Bitcoin broke the old high and hit a new high at $ 67,000 and then corrected again. The entire crypto market is full of BTC. Ethereum has also risen to a level of around $ 4,100. At this point, most of those who buy and hold BTC are already profitable.
In order for long-term investors to be profitable, it is very important that they believe in the future and growth of BTC. When the market is volatile there are times when BTC drops to $ 30,000. The strength for the owners to keep holding and buying even more is belief.
The Bitcoin Proshares Futures Trading Fund was successfully opened. On the first day of trading, this fund achieved a trading volume of up to USD 1 billion.
The Proshares Bitcoin ETF is officially the first ETF in the history of all ETFs to manage USD 1 billion in just 2 days. This shows enormous market interest in BTC.
After that, the Bitcoin Future ETF was also approved by Vaneck and will start trading next Friday or Monday. There are also many BTC futures ETFs that can be approved between now and November.
Bitcoin’s surge above its old high also resulted in a number of short orders being liquidated on the exchanges. After that, the long / short ratio on the exchanges is almost the same. However, the number of futures trading orders on the stock exchanges rose to the same level as in April this year.
The amount of BTC that is withdrawn from the exchange is still dominant than the amount that is deposited on the exchanges.
CryptoQuant also shared the amount of BTC and ETH on the exchanges, which shows that ETH is still being pulled off the exchange faster than BTC.
ETH is also the second largest coin that is expected to grow after BTC. When BTC goes sideways and builds up, it will be time for ETH to move above the old high
The miners remained very calm as the BTC price hit the old high. We haven’t seen any signs of their sale yet.
The NUPL index also rose to 0.65. But it is still far from BTC’s upper signal starting zone at 0.75 and above.
If BTC continues to climb straight to the $ 82,000 price point, the NUPL will hit the upper signal zone. As BTC cools and builds up, it will help BTC grow longer and reach higher prices. That’s also when altcoins can go up.
Large financial company Pimco invests in crypto
Large bond investment company Pimco has invested in cryptocurrencies and plans to gradually invest more in digital assets. Chief Investment Officer Daniel Ivascyn told CNBC that some of Pimco’s hedge fund portfolios trade in crypto-linked securities.
The company is also taking a closer look at crypto and examining the possibility of trading certain cryptocurrencies as part of trend-following or directional strategies. You will also be investing in crypto to make the company profitable in the long run.
Pimco is also aware that decentralized finance will be disruptive and very likely to disrupt the industry in which it operates.
Decided to enter the crypto market because this company has a better understanding of the market and development trends that are changing the entire financial world. In order not to be left behind, Pimco wants to be one step ahead. In addition, the younger generations will be the ones who have transferred assets from the previous generation and are very sensitive to investing in digital assets. This will be the next target customer in the investment market that Pimco addresses.
In addition, Tesla, the firm that has caught the eye of the crypto investment community, has also not reported any purchases or sales of Bitcoin, according to its Q3 earnings report. The company currently holds $ 1.26 billion in Bitcoin.
The Central Bank of El Salvador says BTC will not affect its $ 1.3 billion loan negotiations with the International Monetary Fund (IMF). El Salvador also said the IMF does not see any risks related to the introduction of BTC in its country.