Microstrategy Boosts Bitcoin Holdings to 205,000 BTC After $800 Million Capital Raise

Microstrategy has bought 12,000 more bitcoins after completing a $800 million convertible note offering. The Nasdaq-listed company now holds a total of 205,000 bitcoins, acquired for an average of $33,706 per coin. The note offering “was well received in the marketplace and upsized to a total of $800 million in aggregate principal amount,” the company revealed.

Microstrategy Buys 12,000 More Bitcoins

Microstrategy (Nasdaq: MSTR), which considers itself the world’s first bitcoin development company, announced Monday that it has acquired additional bitcoin with proceeds from the sale of convertible notes. Microstrategy’s executive chairman, Michael Saylor, detailed on social media platform X:


In a Monday filing with the U.S. Securities and Exchange Commission (SEC), Microstrategy revealed details of its latest bitcoin purchase. The company used $781.1 million from its convertible note offering, along with $40.6 million in excess cash, to acquire 12,000 BTC between Feb. 26 and March 10. This translates to an average price of approximately $68,477 per bitcoin, inclusive of fees and expenses.

The SEC filing further shows that on March 8, Microstrategy completed a private offering of convertible senior notes, initially targeted at $600 million. The company explained that the note offering “was well received in the marketplace and upsized to a total of $800 million in aggregate principal amount,” adding: “This amount included the exercise by the initial purchasers of their option to purchase $100 million of additional notes. Net proceeds from the offering to Microstrategy totaled approximately $782.0 million.”

The company detailed that the notes are “unsecured, senior obligations of Microstrategy, and bear interest at a rate of 0.625% per annum.” The notes “will mature on March 15, 2030, unless earlier repurchased, redeemed, or converted in accordance with their terms,” Microstrategy added, noting that they are “convertible into cash, shares of Microstrategy’s class A common stock, or a combination of cash and shares of Microstrategy’s class A common stock, at Microstrategy’s election.”

Saylor recently doubled down on his bullish bitcoin stance, stating that BTC is superior to other asset classes. He expects capital to keep flowing into the cryptocurrency.

Source: https://news.bitcoin.com/microstrategy-boosts-bitcoin-holdings-to-205000-btc-after-800-million-capital-raise/

New Bitcoin ETFs and Grayscale Control a Combined 4% of BTC Supply, Valued at $53 Billion

The latest figures reveal that the nine new spot bitcoin exchange-traded funds (ETFs) now control 390,525.3 bitcoins, valued at just over $26 billion at current market rates. These nine ETFs are rapidly approaching the holdings of Grayscale’s Bitcoin Trust (GBTC), which presently has 405,713.31 bitcoins in its possession.

Emerging Bitcoin ETFs Challenge Grayscale’s Reign

Collectively, the nine spot bitcoin ETFs, along with GBTC which has recently been converted into an ETF, amassed an impressive total of 796,238.61 BTC, equivalent to more than $53 billion based on today’s exchange rates. Since their inception on Jan. 11, 2024, the holdings of the nine spot bitcoin ETFs have reached 390,525.3 BTC. Meanwhile, GBTC’s holdings have decreased to 405,713.31, following a sell-off of about 211,366.68 BTC since Jan. 12, 2024.

As of March 7, 2024, Blackrock‘s IBIT fund is the top holder among the ETFs, with 191,132.03 BTC, followed by Fidelity’s FBTC with 115,977.84 BTC. Ark Invest’s ARKB fund is in third place, securing 37,624 BTC. Bitwise’s BITB is next, with a holding of 27,751.58 BTC, and Invesco’s BTCO possesses 5,620 BTC. Valkyrie’s BRRR, Vaneck’s HODL fund, Franklin Templeton’s EZBC, and Wisdomtree’s BTCW follow in the ranking, with stashes of 4,383.17 BTC, 4,270.68 BTC, 2,842 BTC, and 924 BTC, respectively.

Currently, given that the total money supply of BTC stands at roughly 19,648,067.99 (at block height 833,725), the nine new ETFs account for over 1.9% of the entire circulating supply. When combining GBTC’s holdings with those of the nine, their collective total of 796,238.61 BTC represents more than 4% of the available BTC money supply.

Source: https://news.bitcoin.com/new-bitcoin-etfs-and-grayscale-control-a-combined-4-of-btc-supply-valued-at-53-billion/

Bitcoin's Leap Past $65K Ignites Speculation of Qatari Billionaire's Big Buy Post-Atlantis Conference

Following bitcoin’s climb beyond the $65,000 mark, social media has been buzzing with discussions about the rumored acquisition of bitcoin by a billionaire from Qatar post the Bitcoin Atlantis conference in Madeira. A sighting of a Qatari jet at the airport subsequent to the Bitcoin Atlantis gathering has caught the public’s attention, with the shared image amassing over 189,000 views.

Rumors Swirl Around Qatari Billionaire’s Bitcoin Move After $65K Breakthrough

On March 4, 2024, bitcoin’s value soared past $65,000, after lingering just below $63,000 the previous day, now nearing its record peak of $69,044 per coin set on Nov. 10, 2021, by a mere 6%. This significant uptick prompted widespread speculation on social media about a wealthy individual from Qatar investing in BTC, sparked by the sighting of a Qatari aircraft post-event.

In response to a query about the impact of Saudi Arabia and Qatar investing their oil and LNG profits into bitcoin, the CEO of Keychainx shared, “Ok, here is some alpha for you. Saw this Qatari private jet at Madeira airport [the] day after Saylor’s talk at [Bitcoin Atlantis], coincidence?” So far, the Keychainx CEO’s post on X has gathered more than 189,000 views.
Photo of the Qatari private jet at Madeira airport that got close more than 189,000 views. Photo shared with Bitcoin.com News by Robert Rhodin, CEO of Keychainx.

Bitcoin evangelist Max Keiser shared a video of El Salvador’s President Nayib Bukele welcoming the Emir of Qatar and said “It’s happening!!” Anthony Scaramucci commented on the matter as well. “Max is saying Qatar may have added bitcoin to their balance sheet,” Scaramucci said. “If true all we can say is thank you Max Keiser.”

Numerous notable BTC enthusiasts have echoed speculations regarding the Qatari jet, a billionaire from Qatar, and the Emir of Qatar’s visit to Bukele. The authenticity of these claims remains uncertain, as they are purely speculative at this point. Nevertheless, this hasn’t halted the spread of rumors and conjecture, with discussions about Qatar and bitcoin dominating social media channels like X and online forums such as Reddit.

Furthermore, an individual has verified the presence of a Qatari private jet at Madeira airport. Speaking with Bitcoin.com News, the CEO of Keychainx, Robert Rhodin, told our news desk that what he saw at the Madeira Airport “might change bitcoin forever.”

“It was not until the early morning of Saturday when I was on my way back with a slight headache from last nights drinking session, I spotted something on the Ronaldo Airport that caught my attention,” Rhodin further explained. “Rumors has been floating around for months that one or two Arab wealth funds or investment firms from the Middle East were secretly buying bitcoin. There is also speculations who is Mr. 100BTC, buying a stable 100 bitcoin every day since November 2022. That individual has been under the radar for a while but has now amassed almost 60,000 bitcoin. It is no longer a small fish.”

Rhodin then added:


Source: https://news.bitcoin.com/bitcoins-leap-past-65k-ignites-speculation-of-qatari-billionaires-big-buy-post-atlantis-conference/

Bitwise CIO Says Bitcoin Could Top $200K This Year Citing 'Too Much Demand, Not Enough Supply'

Bitwise’s chief investment officer says bitcoin price could surge above $200K this year due to a “massive supply-demand dynamic,” emphasizing that “there’s too much demand and not enough supply” for the cryptocurrency. Predicting “an even bigger wave” of demand for bitcoin due to spot bitcoin exchange-traded funds (ETFs), he described: “It’s in a new era of price discovery and I think prices could go substantially higher from here.”

‘There’s an Even Bigger Wave Coming’

Bitwise Asset Management’s CIO, Matt Hougan, shared his bitcoin outlook in an interview with CNBC on Thursday. Bitwise’s bitcoin ETF (BITB) is among the 11 spot bitcoin exchange-traded funds (ETFs) that were approved by the U.S. Securities and Exchange Commission (SEC) in early January.

“We’re seeing enormous demand for the Bitwise Bitcoin ETF and across all these ETFs,” he shared. “You’re seeing retail investors come into these ETFs, you’re seeing hedge funds, you’re seeing RIAs [registered investment advisors] or independent financial advisors.” The chief investment officer added:


He elaborated: “When these ETFs first launched, they were not turned on at the major wirehouses, at the major institutions. So the initial demand out of the gate for any ETF … is primarily retail and independent financial advisors and hedge funds. So, I think that’s the primary driver, that’s what we’re seeing.”

Noting that funds are flowing into ETFs from both institutions and retail investors, the Bitwise CIO described: “It’s just new demand. If you think about bitcoin pre the ETFs, there was only a small set of investors who could buy it. Now, almost everyone can buy it.” He continued: “The supply-demand dynamic is just off the hook.”

2024 Bitcoin Price Prediction

Hougan explained that Bitwise said in its 2024 prediction, published in December last year, that “bitcoin would trade at new all-time highs above $80,000 a coin.” However, he admitted: “Based on what we’re seeing in our ETFs and these other ETFs, I think we have to revise that upward.” He opined:


He stressed that there is “net new demand and a fixed supply,” emphasizing that there is “actually a reduction in new supply coming up in April with the halvening.” The executive noted: “Sometimes, investing is complex. Sometimes, it’s easy. With bitcoin right now, it’s just about supply-demand and there’s too much demand and not enough supply.”

Recently, a $30 billion investment platform approved four spot bitcoin ETFs, including Bitwise’s bitcoin fund. Last week, reports emerged that Bank of America’s Merrill Lynch and Wells Fargo have also been offering spot bitcoin ETFs to some clients. Last week, Bitwise CEO Hunter Horsley said the price of bitcoin could hit $250,000 sooner than most people would imagine.

Source: https://news.bitcoin.com/bitwise-cio-says-bitcoin-could-top-200k-this-year-citing-too-much-demand-not-enough-supply/

Skybridge Founder Insists It's 'Still Very Early' to Buy BTC — Sees Bitcoin as the New Berkshire Hathaway

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, says bitcoin is “becoming an alternative currency on a global basis,” noting that “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” However, the strategist warned that as bitcoin’s price approaches $70,000, a key test for the cryptocurrency may come “when the U.S. stock market has a drawdown.”

Mike McGlone’s Bitcoin Analysis

Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, shared his perspective on bitcoin, gold, and the U.S. stock market several times this week.

“Bitcoin at about $62,000 on Feb. 29 was at its highest month-end price ever, and so was the S&P 500, which may show the crypto’s risk compared with gold. The metal has been hovering above $2,000 an ounce since ending December at $2,063, its month-end record,” McGlone detailed on Friday. “At about 3x the annual volatility of the stock index and gold, a key test for bitcoin may come when the S&P 500 has a drawdown.”

The Bloomberg strategist continued: “What of gold with bitcoin nearing $70,000? Crypto money pull — The juxtaposition of China rapidly accumulating gold and record inflows into U.S. bitcoin ETFs may leave the metal looking naked in portfolios if not paired with some of the crypto.” He emphasized:


The strategist further detailed: “Bitcoin futures have been around since 2017, and interest in the newcomer is far outpacing gold, with implications for prices. On a one-year basis to Feb. 29, aggregate open interest (OI) in the CME traded gold future has dropped about 5% vs. about a 60% rise in bitcoin OI.” He noted that his graphic shows that “this isn’t a short-term phenomenon.”

McGlone also explained in a recent interview that “We are seeing clear outflows” from gold ETFs and there have also been outflows from large cap and stock indices to buy new spot bitcoin ETFs. In another X post, the strategist opined: “It’s hard to fight the facts of significant gold ETF outflows and bitcoin ETF inflows.”

Bloomberg Strategist Sees Bitcoin as Global Alternative Currency — Warns Stock Market Drawdown Could Impact BTC

The strategist explained on Bloomberg TV Wednesday: “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” McGlone also referred to bitcoin as an alternative global currency, stating:


Source: https://news.bitcoin.com/bloomberg-strategist-sees-bitcoin-as-global-alternative-currency-warns-stock-market-drawdown-could-impact-btc/

Former Coinbase CTO Balaji Srinivasan: Bitcoin Is a 'Political Revolution'

Balaji Srinivasan, venture capitalist and former CTO of Coinbase, has highlighted the real purpose of Bitcoin and its implications for geopolitical and financial issues. Srinivasan stated that Bitcoin at its core is a “political revolution,” because it challenges the centralized states’ business model, and the change brought by it will be fought by states who will try to seize it.

Balaji Srinivasan Predicts That States Will Try to Seize Bitcoin

Balaji Srinivasan, an Indian-American investor and former chief technology officer (CTO) of Coinbase, has profiled the role that Bitcoin will play in the geopolitical and financial future of the world. Answering a question about the true purpose of Bitcoin, Srinivasan explained that while it can be understood as a tech innovation, at its core Bitcoin was a “political revolution.”

Srinivasan detailed that by breaking the means to manipulate money issuance and the means of the governments to seize existing wealth, Bitcoin would allow individual citizens to build a voluntary network apart from the interests of their states.

Srinivasan explained:


Furthermore, he said that Bitcoin will divide nation-states into two sides: the ones that adopted Bitcoin early (like El Salvador and Bhutan) and those that will fail to ascertain the relevance and significance of its proposal.

This, Srinivasan stresses, will lead the second side to attack the cryptocurrency, pivoting on its previous views. He described that these nations will go “from questioning whether Bitcoin has any utility to calling it too powerful to leave in the hands of the citizenry. And then the attempts at seizure will begin.”

The investor has previously remarked on the relevance of Bitcoin, detailing that the sanction of the spot bitcoin exchange-traded funds (ETF) in January was equivalent to the reversal of Executive Order 6102, which confiscated gold from U.S. citizens in 1935.

Source: https://news.bitcoin.com/former-coinbase-cto-balaji-srinivasan-bitcoin-is-a-political-revolution/

'10x Surge' — Coinbase Traffic Overwhelmed Initial Demand Projections Amid Bitcoin's Rise to $64K

The crypto enterprise Coinbase, rooted in San Francisco, experienced an influx of online visits that surpassed the tenfold increase anticipated by their projections. Brian Armstrong, the CEO of Coinbase, shared updates about the heightened traffic following the exchange’s operational hiccups, which coincided with bitcoin’s climb to $64,000 on Wednesday.

Coinbase Traffic Spike Surpasses Expectations

Coinbase, along with various other cryptocurrency trading platforms, encountered disruptions in service as BTC reached its peak for the day. Several Coinbase users reported seeing a zero balance in their accounts despite owning cryptocurrency on the platform. On Wednesday, Coinbase recognized the glitch and assured its users through a public statement that their assets “are safe.”

Subsequently, Brian Armstrong, the founder and CEO of Coinbase, addressed the concerns regarding this issue on the social media network X. “Apps are now recovering,” Armstrong posted. “We had modeled a ~10x surge in traffic and load tested it. This exceeded that number.”

Armstrong added:


Armstrong’s X post followed an earlier post that said, “We are dealing with a LARGE surge of traffic – apologies for any issues you encounter. The team is working to remediate.” The remarks from the Coinbase leader coincide with a period when the 24-hour global crypto trade volume has reached $189.6 billion, marking a 55.38% increase from the previous day.

Source: https://news.bitcoin.com/10x-surge-coinbase-traffic-overwhelmed-initial-demand-projections-amid-bitcoins-rise-to-64k/

Robert Kiyosaki Thanks Bitcoin for Challenging US Dollar and Restoring 'Integrity' to Money

Rich Dad Poor Dad author Robert Kiyosaki has thanked bitcoin for “kicking the fake U.S. dollar’s butt and bringing integrity back to money.” Kiyosaki has recently been more vocal in urging investors to buy bitcoin. He expects the price of the cryptocurrency to reach $100,000 by June of this year, cautioning that gold may experience a significant price decline.

Robert Kiyosaki Thanks Bitcoin

The author of Rich Dad Poor Dad, Robert Kiyosaki, made a statement on social media platform X Wednesday regarding bitcoin as an alternative currency to the U.S. dollar. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

The famous author wrote:


Earlier this month, Kiyosaki predicted that bitcoin will reach $100,000 by June. He clarified that a BTC price drop wouldn’t deter him, as he would view it as a buying opportunity. While he anticipates a surge for bitcoin and silver, he believes that gold prices could crash below $1,200.

Following the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC), the famous author increased his BTC holdings. He also urged investors to consider both bitcoin and bitcoin ETFs while highlighting the significance of the upcoming Bitcoin halving.

Kiyosaki has consistently criticized fiat currencies like the U.S. dollar, calling them “fake money.” He contrasts this with gold and silver, which he terms “God’s money,” and bitcoin, which he views as “people’s money.” Last November, he emphasized that fiat money isn’t safe, urging investors to protect themselves from central banks.

The renowned author has repeatedly promoted bitcoin as protection against wealth erosion caused by the Federal Reserve, government policies, and Wall Street bankers. In January, he warned investors about the ballooning U.S. national debt and advised them to buy bitcoin as a potential safeguard. Kiyosaki predicts a global economic downturn and even the collapse of the American empire, mirroring the fall of the Roman Empire.

Source: https://news.bitcoin.com/robert-kiyosaki-thanks-bitcoin-for-challenging-us-dollar-and-restoring-integrity-to-money/

Bloomberg Strategist Sees Bitcoin as Global Alternative Currency — Warns Stock Market Drawdown Could Impact BTC

Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, says bitcoin is “becoming an alternative currency on a global basis,” noting that “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” However, the strategist warned that as bitcoin’s price approaches $70,000, a key test for the cryptocurrency may come “when the U.S. stock market has a drawdown.”

Mike McGlone’s Bitcoin Analysis

Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, shared his perspective on bitcoin, gold, and the U.S. stock market several times this week.

“Bitcoin at about $62,000 on Feb. 29 was at its highest month-end price ever, and so was the S&P 500, which may show the crypto’s risk compared with gold. The metal has been hovering above $2,000 an ounce since ending December at $2,063, its month-end record,” McGlone detailed on Friday. “At about 3x the annual volatility of the stock index and gold, a key test for bitcoin may come when the S&P 500 has a drawdown.”

The Bloomberg strategist continued: “What of gold with bitcoin nearing $70,000? Crypto money pull — The juxtaposition of China rapidly accumulating gold and record inflows into U.S. bitcoin ETFs may leave the metal looking naked in portfolios if not paired with some of the crypto.” He emphasized:


The strategist further detailed: “Bitcoin futures have been around since 2017, and interest in the newcomer is far outpacing gold, with implications for prices. On a one-year basis to Feb. 29, aggregate open interest (OI) in the CME traded gold future has dropped about 5% vs. about a 60% rise in bitcoin OI.” He noted that his graphic shows that “this isn’t a short-term phenomenon.”

McGlone also explained in a recent interview that “We are seeing clear outflows” from gold ETFs and there have also been outflows from large cap and stock indices to buy new spot bitcoin ETFs. In another X post, the strategist opined: “It’s hard to fight the facts of significant gold ETF outflows and bitcoin ETF inflows.”

Bloomberg Strategist Sees Bitcoin as Global Alternative Currency — Warns Stock Market Drawdown Could Impact BTC

The strategist explained on Bloomberg TV Wednesday: “The world’s going towards intangible assets and bitcoin is the most significant in cryptos.” McGlone also referred to bitcoin as an alternative global currency, stating:


Source: https://news.bitcoin.com/bloomberg-strategist-sees-bitcoin-as-global-alternative-currency-warns-stock-market-drawdown-could-impact-btc/

Bitcoin Technical Analysis: BTC's Bullish Rise Continues Amidst Market Optimism

Over the past hour, as bitcoin’s value swings from $62,150 to $62,545 on March 1, 2024, the cryptocurrency market is experiencing a pronounced upward trend. With a trading volume of $55.41 billion over 24 hours and a market cap touching $1.21 trillion, bitcoin’s dominance in the market is clear. Technical indicators, including oscillators and moving averages, all point towards a positive sentiment, bolstering the optimistic perspective among traders.

Bitcoin

On Friday, the day’s 24-hour trading range (intraday) between $60,365 to $63,684 illustrates a volatile yet upward trajectory for bitcoin (BTC). The significant trade volume suggests a high level of trader engagement, with the market responding positively to underlying bullish signals. This volatility presents opportunities for astute traders to capitalize on short-term price movements. Oscillator indicators such as the relative strength index (RSI) and Stochastic are currently in the neutral zone, indicating a balance in buying and selling pressures.

However, BTC’s commodity channel index (CCI) shows a negative signal, indicating a potential overbought condition that could lead to a short-term correction. Yet, the positive signals from the momentum and moving average convergence divergence (MACD) level indicators underline the prevailing bullish sentiment. The moving averages (MAs) paint a compelling picture of sustained growth. With exponential (EMAs) and simple moving averages (SMAs) from the 10-day to the 200-day all signaling positivity and the trend is unmistakably bullish. These MAs underscore a robust support base for bitcoin (BTC), reinforcing confidence among long-term traders.


Bitcoin chart by Tradingview
The 1-hour chart analysis reveals notable volatility with a slight downtrend, suggesting selling pressure and potential entry points near support levels. Bitcoin traders should monitor for signs of stabilization or bullish reversal patterns, indicating opportunities for short-term gains. The 4-hour BTC/USD chart offers a clearer perspective on the recent uptrend, followed by a consolidation phase. This pattern signals market indecision after a significant run-up, hinting at potential entry points for a continuation of the uptrend or a reversal from the lower consolidation boundary.

On the daily BTC/USD chart via Bitstamp, a strong bullish movement is evident, with significant buying interest and minimal retracement from highs. This suggests that the market may still be in a bullish phase, with entry points based on pullbacks towards established support levels and exit strategies focusing on maximizing gains with trailing stop-loss orders. The Ichimoku baseline, with its parameters set at (9, 26, 52, 26), shows a price of $53,122, indicating a neutral stance and suggesting market equilibrium without a clear direction. The volume-weighted moving average (VWMA) at 20 periods is at $54,755, signaling positive action, which reflects bullish sentiment based on average prices weighted by volume.

Bull Verdict:

Despite mixed signals from various technical indicators, the prevailing bullish sentiment, underscored by strong buy signals from volume-weighted averages, suggests a potent upward trajectory for BTC. This optimism is further bolstered by significant market engagement and a robust support base, indicating a fertile ground for continued growth and a compelling case for bullish traders going long.

Bear Verdict:

The bearish perspective is informed by sell signals from the Hull moving average (HMA) and the potential overbought conditions suggested by the commodity channel index. These indicators, coupled with the market’s susceptibility to short-term corrections and the inherent volatility, paint a cautious picture for bitcoin, advising traders to prepare for potential downtrends and to strategize exits with precision.

Source: https://news.bitcoin.com/bitcoin-technical-analysis-btcs-bullish-rise-continues-amidst-market-optimism/

Coinbase Vaults Beyond 1 Million Bitcoin Mark, Stash Valued Over $52 Billion

On Friday, Feb. 16, 2024, bitcoin’s value hovered between $51,850 to $52,350, with onchain insights from Arkham Intelligence revealing that the Nasdaq-listed crypto exchange giant, Coinbase, now possesses over 1 million bitcoin. Based on the current market prices, the stash secured by the San Francisco-headquartered firm is valued at just above $52 billion.

Coinbase Outshines Rivals With a Staggering 1 Million Bitcoin Inventory

As of now, Coinbase Global boasts a holding exceeding 1 million BTC, as per data gleaned from Arkham, showcasing an inventory of approximately 1.003 million, valued slightly over $52 billion at the current bitcoin exchange rates. This vast collection is second perhaps only to the rumored assets of Satoshi Nakamoto, or it could even be on par. Bitcoin.com News had earlier highlighted the firm’s approach to this landmark, noting that on Jan. 28, 2024, the exchange had 994,981 BTC on hand.

Known for being among the top exchanges globally in terms of trade volume, Coinbase also serves as the custodian for seven of the ten newly introduced spot bitcoin exchange-traded funds (ETFs) in the U.S., including the significant bitcoin reserves of Grayscale and Blackrock. The company’s bitcoin assets are also dispersed across numerous BTC addresses, for example, the Coinbase Prime wallet identified by Arkham houses 5,343 BTC, presumably used for spot trading activities on the exchange.

The bitcoin assets held by the San Francisco-based firm significantly eclipse those of its rivals, including Binance with its formidable cache of 647,042 BTC worth $33.6 billion. Binance leads with the largest BTC cold wallet, containing 248,597 BTC, while Bitfinex’s cold wallet holds the second-largest amount held by a single address with 204,010 BTC. Robinhood is reported to own approximately 131,066 BTC, valued at around $6.81 billion. Aside from Binance, none rival the bitcoin reserves of Coinbase.

The substantial bitcoin reserves under Coinbase’s care place a hefty responsibility on its shoulders. The company is tasked with safeguarding the vast array of retail investors who trust the platform with the leading crypto asset, securing the BTC for traders active in its spot market, and ensuring the protection of substantial amounts held by institutional clients and BTC trusts. This responsibility is critical, as crypto exchanges and their clientele are frequent targets for nefarious elements. As the custodian of an unparalleled bitcoin reserve, Coinbase is forced to navigate the complexities of crypto stewardship.

Source: https://news.bitcoin.com/coinbase-vaults-beyond-1-million-bitcoin-mark-stash-valued-over-52-billion/

Bitcoin Soars Above $52K, Yet Public Interest Shows Decline, Google Trends Data Reveals

As bitcoin’s value surged to $52,545 this week, the fascination with it appears subdued, with Google Trends indicating a low level of interest. Currently, global metrics from the last 90 days reveal the search term “bitcoin” holds a score of 36 out of 100, significantly less than when bitcoin first exceeded the $50K threshold nearly three years ago.

Is Retail In? Bitcoin Enthusiasm Wanes According to Google Trends

On Feb. 18, 2021, bitcoin’s price (BTC) broke the $50K barrier for the first time, sparking considerable excitement as evidenced by Google Trends data, where the search term “bitcoin” hit a high of 71 out of 100 that week, based on worldwide metrics. Despite bitcoin’s price once again climbing above $50K, the search term hasn’t captured as much attention as it previously did.

Over the past 90 days, “bitcoin” has only achieved a score of 36 out of 100, without experiencing a notable surge in interest since Jan. 11, 2024, coinciding with the introduction of spot bitcoin exchange-traded funds (ETFs). On the day the ETFs debuted on Wall Street, the search term “bitcoin” reached a peak score of 100.

Google Trends employs a scoring metric from 0 to 100 to gauge the relative search popularity of a term. These scores are adjusted and scaled to reflect the topic’s share of searches across all subjects.

Currently, the score stands at 36, a decrease from the 40 out of 100 mark “bitcoin” achieved on Feb. 9, 2024. Additionally, Google Trends data is segmented by total searches within a given geography, with El Salvador currently leading in interest for the search term “bitcoin.”

Following closely behind El Salvador, the first country to adopt bitcoin (BTC) as legal tender, includes the countries Nigeria, Switzerland, the Netherlands, and Austria in terms of overall interest. The buzz around “bitcoin” continues to intertwine significantly with ETFs, drawing high-rated queries like “ibit,” “bitcoin etf ticker,” “bitcoin etf approval,” and “sec bitcoin etf.”

In 2021, Google Trends data highlighted Nigeria as the leading region by interest for that year, with other African countries like South Africa and Ghana also ranking highly. Notably, El Salvador and Nigeria have emerged as the frontrunners in enduring Google Trends interest, via lifetime records.

This diminishing curiosity in bitcoin, despite its high valuation, suggests a maturation of the cryptocurrency market or a shift in the public’s focus. While it’s evident that institutional investors have entered the scene, the retail crowd seems less engaged.

For bitcoin to recapture the attention of retail investors, it might need to soar to even greater heights. However, diving in at the peak of its value is often not considered the wisest move.

The consistent interest from nations like El Salvador and Nigeria hints at diverse global perspectives on digital currencies. As the landscape evolves, the relationship between market milestones and public interest may further diverge, reflecting more informed or selective attention toward cryptocurrency developments.

Source: https://news.bitcoin.com/bitcoin-soars-above-52k-yet-public-interest-shows-decline-google-trends-data-reveals/

Report: Spot Bitcoin ETFs Lead Crypto Investment Surge With Record Inflows

In a recent turn of events, spot bitcoin exchange-traded funds (ETFs) emerged as the market leaders in the realm of cryptocurrency investment products last week. According to a recent report by Coinshares, these funds attracted $1.1 billion in inflows, marking the highest assets under management (AUM) since the early days of 2022.

Coinshares Report Shows Spot Bitcoin ETFs Reign Supreme With $1.1 Billion Inflows

The digital asset investment landscape has witnessed a significant uptick, with spot bitcoin ETFs in the United States capturing the spotlight. The report, authored by Coinshares’ analyst James Butterfill, shows these newly issued investment products not only dominated last week’s inflows but also contributed to a year-to-date influx totaling $2.7 billion.

Report: Spot Bitcoin ETFs Lead Crypto Investment Surge With Record Inflows

The report explains that regionally, the focus has sharpened on the U.S., where spot-based bitcoin ETFs have seen a net increase of $1.1 billion in inflows since their launch on January 11th, cumulatively reaching $2.8 billion. During the previous week, seven-day statistics revealed that IBIT and FBTC attracted the most significant inflows.

Research from Bitcoin.com News highlights that IBIT and FBTC possess the largest BTC reserves among the group, controlling over three-quarters of the total more than 208,000 BTC held. Despite the concentration of inflows into bitcoin (BTC), other cryptocurrencies like ethereum (ETH) and cardano (ADA) have also benefited from the positive market sentiment. Ethereum and cardano witnessed inflows of $16 million and $6 million, respectively.

Avalanche, which raked in $0.5 million, experienced minor inflows, along with Polygon and Tron, which each saw $0.4 million. The report further details a cooling off of outflows from other regions, with minor outflows noted in Canada ($17M) and Germany ($10M), contrasting with substantial inflows in Switzerland ($35M). This geographical distribution of inflows and outflows presents a nuanced view of the global crypto investment landscape.

Source: https://news.bitcoin.com/report-spot-bitcoin-etfs-lead-crypto-investment-surge-with-record-inflows/

Coinbase Sees Positive Setup for Bitcoin as Exhaustion Hits Factors Pressuring BTC

Cryptocurrency exchange Coinbase says many technical factors pressuring bitcoin, and crypto more broadly, are starting to be exhausted. “We expect macro factors to become more relevant for the digital asset class in the weeks ahead, which could be supportive for performance,” Coinbase’s analysts detailed.

Coinbase’s Crypto Outlook

Cryptocurrency exchange Coinbase (Nasdaq: COIN) published its “Weekly: Constructive Outlook” report on Friday, offering its insights on BTC’s future trajectory. Report authors David Duong, Coinbase’s head of institutional research, and David Han, the crypto firm’s institutional research analyst, explained:


“This is evidenced by the liquidations at FTX (disposing of their Grayscale Bitcoin Trust or GBTC shares, for example) as well as the emergence of some large defunct entities from bankruptcy. Indeed, net inflows into U.S. spot bitcoin ETFs have averaged more than US$200M daily over the last week (taking the total net inflows to $1.46B since January 11) with a healthy daily volume of ~$1.35B,” the Coinbase analysts described.

“We expect macro factors to become more relevant for the digital asset class in the weeks ahead, which could be supportive for performance,” they shared.

The report also discusses the U.S. economic outlook. It explains that the probability of a soft landing appears to have increased compared to a few months ago, as the U.S. economy seems to be making minimal tradeoffs between activity and inflation. The Coinbase analysts believe that the disinflationary trend will persist, and anticipate the Federal Reserve to cut interest rates by 100 basis points this year. This projection contrasts with the 75 basis points suggested in the dot plot and the nearly 150 basis points priced into Fed funds futures. They concluded:

We expect rate cuts in the U.S. to start in May and the tapering of quantitative tightening soon after, coinciding with idiosyncratic events like the bitcoin halving and creating a positive setup for the asset class more broadly.

Source: https://news.bitcoin.com/coinbase-sees-positive-setup-for-bitcoin-as-exhaustion-hits-factors-pressuring-btc/

Bitcoin Pioneer Nayib Bukele Reelected in El Salvador by a Landslide

President Nayib Bukele, a pioneer in introducing the law that made bitcoin legal tender in El Salvador, has been reelected as president of the country in the ballot completed on Sunday. The Latam leader, who will reportedly continue implementing bitcoin-related policies, won by a landslide, scoring 85% of the popular vote.

Bitcoin Advocate Nayib Bukele Gets Reelected With 85% of the Popular Vote

Nayib Bukele, the current president of El Salvador, won the presidential election on Sunday by a landslide, an outcome that was predicted by mostly all local polls and reports. The leader, who has been vocal about his support of Bitcoin and introduced the disputed idea of establishing bitcoin as legal tender in a country for the first time, agglomerated the support of most of the Salvadoran society, scoring at least 85% of the popular vote.

Celebrating his victory, Bukele stated:


Furthermore, Bukele invited the Salvadoran people to celebrate the victory in the National Palace.

Felix Ulloa, vice-president of El Salvador, had declared that if Bukele won the presidential ballot by a landslide, he would deepen the application of bitcoin policies, like the program of giving passports to bitcoin entrepreneurs and the issuance of the Volcano bonds, that would provide part of the funding for the construction of Bitcoin City, a planned tax haven for crypto companies.

Even with the popular vote on his side, Bukele’s reelection is surrounded by controversy, given that he received a leave of absence in 2023 to be able to be present at these elections as a candidate. A Bukele-controlled national tribunal established this was a requirement to be reelected back in 2021, a decision that was considered unconstitutional by his detractors.

Nonetheless, Stacy Herbert, director of the National Bitcoin Office (ONBTC) of El Salvador, remarked on the historic victory for the world’s democracy, informing that the previous all-time widest margin for a democratic election was 56.2% in Portugal in 1991.

Source: https://news.bitcoin.com/bitcoin-pioneer-nayib-bukele-reelected-in-el-salvador-by-a-landslide/

What Lies Ahead for Crypto Now That the Fabled Bitcoin ETF Is Here? — Calaxy CEO Solo Ceesay

It finally happened. Well into the second decade of the digital assets revolution, we’ve finally witnessed the approval of the highly anticipated spot Bitcoin ETF. Dubbed by Michael Saylor as “the biggest Wall Street development in the last 30 years”, the launch of the spot Bitcoin ETF is the financial world’s first step toward ameliorating our highly archaic financial system. While there are countless explanations about how impactful the concept of decentralizing money would be for trade, commerce, and financial inclusion, what often goes overlooked are the philosophical and psychological implications of how we redefine wealth and who has it. Essentially, the introduction of the Bitcoin ETF could ultimately be regarded as the single most important catalyst in the widespread adoption and acknowledgment of cryptocurrency’s value in the long term since the conception of money.

What Is Money?

Before fiat money, most civilizations used barter and trade in the exchanging of goods and services. What those early civilizations found is that as transactions became more complex, it became more difficult to efficiently trade given transactions could often be out of balance.

For example, say an individual is looking to buy some cattle in exchange for some apples. For this transaction to take place, the person seeking apples must not only source cattle to purchase but also ensure that the seller values apples. What’s more, given there are endless items a person could in theory barter for and equally endless items a person could use as payment, it quickly became clear that bartering is inefficient, tiring, and time-consuming; thus, creating the need for a universal asset that could serve as the financial bridge for commerce and trade or as we call it today, money.

What Gives Money Its Value?

Simply put. Money is valuable because we as people give it value. If you were to ask the average person how ‘valuable’ the earliest forms of currency like beaver pelt and dried corn were, they’d likely look perplexed and question your sanity. This is further evidence that like most things, money’s value and what it means to us is a highly malleable concept that changes drastically depending on the time.

Society eventually moved on to a more refined bartering system that was built around precious metals despite it having real-world utility outside of its aesthetics. As the definition of wealth was established, society collectively enforced the ideology that the more gold you had the better off you were. Precious metals would go on to be what originally backed the fiat money we now use today. Over time, we saw many currencies debase from the gold standard in favor of the intangible trust in its issuing governing body – a migration that wasn’t met with its fair share of criticism. At the same time, it’s not all that different than what appears to be the next step in the evolution of money which is assigning value, wealth, and trust into currencies that have no single point of accountability or control, what we refer to as Decentralized Finance (DeFi). In essence, the development of Bitcoin and other cryptocurrencies is mankind’s attempt at creating a universal standard and public utility that creates endless opportunities for global trade and commerce ushering in once again a new wave of bartering only this time it’s online and it’s digital. We should view cryptocurrency as digital gold.

That said, the pain and friction we’re experiencing during this migration stems not from anything intrinsic to Bitcoin but rather, from humanity’s expected reluctance to change. When you think about it, human civilization has repeated this cycle time and time again.

So… What’s Next?

For the first time in Bitcoin’s history, institutions (and really anyone who doesn’t aspire to custody their own assets) now have a financial instrument that allows them to utilize Bitcoin as a store of value. Not only will this widely increase the accessibility of Bitcoin but it will also legitimize an asset that is often regarded as the financial backbone of organized crime and illicit activity.

While one could argue that the Bitcoin ETF has done wonders for legitimizing the asset as a reputable store of value on a global stage; much like bartering with apples for cattle, an ETF is still not a viable medium or bridge for trade and commerce. Despite the ETF solving why the broader investment community doesn’t have exposure to Bitcoin, transacting with and holding the asset is still significantly more difficult than the personal banking solutions that exist today. This in turn drastically increases the switching costs to a point where many won’t bother with the technology no matter its promise.

It should also be noted that these ‘switching costs’ vary depending on where a person might be located globally. For instance, people located in emerging markets might already see those ‘switching costs’ as negative given they might not enjoy the same benefits that those located in more developed nations enjoy.

Conclusion

After dozens of rejections, the launch of the Bitcoin ETF signals the next chapter in the ever-changing tale of digital assets. Just as society once accepted physical paper and coins as currency holding great value, we are now witnessing the emergence of the next chapter where digital currencies are becoming integrated into our lives. With the SEC’s ruling, Bitcoin represents a new opportunity for the masses to gain access to wealth, which was previously inaccessible. Those who couldn’t feasibly access measures of wealth in the past can easily access the digital gold that Bitcoin represents.

Following years of persecution, gaslighting, and placation, the powers that be have finally granted us the tools to take Bitcoin and the entirety of crypto to new heights both in terms of price action and broader adoption. It is mission-critical that the entire industry comes together to address the usability concerns that hinder Bitcoin’s ability to sufficiently serve as modern currency, to truly make real wealth available to anybody.

Source: https://news.bitcoin.com/what-lies-ahead-for-crypto-now-that-the-fabled-bitcoin-etf-is-here-calaxy-ceo-solo-ceesay/

Deutsche Bank Survey: Over One-Third of Respondents Expect Bitcoin to Fall Below $20,000

A Deutsche Bank survey has revealed that over one-third of 2,000 respondents anticipate bitcoin’s price to drop below $20,000. Moreover, around 15% of those surveyed predict the cryptocurrency’s price to range between $40,000 and $75,000 by the end of the year.

Respondents Expect Bitcoin to Fall Below $20K

According to a Deutsche Bank research report which includes a survey conducted from Jan. 15 to Jan. 19, the majority of respondents anticipate a further decline in bitcoin’s price, Bloomberg reported. The survey, which questioned 2,000 individuals in the U.S., U.K., and the Eurozone, focused on their perspectives on bitcoin’s price and volatility.

The survey showed that over one-third of respondents believe bitcoin will drop below $20,000 by January next year. Meanwhile, approximately 15% of survey participants expect BTC’s price to range between $40,000 and $75,000 by the end of the year.

Deutsche Bank analysts Marion Laboure and Cassidy Ainsworth-Grace explained in the report that new spot bitcoin exchange-traded funds (ETFs) are expected to expand the institutionalization of the bitcoin. However, they noted that the majority of ETF flows have come from retail investors.

The price of bitcoin pushed above $47K in anticipation of the approval of spot bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) on Jan. 10. However, following the approval, BTC dropped below $40K on Monday and $39K on Tuesday. The crypto has since recovered slightly. At the time of writing, BTC is trading at $41,815.

Many people believe that the approval of spot bitcoin ETFs along with the halving in April will significantly boost the price of bitcoin. Ark Invest sees a higher probability of bitcoin soaring to $1.5 million. Fundstrat says bitcoin is headed for $150K and could hit $500K in five years. Standard Chartered Bank said earlier this month that BTC could rise to $200K next year. Moreover, asset management firm Vaneck expects bitcoin to achieve record highs if Donald Trump is elected president of the U.S. in the November presidential election. Meanwhile, crypto adoption continues to grow. A recent report found that the number of crypto owners globally reached 580 million at the end of last year.

Source: https://news.bitcoin.com/deutsche-bank-survey-over-one-third-of-respondents-expect-bitcoin-to-fall-below-20000/

Peter Schiff Says All Spot Bitcoin ETFs Are Now in Bear Markets — Warns of Deeper Losses

Gold bug and economist Peter Schiff has warned of deeper losses for spot bitcoin exchange-traded funds (ETFs), emphasizing that they are “now in bear markets.” Referencing the Proshares Bitcoin Strategy ETF which is down more than 50% in over two years, Schiff predicted that those who bought the newly approved spot bitcoin ETFs “will experience even worse results.”

Peter Schiff’s Spot Bitcoin ETF Outlook

Gold bug and crypto skeptic Peter Schiff expects deeper losses for the newly launched spot bitcoin exchange-traded funds (ETFs). He shared his outlook in several posts on social media platform X this week.

The price of bitcoin rose above $47K in anticipation of the spot bitcoin ETF approval by the U.S. Securities and Exchange Commission (SEC). However, BTC embarked on a downward trajectory following the approval, dropping below $40K on Monday and $39K on Tuesday. Schiff described on Monday:


He added, “The biggest loser is FBTC [Fidelity Wise Origin Bitcoin Fund], down 32%.” In a follow-up post, he wrote: “The Proshares Bitcoin Strategy ETF, which tracks bitcoin futures, launched in Oct. 2021. BITO began trading at $40.88. So far today’s low was $19, down more than 50% in over two years. I think those who bought any of the 11 spot bitcoin ETFs will experience even worse results.” At the time of writing, BITO is trading at $19.04, down nearly 52% since inception.

After the price of bitcoin dropped below $39K on Tuesday, Schiff detailed on X: “The new bitcoin ETFs aren’t creating additional demand, but merely shifting demand. Investors who might have bought actual bitcoin, bitcoin-related equities like MSTR [Microstrategy stock], or GBTC [Grayscale’s bitcoin trust] are simply buying the new ETFs instead. Rearranging the deck chairs won’t stop the ship from sinking.”

Schiff added: “One of the biggest losers from the new bitcoin ETFs is COIN [Coinbase stock]. Even though Coinbase custodies bitcoin held in these ETFs, speculators who once traded bitcoin through Coinbase are now trading the ETFs instead. Also, many who bought COIN as a bitcoin proxy are now buying the ETFs.” On Monday, JPMorgan also downgraded Coinbase stock from Neutral to Underweight, with a price target of $80. At the time of writing, COIN is trading at $124.19.

Earlier this month, the economist warned that spot bitcoin ETFs will bring speculator selloff and minimal institutional demand. He also expects the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, to introduce onerous crypto regulations that would sink the price of bitcoin.

Source: https://news.bitcoin.com/peter-schiff-says-all-spot-bitcoin-etfs-are-now-in-bear-markets-warns-of-deeper-losses/

Peter Schiff is a known skeptic and he will continue to say bad things about Bitcoin, but who cares? 

ETF investors are not interested in crypto, only in profits.

If they think the time to profit is over for Bitcoin and crypto, they will sell Bitcoin and invest in something else.

Bitcoin Plummets Below $40K for First Time in 48 Days, Triggering Market-Wide Crypto Slide

On Monday, Jan. 22, 2024, the value of bitcoin fell below the $40K mark for the first time in 48 days, as per market analysis. In the last 24 hours, bitcoin witnessed a 4% decline, with a 14.2% decrease observed over the preceding two weeks.

Bears Take the Reigns—Bitcoin Falls Under $40K Amid Market Turbulence

Since early December 2023, specifically since Dec. 5, 2023, bitcoin’s price has remained above the $40K threshold. The leading crypto asset in terms of market value reached a peak of $49,000 on Jan. 10, 2024. However, this high was short-lived. Subsequently, the price descended to the $45K bracket. Over the recent days, it has struggled to maintain its stance in the $40K territory, eventually dipping below this threshold at 2:15 p.m. Eastern Time (ET) on Monday afternoon.

Currently, the value of bitcoin has dropped to approximately $39,400, with a trade volume of about $25.81 billion at 2:15 p.m., a significant increase from the $16.58 billion recorded at 8:00 a.m. (ET). Short-term indicators reveal that bitcoin (BTC) is undergoing a downward trend, marked by heightened volatility and a notable decline in its worth. The surge in trading volume during this downturn hints at a possible panic-induced selling spree, especially as the price falls below the $40,000 level, a key psychological support point.

The recent dip in BTC’s price has also filled a CME gap that existed around the $39,600 mark. In the hour following the plunge, bitcoin long positions amounting to $25.57 million have been liquidated, with $65.78 million in BTC longs eliminated over the entire day.

This downturn in bitcoin’s value has triggered a ripple effect across numerous cryptocurrencies, contributing to the overall $1.59 trillion crypto market economy’s 3.02% decline on Monday. Ethereum has dropped by 6%, BNB by 4.5%, SOL by 9.4%, and XRP has seen a 4.7% decrease in the same timeframe.

Source: https://news.bitcoin.com/bitcoin-plummets-below-40k-for-first-time-in-48-days-triggering-market-wide-crypto-slide/