$BTC 24 Hour High $58,330
$BTC 24 Hour Low $55,378
$ETH 24 Hour High $1974
$ETH 24 Hour Low $1843
Happy Monday from HKbitEX!
The bulls hold continues as we see weekly new ATHs on $BTC and $ETH. Momentum has continued with increasing institutional onramps, we are seeing more than $1B worth of BTC being withdrawn from Coinbase in the last 24hours, which according to previous experience, sounds like some whales are taking actions again. What is more interesting though is shift in focus being on exchange tokens, which has been up by almost 9x in the last month, together with DeFi ATHs.
Virtual assets are volatile, remember as always, #DYOR and trade at your own risk. #happytrading
The $BTC and $ETH market
$BTC continues its bull run this week, crossing the $1 trillion market capitalization mark for the first time. A huge milestone for the asset. With its new ATH at $58,330, $BTC has been trading within its ascending triangle pattern since February, breaking consecutive resistance levels at $53,700, $55,000 and $58,000 within 48 hours. At the time of writing, $BTC is now trading at $56,015, with $57,500 as its next major resistance level and $55,000 as its next key support level in case of a correction.
Taking a look at $ETH, given the new ATH price of $2036, $ETH has grown by around 10% over the week. Following its $2000 breakthrough, the market has been oscillating between $1850 and $2000. Generally speaking, the price movement of $ETH now depends whether the bulls can propel the price above the psychological level of $2,000. At the time of writing, $ETH is now trading at $1881, with $1980 as its next major resistance level and $1800 as its next key support level.
According to the website of Purpose Investments, its bitcoin exchange-traded fund has now over $400 million in assets under management (AUM). We are also seeing more similar products lining up and pending regulatory approval. While more are being approved around the globe, market experts this may put pressure on US securities regulators to propel the process of approving a US approved ETF before Q2.
MicroStratey, the publicly-traded firm, which is believed to currently be holding around 71K $BTC now, announced last Friday its new $1.05 billion debt offering. According to its recent release, “the notes were sold in a private offering to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)," where the firm intended to use the net proceeds from the sale of the notes to acquire additional bitcoin.
Blockchain.com, the London-based provider of cryptocurrency services, has raised about $120 million from a group of investors, which include American hedge fund manager Louis Bacon’s Moore Strategic Ventures, Kyle Bass (Founder of Hayman Capital Management), Access Industries, Rovida Advisors, Lightspeed Venture Partners, GV, Lakestar and Eldridge in its latest funding round. The fund would be used to “further credentialize the company to institutional clients around the world, and build further bridges and trust between the traditional finance sector and crypto,” according to The Block.
Bitwise Asset Management announced last Wednesday that Bitwise has launched a DeFi index fund. The fund, which includes $AAVE, $UNI, $COMP, $UMA, $YFI, etc, is the first fund that offers accredited investors exposure to DeFI tokens. The DeFI market has been booming since 2020 and "It's been hard not to notice and get excited by what's been happening in the DeFi space," said Bitwise CIO Matthew Hougan.
DeFi wise, TVL remains at around $41B at the time of writing. For the other pairs, Yearn Finance (YFI) records a 3% growth, Aave (AAVE) at -1%, Compound (COMP) at -1%, Uniswap (UNI) at +47% and Chainlink (LINK) at +3%, just to name a few.