Bitcoin ETF Hits $10 Billion Mark, Predicts Steady Influx -

Bitcoin ETFs now collectively manage assets worth $10 billion for the first time since their inception a month ago. Outflows from the GBTC funds are evident, with only $51.8 million remaining on February 9th, marking the lowest daily capital withdrawal since the ETF’s establishment.

Coinbase reports that the trading volume of Bitcoin in Bitcoin ETFs accounts for only 10-15% of the spot market trading volume on global centralized exchanges. Additionally, spot Bitcoin ETFs collectively hold approximately 650,000 BTC, equivalent to 3% of the total supply.

CryptoQuant has found that the largest Bitcoin mining companies, such as Marathon Digital, have recently increased their Bitcoin holdings. In November, these miners were selling around 800 BTC per day, which has since decreased to 300 BTC per day, indicating a reduction in selling pressure.

MicroStrategy has further increased its Bitcoin holdings by acquiring an additional 850 BTC in January, totaling about $37.2 million. MicroStrategy now holds a total of 190,000 BTC and aims to be a leading developer in Bitcoin-related technologies.

The U.S. SEC has postponed its decision on the Invesco and Galaxy Digital Spot Ethereum ETFs. Both funds face a deadline for a decision by this July.

CryptoQuant predicts a year-end Bitcoin target price of $112,000, based on an estimate that an additional $114 billion will flow into Bitcoin ETFs. This averages to about $9.5 billion per month, which is expected to drive the Bitcoin price towards this target.

GoDaddy, a global domain registrar, has partnered with Ethereum Name Service to allow users to link .eth domains to traditional Web3 domains without any cost. This is considered a significant development for the Web3 world.

Weekly Technical Analysis: 13 – 19 February 2024

Bitcoin (BTC)

BTC has surged, testing the previous high of 1,720,000 THB. However, the RSI is entering overbought territory, and there have been consecutive green candles for several days. It is anticipated that there might be a consolidation phase this week, with possible support at around 1,660,000 THB. This could present a buying opportunity to profit near the resistance level of 1,800,000 THB and above.

Support 1,660,000 THB Resistance : 1,800,000 THB

Ethereum (ETH)

ETH has adjusted upward at a slower rate than BTC. This is seen as an opportunity for investment, as funds may flow into ETH following a potential BTC slowdown. The anticipated support is around 86,000 THB, with the aim of reaching the previous high of 95,000 THB in this recovery phase.

Support : 86,000 THB Resistance : 95,000 THB

ImmutableX (IMX)

IMX has surged by 38.62% in the past week, potentially establishing a new high. Going forward, the support level is expected to rise to around 120 baht. This level can be used as a buying point if the price retraces. The profit target is set at the next resistance level of 120 baht. The strategy is to wait for a retracement before buying in.

Support : 96 THB Resistance : 120 THB

Velo (VELO)

Velo has surged by 29.80% in the past week, showing considerable volatility. It is recommended to wait for a price retracement before buying in. The initial support level is at 0.17 baht, and if the price falls below this level, it’s advisable to delay investing. The target resistance level is set at 0.24 baht

Support : 0.17 THB Resistance : 0.24 THB

Trading and Investment Considerations For The Week

The key highlight for the coming week is the announcement of the US CPI figures for January on Tuesday. The market expectation is about 2.9%, down from the previous month’s 3.3%. If it does meet expectations, there could be a positive impact on the crypto market, as lower inflation rates may prompt the Federal Reserve to consider interest rate cuts sooner.

Selling pressure from the GBTC funds has been decreasing, while inflows into Bitcoin ETFs, especially from major players like Blackrock and Fidelity, have increased significantly. This indicates strong buying interest in Bitcoin from new inflows, resulting in a positive impact on market prices.

Bitcoin has been consistently trending upward, nearing its previous all time high. It’s expected to remain the market leader for the foreseeable future. If the price fails to surpass the $48,000 level, there’s a risk of a price correction, but it could also lead to a shift towards altcoins.

The US stock market hitting new highs is a positive factor for the crypto market. However, there’s a need to be cautious about potential corrections if large-cap tech stocks adjust too high in value.

The overall market trend remains bullish, with no heavy selling pressure expected unless Bitcoin approaches the previous high range of $55,000 to $65,000. There might be selling pressure from investors holding Bitcoin at lower costs, but a pullback could be seen as an opportunity for additional investment.

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