Bitcoin ETFs: The Bull Case
One train of thought says that SEC approval of spot bitcoin ETF will send the market flying. Here’s how that could play out. In a separate post, we review the bear case, where the market may not react with such optimism.
Gold on steroids? Bitcoin, gold correlation surges in 2023 — Fidelity
Bitcoin and gold have recorded strong performance in 2023 amid geopolitical uncertainties and rising interest rates.
Cointime January 13 News Express
1.JPMorgan Chase: The probability that the SEC will classify ETH as a commodity before May is less than 50%
BTC drops below $43,000
The market shows that BTC has fallen below $43,000 and is now trading at $42,999, with a daily decline of 6.07%. The market is highly volatile, so please manage your risks.
Bitcoin open interest reaches $19.003 billion
According to Coinglass platform data, the current open position of Bitcoin futures contracts has reached 19.003 billion US dollars. Among them, CME has the largest share, at 5.245 billion US dollars; Binance ranks second, at 4.366 billion US dollars; and Bybit ranks third, at 3.291 billion US dollars.
Argentina registers first Bitcoin-settled lease agreement
On January 13th, Argentine President Javier Milei issued an emergency administrative order, and Argentina registered one of the first rental agreements priced in Bitcoin. This administrative order opened the door for this solution. The agreement stipulates that the tenant will pay the landlord the equivalent of $100 in Bitcoin each month, and chooses the national cryptocurrency exchange Fiwind as the provider of reference Bitcoin prices to execute these payments. The contract also specifies that the tenant will make these payments to the address provided by the landlord within the first five days of each month. Local sources say that although there have been records of real estate sales settled in Bitcoin before, this is the country's first such rental agreement.
There are only 100 days left in the countdown to BTC production reduction
The BTC halving is expected to be completed on April 22, 2024, with only 100 days left on the countdown. The current block reward is 6.25 BTC, which will be reduced to 3.125 BTC after the halving. There are currently 14,427 blocks remaining.
Bitcoin has seen its largest short-term holder fund transfer activity since May 2021, reaching $6.1 billion
The trading activity of Bitcoin ETF on January 10th and 11th showed the behavior trend of short-term holders (STH). Short-term investors who held Bitcoin for less than 155 days transferred a total of $6.1 billion to exchanges on these two days, setting a new record since May 2021. It is reported that a large part of these transfers (20 billion US dollars on January 10th and a record-breaking 2.263 billion US dollars on January 11th) were achieved by sending profits to exchanges, highlighting the specific investment strategy adopted by short-term holders, resulting in obtaining a large amount of profit from the digital asset market.
Data: Bitcoin on-chain transaction volume reaches highest level since FTX bankruptcy
According to data from IntoTheBlock, the current on-chain transaction volume of Bitcoin has reached the highest level since the bankruptcy of FTX. On Wednesday, the total transaction volume of Bitcoin reached 60 billion US dollars, almost entirely driven by large transactions. 97% (approximately 58.76 billion US dollars) of the total transaction volume came from transactions exceeding 100,000 US dollars.
Here’s Some Bitcoin: Oh, and You’ve Been Served!
A California man who lost $100,000 in a 2021 SIM-swapping attack is suing the unknown holder of a cryptocurrency wallet that harbors his stolen funds. The case is thought to be the first in which a federal court has recognized the use of information included in a bitcoin transaction — such as a link to a civil claim filed in federal court — as reasonably likely to provide notice of the lawsuit to the defendant. Experts say the development could make it easier for victims of crypto heists to recover stolen funds through the courts without having to wait years for law enforcement to take notice or help.
A total of 10,825 BTC were transferred from unknown wallets to Coinbase in the past 5 minutes
Whale Alert monitored and reported that in the past 5 minutes, a total of 10,825 BTC (492,478,621 USD) was transferred from an unknown wallet to Coinbase.
4302.37 BTC flowed into exchange wallets in the past 24 hours
According to data from coinglass, 4302.37 BTC have flowed into the exchange wallet in the past 24 hours, 9175.02 BTC have flowed in the past 7 days, and 60067.81 BTC have flowed in the past 30 days. As of press time, the total balance of the exchange wallet is 1,891,404.87 BTC.
Bitcoin has fallen nearly 5% in the past hour and is now trading at $46,503
According to OKX market data, Bitcoin fell nearly 5% in the past hour, now reporting at $46,503 USD. Market fluctuations are large, please pay attention to investment risks.
Bitcoin’s daily trading volume exceeded $52 billion on January 11
Data shows that on January 11th, the daily trading volume of Bitcoin on cryptocurrency exchanges exceeded $52 billion, reaching $52,030,057,181 at the time of writing.
The open position of Bitcoin contracts across the entire network is temporarily reported at 20.375 billion U.S. dollars, a 24-hour increase of 3.32%
According to Coinglass data on January 11th, the total open position of Bitcoin contracts on the whole network did not change significantly after the approval of Bitcoin spot ETF, and it was temporarily reported at 20.375 billion US dollars, with a 24-hour increase of 3.32%. Among them:
Over 10,000 BTC were transferred to Coinbase through three transactions in the past 15 minutes
According to the on-chain data tracking service Whale Alert, there were 3 large BTC transfers related to Coinbase in the past 15 minutes, with two transfers of 2913 BTC and one transfer of 4711 BTC, totaling 10,537 BTC.
5 large BTC transfer transactions related to Coinbase occurred in the past half hour
Whale Alert, a blockchain data tracking service, has monitored 5 large BTC transfer transactions related to Coinbase in the past half hour, including four transfers to Coinbase, three of which were 3052 BTC each, one was 3059 BTC, and one was 1460 BTC transferred from Coinbase.
Beware The BTC Vol Reset
Spot BTC ETF Deadline Set for this Wednesday
Just when we thought we had seen it all, here comes the SEC’s X account posting:
“Today the SEC grants approval for #Bitcoin ETFs for listing on all registered national securities exchanges. The approved Bitcoin ETFs will be subject to ongoing surveillance and co.”
BTC fell below 45,000 USDT in a short time, with a 24H drop of 3.09%
According to the market data from Ouke Exchange, the short-term price of BTC has fallen below 45,000 USDT and is currently trading at 45,450.2 USDT, with a 24-hour decline of 3.09%.
Glassnode: 76.4% of Bitcoin on-chain transactions flowed into/out of exchanges, slightly lower than the historical high of 77.4%
According to Glassnode data reported by Golden Finance, Bitcoin's activity on exchanges has significantly increased, with 76.4% of Bitcoin chain transactions flowing in/out of exchanges, slightly lower than the historical high of 77.4%.
