Tag: January

  • US spot Bitcoin ETFs hit $30 billion in combined net inflows since January launch

    US spot Bitcoin ETFs hit $30 billion in combined net inflows since January launch

    • BlackRock’s IBIT attracted the most at over $600 million followed by Fidelity’s FBTC with $301 million
    • The 12 spot Bitcoin ETFs have brought in a combined $30.35 billion since launching in January

    US spot Bitcoin exchange-traded funds (ETFs) took in $1 billion in daily total net inflows yesterday as Bitcoin inched closer to the $100k mark.

    BlackRock’s iShares Bitcoin Trust (IBIT) saw the most inflows, attracting $608.41 million, according to SoSoValue data. Fidelity’s FBTC followed with $300.95 million. Bitwise’s Bitcoin ETF brought in $68 million and Ark and 21Shares’ ARKB attracted $17.18 million.

    Grayscale’s GBTC was the only one with negative net flows, recording $7.8 million outflows.

    The 12 spot Bitcoin ETFs have earned a combined $30.35 billion since launching in January following approval from the US Securities and Commission (SEC).

    US Spot Bitcoin value. Source: SoSoValue

    Elevated trade among the spot Bitcoin ETFs followed as Bitcoin climbed to the $100k mark on November 22, continuing its bull run.

    The inflows also come after BlackRock launched its options contracts earlier this week. During trading on day one, BlackRock’s options brought in nearly $2 billion, helping to push Bitcoin to more than $94,000.

    Grayscale announced this week that it was also launching Bitcoin ETF options following BlackRock’s impressive debut and a surge in investor interest.

    As trade continues through spot Bitcoin ETFs, it’s becoming clear that these avenues are one of the main ways for investors to hold Bitcoin. According to Bloomberg analyst Eric Balchunas, US Bitcoin ETFs hit $100 billion in assets, adding on X:

    “They’re now 97% of [the] way to passing Satoshi as [the] biggest holder and 82% of [the] way to passing gold ETFs.”

    Elsewhere, in the market, Ethereum is up by more than 7% over the past week at $3,285, Solana has seen a nearly 20% increase at $253, and XRP has risen close to 60% to $1.44 in the same time, according to CoinMarketCap.



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  • Galaxy Digital CEO predicts Bitcoin ETF approval by January 10 as Everlodge tokenizes real estate

    Galaxy Digital CEO predicts Bitcoin ETF approval by January 10 as Everlodge tokenizes real estate

    • Galaxy Digital CEO predicts Bitcoin ETF approval by Jan 10, citing market dynamics and SEC urgency.
    • Everlodge disrupts real estate with blockchain and fractional ownership.
    • Everlodge’s ELDG token features discounts, rewards, and staking; the Beta presale stage attracts investor attention.

    Galaxy Digital CEO Michael Novogratz’s recent insights into the highly anticipated Bitcoin ETF approval set the stage for a dynamic landscape for Bitcoin (BTC) and the entire crypto market.

    As Bitcoin continues to make waves, Everlodge, a unique property marketplace, enters the fray with an innovative approach to fractional vacation home ownership. This article delves into Novogratz’s predictions, the significance of January 10th, and why the Everlodge presale is capturing attention as a promising investment opportunity.

    Bitcoin ETF approval anticipation 

    Michael Novogratz, the CEO of Galaxy Digital, has sparked excitement in the cryptocurrency community with his bold prediction regarding the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). In a recent CNBC interview, Novogratz pointed out Bitcoin’s remarkable 150% surge over the past year, attributing this bullish trend to the Federal Reserve’s dovish stance.

    The anticipation revolves around the critical date of January 10th, a potential deadline with legal implications. Novogratz confidently stated, “We’re gonna get this ETF before Jan. 10.” He underscored the urgency tied to SEC Chair Gary Gensler and potential legal repercussions involving Grayscale, adding a layer of significance to this anticipated milestone.

    Everlodge: revolutionizing fractional vacation home ownership

    Transitioning from the dynamic Bitcoin landscape, Everlodge emerges as a disruptive force in the real estate market.

    Everlodge positions itself as a property marketplace that allows users to fractionally invest in hotels, vacation homes, and luxury villas, leveraging blockchain technology. What sets Everlodge apart is its integration of fractional vacation home ownership, timeshare, and NFT technology, creating a unique amalgamation of traditional and cutting-edge approaches. It digitizes and fractionalizes real estate, allowing users to invest in smaller amounts while enjoying the potential for value appreciation.

    Everlodge is currently in the presale stage of its native token, EDLG, which has become a focal point for investors seeking diverse investment opportunities. The EDLG presale, currently in its Beta stage, offers a unique chance to get involved in the world’s first property marketplace for fractional vacation home ownership.

    The ELDG token offers holders discounts on property purchases, rewards in the form of free nightly stays, and staking opportunities for fixed monthly interest. The Everlodge ecosystem, comprising a marketplace, launchpad, rewards club, and lending platform, adds layers of utility to the token.

    Conclusion

    Novogratz’s optimism extends to the regulatory front. While acknowledging hurdles posed by certain politicians and corporate leaders, including Elizabeth Warren and the Biden White House, he sees potential progress through a bipartisan group.

    The convergence of Galaxy Digital’s Bitcoin ETF predictions and Everlodge’s groundbreaking approach to property ownership sets the stage for a dynamic period in the financial and real estate markets. Investors and enthusiasts alike are navigating this landscape with cautious optimism, looking towards January 10th and beyond.



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  • Volatility lowest since January, but until it drops further, Bitcoin serves no purpose

    Volatility lowest since January, but until it drops further, Bitcoin serves no purpose

    • Bitcoin’s volatility is a massive problem, writes our head of research, Dan Ashmore
    • The volatility is the lowest since January, but that doesn’t provide much solace with regards to Bitcoin’s actual utility
    • For Bitcoin to deliver on its potential, it needs to become boring, with volatility closer to gold’s famously steady return profile

    It’s relatively calm in Bitcoin markets right now, but that won’t last long. And it’s a massive, problem. 

    First, let us look at the short-term volatility, because I noticed over the last few days that is has come down a little. Plotting the 1-month volatility on an annualised basis, we are at the lowest mark since January, when this little Bitcoin surge was kicked off. 

    OK, fine. 

    But don’t confuse that with a steady market. The crypto markets remain highly capricious and capable of swinging back and forth and eye-watering speed. Volatility is still close to 50%, which in the context of any regular market, is truly insane. 

    Perhaps plotting the daily returns of Bitcoin against that of Tesla shows this better. Tesla is just about the most extreme member of the S&P 500, its stock price more volatile than its CEO’s Twitter feed. Comparing your volatility to Tesla is like comparing your ability to run a football team to Todd Boehly (seriously, wtf). 

    And yet, Bitcoin’s daily price changes not only match Tesla, but commonly exceed it. 

    Indeed, if we plot Bitcoin’s volatility back over a longer time period, we see that these fallow periods do occur, but rarely last long. Bitcoin and volatility are like Frank Lampard and Chelsea, apparently – occasionally apart, but you know that before long, they will be back. And they are terrible for each other. 

    Make no mistake about it, volatility is one of Bitcoin’s greatest drawbacks. It is difficult to imagine the asset ever achieving anything remotely close to a store-of-value status while it oscillates back and forth like it does. 

    If the ultimate vision for Bitcoin is some sort of digital gold, it has a hell of a long way to go. Flipping the earlier comparison from Tesla to gold is more apt, and puts the chasm between the two assets up in lights:

    Obviously, this could all change in the future. I don’t have a crystal ball. Regarding Bitcoin’s ultimate vision, it simply has to, because as it currently stands, Bitcoin is not achieving anything. 

    The arguments commonly point to the developing world. Bitcoin can offer a greater place to store one’s financial wealth, they argue. Again, this may prove true in time, but even a collapsing currency like the Argentinian peso is not as volatile as Bitcoin. A gradual decline such as the peso (and I am using gradual a bit liberally there, admittedly) is at least easier to plan for than Bitcoin, which can quite literally be 20% lower in the space of a couple of minutes. 

    While Bitcoin is capable of these massive price moves, it isn’t in a place to help anyone. That argument is currently better served to stablecoins, pegged to fiat currencies like the US dollar, which can be equally accessible but don’t swing in price (at least, the prudently-designed ones don’t). Now, their flaws could fill a whole new article which I won’t get into here, but the point is this: Bitcoin is literally useless while its volatility is as high as it currently is. 

    My friends often poke fun at me for chatting about gold, or doing analytical pieces on its price drivers. Boomer, they call me. And that’s fair – gold is boring as f**k, and watching its price chart is like watching paint dry. But that is kind of the point, isn’t it? Gold is a store of value, and therefore it should not be printing gains and losses that get Robinhood investors all hyped up. Otherwise, it wouldn’t be doing its job. 

    Bitcoin is the same. It needs to take a leaf out of gold’s book and become boring. Until that happens, there is no point to this mythical asset beyond wild speculation. 

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