October — Week #5
🤑 Markets
- Bitcoin Trades Near $72,000 After Institutional Buys: Bitcoin has surged past $70,000, reaching a three-month high, driven by record-breaking institutional trading volumes and significant inflows into Bitcoin ETFs, such as BlackRock's IBIT and the Fidelity Wise Origin Bitcoin Fund. This upward momentum is further supported by heightened derivatives activity, with Bitcoin's open interest in derivatives nearing its all-time high, and experts predicting potential further gains due to anticipated interest rate cuts and increasing institutional confidence in digital assets.
- MicroStrategy to Raise $42 Billion for Bitcoin: MicroStrategy plans to raise $42 billion in capital over the next three years through equity and fixed income securities, with the sole intention of using this funds to purchase more Bitcoin. This move is part of MicroStrategy's ongoing strategy to significantly increase its Bitcoin holdings.
- Bitcoin ETF Inflows Surge Amid Record Levels: U.S. Bitcoin ETFs saw a significant surge with $870 million in net inflows on October 30, 2024, led by BlackRock’s IBIT with $629 million, as Bitcoin's price approached its all-time high of $73,000. This influx pushed total ETF trading volume to $4.75 billion, the highest since March, and reflects strong institutional demand ahead of the U.S. elections, with market participants targeting $80,000 price levels for November.
- Bitcoin Could Reach $84K Soon: Bitcoin is nearing its late-August high of $64K, and maintaining this level is crucial to avoid a potential retracement to $55K, as failure to break this resistance could disrupt the breakout potential. Several factors, including decreasing exchange reserves, low exchange flow multiple values, and increased buying pressure, suggest that Bitcoin could be preparing for a significant upward movement, potentially targeting a new all-time high above $73K.
- Bitcoin Profit-Taking Continues Amid High Prices: The Royal Government of Bhutan recently deposited nearly 1,000 BTC, valued at approximately $900 million, into a Binance deposit address. This move is part of a broader trend of profit-taking among large Bitcoin holders as the cryptocurrency's price approaches its all-time high.
🌈 Adoption
- Emory University Joins Bitcoin ETF Rush: Emory University has disclosed ownership of more than $16 million worth of shares in the Grayscale Bitcoin Mini Trust (BTC), joining the recent surge in Bitcoin ETF investments. The university's endowment also reported a modest holding in other crypto assets.
📅 Bitcoin Events Coming Up
TABConf 2024
🗓️ When: November 2024
📍 Where: Atlanta, GA
TABConf 2024, or The Atlanta Bitcoin Conference, brings together the best minds in the Bitcoin world to share insights and knowledge. Ideal for networking and learning from experts, including speakers like Adam Jonas.
Lugano Plan ₿ Forum 2024
🗓️ When: November 2024
📍 Where: Lugano, Switzerland
The Lugano Plan ₿ Forum gathers leaders and entrepreneurs to discuss Bitcoin adoption, economics, and freedom of speech, featuring speakers like Stella Assange and Paolo Ardoino.
NiceHashX Bitcoin Conference 2024
🗓️ When: November 8-9, 2024
📍 Where: Maribor, Slovenia
Organized by NiceHash, this conference celebrates its 10th anniversary with discussions and networking opportunities focused on Bitcoin's latest developments.
Adopting Bitcoin 2024
🗓️ When: November 15-16, 2024
📍 Where: San Salvador, El Salvador
Supporting Bitcoin adoption in El Salvador, this conference discusses challenges and opportunities, featuring talks on economic implications and the future of Bitcoin.
Bitcoin MENA 2024
🗓️ When: November 2024
📍 Where: Abu Dhabi, UAE
Bitcoin MENA 2024 unites the Bitcoin community to explore innovations and challenges in the MENA region, with a comprehensive overview of Bitcoin's future.
🤔🤔 Wanna learn more? Check out the BLOCKTALK!