Another No holder by the name of Lawyered.eth points to language from the white paper, first reported by CoinDesk, which reads: “World Liberty Financial is not owned, managed, operated, or sold by Donald J. Trump, the Trump Organization, or any of their respective family members, affiliates, or principals… World Liberty Financial and $WLFI are not political and have no affiliation with any political campaign.”

Bitcoin and other cryptocurrencies started the week well, buoyed by ongoing stimulus discussions in China, the world’s second-largest economy.

Bitcoin (BTC) crossed the important resistance point of $65,000 for the first time since Sept. 30. It has risen by over 10% from its lowest level this month and by 32% from its August low, signaling that it is in a bull market.

Bitcoin’s surge coincided with a strong rally in the global equity market after Chinese officials unveiled a series of stimulus measures.

The Shanghai Composite Index rose by 2%, while the Shenzhen index increased by 2.65%. A similar trend occurred in other Asian and European markets. In the U.S., futures tied to the Nasdaq 100 and Dow Jones continued to rise.

Bitcoin’s rally also followed increased institutional interest, with investors continuing to buy spot Bitcoin ETFs. Data from SoSoValue that ETFs saw net inflows of $308 million last week.

BTC monthly chart points to more gains

The monthly chart suggests that Bitcoin may experience more long-term gains. It shows that the BTC price has been forming a cup-and-handle pattern since peaking at $68,856 in 2021. It retested that level again this year and formed a rounded bottom.

The recent consolidation has been part of the handle section, which typically precedes a major bullish breakout.

This consolidation is also part of a bullish flag pattern, characterized by a long flagpole followed by rectangular consolidation.

Additionally, the chart shows that Bitcoin formed a hammer candlestick pattern in August. This pattern, characterized by a long lower shadow and a large body, is one of the most bullish signs.

Therefore, more gains will be confirmed if Bitcoin rises above the year-to-date high of $73,800. However, these patterns, especially on the monthly chart, can take time to fully play out.

Bitcoin daily chart catalysts

The daily chart also indicates potential near-term gains. Bitcoin has remained solidly above the 50-day and 200-day Exponential Moving Averages. It has also avoided forming a death cross pattern, which often signals further downside.

Bitcoin has also been forming a broadening wedge pattern since March, characterized by a series of higher lows and lower highs. In this case, its higher lows were at $73,800, $72,000, and $70,000.

A break above the descending trendline and the all-time high at $73,800 will confirm a bullish breakout and likely lead to further gains. The odds of Bitcoin reaching a record high this year are increasing.

According to Polymarket, there is a 62% chance that Bitcoin will rise to $63,800 this year, the highest odds since Sept. 29 and significantly higher than this month’s low of 32%.

Monochrome Asset Management is preparing to launch Australia’s first spot Ethereum exchange-traded fund on Cboe following the asset’s long-anticipated approval in the U.S. market.

Set to begin trading on Monday (Tuesday 10 AM AEDT), Monochrome’s Ethereum ETF (IETH) follows the launch of its Bitcoin ETF (IBTC) in August 2023, which has since garnered $15 million (US$10.1 million). 

While that falls well short compared to the billions held in the U.S., the fund is positioning itself as the world’s first to offer in-kind Ethereum subscriptions and redemptions.

It’s a feature that could allow for greater tax efficiencies, CEO Jeff Yew told Decrypt in an exclusive interview.

The dual-access bare trust structure is designed to prevent a capital gains tax event, allowing long-term crypto participants to transfer Ethereum into the corresponding Monochrome ETF without triggering a change of legal and beneficial title.

“A ‘bare trust’ means that your investment in the ETF may be treated as if you directly own the Ethereum,” Yew explained.

In other words, the structure gives investors absolute entitlement to their allocated Ethereum, according to the fund’s public disclosure statement shared with Decrypt.

This means that any actions taken by the trustee are treated as actions of the investor, ensuring that no CGT event is triggered upon redemption or transfer as long as beneficial ownership remains unchanged.

This structure is what Monochrome is hoping sets its offering apart from its U.S. counterparts.

In January, the U.S. Securities and Exchange Commission approved 11 spot Bitcoin ETFs. That was later followed by the approval of nine Ethereum ETFs in May, with billions of dollars flowing into the funds in the months that followed. 

While the Australian market is unlikely to ever match those inflows, Monochrome is hoping to build on surging investor interest this year.

“US crypto ETFs can’t be supported in kind, including Bitcoin ETFs, and they are not operated in this timezone,” Yew said.

IETH will track the CME CF Ether-Dollar Reference Rate – Asia Pacific Variant, with a management fee of 0.50%, reduced to 0.21% for accredited advisers. That places it within the range of its U.S. competitors, offering an average of 0.20% and 0.25%.

The ETF will also be available on most Australian brokerage platforms, supporting transfers from crypto platforms, decentralized wallets, and cold wallets. 

Crypto financial services firm BitGo and crypto exchange operator Gemini will provide custody services for IETH, while State Street Australia will serve as the fund administrator.