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This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months – Here’s What This Means

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This Bitcoin HODLer Metric Has Just Flipped Green For The First Time In 8 Months - Here's What This Means

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The long wait is over, or so it appears as Bitcoin holders prepare to set foot into a green zone after seven months of red hot drought.

The earliest signs of a bullish rebound for Bitcoin were sighted on Glassnode’s on-chain metrics this week. Bitcoin users joyfully watched as the index flipped an unprofitable red-run that had gripped hodlers of the apex crypto-currency since mid-November.

Popular crypto expert, Will Clemente noted this latest bitcoin development as a sequel to last month’s net holders position outlook which showed a large sales of Bitcoin coming from the camp of inpatient short-term holders.

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What Does This Imply?

The biggest take from this new index is that patient bitcoin holders may now finally see positive returns on their long-term investments.

It also may show that the market has fully corrected holding positions as was seen last month, where Bitcoin’s dip below the $35,000 resistance frightened many new entrants, including young whales (who held large amounts of bitcoin for less than three months), leading to a massive liquidation drive that transferred coins from young holders to old and experienced holders.

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BTCUSD Chart By TradingView

Who are the catalysts?

It is unclear what exactly may have spruced the ground for a much-needed leap up, but one cannot underestimate the impact of Bitcoin’s recent acceptance by the government of El-Salvador. Having emerged as the first of its kind to tear through the government’s veil of financial legitimacy, the scale of its operation and use may now become more expanded than ever before. This is most likely to spur more citizens and governments of other countries to innovate their financial system around the digital currency with growing national acceptance. 

Others may attribute part of its recent success to Elon Musk’s turncoat claims about Tesla returning to Bitcoin, after ditching the currency in a precarious moment.

But one thing inevitably clear, in the world of crypto influencers is the role of Michael Saylor to keep the masts of bitcoin sailing amidst the troubled waters of last month. From a conference to address energy concerns to an additional injection of $1 billion into bitcoin, the CEO of MicroStrategy has done a lot to build resistance for the apex currency.

Going Forward

As Will Clemente spots the early symptoms of progress, it is expected that many investors who remained skeptical about buying and waiting through the dip, would want to cast in their lots before the entry price soars to the point of eroding leverage.

This means more activity for Bitcoin, more health value upshot, and more reward for those who took Robert Kiyosaki’s advice to ‘buy the dip.’

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Source: https://zycrypto.com/this-bitcoin-hodler-metric-has-just-flipped-green-for-the-first-time-in-8-months-heres-what-this-means/

Blockchain

$45B Asset Manager GoldenTree Has Reportedly Bought Bitcoin

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GoldenTree Asset Management, a US asset management giant with $45B in AUM, has reportedly purchased portions of the primary cryptocurrency. The move aims to diversify some of the organization’s already existing strategies.

  • Founded over two decades ago, GoldenTree is an asset manager headquartered in New York City with offices in numerous other important financial cities such as London, Singapore, Tokyo, and Sydney.
  • According to a report by The Street, the institution has dipped its toes in the cryptocurrency industry by purchasing an undisclosed amount of bitcoin.
  • Citing two sources familiar with the matter, the coverage indicated that putting BTC on the balance sheet will work as a diversifier for the “broad mix of debt-focused strategies it has run for years.”
  • Furthermore, GoldenTree has reportedly had internal discussions to establish a dedicated team responsible for its cryptocurrency investments.
  • With GoldenTree, the number of large asset managers showing an appetite for bitcoin keeps growing.
  • The most prominent name has to be BlackRock. The world’s largest asset manager dabbled with BTC through CME and reported gains of $360,000 in April this year.
  • Stone Ridge, another Wall Street behemoth, filed to add the cryptocurrency to its diversified alternatives funds.
  • This trend expanded outside of the US as well, with the Israeli company – Altshuler Shaham – buying BTC through the Grayscale Bitcoin Trust.
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Source: https://cryptopotato.com/45b-asset-manager-goldentree-has-reportedly-bought-bitcoin/

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Wealthfront to Offer Cryptocurrency Exposure to its Clients Through Grayscale

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The financial institution Wealthfront announced it would expand its menu of digital asset investments by including Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). Additionally, the company would provide more solutions to its customers with cryptocurrencies different than BTC and ETH.

Wealthfront Customers Can Now Invest in GBTC and ETHE

The California-based investment provider Wealthfront with more than $25 billion in assets under management, revealed in a recent blog post that its users can now diversify their portfolios by allocating funds in Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).

The clients would neither need wallets to take advantage of the service nor be required to open an account in a cryptocurrency exchange.

However, Wealthfront warned that such investments can be risky and more volatile than most ETFs and would limit the initiative. With that being said, investors would not be able to allocate more than 10% of their total portfolios into GBTC or ETHE.

The company also expanded its menu of ETFs and assured its nearly 440,000 users that soon it would offer even more cryptocurrency options:


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“For example, you can now choose from a bigger selection of ARK ETFs, pick ETFs that are specific to industries like cannabis or self-driving cars, or choose from a larger pool of socially responsible investments. The choice is yours.”

GBTC Can Surpass The Largest Gold ETF

Grayscale is the largest digital asset manager that enables institutional investors to receive exposure to various cryptocurrencies without having to worry about storing or managing their funds. The company has enjoyed a massive increase in clients in the past year and a half, with GBTC taking the most substantial portion.

In fact, the growth of the Bitcoin Trust prompted some to believe that it could actually surpass the SPDR Gold Shares (GLD) – the largest gold-tracking ETF.

The difference between the two was significant in the middle of last year when the GLD was riding high with its AUM exceeding $80 billion while the GBTC was struggling beneath $5 billion. Yet, as institutions opened their minds to bitcoin and started accumulated massive portions, the gap began to close. At the end of 2020, the Grayscale Bitcoin Trust skyrocketed to about $20 billion.

2021 started even more impressively for GBTC as its AUM neared $40 billion. Somewhat expectedly, this expansion caused many experts to believe that the Grayscale Bitcoin Trust can soon outweigh the GLD.

However, according to a recent analysis, institutional demand for Bitcoin and Ethereum investment products has  started to slow down, and surpassing the SPDR Gold Shares now seems less likely:

“Between observations of the GBTC premium, net outflows from the combined Purpose and QBTC ETFs, and a stagnant Coinbase balance, institutional demand appears to remain somewhat lackluster.”

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Source: https://cryptopotato.com/wealthfront-to-offer-cryptocurrency-exposure-to-its-clients-through-grayscale/

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eToro Listed Shiba Inu (SHIB) While ShibaSwap TVL Drops Almost 80% in Two Weeks

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The multi-asset investment platform, eToro, which plans to go public later this year, has listed Shiba Inu (SHIB). The company argued that the decision came following substantial demand from customers.

  • Founded in 2006, eToro is an Israeli social trading and multi-asset brokerage company with offices in several European countries, the US, and Australia.
  • The firm announced the listing of Shiba Inu (SHIB) in a press release shared with CryptoPotato. The statement reads that the addition has come due to “strong customer demand.”
  • Users of eToro will be able to interact with the popular meme coin as “Shiba (in millions),” which is a “lot” of one million Shiba Inu units. According to the statement, this would provide customers with a “clearer understanding of the pricing in a regular, two-decimal-point format.”
  • The company recently outlined plans to go public later this year. It would become possible after a merger with a Special Purpose Acquisition Company (SPAC) with a total valuation of over $10 billion.
  • Back in May, eToro also listed arguably the most popular meme coin – Dogecoin. Shortly after, DOGE pumped to an all-time high at that point of about $0.5.
  • SHIB saw its record price in mid-May as its popularity skyrocketed. However, it has declined by more than 80% since then, even though the recently launched ShibaSwap DEX attracted billions of dollars in total value locked in just a few days after the launch.
  • However, the TVL has declined by nearly 80% since then to around $400 million as of writing these lines, according to data from DeFiLama.
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Source: https://cryptopotato.com/etoro-listed-shiba-inu-shib-while-shibaswap-tvl-drops-almost-80-in-two-weeks/

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