Preparing for Powell's Announcement: Possibility of Bull Run for Cryptocurrencies, Short Sellers Await a Decline
In a move that may excite paying subscribers, a new post has been published, offering insights into the current state of Bitcoin and Ethereum Exchange-Traded Funds (ETFs). This post, part of a subscription-based service, is restricted to subscribers only and is not available for free viewing.
Currently, Bitcoin is trading at an impressive $116,300, but this figure is significant not just for its high value. $117,000 is a critical liquidity cluster for Bitcoin, a level where large amounts of the cryptocurrency are thought to change hands, which could impact its price.
On-chain data suggests that short-term holders of Bitcoin are regaining profitability, a positive sign for the market's health. This trend, combined with the increasing institutional interest in Bitcoin, could contribute to further price increases.
Recent reports indicate that Bitcoin ETFs experienced net inflows of $292 million on September 16. While specific institutions conducting these net purchases are not named, it is clear that financial giants like Fidelity, Charles Schwab, and even BlackRock are showing increased interest in the crypto market. BlackRock, for instance, has applied for a Bitcoin spot ETF in the US.
However, the story seems to be different for Ethereum ETFs. Contrary to Bitcoin ETFs, Ethereum ETFs experienced outflows of $61.74 million during the same period. This disparity in interest could be a fascinating topic for further analysis.
Access to this exclusive post is conditioned on a valid subscription. Existing subscribers are required to sign in to view the content, while non-subscribers remain unable to view the post's content. It's worth noting that the content of the post is exclusive for paying subscribers, and the post is not accessible without a subscription.
Moreover, the current geopolitical climate, particularly the escalating US-Venezuela tensions, could amplify volatility in the cryptocurrency market. Powell's remarks may also contribute to increased volatility in the risk asset markets, adding another layer of complexity to the cryptocurrency market's future trajectory.
In conclusion, this exclusive post offers valuable insights into the current state of Bitcoin and Ethereum ETFs, their market trends, and the impact of institutional interest and geopolitical events. To gain access to this information, a subscription to the service is required.
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