🪙 BTC for the second consecutive day shows no reaction to negative news about Grayscale transfers to exchanges.
🔸 Fear and Greed Index at 49, indicating neutral territory.
🔸 JPMorgan analysts suggest that investors may have finished the bulk of profit-taking in Grayscale (GBTC), which could alleviate pressure on BTC price. Despite the optimistic forecast, they caution that GBTC might face persistent outflows if it doesn't reduce fees soon.
✅ BlackRock will host a webinar on Bitcoin for financial advisors today, citing ETF approval as a "turning point for investors."
🎙 Santiment:
The number of all BTC wallets is decreasing at the fastest pace since early October. In the last 4 days alone, >487k wallets holding 1 BTC or less were liquidated.
Historically, this is a capitulation sign, which could lead to a market price rebound until small traders begin to view crypto optimistically again as an investment tool. Market disappointment after the approval of 11 ETFs largely explains these liquidations.
🔸 Fear and Greed Index at 49, indicating neutral territory.
🔸 JPMorgan analysts suggest that investors may have finished the bulk of profit-taking in Grayscale (GBTC), which could alleviate pressure on BTC price. Despite the optimistic forecast, they caution that GBTC might face persistent outflows if it doesn't reduce fees soon.
✅ BlackRock will host a webinar on Bitcoin for financial advisors today, citing ETF approval as a "turning point for investors."
🎙 Santiment:
The number of all BTC wallets is decreasing at the fastest pace since early October. In the last 4 days alone, >487k wallets holding 1 BTC or less were liquidated.
Historically, this is a capitulation sign, which could lead to a market price rebound until small traders begin to view crypto optimistically again as an investment tool. Market disappointment after the approval of 11 ETFs largely explains these liquidations.
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Vitalik Buterin on a conference call with representatives of the largest L2 solutions.
❗️Maximum Alpha:
✅Vitalik:
— What innovations possible on L2 but impossible/unrealized on Ethereum inspire you the most?
Harry Kalodner (Arbitrum):
— Blockchain gaming. We expect a boom in this year.
Nicolas Liachon (Linea):
— Transaction compression and cost reduction. EIP-4844 will be very helpful.
✅Vitalik:
— Let's talk about Account abstraction. What interesting developments do you have on this topic?
Abdel E-Beggar (Starknet):
— A project on Starknet called Cartridge has implemented an account with Face ID access. It doesn't require the user to deal with a seed phrase.
Alex (ZkSync):
— We have something similar too. The Clave allows you to get an account with Face ID.
✅Vitalik:
— What upcoming steps in your roadmaps for 2024 do you find the coolest?
Alex (ZkSync):
— This year, we will become more decentralized. ZkSync will launch many blockchains, which we call Hyperchains. They will be interconnected.
❗️Maximum Alpha:
✅Vitalik:
— What innovations possible on L2 but impossible/unrealized on Ethereum inspire you the most?
Harry Kalodner (Arbitrum):
— Blockchain gaming. We expect a boom in this year.
Nicolas Liachon (Linea):
— Transaction compression and cost reduction. EIP-4844 will be very helpful.
✅Vitalik:
— Let's talk about Account abstraction. What interesting developments do you have on this topic?
Abdel E-Beggar (Starknet):
— A project on Starknet called Cartridge has implemented an account with Face ID access. It doesn't require the user to deal with a seed phrase.
Alex (ZkSync):
— We have something similar too. The Clave allows you to get an account with Face ID.
✅Vitalik:
— What upcoming steps in your roadmaps for 2024 do you find the coolest?
Alex (ZkSync):
— This year, we will become more decentralized. ZkSync will launch many blockchains, which we call Hyperchains. They will be interconnected.
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New BTC ETF Race?
Let's start with the market situation. Bitcoin is once again leading the market in terms of liquidity consumption, as evidenced by its increasing dominance. Ethereum is being weakly bought, or we are seeing the real influence of already launched ETFs on Bitcoin.
$42,200 is the level currently being fought over. If we settle below it, it's a sign of buyer weakness and further downtrend, so these marks play a crucial role in the market's future situation.
Why am I talking about the BTC ETF race again?
Harvest Hong Kong, one of China's largest funds, has filed an application for a spot BTC ETF.
Therefore, the crypto market should positively perceive such news. Initially, speculators should front-run this event, and in the end, we’ll see additional liquidity.
Today's summary: I'm not making forecasts for this week yet. I'm waiting for the end of the market participants' struggle for the $42,200 level on Bitcoin, and based on this result, I will make subsequent decisions regarding the market
Let's start with the market situation. Bitcoin is once again leading the market in terms of liquidity consumption, as evidenced by its increasing dominance. Ethereum is being weakly bought, or we are seeing the real influence of already launched ETFs on Bitcoin.
$42,200 is the level currently being fought over. If we settle below it, it's a sign of buyer weakness and further downtrend, so these marks play a crucial role in the market's future situation.
Why am I talking about the BTC ETF race again?
Harvest Hong Kong, one of China's largest funds, has filed an application for a spot BTC ETF.
Therefore, the crypto market should positively perceive such news. Initially, speculators should front-run this event, and in the end, we’ll see additional liquidity.
Today's summary: I'm not making forecasts for this week yet. I'm waiting for the end of the market participants' struggle for the $42,200 level on Bitcoin, and based on this result, I will make subsequent decisions regarding the market
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Yesterday, there was a Federal Reserve (FRS) meeting and a decision on the interest rate. Why didn't we write about it? It seems that the times when the interest rate played a key role in determining market direction are behind us. Besides, with a 99% probability, there haven't been any surprises regarding the interest rate in recent months. Forecast equals actual.
The Federal Reserve officially announced the end of interest rate hikes, while also lowering expectations regarding the start of tapering. The market reacted with a decline, but it's mostly emotional. In general, there's more positivity in these words, as the market just a few days ago expected a possible interest rate hike.
Now, we can expect the interest rate to remain at its current level for a few more months. Returning to crypto, take a look at the attached chart. There, I marked a range that hasn't been confirmed yet but has a good chance of materializing.
I hope my assumptions about Bitcoin getting stuck in this range in the near future are correct. This flatlining of Bitcoin could provide an opportunity for Ether and the altcoin market to rise.
A range from 40k to 45.5k is a good option, why not? There are two fakes that have caused uncertainty at the moment. There's also a slowdown in BTC dominance in the highs. For now, we just have to wait.
The Federal Reserve officially announced the end of interest rate hikes, while also lowering expectations regarding the start of tapering. The market reacted with a decline, but it's mostly emotional. In general, there's more positivity in these words, as the market just a few days ago expected a possible interest rate hike.
Now, we can expect the interest rate to remain at its current level for a few more months. Returning to crypto, take a look at the attached chart. There, I marked a range that hasn't been confirmed yet but has a good chance of materializing.
I hope my assumptions about Bitcoin getting stuck in this range in the near future are correct. This flatlining of Bitcoin could provide an opportunity for Ether and the altcoin market to rise.
A range from 40k to 45.5k is a good option, why not? There are two fakes that have caused uncertainty at the moment. There's also a slowdown in BTC dominance in the highs. For now, we just have to wait.
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😎 BlackRock wants to advertise its spot BTC-ETF (#IBIT) with projections on building facades. They have filed an application with the SEC for the corresponding campaign!
👀 Venture Smart Financial Holdings plans to apply for a spot ETH-ETF in Hong Kong! And BlackRock already owns 70,005 BTC ($2.98 billion).
🇦🇪 The UAE has completed its first digital transfer of dirhams.
The Central Bank of the United Arab Emirates (UAE) has completed its first cross-border transfer of digital dirhams using the mBridge central bank digital currency (CBDC) platform on January 29th.
According to Gulf News, a cross-border CBDC transfer of 50 million dirhams ($13.6 million) was sent to China using the multi-CBDC platform mBridge. Sheikh Mansur, Chairman of the UAE Central Bank, conducted the CBDC transfer to mark the golden jubilee of the central bank's establishment.
👀 Venture Smart Financial Holdings plans to apply for a spot ETH-ETF in Hong Kong! And BlackRock already owns 70,005 BTC ($2.98 billion).
🇦🇪 The UAE has completed its first digital transfer of dirhams.
The Central Bank of the United Arab Emirates (UAE) has completed its first cross-border transfer of digital dirhams using the mBridge central bank digital currency (CBDC) platform on January 29th.
According to Gulf News, a cross-border CBDC transfer of 50 million dirhams ($13.6 million) was sent to China using the multi-CBDC platform mBridge. Sheikh Mansur, Chairman of the UAE Central Bank, conducted the CBDC transfer to mark the golden jubilee of the central bank's establishment.
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What does the market expect?
BTC/ETH and almost all other altcoins have been stuck in a narrow trading range for several days now without significant movements. Just waiting for a breakout, analyzing and guessing is currently pointless.
Let's take a look at the news background (fundamentals) for now. It's mostly positive, which of course inspires confidence in a possible upward move in the future.
However, it's worth noting that Genesis is seeking court approval to sell GBTC shares totaling $1.4 billion in bankruptcy proceedings.
🟢 Regarding ETFs: Since their launch, the net inflow into American spot BTC-ETFs has amounted to +32,000 BTC.
🟢 About BTC advertising: According to Nate Geraci, president of ETF Store, Facebook and Instagram, following Google's lead, may soon allow advertising for spot BTC-ETFs.
🟢 Coinbase analysts note that pressure on BTC has significantly decreased as FTX has sold its assets in GBTC.
🟢 About ETH: Over the past 3 weeks, nearly 510,000 ETH has been withdrawn from cryptocurrency exchanges, indicating current accumulation of Ether.
That's all for now, the most important points from the past few days. We await the breakout of BTC/ETH and market activity. Happy trading to everyone!
BTC/ETH and almost all other altcoins have been stuck in a narrow trading range for several days now without significant movements. Just waiting for a breakout, analyzing and guessing is currently pointless.
Let's take a look at the news background (fundamentals) for now. It's mostly positive, which of course inspires confidence in a possible upward move in the future.
However, it's worth noting that Genesis is seeking court approval to sell GBTC shares totaling $1.4 billion in bankruptcy proceedings.
🟢 Regarding ETFs: Since their launch, the net inflow into American spot BTC-ETFs has amounted to +32,000 BTC.
🟢 About BTC advertising: According to Nate Geraci, president of ETF Store, Facebook and Instagram, following Google's lead, may soon allow advertising for spot BTC-ETFs.
🟢 Coinbase analysts note that pressure on BTC has significantly decreased as FTX has sold its assets in GBTC.
🟢 About ETH: Over the past 3 weeks, nearly 510,000 ETH has been withdrawn from cryptocurrency exchanges, indicating current accumulation of Ether.
That's all for now, the most important points from the past few days. We await the breakout of BTC/ETH and market activity. Happy trading to everyone!
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Will there be an altcoin season?
The market has been choppy for the past two weeks. It's a waiting game with a risk-on mood. From experienced traders, I see more fear right now, with thoughts that it could all suddenly turn south. From those who are not as familiar with the market, I see a desire to buy and questions about which altcoins to invest in.
Does this moment concern me? Yes, of course. It would seem logical to expect a downturn, as experienced traders usually have a better feel for the market, while newcomers, as is often the case, try to catch the last train.
However, there are phases in the market when market "naivety" prevails. When actually hitting "market buy" at highs or not taking profits at 10x is considered smart. This typically happens during bull markets.
So, it seems to me that we're in a situation where we can test what the market is really made of - whether it's a bullish trend or just echoes of it. We'll see whether naivety or experience wins out.
The market has been choppy for the past two weeks. It's a waiting game with a risk-on mood. From experienced traders, I see more fear right now, with thoughts that it could all suddenly turn south. From those who are not as familiar with the market, I see a desire to buy and questions about which altcoins to invest in.
Does this moment concern me? Yes, of course. It would seem logical to expect a downturn, as experienced traders usually have a better feel for the market, while newcomers, as is often the case, try to catch the last train.
However, there are phases in the market when market "naivety" prevails. When actually hitting "market buy" at highs or not taking profits at 10x is considered smart. This typically happens during bull markets.
So, it seems to me that we're in a situation where we can test what the market is really made of - whether it's a bullish trend or just echoes of it. We'll see whether naivety or experience wins out.
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