Bitcoin rallies continue to be capped by selling near the intra-day range highs, and the expectation of a Bank of Japan interest rate hike could amplify the downturn in BTC and altcoins. Key points: Bitcoin attempted a recovery on Monday, but renewed selling pressure threatens to pull the price to $84,000. Several altcoins are attempting to hold above their support levels, but the bounce lacks strength. Read more
The Bitcoin parabola broke, leading some analysts to predict an 80% drawdown in BTC price. Will growing demand from traditional finance and strategic crypto reserves nullify all bearish predictions? Bitcoin (BTC) price is under scrutiny again as veteran trader Peter Brandt is cautioning that BTC has violated its parabolic trendline, a technical feature that preceded deep drawdowns in previous bull markets. While the signal is bearish, the current market structure reflects a key difference from previous market cycles. Key takeaways: Peter Brandt said that Bitcoin has broken its current parabolic advance, a bearish signal that has previously led to drawdowns of more than 80%. Read more
Bitcoin and Ether accounted for the largest allocations, while short-Bitcoin products posted net outflows, according to CoinShares data. Crypto exchange-traded products (ETPs) recorded about $864 million in inflows last week, according to a report on Monday by European digital asset manager CoinShares. The United States led regional inflows with about $796 million, followed by Germany with roughly $68.6 million and Canada with about $26.8 million. Together, the three countries account for approximately 98.6% of year-to-date (YTD) inflows into digital asset investment products. Switzerland-listed crypto ETPs recorded about $41.4 million in weekly outflows, while YTD net flows were about $622.4 million, according to the data. Read more
Corporate Bitcoin buying continues as American Bitcoin surpasses ProCap, even as proxy stocks decline and volatility grips the crypto market. Bitcoin’s months-long slide hasn’t stopped corporate treasury companies from accumulating the digital asset, with the Eric Trump-backed American Bitcoin overtaking ProCap Financial, founded by entrepreneur Anthony Pompliano, in total Bitcoin holdings. American Bitcoin has added more than 1,000 Bitcoin (BTC) to its reserves since the start of December, lifting its total holdings to 5,044 BTC, valued at roughly $443 million, according to data from industry tracker BitcoinTreasuries.NET. ProCap Financial, established to build a Bitcoin-focused financial platform and investment vehicle, has slipped to 22nd place among corporate holders, holding approximately 5,000 BTC. The company has also increased its Bitcoin balance in recent weeks, according to the data. Read more