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Bitcoin broke the old top and hit a new high at $67,000 and then corrected again. The whole crypto market is vibrant with BTC. Ethereum has also grown to levels around $4,100. At this point, most of those who buy and hold BTC are already profitable.
For long-term investors to be profitable, it is very important that they have faith in the future and growth of BTC. When the market fluctuates strongly, there are times when BTC drops to $30,000, the strength for holders to continue to hold and even buy more is faith.
The Bitcoin Proshares Futures Trading Fund has opened successfully. On the first day of trading, this fund attracted a trading volume of up to 1 billion USD. Proshares Bitcoin ETF officially becomes the first ETF in the history of all ETFs to achieve $1 billion USD under management in just 2 days. This shows a huge market interest in BTC.
Following that, Vaneck’s Bitcoin Future ETF has also been approved and will begin trading next Friday or Monday. There are also many BTC Future ETFs that can be approved between now and November.
Bitcoin’s rise above the old peak also caused a number of short orders on exchanges to be liquidated. After that, the Long/Short ratio on the exchanges is almost the same. However, the number of futures trading orders on the exchanges increased to the same level as in April this year.
The amount of BTC withdrawn from the exchange is still dominant than the amount deposited on the exchanges.
CryptoQuant also shared about the amount of BTC and ETH on exchanges showing that ETH is still being withdrawn from the exchange at a faster rate than BTC.
ETH is also the second largest coin expected to grow after BTC. When BTC goes sideways and accumulates, it will be the time for ETH to rise above the old peak
Miners remained very quiet when BTC price surpassed the old peak. We have not seen any sign of their selling yet.
The NUPL index also rose to 0.65. But it’s still far from BTC’s top signal starting zone at 0.75 and above.
If BTC continues to go straight to the $82,000 price point, the NUPL index will hit the top signal zone. If BTC cools down and accumulates, it will help BTC grow longer and reach higher prices. That is also when altcoins can rise.
Major financial company Pimco invests in crypto
Major bond investment company Pimco has invested in cryptocurrencies and plans to gradually invest more in digital assets. Chief Investment Officer Daniel Ivascyn told CNBC some of Pimco’s hedge fund portfolios are trading crypto-linked securities.
The company is also taking a closer look at crypto and is looking into the possibility of trading certain cryptocurrencies as part of trend-following or directional strategies. They will also invest in crypto to make the company profitable in the long run.
Pimco also understands that decentralized finance will be disruptive and potentially disrupt the industry it operates in.
Decided to enter the crypto market because this company has a better understanding of the market and development trends that change the whole financial world. In order not to be left behind, Pimco wants to be one step ahead. In addition, the younger generations will be the ones who have transferred assets from the previous generation and are very responsive to digital asset investment. This will be the next target customer of the investment market that Pimco targets.
In addition, Tesla, the company that has been noticed by the crypto investment community, has also reported no buying or selling of Bitcoin, according to their Q3 earnings report. The company currently holds $1.26 billion in Bitcoin.
The Central Reserve Bank of El Salvador says BTC will not affect its $1.3 billion borrowing talks with the International Monetary Fund (IMF). El Salvador also said that the IMF does not perceive any risks associated with BTC adoption in their country.
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