"They always say time changes things, but you actually have to change them yourself."
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It's Frriiddaayyy Folks! Bitcoin is trading at $66,516 flat from yesterday at $66,400 and down from a week ago at $70,000. Once again it's option expiry Friday let's see how much volatility Bitcoin and the markets get.
CURRENT NEWS
Today, Short-term Bitcoin holders have been going on a buying spree lately, accumulating over 1.2 million BTC since December 2023, according to Glassnode. Bitcoin absorbs $100M+ ‘sell-side days’ as bears lose BTC price clout. 18,000 BTC and 270,000 ETH options contracts are set to expire today and the total value of these expiring options contracts exceeds $2 billion; options traders become increasingly bearish as BTC falls below $70,000. Australian asset manager Monochrome applies with Cboe Australia for a spot Bitcoin ETF, eyes decision by mid-year.
Bitcoin mining profitability won’t necessarily fall after halving as Bhutan plans to expand its Bitcoin mining capacity 500% ahead of the impending halving event, ramping up renewable-powered operations to 600 megawatts. Bitcoin Miner Hut 8 has larger, more diversified business model following USBTC merger, according to Canaccord.
USDe is already backed by Ether, Ether-based liquid staking tokens and Tether, but Ethena says Bitcoin will provide more “safe” and “robust” product for USDe token holders.(4)
Bitcoin got a big victory in Louisiana where the state’s House of Representatives voted unanimously in favor of a bill – introduced in early March by Mark Wright and supported by the Pelican Institute – designed to ensure the individual rights to trade, self-custody, and mine Bitcoin.
Ethereum can still avoid being labeled a security and is bullish on the ETF approval, says JP Morgan.(4)
MID-DAY
Glassnode co-founders Jan Happel and Yann Allemann, who share the Negentropic handle on the social media platform X, say that Bitcoin appears to be forming a bullish pattern amid a market correction.
BlackRock, the world's largest asset manager, has made a new update to its spot Bitcoin ETF by adding many new authorized participants to its BTC ETF. Among these participants were financial giants Goldman Sachs, Citadel, UBS and Citigroup.(2) DWS, Galaxy Digital List Exchange-Traded Commodities Offering BTC, ETH Exposure in Germany. Genesis completes redemption of GBTC shares, buys 32K Bitcoins with proceeds.
Bitcoin's upcoming halving might not have as much of an impact on the price of bitcoin as seen in previous cycles, experts predict and this is because the spot bitcoin exchange-traded funds (ETFs) have already pushed bitcoin to new highs as pressure on supply strengthened; Nevertheless, the long-term effects on both the price of bitcoin and subsequently flows into the ETFs will be positive.
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Podcast of the Day: #1338 Hunter Horsley & Matt Hougan | They Bought Billions In Bitcoin In Eight Weeks! | TPP
TIME MACHINE
A month ago, Arizona lawmakers cited rapid growth of the Spot Bitcoin ETFs as a reason to add them to retirement portfolios(3) and Gary Gensler refused to answer if $ETH is a security(3) and Bitcoin broke an ATH of $70K.
A few weeks ago, Bitcoin hit yet another high, tapping $73.8K and beware of Bitcoin's 'rising wedge,' says Josh Olszewicz which tends to be bearish but if a pull back does happen it will prob be short lived. Also, Bitcoin may had fallen to its lowest levels in over a week, but BTC price optimism was anything but fading. Bitcoin fell below $67,000 as Grayscale moved over $400M in BTC to Coinbase and ETF inflows dropped by 80% in 24 hours(2); was $74K a cycle top and will this lead to a 20% correction? Will it go down to $45K - some believe it's possible.
A couple weeks ago, Brian Armstrong was getting a lot of press for defending the $ETH ETF so let's see where this goes(4) and based on on-chain data, a Bitcoin whale that has been accumulating on Bitcoin's dip has made a significant purchase, acquiring 673 BTC.
Last week, the overwhelming demand for Bitcoin spot ETFs over the past two months is likely to continue for many years, predicts Bitwise CIO Matt Hougan; Inflows could eclipse $1T(5) and they entered the race for Ethereum Spot ETF.(2)
