Price: $67,012 | Last Year: $25,920
"Formula for success: rise early, work hard, strike oil." -J. Paul Getty
Bitcoin supply on exchanges drops to lowest level since December 2021 signaling lower ‘drop-off risk’ and the price of Bitcoin is expected to reach $1 million by 2033 and could hit a cycle-high of $200,000 by 2025, according to popular investment firm AB Bernstein. Samson Mow continues to reiterate that the chances of waking Up to $200,000 $BTC growing higher; he's saying this for a reason, either tongue in cheek or he knows something we don't. James Check, the former leader of the analyst team at crypto analytics firm Glassnode, predicts that Bitcoin (BTC) will hit six figures this cycle.
That said, Traders anticipate a deeper drop for bitcoin (BTC) in the coming weeks, despite a strong equity market and favorable U.S. crypto policies, pointing to selling activity from miners and general profit taking. Bitcoin's upper potential may be limited due to miners' cash demand, with on-chain data showing an increase in the transfer of BTC from mining pools to exchanges.
Case in point: Bitcoin’s hashrate has broken down from an 18-month uptrend, suggesting the start of a potential Bitcoin miner capitulation. Bitcoin miners sell at a high pace, reserves at 2-year lows but just a couple days ago Willy Woosaid that Bitcoin was weathering it before the price rebounds and others point to "strong demand preventing the price declining." Miner capitulation was also talked about a couple of weeks ago, a month ago, six months ago, yadda, yadda, yadda.
Bitcoin ETFs saw $226M outflows led by Fidelity Investments’s $FBTC. J.P. Morgan has pointed to the fact that not all of the inflows actually represent fresh money from institutional investors. In reality, there has been a substantial rotation away from cryptocurrency wallets on exchanges. At the same time, a recent JPMorgan report has suggested that the cryptocurrency space has seen net inflows of $12 billion so far this year, and notes that if flows keep growing as they have so far the figure could reach the $26 billion mark by year end. BlackRock’s IBIT was the only ETF posting a net inflow on Thursday, while most of the funds recorded outflows.
Bitfarms expands into Pennsylvania amid Riot Platforms, Inc.’s growing stake. Greenpeace alleges that Wall Street titans such as BlackRock and Vanguard contribute to the environmental harm coming from Bitcoin mining.
Podcast of the Day: BUY THE DIP: Macro Economist Explains What What To Do With Bitcoin Right Now
OTHER NEWS
Ether has just notched one of its biggest days in long-term holder accumulation — seemingly taking advantage of a 2% price drop over 24 hours. US judge approves Terraform’s $4.5B settlement with U.S. Securities and Exchange Commission.
An investor claims to have lost $310,000 to an allegedly fraudulent crypto trading platform after learning about it from an unsolicited LinkedIn connection request.
