Bitcoin Prices Take Breather as BTC ETFs Record Another Day of Monster Inflows
Strong net flows into bitcoin exchange-traded funds indicate robust institutional demand as BTC dominance rise further at the expense of ether, one trader noted.
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Strong net flows into bitcoin exchange-traded funds indicate robust institutional demand as BTC dominance rise further at the expense of ether, one trader noted.
MicroStrategy Executive Chairman Michael Saylor at Bitcoin 2024 in Nashville, Tennessee (CoinDesk/Danny Nelson)
Some $350 million notional value of November call options traded on CME with a breakeven bitcoin price of nearly $80,000, anticipating a rally next month, one analyst noted.
The Royal Government of Bhutan recently deposited almost 1,000 BTC into a Binance deposit address. It holds some $900 million of the asset.
The largest crypto has extended its year-to-date gain to nearly 75% and has more than doubled from year-ago levels.
A notable outperformer was bitcoin miner Bitfarms, which nominated a new board member amid its proxy battle with Riot Platforms.
BTC added 5% in the past 24 hours, CoinGecko data shows, breaking out of a key $70,000 resistance with $48 billion in trading volumes, or nearly double the volumes from Monday.
The price still remains below its record high of $73,700 hit in early March of this year.
Bitcoin’s “bullish setup” into the U.S. election next week mirrors late 2020, which preceded a 120% rally in two months, Matthew Sigel of VanEck said.
Investment manager VanEck, one of the bullish institutional investors in Bitcoin (BTC), believes the maiden cryptocurrency is on track to … Continue reading
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