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BTC price in recent days continued to hold around 55,000 USD and at one point reached 57,000 USD. The market as well as investors were more optimistic and vibrant. This is reflected in the increased Funding Rate.
The onchain situation is still similar to Thuan’s last weekend update. Bitcoin profit rate is still high at 93%.
However, we do not see BTC being pushed to the exchange. The amount of Bitcoin withdrawn from the exchange is still larger than the amount of BTC deposited on the exchange.
ETH has a small part on the exchange, but it is not significant. The big trend of ETH is still down on exchanges.
Other signs in the on-chain index such as NUPL, RHOOL,… are still at safe levels and have not shown signs of peaking yet.
The Grayscale Premium Index remains low. One possible reason for this is that many institutional investors want to wait for an ETF to be able to invest in Bitcoin more easily and conveniently than investing in Grayscale’s GBTC stock.
To this day, BTC price patterns and history are still trusted by investors. To date, these patterns relative to BTC prices still hold true. For himself, Thuan still believes in history and current price patterns until new history is created and the old model no longer holds true.
Through each Bitcoin bull season, there are investors entering the market but also people leaving. There are also people who stay in the market and become long-term investors. This is a group of investors who keep the price for BTC and the lowest price of BTC through the seasons still increasing.
However, when investing, investors need to have specific goals and strategies. When investing in price averaging, you can also take profit on average price to achieve your profit target. When the price is down, investor psychology will be scared and worried, but when the price goes up, this psychology turns to greed. Without a specific strategy it is difficult to make the right decisions.
The US government is preparing an edict on crypto
Senator Cynthia Lummis (USA) bought more in the range of 50,000 – 100,000 USD in Bitcoin on August 16, when BTC was around 46,000 USD according to the congressional report. This is the report of buying the most BTC from members of Congress.
The U.S. Securities and Exchange Commission has approved a Volt Equity ETF, which aims to track companies that hold most of their net assets in bitcoin or derive most of their profits or revenues from crypto-assets. Bitcoin-related activities such as mining, lending or manufacturing mining equipment.
Volt Equity ETF uses 80% of assets to buy options companies that hold most of their assets in BTC (such as MicroStrategy, Marathon Digital, Bitfarms, …). This is a way for investors to gain access to crypto while the BTC ETF has not been approved yet.
Recently, the BlockFi company also submitted an application to the SEC for a proposal to adopt a Bitcoin ETF Futures based on futures contracts.
The SEC may deny, approve or delay this month four applications for Bitcoin futures ETFs, including the ProShares Bitcoin Strategy ETF, the Invesco Bitcoin Strategy ETF, the VanEck Bitcoin Strategy ETF, and the Valkyrie Bitcoin Strategy ETF.
Bitcoin Futures ETFs allow investors to gain exposure to Bitcoin without having to directly hold the leading cryptocurrency. According to the analysis, Bloomberg has high hopes that the SEC will approve the Bitcoin ETF applications. If approved, the US will have up to 4 Bitcoin futures ETFs by the end of October after years of delay.
To date, applications through the Bitcoin ETF have reached nearly 30 funds. There are also two applications for an ETH ETF. However, the SEC said that the two ETH ETF proposals should be withdrawn because they are not ready to talk about the ETH ETF but not BTC.
In addition, it is reported that President Joe Biden is reviewing the Executive Order on the Supervision of Cryptocurrencies. The order will involve the Treasury Department, Commerce Department, National Science Foundation and national security agencies.
In addition to requiring the agencies to study various aspects of the industry, the decree “will clarify the responsibilities” of various agencies towards cryptocurrencies and blockchain. For now, this is tentative and no official information has been received from the president.
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