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According to the latest data, we are now less than 1,400 blocks away from the anticipated Bitcoin halving event, which will decrease the block reward from 6.25 bitcoin to 3.125 bitcoin. Bitcoin’s value soared to a new all-time high on March 14, reaching $73,794 per bitcoin, but has since seen a 6.5% decline. Observers are […]
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Tag: Bitcoin
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Anticipation Builds as Bitcoin Stands Less Than 1,400 Blocks From Monumental Halving
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Asia’s Bitcoin Volatility Linked To Algos Tracking ETF Flows
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Recent Bitcoin price volatility in Asia has been closely linked to automated trading algorithms that monitor flows in US exchange-traded funds (ETFs). According to Bloomberg, this algorithmic trading response to daily US ETF flow data is causing pronounced swings in Bitcoin prices during Asian trading hours.
Trading Algos Spoil The Bitcoin Price
The trigger for Bitcoin’s steep decline, marking its worst drop in a month, was observed on Tuesday morning in Asia. This downturn coincided with the release of US ETF flows data, which indicated a net withdrawal of investments.
Shiliang Tang, president of Arbelos Markets, highlighted the impact of algorithmic trading on these market movements. “From an algorithmic trading perspective, bots can basically auto-scrape this data and buy and sell based on this,” Tang explained. “It seems that’s basically what is happening.”
The introduction of several Bitcoin ETFs in the United States on January 11 has since attracted a net $12 billion in investments. These ETFs experienced a surge in inflows, especially in the first half of March, propelling Bitcoin to a record high of $73,798. However, the premier cryptocurrency has seen a decline of up to 17.6% from this peak, amidst fluctuating inflows and outflows within the sector.
This pattern of flows has notably impacted the Asian market’s returns, with February and early March witnessing particularly strong performance, which diminished later in the month. The influence of algorithmic protocols on Bitcoin’s price not only affects the spot market but extends to derivatives as well, with Coinglass reporting about $357 million in bullish crypto bets being liquidated on Tuesday alone.
Charlie Morris, Chief Investment Officer at ByteTree Asset Management, pointed out the significance of ETF flows for Bitcoin compared to gold, noting that 5.5% of Bitcoin is held in ETFs, against 1% for gold. This makes ETF flows a more critical factor for Bitcoin’s market movements.
Market participants like Jakob Kronbichler, co-founder of Clearpool Finance, emphasize the market’s responsiveness to ETF flow data and suggest the recent correction as a natural pause for the market to “take a bit of a breather” amidst widespread excitement.
Spot ETFs Rake In $40 Million
Yesterday, all spot Bitcoin ETFs experienced an inflow totaling $40.3 million, primarily due to Blackrock’s significant contribution of $150.5 million, which played a crucial role in boosting the market. On the contrary, ARK faced a challenging day with $87.9 million in outflows, despite having $200 million inflows the previous week. Grayscale’s GBTC saw rather low outflows, amounting to $81.9 million.
Renowned analyst WhalePanda commented: “Maybe profit taking after Q1? Speculation though. […] Mondays always seem to have the most outflows and wondering if end of Q1 had something to do with it as I suspect. Price crashed further on US government moving/selling some of the BTC from Silk Road. Better to sell here than at $100k or $200k. 17 days until halving.”
At press time, BTC traded at $66,398.
BTC price, 4-hour chart | Source: BTCUSD on TradingView.com Featured image created with DALL·E, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Bitcoin Halving Inches Closer With Less Than 2,900 Blocks Left
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The Bitcoin Halving is fast approaching, with less than 2,900 blocks left before miners’ rewards are cut in half. This event, projected to take place sometime in April, is significant as Bitcoin’s price could enjoy a parabolic move to the upside after it takes place.
Bitcoin Halving Set For April 19
Data from Coinwarz shows that the Bitcoin Halving is set to take place on April 19 at Block 840,000. This projection is based on Bitcoin’s current block time average, which means the Halving can come a little earlier or sometime after April 19. However, the main focus remains that miners’ supply will be cut in half.
The Halving event is a deflationary measure that Bitcoin’s founder, Satoshi Nakamoto, encoded in the flagship crypto and takes place after every 210,000 blocks. Three halving events have occurred since the Genesis block in 2009, when Bitcoin’s first block was mined. The first was on November 28, 2012, when miners’ rewards were cut from 50 BTC to 25 BTC.
The next Halving event took place on July 9, 2016, cutting miners’ rewards to 12.5 BTC. The third one happened on May 11, 2020, reducing the reward to 6.25 BTC. Now, Miners’ rewards are set to be cut in half again, reducing them to 3.125 BTC.
This reward is the amount of BTC miners receive for validating each block of new transactions on the blockchain. Although this event mainly affects miners, the crypto community closely monitors it due to the ripple effects it could have on the market. Bitcoin’s supply comes through these miners’ rewards, and a reduction in them usually drives Bitcoin’s value higher.
Bitcoin’s Performance After Each Halving
The Halving has historically always led to a price appreciation for Bitcoin. Ninety days after the first Halving on November 28, 2012, Bitcoin’s price increased to $1,000 from $12 at the time of Halving. Subsequently, Bitcoin’s price saw a gain of over 8,000% one year after that Halving.
Source: MilkRoadThis parabolic price surge also occurred after the second and third Halving events, with Bitcoin’s price rising from $650 and $8,821 (at the time of the Halving) to $2,506 and $56,612 (90 days after the Halving) in 2016 and 2020 respectively. Bitcoin also gained 284% and 559% one year after the event.
This time isn’t expected to be different as Bitcoin is again predicted to experience a massive move to the upside after April. This bullish sentiment is further strengthened by Bitcoin’s demand, which has continued to skyrocket in the face of a dwindling supply.
At the time of writing, Bitcoin is trading at around $70,400, up in the last 24 hours according to data from CoinMarketCap.
BTC price struggles ahead of halving | Source: BTCUSD on Tradingview.com
Featured image from 99Bitcoins, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Bitcoin Miners’ Earnings Hit Record $2 Billion in March Ahead of Halving Event
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In March, bitcoin miners amassed an unprecedented level of revenue not seen in the previous 12 months, hitting a high of $2.01 billion from rewards and transfer fees. Of this total, $85.81 million was earned from transaction fees over the past month. Historic Month for Bitcoin Miners — Income Peaks at $2 Billion As we […]
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Bitcoin Technical Analysis: BTC Consolidation Points to Potential Shifts Ahead
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On March 29, 2024, with a trading price of $70,075, and oscillating within a 24-hour range of $68,362 to $71,754, bitcoin’s current market behavior reveals significant consolidation and neutrality. Bitcoin Bitcoin’s 1-hour chart reveals recent volatility, with a significant bounce from a low of approximately $68,362, suggesting a strong support level. Conversely, the resistance near […]
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Bitcoin Held On Coinbase Exchange Reach 9-Year Low, Can Bitcoin Reach $75,000?
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In a recent development, data from crypto analytics firm Glassnode shows that the amount of Bitcoin held on Coinbase has reached a 9-year low. This has raised the possibility of the flagship crypto rising to a new all-time high (ATH) of $75,000 soon enough.
BTC Held On Coinbase Drops Significantly
According to Glassnode, the Bitcoin balance on Coinbase dropped to a nine-year low of 344,856 on March 18. This suggests that Bitcoin investors are choosing to move their holdings off exchanges and hold for the long term rather than sell anytime soon. A move like this reduces the short-term pressure on Bitcoin and could spark an upward trend in BTC’s price.
Meanwhile, the drop in BTC held on Coinbase looks to be a trend, with data from market intelligence platform Santiment showing a drop in the total amount of Bitcoin held on centralized exchanges (CEXs). This data is also supported by the fact that these exchanges have recorded more outflows than inflows lately.
Further data from Santiment also shows that the supply on exchanges as of March 22 stood at just over 836,000 BTC compared to the 18.82 million BTC that resides out of these CEXs. The decline in the number of BTC held on exchanges is undoubtedly a welcome development, considering how the flagship crypto token has recently been plagued with a wave of profit-taking.
Before now, the bearish sentiment surrounding BTC was further strengthened by JPMorgan’s theory that Bitcoin was overbought and that the crypto token could experience further price declines soon enough. However, with BTC back over $70,000, there is the belief that this is just the beginning of an upward trend that could see it reach new highs.
Spot Bitcoin ETFs Record Net Inflows
BitMEX Research revealed in an X (formerly Twitter) post that the Spot Bitcoin ETFs recorded a combined net inflow of $15.7 million on March 25. This represents a positive turn of events after these funds recorded negative flows throughout last week. The wave of profit-taking by these Bitcoin ETF investors contributed to the BTC dip that occurred during that period.
The crypto community will no doubt keep their eyes on the flows recorded by these Spot Bitcoin ETFs this week as they could give an idea of whether or not the outlook towards BTC has become bullish again. These Bitcoin ETFs now play a prominent role in the Bitcoin ecosystem, considering how much BTC these fund issuers accumulate whenever there is a high demand for them.
At the time of writing, Bitcoin is trading at around $70,700, up over 5% in the last 24 hours according to data from CoinMarketCap.
BTC price trending north of $70,000 | Source: BTCUSD on Tradingview.com
Featured image from BBC, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Marathon Introduces Custom Firmware and Control Board for Enhanced Bitcoin Mining Operations
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This week, the publicly traded mining company Marathon Digital Holdings unveiled new firmware and a control board designed to enhance the efficiency of bitcoin mining rigs. Marathon revealed it has been developing this technology for about a year. Marathon Releases Custom Firmware and MARA UCB 2100 Control Board On March 25, 2024, Marathon (Nasdaq: MARA) […]
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LSE Opens Doors to Bitcoin and Ethereum ETN Applications
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In a follow-up to the Stock Exchange Notice issued on March
11, 2024, the London Stock Exchange (LSE) has disclosed its intention to
commence accepting applications for the admission to trading of Bitcoin and
Ethereum Crypto Exchange-Traded Notes (ETNs) from April 8, 2024.The Exchange’s decision is contingent upon the approval of
the base prospectuses by the Financial Conduct Authority (FCA), which is
necessary for listing Crypto ETNs on the Main Market and the Official List of
the FCA.
Pending regulatory approval, the proposed date for the commencement of trading
for these Crypto ETN securities is slated for May 28, 2024.The LSE has strategically opted to launch the market for
Crypto ETNs on May 28 to facilitate the maximum participation of issuers on the
inaugural trading day. This choice of date factors in the necessity for issuers
to meet the eligibility criteria outlined in the Crypto ETN factsheet.
Additionally, it allows ample time for issuers planning to list securities on
the launch date to compile the requisite documentation to establish a Crypto
ETN program, including obtaining FCA approval for the base prospectus.*LSE TO ACCEPT APPLICATIONS FOR BITCOIN, ETHEREUM ETN ADMISSION: BBG
— Tree News (@News_Of_Alpha) March 11, 2024
Compliance Crucial: Standards for Participation in LSE’s
Crypto ETN DebutIssuers intending to establish a Crypto ETN program for
listing securities on the Main Market on May 28, 2024, are required to furnish
the Exchange with necessary information no later than April 15, 2024. This
includes a detailed letter outlining how the issuer and/or the Crypto ETN meet
the stipulated requirements as per the Crypto ETN factsheet, along with a draft
of the base prospectus indicating the inclusion of disclosures about
these requirements.However, issuers must adhere to Admission and Disclosure
Standards to partake in the first day of trading of Crypto ETNs on May 28,
2024. Failure to satisfy these standards will result in exclusion from
participation. Specifically, issuers will be ineligible if they fail to
demonstrate compliance with the requirements outlined in the Crypto ETN
factsheet, submit their application for admission post the April 15, 2024
deadline, or if their base prospectus fails to secure FCA approval by midday on
May 22, 2024.In a follow-up to the Stock Exchange Notice issued on March
11, 2024, the London Stock Exchange (LSE) has disclosed its intention to
commence accepting applications for the admission to trading of Bitcoin and
Ethereum Crypto Exchange-Traded Notes (ETNs) from April 8, 2024.The Exchange’s decision is contingent upon the approval of
the base prospectuses by the Financial Conduct Authority (FCA), which is
necessary for listing Crypto ETNs on the Main Market and the Official List of
the FCA.
Pending regulatory approval, the proposed date for the commencement of trading
for these Crypto ETN securities is slated for May 28, 2024.The LSE has strategically opted to launch the market for
Crypto ETNs on May 28 to facilitate the maximum participation of issuers on the
inaugural trading day. This choice of date factors in the necessity for issuers
to meet the eligibility criteria outlined in the Crypto ETN factsheet.
Additionally, it allows ample time for issuers planning to list securities on
the launch date to compile the requisite documentation to establish a Crypto
ETN program, including obtaining FCA approval for the base prospectus.*LSE TO ACCEPT APPLICATIONS FOR BITCOIN, ETHEREUM ETN ADMISSION: BBG
— Tree News (@News_Of_Alpha) March 11, 2024
Compliance Crucial: Standards for Participation in LSE’s
Crypto ETN DebutIssuers intending to establish a Crypto ETN program for
listing securities on the Main Market on May 28, 2024, are required to furnish
the Exchange with necessary information no later than April 15, 2024. This
includes a detailed letter outlining how the issuer and/or the Crypto ETN meet
the stipulated requirements as per the Crypto ETN factsheet, along with a draft
of the base prospectus indicating the inclusion of disclosures about
these requirements.However, issuers must adhere to Admission and Disclosure
Standards to partake in the first day of trading of Crypto ETNs on May 28,
2024. Failure to satisfy these standards will result in exclusion from
participation. Specifically, issuers will be ineligible if they fail to
demonstrate compliance with the requirements outlined in the Crypto ETN
factsheet, submit their application for admission post the April 15, 2024
deadline, or if their base prospectus fails to secure FCA approval by midday on
May 22, 2024.
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Skybridge Capital Founder Advises ‘Act Like You’re Dead With Your Bitcoin and Don’t Sell’
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Skybridge Capital founder Anthony Scaramucci has advised bitcoin investors to act like they are dead with their coins and not sell them. “Don’t do anything with it,” he recommended, emphasizing: “The dead people at Charles Schwab do far better than the living people.” Anthony Scaramucci’s Bitcoin Investing Advice Skybridge Capital founder Anthony Scaramucci offered some […]
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From Peak to Present: GBTC’s Bitcoin Holdings Decrease by 266,827 BTC in 71 Days
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As of March 22, the bitcoin holdings of Grayscale’s Bitcoin Trust (GBTC) have diminished by 27,917.37 compared to its status three days prior, now amounting to 350,252 bitcoin valued at approximately $22.2 billion. Since evolving into an exchange-traded fund (ETF) listed on public exchanges, GBTC has shed billions in bitcoin over the preceding 71 days. […]
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