After a prolonged consolidation, Bitcoin has re-asserted its market leadership this week. The crypto king has broken out of a flag-like consolidation pattern and looking at new highs.
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Bitcoin's disappointing 'Uptober' could still turn around with positive technical signals, cycle indicators, and ETF flow data suggesting potential for a year-end rally. Despite an 8% decline since September, BTC shows bullish signs, with higher lows and market sentiment indicators not reflecting the price movement. Global liquidity growth and HODLer balance trends hint at a potential BTC price surge, though retail FOMO is currently lacking.
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The iShares Bitcoin Trust continues to stand out among a growing field of Bitcoin ETF contenders.
Crypto bulls have expected the potential approval of options on bitcoin ETFs to allow institutional investors to execute more strategies, including some that may lead to bitcoin's price much higher.
The iShares Bitcoin Trust ETF offers a more affordable way to gain exposure to Bitcoin. The ETF share trade just below $40, making it more digestible than Bitcoin's lofty $65,000 price level.
Bank of New York Mellon Corp. is moving closer to rolling out custody services for the Bitcoin and Ether held by ETF clients and BlackRock amended its custody agreement with Coinbase to introduce a 12-hour withdrawal window for its iShares Bitcoin Trust according to a Monday filing with the US Securities and Exchange Commission. Bloomberg's James Seyffart has more.
Several successful hedge fund managers sold Nvidia stock and bought shares of a spot Bitcoin ETF during the first half of 2024. The iShares Bitcoin Trust hit $10 billion in assets faster than any ETF in history, and 592 institutional investors have started positions in the fund.
Spot Bitcoin ETFs continued doing well this week as investors reacted to the encouraging statement by the Federal Reserve. These funds saw inflows for four consecutive days through September 17 when they added over $186 million in assets.
Bitcoin is a headline grabbing crypto that many view as a new asset class. The iShares Bitcoin Trust ETF buys the digital token so you don't have to.