The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk News Reporter Was this newsletter forwarded to you? Sign up here. |
|
|
It's Thursday! Here’s what you need to know in crypto today. |
- Bitcoin ETFs have recorded $4.7 billion of inflows in the last six days.
- The GOP wins a majority in the House of Representatives.
- A survey by Sygnum reveals institutional bullishness for digital assets.
|
|
|
CoinDesk 20 Index: 2,668.37 +2.72%
Bitcoin (BTC): $91,632.85 +4.5%
Ether (ETH): $3,187.05 +0.7%
S&P 500: 5,985.38 -0.29%
Gold: $2,611.13 +0.02%
Nikkei 225: 38,535.70 -0.48% |
|
|
Meet Kraken Institutional — offering a full suite of institutional-grade crypto products. With over a decade of experience building crypto solutions for enterprises, Kraken Institutional can help build your business. With features allowing you to trade and manage multiple trading strategies separately to real-time market data and API integrations, Kraken Institutional is designed for your business. If you're ready to unlock the power of Kraken's institutional tools, visit kraken.com/institutions to get in touch today. |
|
|
Bitcoin traded either side of $91,000 after recovering from a dip to just above $89,000. BTC is 2% lower than its all-time high of $93,445, which it reached during the U.S. afternoon on Wednesday, but remains over 4% higher in the last 24 hours. Bitcoin ETFs recorded another $510 million of inflows Wednesday, taking the total for the last six days to $4.7 billion. "The Bitcoin ETFs are by far the majority driving force of bitcoin demand right now, soaking up almost all of the selling by Long-Term Holders. CME open interest is not growing meaningfully, reinforcing that this is a spot-driven rally," analyst Checkmate said in a post on X. |
The Republican party secured a majority in the House of Representatives, completing a trifecta after Donald Trump won the presidency and the GOP flipped several seats to take the Senate. The House of Representatives has been the legislative body to move most crypto legislation at the federal level, particularly in the last year after multiple crypto-focused bills were passed. Republicans held a slim majority in the House during that time, but Democrats were expected to flip it during the 2024 election. The Fairshake super political action committee and its affiliated PACs, Protect Progress and Defend American Jobs, provided financial backing to nearly 60 House and Senate candidates in the election, with the vast majority winning their races. A survey by digital asset bank Sygnum revealed that institutions are ready to put bigger bets on digital assets, with a striking 57% planning to ramp up their cryptocurrency exposure, fueled by a growing willingness to take risks and long-term confidence in the asset class. The annual survey gathered insights from over 400 institutional and professional investors across 27 nations with an average experience of over 10 years. A notable 65% of the survey respondents are bullish in the long term, with 63% mulling more allocation to digital assets in the next three to six months. |
|
|
Market Insight: Is BTC Following the Nasdaq-to-S&P 500 Ratio? |
Bitcoin's surge to over $93,000 before retreating below $90,000 copies a similar trend in the Nasdaq-to-S&P 500 (NDX/SPX) ratio, which is widely seen as a gauge of investor risk appetite in traditional and emerging technology sectors. Since 2017, the ratio has led bitcoin through its ups and downs. In April 2023, for example, the ratio was in an uptrend, offering bullish cues to BTC, which traded below $30,000 at the time. Fast forward to July, the NDX/SPX ratio peaked at new highs, right above the critical trendline joining the twin peaks from 2021, sending positive signals to bitcoin. But since then, the ratio has taken a step back, settling below the trendline. So, as of now, it looks like bitcoin is following movements in the NDX/SPX ratio. If the pattern holds, we might see BTC settle below $90,000 for a bit longer. On the flip side, a renewed upswing in the NDX/SPX ratio would be a green signal for the bulls to go all in and take prices into six figures. Some traders are already betting on an eventual breakout above the $100,000 mark. |
|
|
Meet Kraken Institutional — offering a full suite of institutional-grade crypto products. Whether you're an asset allocator, a trading firm or high net worth individual, Kraken Institutional unlocks the powerful tools you and your organization need to trade and manage crypto — at scale. If you're ready to learn more, visit kraken.com/institutions to get in touch today. |
|
|
- The chart shows the Google search value for the term “Bitcoin” in the U.S. over the past five years.
- Search interest has topped levels seen in June 2022 after the Terra/Luna collapse.
- The sustained interest among retail investors could translate into higher volumes and prices, eventually breeding a speculative frenzy.
- Source: Google Trends
|
The First 40+ Speakers Announced for Consensus Hong Kong
The industry's most influential event in Web3 and digital assets is coming to Asia with a stellar lineup of 40+ global thought leaders already confirmed. Be part of the game-changing discussions, key announcements, and high-impact deals that will shape the future of innovation.
Register todayand use code FM15 for an additional 15% off.
|
|
|
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
|
|
|
