#SEC approves first leveraged #Bitcoin futures #ETF 🚀🚀

#BlackRock just re-filed its #Bitcoin #ETF, adding #Coinbase as the exchange 🚀🚀

Whale entities have seen their aggregate balance decline throughout #Bitcoins history. The chart below reinforces this, with #Whale entities accounting for 46% of the total supply, down from 63% in early 2021.

It is important to note that here, Whale entities will include exchanges, as well as large centralized holdings such as #ETF products, #GBTC, #WBTC, and corporate holdings like #Microstrategy.

Here's the Analysis of #BAND :

#BAND is been flipped above the Strong level of $1.32 - $1.36 and kinda moving lower with the fake #ETF news. If price gave a daily closing below the zone then we can move back to the consolidation and might reach the other end too (Support zone). Take short after the closure.

#BTC made a fake pump with the Fake #ETF news and kinda hit the resistance area, which ended up being an strong rejection. Well, price is on a support zone now $28,200 ($28,000). So, look for a daily closing below the zone, we can move lower with that.

#BTC still moving back and forth inside the range and again rejected from the Resistance Zone, with that price nearly got into Major support again. Well, this series might continue until a strong news drop into the market like #ETF Approval, Rejection or Delay. Hodl on with the new alts trade and manage the running one accordingly.

#BITCOIN WEEKLY TF UPDATE :

#BITCOIN on Weekly TF, Tried to surpass through the build-up resistance area a=but couldn't able to do sp. Well, its still have time for the closing and need a close above the Resistance zone around $43,250. This will again open the room for $47,000 - $48,000 level, also have to prepare for a fakeout too, as #ETF news might drop into the market, which will kick in heavy volatility.

Most of the people are prepared for the #ETF approval, which is good but also have to keep in mind that, rejection will cause dump and in case of delay, the market will react nearly the same. So, prepare for both the sides as there are open possibly for mixed data, which will unnecessarily shake the market aggressively.

#BTC didn’t followed our plan but goes as per weekly idea. Price broke though the Strong Resistance Area and Pumping. Moreover, #ETF news is just on the head now, so this might be due to that and now price will sustain over the level until further release. A potential retest is expected back to $45,000, which will be a healthy correction.

#BTC made a potential retest back to the Major Support zone as expected. Well, this was due to a Positive tweet from Official X account of #SEC on #ETF. This was a fake news as it dropped when came into highlight. Also, mostly event aligns with Technical most of the time. Now today we've to wait and watch for the news to kick in momentum into the market.

#BITCOIN DAILY TF UPDATE :

#BITCOIN pinpoint and precisely, from levels to level, pushed due to #ETF news but ended up being rejected from the Resistance Area of $47,000. Price again tapped into the major level (Grey Box) around $42,000, where rejection might happen. Structure now turned bearish, so careful with any sort of fresh trade now. Also, if #BTC remains stable here let's say, consolidation happens, alts will fly strongly.

A pattern of profit realization has emerged, reflecting the current market sentiment. The provided chart illustrates the average profit or loss per coin sent to exchanges. During the peak of #ETF speculation, this metric surged to an average profit of $3.1K, coinciding with the climax of the April 2023 rally. However, this figure pales in comparison to the $10.5k average profit recorded during the peak of the 2021 bull market. The recent decline suggests a significant cooling off, indicating a potential shift in market dynamics.

Leading up to the approval of spot #ETFs in January, speculation surged, leading Long-Term Holders (#LTH) to either cash out for profit or reallocate their holdings into new #ETF products. This resulted in a significant decrease in LTH supply balance by approximately 299.5K #BTC since November, from a peak of 14.996M BTC. Notably, analysis of #GBTC flows, with around 661k BTC inflow and 151.5K #BTC outflows in 2021, suggests that remaining #LTH supply, totaling 148K #BTC, is being spent by investors. This trend aligns with previous research indicating LTHs begin distributing their holdings as the market approaches all-time high prices.

Further confluence can be found by evaluating the percentage of the overall #STH balance sent to exchanges. Since Oct 2023, the STH cohort have been depositing upwards of 1% of their supply per day, peaking at a value 2.36% during the recent #ETF led speculation. This is largest relative deposit since the March 2020 sell-off.

The new spot #Bitcoin #ETF products have also created a new source of demand for BTC, with an incredible +90K #BTC in net flows migrating into the ETFs. These inflows account for a staggering $5.7B, and bring the total AUM of the #ETFs to nearly $38B.

These #ETF products have for the first time allowed institutional investors to gain exposure to the BTC asset via traditional rails, opening a new degree of freedom for demand and speculation.

#Fidelity submits S-1 form for Spot #Ethereum #ETF, which includes Staking.

#BTC #ETF had a +$243.5M net inflows Yesterday.

Increased miner #outflow occurs around halving events in the cryptocurrency market, such as those in July 2016 and May 2020 for #Bitcoin. Miners sell more of their mined cryptocurrencies to cover costs ahead of #halving, where mining rewards are reduced by half. This selling pressure by miners contributes to downward pressure on prices before halving events.

n this cycle, we can see that the outflow rate soared sharply in January 2024. This is because miners moved a large amount of their holdings to the #ETF with the approval of the #BTC #ETF.

#ETH UPDATE :

#ETH breakout of the falling wedge pattern and broke the resistance area too. The move occurred due to the #ETH #ETF news. Now, price hodling above the zone and rejecting the zone as support too. Expected a next leg up towards the resistance area of $4,111 - $4,215.