Crypto Funds See Best Inflows Since 2021 Bull Market, Bitcoin Dominates Asset Class
Investors are continuing to pour money into the cryptocurrency market, with crypto funds experiencing their best run of inflows since the 2021 bull market, according to a report by CoinShares. Investment vehicles holding cryptocurrencies saw $261 million of net inflows last week, marking six consecutive weeks of positive influx totaling $767 million. Bitcoin funds remain dominant, bringing in most of the inflows, while Ether funds saw their largest inflows since August 2022. The recent stretch of inflows signals rising demand for crypto assets among institutional investors.
Ranked by BTC holdings, the top 14 listed Bitcoin mining companies hold nearly 40,000 BTC
According to a report released by CoinGecko, as of November 1, 2023, the top 14 listed Bitcoin mining companies hold a total of 38,903 Bitcoins, which is 0.18% of the maximum supply of 21 million Bitcoins. This is much lower than MicroStrategy's holdings of 152,333 Bitcoins. Marathon Digital, Hut 8 Mining Corp, and Riot Platforms are the top three listed Bitcoin mining companies with the most Bitcoins, holding a total of 30,401 BTC, which is 78% of the total Bitcoin holdings of leading mining companies. The top three Bitcoin mining companies hold over 3,000 Bitcoins each, while the remaining 11 companies hold less than 3,000 Bitcoins each, totaling 8,502 BTC.
The number of addresses holding more than $1,000 in BTC reached 8 million, a record high
According to Blockware Solutions and Glassnode data, the number of Bitcoin addresses holding at least $1,000 worth of Bitcoin (equivalent to 0.028 BTC at the current price of $35,115) has increased to a historical high of 8 million. Blockware claims that this number may exponentially increase as Bitcoin continues to monetize, which is a long-term bullish development for cryptocurrencies. Monetization theoretically refers to the process of creating income potential from non-revenue generating assets.
Animoca Brands Lianchuang: The craze related to Bitcoin spot ETFs promotes the recovery of the GameFi field
Animoca Brands co-founder Yat Siu said that the market's enthusiasm for the expected launch of a Bitcoin spot ETF has not only pushed up the price of Bitcoin, but also reignited people's enthusiasm for blockchain games.
Yat Siu said: "Token value is a way to build confidence in users and utility. This is not just about making money, but also about feeling confident about what you own." Yat Siu explained that measuring the growth and confidence of the GameFi sector can be done by closely monitoring on-chain activities.
In addition, Yat Siu believes that if a spot Bitcoin ETF product is approved, it will have incredible benefits for the entire industry, increase the legitimacy of the industry, and attract a large amount of new investment from traditional financial institutions.
Luxor: The new Bitcoin computing power product is not a scam and will not repeat the failure experience of BlockFi or Celsius
Bitcoin mining service company Luxor said that its upcoming Bitcoin hash rate support product should not be compared to the failed products of BlockFi or Celsius because Luxor's product returns come from proof of work (PoW) and not from a "Ponzi scheme". Luxor's product allows investors to provide Bitcoin as collateral to Luxor to obtain a portion of the loan repayment, and then Luxor lends it to other miners for their operations; returns are generated when hash rate is "locked" by purchasing it at a discounted price from Bitcoin miners and selling it at a higher price. The Bitcoin rewards from mining come from that hash rate. Luxor expects investor returns to be between 10% and 13%. This process will be managed through Luxor's upcoming hash rate market. (Cointelegraph)
Opinion: With Bitcoin’s halving months away, it may be time to go risk-on
Robert Kiyosaki has predicted that Bitcoin's price is going to reach $100,000. Michael Saylor is aiming for $1 million. Is it a good time to start buying?
CSOP Bitcoin Futures ETF assets under management exceed US$50 million
According to data from the Hong Kong Stock Exchange, as of November 2, 2023, the asset management scale of Southern Dongying Bitcoin Futures ETF (HK:3066) has risen above $50 million and is currently $50.79 million. In addition, the asset management scale of Southern Dongying's Ethereum Futures ETF (HK:3068) is $8.63 million.
The number of unconfirmed transactions on the entire Bitcoin network is 123,330
According to BTC.com, there are currently 123,330 unconfirmed transactions on the Bitcoin network, with a total network hash rate of 472.96 EH/s and a 24-hour transaction rate of 8.30 transactions/s.
7523.60 BTC have flowed into exchange wallets in the past 7 days
Data shows that 161.74 BTC have flowed into exchange wallets in the past 24 hours, 7523.60 BTC have flowed into exchange wallets in the past 7 days, and 4145.07 BTC have flowed into exchange wallets in the past 30 days. As of the time of publication, the total balance of exchange wallets is 1,834,433.38 BTC.
Pantera Capital founder: Bitcoin will outperform stocks, real estate and bonds
Dan Morehead, founder of Pantera Capital, said that the performance of Bitcoin will outperform stocks, real estate, and bonds. (Bitcoin News)
Bitcoin drops below $35,000
According to OKX market data on November 5th, Bitcoin fell below $35,000 and is now priced at $34,972.97, with a 24-hour decrease of 0.80%.
Michael Saylor: Bitcoin offers businesses an innovative strategy to preserve capital and create shareholder value
MicroStrategy CEO Michael Saylor stated that Bitcoin provides an innovative strategy for enterprises to preserve capital and create shareholder value. He pointed out that companies can use Bitcoin to leverage their balance sheets and break free from the destructive cycle of expensive acquisitions, buybacks, dividends, and debt to achieve this goal.
Michael Saylor stated that a major dilemma in today's market is the existence of the "Big Seven." According to him, these seven companies are creating all shareholder returns, while the other seven thousand companies are struggling to create shareholder value.
MicroStrategy's secret is that they are leveraging their balance sheet and profit and loss (PnL). He pointed out that his company has over $5 billion in assets on its balance sheet, and Bitcoin is growing at three to four times the cost of capital.
The ETH/BTC exchange rate briefly rebounded to above 0.054
On November 5th, according to market data, the ETH/BTC exchange rate briefly rebounded above 0.054 and is currently trading at 0.05396, with a 24-hour increase of 2.00% and a 7-day increase of 3.04%.
The market value of BTC has increased by 110% this year, and BTC and ETH have significantly outperformed traditional assets such as gold.
According to Glassnode's latest on-chain weekly report, the digital asset market has achieved impressive returns in 2023, with the performance of BTC and ETH significantly outperforming traditional assets. Their performance has exceeded that of gold by 93% and 39%, respectively, at their highest points. The market correction of these two major digital assets is significantly smaller than in previous cycles, indicating investor support and positive capital inflows. The Altseason indicator shows the first significant increase against the US dollar since the high point of this cycle. However, it is worth noting that this occurred against the backdrop of Bitcoin's continued dominance, which has risen from a cyclical low of 38% at the end of 2022. Bitcoin's market value has grown 110% so far this year, while the market value of altcoins has grown 37%.
Vanguard Group CEO: Will not join the competition for Bitcoin ETF
Tim Buckley, Chairman and CEO of asset management company Vanguard Group, stated that the company will not join the competition for Bitcoin ETFs, as Vanguard claims to focus on asset classes with intrinsic value and the ability to generate cash flow, such as stocks and bonds.
Barefoot Mining CEO: After Bitcoin halving, daily output will actually drop to 52.5% of the current level
On November 4th, Barefoot Mining CEO Bob Burnett clarified a common misunderstanding about the Bitcoin production rate in a post on X platform. Bob Burnett stated that the actual average block time is shorter than the widely assumed 10 minutes, resulting in a higher block output per day than expected. The block output should be 146.7 instead of 144. Therefore, due to block rewards and transaction fees, the daily Bitcoin production is currently higher than the expected 900 coins, reaching 966 coins. Burnett stated that with the upcoming halving event next year, although the block reward will be halved, the increase in transaction fees means that the new daily production will only decrease to 507.6 Bitcoin, instead of the expected 450 coins. This means a decrease to 52.5% of the current production, rather than the expected 50%. Although the difference in data may seem insignificant, these details are very important for miners and traders as they will affect income forecasts and market liquidity.
IntoTheBlock: Recent price increases have been driven by spot trading volumes
The ratio of open interest to market capitalization (OI/MC) for Bitcoin perpetual contracts is still close to its annual low. This indicates that the recent price increase is driven by spot trading volume and suggests that there is more organic demand rather than leverage-driven effects from derivatives.
In October, the income of Bitcoin miners and Ethereum staking income generally increased, and the amount of ETH destroyed reached more than 41,000.
In October, Bitcoin miner income and Ethereum staking income showed a general increase, with Bitcoin miner income rising to $885 million, an increase of 17.4%, and Ethereum staking income increasing by 8.6% to a range of $125 million. In addition, in October, the Ethereum network destroyed 41,348 ETH, worth about $70.3 million, and since the implementation of EIP-1559 in early August 2021, Ethereum has destroyed about 3.67 million ETH, worth about $10.31 billion.
The number of Bitcoin nodes is approaching 17,000
The number of Bitcoin nodes is rapidly increasing and currently stands at 16,128, approaching the 17 million mark. In April of this year, the number of Bitcoin nodes reached a historical high of 17,470 before declining, but it has gradually rebounded. Over the past two years, the number of Bitcoin nodes has increased by about 70%. During the bull market of 2021, the number of nodes remained around 10,000.
What Happens to Bitcoin Price if Spot ETF Isn’t Approved?
Bitcoin's recent strong performance at least in part is due to optimism regarding the imminent launch of multiple spot ETF products.
