Bitcoin Whales Stash Away Sats as Market Sentiment Shifts to Neutral Territory

After reaching greed levels, the crypto market sentiment has shifted back into neutral territory. Bitcoin is currently trading for US$65,521 (AU$99,800), slightly down 0.7% from yesterday.

Crypto market sentiment has shifted back into neutral territory after reaching greed levels.

Bitcoin is currently trading for US$65,521 (AU$99,800), slightly down 0.7% from yesterday.

Meanwhile, Ethereum has dropped 4% in the past day, currently trading for US$3,334 (AU$5,078).

The drop comes after just two days of trading the freshly launched Spot Ethereum exchange-traded funds in the United States.

The newly listed funds are trading higher than anticipated at roughly 75% of the notional value of BTC ETFs.

Ethereum ETFs have traded about $852 million in value today thus far. Bitcoin ETFs have traded about $1.1 billion.

Surprised that ETH ETFs are trading about 75% of the notional value of BTC ETFs today – higher than I expected.

Bitcoin Whales Stash Away Sats

On the other hand, as noted by CryptoQuant’s Ki Young Ju, whales are accumulating.

Over 358K Bitcoin has been moved to “permanent holder addresses”. And it’s not the Spot Bitcoin funds that are doing the HODLing. According to the founder of the analytics platform, these funds saw inflows of only 53K BTC.

The analyst suggests that this indicates the Bitcoin inflows to permanent holder addresses – which are not linked to ETFs, exchanges, or miners and do not show outflows – are likely being managed through custodial services.

VanEck: Bitcoin “Ultimate Hedge” Could Reach US$3M Per BTC

Further supporting the bullish long-term view is the head of digital assets research at VanEck, Matthew Sigel. He spoke to CNBC earlier, highlighting global economic imbalance and distrust in governments paired with currency devaluation due to deficit spending.

According to the analyst, Bitcoin fixes that.

VanEck predicts a shift in the International Monetary System from traditional reserve currencies like the US Dollar and Euro to Bitcoin, driven by declining global economic dominance and reduced currency confidence due to deficit spending and geopolitical issues.

They view Bitcoin as a stable alternative due to its immutable monetary policy and potential for scalability through technologies like the Lightning Network, positioning it as a viable option for international trade.

Related: Mark Cuban Reveals: Kamala Harris Reached Out with ‘Multiple Questions’ on Crypto

In that light, VanEck’s prediction for the price of Bitcoin is not all that surprising, especially given the timeframe.

According to the firm, the base case for BTC is US$2.9M (AU$4.4M) per coin – by 2050. The more bullish projection sees one BTC change hands for US$52.5M (AU$79.8M). They also estimate Bitcoin would be involved in 10% of global trade by then.

The above is the detailed content of Bitcoin Whales Stash Away Sats as Market Sentiment Shifts to Neutral Territory. For more information, please follow other related articles on the PHP Chinese website!