Bitcoin ETFs: May in Review
- CloudAICrypto
- Jun 3, 2024
- 3 min read
Bitcoin ETFs: May in Review
Two Essential Bitcoin Charts with Chamath Palihapitiya
Bitcoin On Chain Data: HODL Waves
And more…
Market Data Prices as of 5:50am ET
Price (USD) | Change (24h) | Change (30d) | Change (YTD) | |
Bitcoin (BTC) | $69,010.00 | +2.20% | +7.49% | +66.61% |
Ethereum (ETH) | $3,816.00 | +1.01% | +31.31% | +64.17% |
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BITCOIN ETFs: MAY IN REVIEW
BREAKING: U.S. Bitcoin ETFs Acquired ~30,000 Bitcoin in May
Bitcoin ETFs have recorded net inflows for the fourth consecutive week.
Last week, these ETFs saw net inflows of $170 million, even with only four trading days.
The inflows of $170 million resulted in the purchase of 2,730 BTC by Bitcoin ETFs last week.
However, this wasn't enough to offset the 3,150 BTC sold by miners.
The key takeaway is that inflows have returned.
May was a significant improvement over April.
April experienced net outflows of 6,074 BTC, while May saw net inflows of 29,592 BTC.
These inflows are crucial.
The chart below shows the correlation between Bitcoin prices and ETF purchases—they're almost identical.
Also worth noting, Australia’s first Bitcoin ETF is set to begin trading tomorrow.
However, don't expect major market movements as the Australian ETF market is much smaller than the US market ($185 billion vs. $8.1 trillion).
It's still interesting to see the global expansion of Bitcoin ETFs.
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Enhance your personal digital asset trading with more sophisticated on-chain market indicators and essential derivatives data.
Join Glassnode and Access a suite of metrics which describe the foundational components and performance of the Bitcoin blockchain. Metrics cover supply, on-chain activity, transfer volumes, mining performance, and transaction fees.
TWO ESSENTIAL BITCOIN CHARTS WITH CHAMATH PALIHAPITIYA
Billionaire Chamath Palihapitiya recently shared what he considers the two of the most important charts in crypto, emphasizing the need to stay focused.
An early Bitcoin investor, Palihapitiya, once owned over 5% of the entire Bitcoin supply.
In his latest All-In podcast, he analyzed post-halving Bitcoin price trends.
Historically, significant price increases occur 12-18 months after the halving:
Based on the last two cycles, here's a forward projection for Bitcoin prices:
1 month after halving: $73,110
3 months after halving: $77,621
6 months after halving: $99,643
9 months after halving: $238,623
12 months after halving: $362,997
However, due to the law of large numbers, returns may diminish with each cycle.
Yet, with the advent of spot Bitcoin ETFs, increased institutional adoption, and political support, the projections might still hold value.
Main takeaway?
Despite the current lull in Bitcoin and crypto, substantial gains are likely ahead. Keep investing, keep learning, and stay focused.
Your future self will thank you.
BITCOIN ON CHAIN DATA: HODL WAVES
Today, we examine the Bitcoin HODL Waves, which illustrate the percentage of Bitcoin last moved within various time frames.
Cooler colours represent older age bands.
Current breakdown:
24hr: 0.35%
1d - 1w: 2.80%
1w - 1m: 3.41%
1m - 3m: 11.79%
3m - 6m: 8.41%
This means ~26.76% of Bitcoin has moved in the last 6 months, while ~73.24% has not moved in over 6 months.
This metric helps gauge the cycle stage: as Bitcoin's price rises, short-term holders increase as long-term holders take profits.
This trend indicates a growing number of long-term holders, leading to fewer available Bitcoins and upward price pressure.
Metrics cover supply, on-chain activity, transfer volumes, mining performance, and transaction fees.
OTHER NEWS:
Bitcoin's post-halving run may reach $130K by September 2025, says Peter Brandt.
Crypto exchanges have seen $3 billion in Ethereum exits since ETF approvals, indicating a potential supply squeeze.
Congress will discuss the benefits of RWA tokenization on June 5.
Ethereum ETF inflows on the first trading day won't match Bitcoin's due to valuation challenges.
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