership signals growing institutional adoption, which could bolster Bitcoin demand and price.This development is a positive indicator for Bitcoin, potentially boosting investor sentiment and sparking further institutional interest.
Looser Fed Policy and Global Trends Signal Bullish Outlook for Bitcoin
Softer Federal Reserve policies and global macroeconomic factors are setting the stage for a bullish outlook on Bitcoin.
While Bitcoin saw a 200% gain in Q1 due to the U.S. injecting $12 trillion into the economy, analysts at ETC Group suggest that the cryptocurrency’s current alignment with U.S. monetary policy, particularly a potential Fed rate cut, could be favorable.
Despite a dip in crypto market sentiment, largely due to U.S. recession fears and a stronger yen, the possibility of looser Fed conditions is seen as a positive.
Lower interest rates generally encourage investment in higher-risk assets like Bitcoin, supporting its price and demand.
Bitcoin Faces Key Resistance at $59,500: Will It Break Out?
Bitcoin is currently trading at around $59,000. The key pivot point to watch is at $59,470. Immediate resistance is around $61,190, with further resistance levels at $62,750 and $64,980.
On the downside, immediate support is at $57,160, followed by $55,210 and $53,420.
Technical Indicators:
RSI: The Relative Strength Index is currently at 50, indicating a neutral stance but with potential for further upside or downside movement depending on the market momentum. 50 EMA: The 50-Day Exponential Moving Average stands at $59,470, serving as a critical resistance point for Bitcoin’s current price action. Bitcoin Price Chart – Source: TradingviewBitcoin is facing a significant challenge as it hovers around the pivot point of $59,470. A breakout above this level could pave the way for a move toward $61,190 or even higher.
However, if Bitcoin fails to hold above this pivot, a decline toward $57,160 or lower is likely.
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