Bitcoin ETF Tops a Third of Gold ETFs in Asset Value -

Spot Bitcoin ETF has accumulated nearly $37 billion in assets under management (AUM) within the first 25 days of trading, or about one-third of gold ETFs. Bloomberg’s ETF analysts suggest that the value of Bitcoin ETFs may outpace gold sooner than expected.

The Spot Bitcoin ETF saw a net inflow exceeding $2.2 billion between February 12th and February 16th, surpassing the inflows of other ETFs by over 3,400 funds. Blackrock recorded the highest inflow of funds at $1.6 billion, constituting over 50% of the total inflows since its launch.

CryptoQuant has revealed data from the past two weeks indicating that three out of four new Bitcoin investments came from the Spot Bitcoin ETF, excluding GBTC. Investments from these Bitcoin ETFs have increased to constitute 2% of total Bitcoin investments in just one month.

Blackrock has accumulated over 105,280 BTC since the launch of the Spot Bitcoin ETF, marking a growth rate of over 3,700%. This positions them as the largest ETF manager holding Bitcoin.

Gary Gensler, Chairman of the U.S. SEC, has revealed that the approval of a Spot Bitcoin ETF does not imply endorsement of digital assets and does not affect the approval of other crypto ETFs. He confirmed that this approval does not signal a change in the SEC’s view of the risks associated with Bitcoin.

The Bitcoin mining difficulty has increased by 8.24%, up from 7.33% two weeks ago, marking an all-time high statistic at its highest level of the year.

Franklin Templeton, with assets under management exceeding $1.5 trillion, is the latest fund manager to apply to establish a Spot Ethereum ETF in the United States. They have submitted a proposal to stake ETH to generate additional income.

The bankruptcy court in the United States has allowed Genesis, which collapsed during the crypto market crisis, to sell their Grayscale Bitcoin Trust (GBTC) shares, valued at approximately $1.3 billion, to repay investors’ debts. Genesis holds about 35 million shares of GBTC and 11 million shares of the ETHE and ETCG trusts.

Weekly Technical Analysis: 20 – 26 February 2024

Bitcoin (BTC)

BTC has risen to test resistance at 1,870,000 THB before stabilizing. There’s still a chance to test the next resistance target at 2,000,000 THB, and above. However, it could serve as a profit-taking point for medium-term players before a potential downward adjustment. Key support remains around 1,680,000 THB, providing another entry point, while the overall trend remains robust.

Support : 45,000 USD Resistance : 55,000 USD

Ethereum (ETH)

ETH has a chance to adjust upwards this week as BTC begins to stabilize. The target resistance for this round is 106,000 THB, with a potential next target at 130,000 THB if surpassed. However, if it retraces without breaking the 96,000 THB level, it could serve as a buying point for profit-taking at the target.

Support : 2,500 USD Resistance : 3,000 USD

Worldcoin (WLD)

WLD surged by 144.73% last week, potentially reaching new highs. However, its rapid ascent to the target may attract short-term selling pressure. The initial support is at 170 THB; holding above this level could sustain further gains, with the next target at 250 THB.

Support : 4.72 USD Resistance : 6.94 USD

GuildFI (GF)

GF increased in value by 69.32% over the past week. The price is currently adjusting upwards in the larger time frame . In the short term, it is advisable to use the support level of 8.50 baht as a buying point for profit-taking at the first resistance level of 13 baht. However, if the price continues to adjust upwards, the strategy is to buy when the price weakens to accumulate for profit-taking.

Support : 0.237 USD Resistance : 0.361 USD

Trading and Investment Considerations For The Week

Bitcoin surged strongly at the beginning of the week before tapering off towards the end due to continuous buying pressure from Bitcoin through Spot ETFs. While Bitcoin dominance remained stable without reaching new highs, it may be time for altcoins to shine next.

There will be a disclosure of results from the recent Federal Reserve meeting on Wednesday, February 21, 2024. It should be followed closely for monetary policy committee members’ opinions to emerge, and how they might affect the value of the dollar.

AI-related coins are showing strong upward momentum, likely driven by profit-taking from the expanding trend of AI adoption. Additionally, stocks in this group have announced budget expansions, further fueling bullish sentiments. It is advisable to wait for a price correction before gradually entering the market.

The market is expected to continue its upward trend. Keep an eye on Bitcoin’s resistance level at 2,000,000 THB, which could trigger selling pressure from investors who entered Bitcoin through Spot ETFs at around 1,680,000 THB, with profits ranging from 30-40%. This could lead to a temporary retreat but serves as an opportunity to buy in.

Historical statistics indicate that two months before Bitcoin Halving, the price of Bitcoin tends to increase, followed by a period of consolidation after the event. It remains to be seen whether Bitcoin will follow a similar pattern this time.

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