Bitcoin situation
The BTC price continued to hold around $ 55,000 for the past few days and hit $ 57,000 at times. Both the market and investors were more optimistic and dynamic. This is reflected in the increased funding rate.
The onchain situation is still similar to Thuan’s last weekend update. The Bitcoin win rate is still high at 93%.
However, we don’t see BTC being pushed public. The amount of Bitcoin that is withdrawn from the exchange is still greater than the amount of BTC that is deposited on the exchange.
ETH has a small stake in the stock exchange, but it is not significant. The big trend at ETH is still pointing downwards on the stock exchanges.
Other signs in on-chain indicators like NUPL, RHOOL, … are still at safe levels and there are no signs of a peak.
The Grayscale Premium Index remains low. One possible reason for this is that many institutional investors want to wait for an ETF to find it easier and more convenient to invest in Bitcoin than it would in Grayscale’s GBTC stock.
To this day, investors trust the BTC price patterns and history. To this day, these patterns still apply in relation to BTC prices. For himself, Thuan still believes in history and current pricing patterns until a new story is created and the old model no longer applies.
Every bitcoin bull season, investors enter the market, but so do people who exit. There are also people who stay in the market and become long-term investors. This is a group of investors who keep the price of BTC and the lowest price of BTC rising over the seasons.
However, when investing, investors must pursue certain goals and strategies. By investing in price averaging, you can also take the average price with you to help you meet your profit target. When the price goes down, investors will be scared and concerned, but when the price goes up, that mentality turns into 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 $ 50,000-100,000 range in Bitcoin on Aug. 16 when BTC was still at $ 46,000, according to a congressional report. This is the report on the purchase of most of the BTC by members of Congress.
The US Securities and Exchange Commission has approved a Volt Equity ETF that aims to track companies that hold most of their net assets in Bitcoin or that derive most of their profits or income from crypto assets. Bitcoin-related activities such as mining, lending, or manufacturing mining equipment.
The Volt Equity ETF uses 80% of its assets to buy option 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 yet been approved.
Recently, BlockFi also filed an application with the SEC for a proposal to introduce a Bitcoin ETF future based on futures contracts.
The SEC may reject, approve, or postpone four applications for Bitcoin futures ETFs this month, including the ProShares Bitcoin Strategy ETF, Invesco Bitcoin Strategy ETF, VanEck Bitcoin Strategy ETF, and Valkyrie Bitcoin Strategy ETF.
Bitcoin Futures ETFs allow investors to get exposure to Bitcoin without having to directly hold the leading cryptocurrency. Bloomberg has high hopes that the SEC will approve the Bitcoin ETF filings, according to the analysis. 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 the two ETH ETF proposals should be withdrawn as they are unwilling to talk about the ETH ETF but not about BTC.
It is also reported that President Joe Biden is reviewing the Executive Order on Cryptocurrency Supervision. The Ministry of the Treasury, the Department of Commerce, the National Science Foundation, and the national security agencies will be involved in the contract.
In addition to the agencies’ obligation to investigate various aspects of the industry, the decree will clarify “the responsibilities” of various agencies towards cryptocurrencies and blockchain. For now, this is preliminary and there is no official information from the President.
â–º synthetic
.
Author
Bitcoin situation
The BTC price continued to hold around $ 55,000 for the past few days and hit $ 57,000 at times. Both the market and investors were more optimistic and dynamic. This is reflected in the increased funding rate.
The onchain situation is still similar to Thuan’s last weekend update. The Bitcoin win rate is still high at 93%.
However, we don’t see BTC being pushed public. The amount of Bitcoin that is withdrawn from the exchange is still greater than the amount of BTC that is deposited on the exchange.
ETH has a small stake in the stock exchange, but it is not significant. The big trend at ETH is still pointing downwards on the stock exchanges.
Other signs in on-chain indicators like NUPL, RHOOL, … are still at safe levels and there are no signs of a peak.
The Grayscale Premium Index remains low. One possible reason for this is that many institutional investors want to wait for an ETF to find it easier and more convenient to invest in Bitcoin than it would in Grayscale’s GBTC stock.
To this day, investors trust the BTC price patterns and history. To this day, these patterns still apply in relation to BTC prices. For himself, Thuan still believes in history and current pricing patterns until a new story is created and the old model no longer applies.
Every bitcoin bull season, investors enter the market, but so do people who exit. There are also people who stay in the market and become long-term investors. This is a group of investors who keep the price of BTC and the lowest price of BTC rising over the seasons.
However, when investing, investors must pursue certain goals and strategies. By investing in price averaging, you can also take the average price with you to help you meet your profit target. When the price goes down, investors will be scared and concerned, but when the price goes up, that mentality turns into 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 $ 50,000-100,000 range in Bitcoin on Aug. 16 when BTC was still at $ 46,000, according to a congressional report. This is the report on the purchase of most of the BTC by members of Congress.
The US Securities and Exchange Commission has approved a Volt Equity ETF that aims to track companies that hold most of their net assets in Bitcoin or that derive most of their profits or income from crypto assets. Bitcoin-related activities such as mining, lending, or manufacturing mining equipment.
The Volt Equity ETF uses 80% of its assets to buy option 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 yet been approved.
Recently, BlockFi also filed an application with the SEC for a proposal to introduce a Bitcoin ETF future based on futures contracts.
The SEC may reject, approve, or postpone four applications for Bitcoin futures ETFs this month, including the ProShares Bitcoin Strategy ETF, Invesco Bitcoin Strategy ETF, VanEck Bitcoin Strategy ETF, and Valkyrie Bitcoin Strategy ETF.
Bitcoin Futures ETFs allow investors to get exposure to Bitcoin without having to directly hold the leading cryptocurrency. Bloomberg has high hopes that the SEC will approve the Bitcoin ETF filings, according to the analysis. 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 the two ETH ETF proposals should be withdrawn as they are unwilling to talk about the ETH ETF but not about BTC.
It is also reported that President Joe Biden is reviewing the Executive Order on Cryptocurrency Supervision. The Ministry of the Treasury, the Department of Commerce, the National Science Foundation, and the national security agencies will be involved in the contract.
In addition to the agencies’ obligation to investigate various aspects of the industry, the decree will clarify “the responsibilities” of various agencies towards cryptocurrencies and blockchain. For now, this is preliminary and there is no official information from the President.
â–º synthetic
.
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