The recently launched Spot Bitcoin ETFs have quickly risen to the top ranks in terms of Assets Under Management (AUM), trailing only behind Gold ETFs. GBTC by Grayscale leads the pack with an AUM of $20.5 billion, making it the third-largest commodity product. Following closely behind are IBIT by Blackrock and Fidelity.
Bloomberg Intelligence reveals that the Blackrock and ProShares Bitcoin ETFs have surpassed the daily trading volume of Grayscale’s GBTC for the first time since entering in February.
The Securities and Futures Commission (SFC) of Hong Kong has received the first-ever application for a Bitcoin ETF from Harvest Fund, one of China’s largest fund managers. It is anticipated that at least 10 financial institutions in Hong Kong are preparing to launch Spot BTC ETFs.
The Block reveals that the trading volume on the Bitcoin chain in January surged to its highest levels since September 2022, and has tripled since September 2023. Moreover, it marks the fourth consecutive month of increased trading volumes.
According to a report by Kyros Ventures, investors in Vietnam hold the largest share of stablecoins at 58.6%, followed by China at 33.3%. The report also indicates a trend among Asian investors to decrease their holdings of stablecoins, signalling an increasing acceptance of higher risks.
Sales of NFTs on the Ordinals network declined by 61% to $335 million in January, down from $868 million in December, which marked the highest sales month. This decrease suggests a saturation in the NFT market on the Ordinals platform.
Weekly Technical Analysis: 6 – 12 February 2024
Bitcoin (BTC)
BTC moves sideways without any clear direction. Despite reduced Bitcoin selling activity from GBTC, it faces pressure from the Fed’s monetary policy. Trading should be focused on the 1,440,000 THB support and 1,600,000 THB resistance levels. Traders may choose to wait until a clear trend is established before making decisions.
Support : 1,440,000 THB Resistance : 1,600,000 THB
Ethereum (ETH)
Ethereum is moving sideways in an upward direction but lacks significant price catalysts. Trading strategy options include waiting for the price to break through the resistance level of 84,000 THB to buy, or waiting until the price retraces without breaking below the support level of 78,000 THB before entering a buy position to capture short-term profits.
Support : 78,000 THB Resistance : 84,000 THB
Chainlink (LINK)
LINK has surged by 24.32% in the past week, breaking out of the sideways range, surpassing the resistance level at 600 THB, and establishing it as the next short-term support level. The next target resistance is at 720 THB. The strategy to employ is to “buy on dips.”
Support : 600 THB Resistance : 720 THB
Band Protocol (BAND)
BAND has surged by 11.64% in the past week, indicating a recovery trend. The previous resistance target at 71 THB remains, and if surpassed, the upward trend is expected to continue. Meanwhile, it’s crucial to monitor the support level at 63 THB. Failure to maintain it could diminish the chances of a recovery.
Support : 63 THB Resistance : 71 THB
Trading and Investment Considerations For The Week
The Federal Reserve’s monetary policy announcement signalled no definite rate cuts at the upcoming March meeting, disappointing the market.
Moreover, the non-farm payroll figures released were higher than expected, reducing the likelihood of rate cuts in the first quarter. However, the yields on US government bonds have fallen, with little impact on the cryptocurrency market.
The majority of large-cap technology stocks’ earnings announcements turned out better than expected, allowing the US stock market index to remain poised for further growth. Meanwhile, the cryptocurrency market continues to hold steady.
The Altcoin index is declining below the Altcoin Season level, along with reduced Bitcoin selling pressure in GBTC, potentially sparking a recovery this week. Historical data from February suggests Bitcoin prices tend to close positively There are no major economic data releases this week. We still need to monitor the buying pressure on Bitcoin through ETFs to see whether there will be new funds entering. The strategy is to gradually accumulate Bitcoin, expecting a gradual recovery
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