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Spot Bitcoin ETF Inflows Shoot Over $555 Million, Is It A Better Bet Than MicroStrategy?

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1 month ago

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After a dull start to October, inflows into the spot Bitcoin ETFs have surged significantly again! On Monday, the US BTC ETFs saw inflows to the tune of $555 million scooping 8,359 Bitcoins from the open market. These inflows were nearly double what we saw last Friday ($253 million) as the US stock indices continue to show strength. Some investors argue that betting on BTC ETFs is more beneficial than betting on MicroStrategy (MSTR) as its stock price is trading at a very high premium in comparison to its Bitcoin holdings.

Spot Bitcoin ETF vs MicroStrategy

The massive inflows into spot Bitcoin ETFs show potential institutional demand for the investment product. On Monday, Fidelity’s FBTC led the ETF market with $239.3 million in inflows followed by Bitwise’s BITB at $100.2 million in inflows. BlackRock’s IBIT came third at $79.5 million inflows, as per Farside Investors.

These inflows came as the BTC price bounced back all the way to $66,000 earlier today breaching crucial resistance levels. Interestingly, yesterday’s inflows into spot Bitcoin ETFs mark the highest in over four months since June 5, 2024, and the eighth largest daily inflow since the launch in January.

Besides, investors have started comparing spot BTC ETFs to MicroStrategy (MSTR) as a proxy bet on the world’s largest digital asset. Following a huge rally over the past week to its all-time high above $220 levels, the MicroStrategy stock plunged by 5.1% on Monday.

Market analysts remain divided as to what is a better proxy bet for Bitcoin – the spot BTC ETFs or MicroStrategy. Nate Geraci, the President of ETF Store wrote:

“ETFs provide the same exposure without relying on the continuation of a fragile valuation premium.”

Currently, MicroStrategy’s total Bitcoin holdings are worth $15.5 billion while the company valuation is at $42 billion i.e. 2.7x. Some market analysts have been raising concerns of overvaluation in MSTR against its Bitcoin holdings.

However, “Bitcoin Guy” Rajat Soni has justified the valuations by stating that MSTR offers higher risk-adjusted returns than spot Bitcoin ETFs. Recently Michael Saylor shared his bold plans of converting MicroStrategy into the first trillion-dollar Bitcoin bank.

Larry Fink – Bitcoin Will Be Greater Than US Housing Market

In his latest interview, BlackRock CEO Larry Fink stated that Bitcoin will be as huge as the US housing market. This is a massive statement considering the fact that the size of the US housing market is at $50 trillion.

The housing market could reach $100 trillion by 2040. That’s 76 times Bitcoin’s current market cap of $1.3 trillion. In other words, Bitcoin could hit $5 million, according to one of the most influential figures in global finance. Thus, the inflows so far into spot Bitcoin ETF are just the beginning of the larger picture ahead.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple Whales’ Massive Buying Indicates Breakout Ahead

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3 hours ago

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November 16, 2024

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XRP News: The crypto has made a new record crossing the brief $1 mark today, sparking optimism in the broader market. Notably, the rally comes as Ripple whales have continued their accumulating, signaling growing interest in the crypto. Besides, CEO Brad Garlinghouse has also shared bullish comments on the broader crypto market under Trump’s presidency, which have sparked further market optimism.

Ripple Whale Buying Sparks Market Optimism

The crypto market noted a strong rally over the last few days, led by a Bitcoin price surge, especially after Donald Trump’s election win. Additionally, in XRP news, Ripple whales have accumulated millions of tokens over the last few days, sparking a rally in XRP.

Prominent crypto market expert Ali Martinez said that Ripple whales have accumulated 320 million XRP in the last 72 hours. This also reflects the growing market interest in crypto amid positive market trends.

XRP News Riplle WhaleXRP News Riplle Whale
Source: Ali Martinez, X

Besides, in a recent interview with FOX, CEO Brad Garlighouse highlighted the growing trend of the crypto issued by US firms like Solana, Cardano, and others. Besides, he has also described the post-election sentiment as a transformative opportunity for the digital assets space, expecting pro-crypto policies to further boost market confidence.

Meanwhile, he also said that XRP, SOL, and ADA, among others, have recently outperformed other crypto due to anticipation over clear regulations in the US. Donald Trump’s win has fueled the US appeal for the global crypto market enthusiasts, with many like the UK also moving ahead with their plan to counter the soaring influence of the country.

XRP Rally To Continue?

XRP price was up over 24% during writing and exchanged hands at $1.08, marking its highest level since 2021, sparking market optimism. Its trading volume soared 21% to $15.46 billion, and CoinGlass data showed that XRP Futures Open Interest rose 26% to $1.91 billion, indicating further rally ahead.

In addition, popular crypto market analyst EGRAG CRYPTO said that the next target for XRP is $2. This has also sparked the confidence of the market participants over further rallies in the coming days for the crypto. Besides, the clear regulatory path in the US could also bring XRP ETF into reality, which the market has waited for a long time.

XRP price chartXRP price chart
Source: EGRAG CRYPTO, X

Besides, in another analysis, EGRAG CRYPTO said that the XRP price might rally to $6.4 next, if it closes maintains above the $1.10 resistance. Besides, the analyst also said that post $6.4, the next target for the crypto would be at $13, bolstering market confidence.

XRP ChartXRP Chart
Source: EGRAG CRYPTO, X

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Dogecoin to Hit $4 As Elon Musk Says “D.O.G.E. Has Real Potential”

Published

7 hours ago

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November 16, 2024

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American billionaire Elon Musk’s statement Saturday caused a stir across the broader crypto market. Dogecoin saw a spike in bullish sentiment spike as Musk said, “Starting to feel like The DOGE has real potential” on Department of Government Efficiency (D.O.G.E). However, DOGE price continues to move sideways after it rallied more than 200% in a month.

Elon Musk Sparks Dogecoin Optimism With D.O.G.E Post

In an official X post on November 16, Elon Musk sparked substantial market discussions with his optimistic sentiment for the Department of Government Efficiency. Notably, following the Tesla & SpaceX lead’s appointment as the head of the mentioned the government department alongside V. Ramaswamy, this statement did not come as a surprise to the nationwide masses.

Elon Musk's DOGE post

The Department of Government Efficiency stands to bring a major reform in the United States government, per the body’s X handle. Meanwhile, it’s noteworthy that Musk’s appointment as the entity’s head comes in the aftermath of the re-election of Republican Donald Trump as the 47th president of the U.S.

Overall, the announcement gained significant traction across the industry as Musk has previously strongly advocated Dogecoin, bringing attention to the government department named after it. In turn, the top dog-themed meme coin garnered significant attention in light of the statement, followed by another unprecedented optimistic development.

The Dogecoin lawsuit against Elon Musk was recently withdrawn by investors, adding to market optimism on the meme token. For context, the lawsuit alleged that the Tesla and SpaceX lead manipulated the meme coin’s price for personal gains. Nevertheless, with the odds tilting in favor of the billionaire, recent developments weigh considerable optimism on the meme token’s price movements.

DOGE Price Jumps

DOGE price witnessed gains worth 2% in the past 24 hours and is now trading at $0.3788. The coin’s 24-hour low and high were $0.3545 and $0.3899, respectively. Intriguingly, the coin’s rising movement amid Musk’s statements has sparked substantial investor curiosity. Moreover, weekly gains for the token totaled 80%, underscoring a bull run.

Simultaneously, Coinglass data showed that the coin’s futures OI soared 11% intraday to reach $3.02 billion. It signals increased investor interest in the Dogecoin amid a bullish crypto market. Overall, market watchers continue to extensively eye the token anticipating future gains.

Moreover, popular crypto market expert Ali Martinez predicted Dogecoin price can hit $4. The bold forecast came on historical trends and bullish momentum in the crypto market triggered by Donald Trump and Musk.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple CEO Garlinghouse Highlights Reason Behind XRP Rally

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15 hours ago

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November 16, 2024

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Ripple CEO Brad Garlinghouse has linked the recent surge in XRP price to growing optimism about regulatory clarity in the U.S. In an interview with FOX Business, Garlinghouse emphasized the importance of a more balanced approach to crypto regulation under the new administration. He noted that U.S.-linked cryptocurrencies, including Solana (SOL) and Cardano (ADA), have experienced significant growth since Election Day.

Ripple CEO Lauds Trump as a “Crypto President” Amid XRP 70% Surge

Ripple CEO Brad Garlinghouse described the post-election environment as transformative for the cryptocurrency sector, crediting pro-crypto policies for the 70% rise in XRP value. The CEO referred to President-elect Donald Trump as a “crypto president,” praising his openness to blockchain innovation and entrepreneurship.

Brad remarked, 

“The crypto industry has embraced Trump, Trump has embraced the crypto industry. I think it’s very genuine, and I think he sees the opportunity, he sees innovation, he sees entrepreneurship and I’m very excited about what the future holds.”

Garlinghouse highlighted that U.S.-linked crypto assets, such as XRP, SOL, and ADA, have outperformed other tokens due to the expected easing of regulatory pressure. He attributed the rally to reduced constraints from the U.S. Securities and Exchange Commission (SEC), whose actions had stifled growth. The Ripple CEO stated,

“The United States SEC has been manipulating and putting pressure on these US companies, US technologies, and now that pressure comes off and they explode upwards.”

XRP Price Rally Amid Bullish Sentiment

The XRP Price has reached a two-year high of $0.9193, driven by market optimism and key developments like Robinhood’s relisting of the token. Analysts suggest this surge aligns with a breakout from a symmetrical triangle pattern, signaling strong bullish momentum.

Market sentiment has also been boosted by a wave of institutional interest and increased trading activity. XRP is now approaching a critical resistance level at $1.00, with analysts forecasting further gains if this barrier is breached. Projections indicate a possible XRP price prediction of $1.5.

Whale Activity and Institutional Interest Drive Derivatives Market

In addition, the derivatives market for XRP has experienced a surge in activity, with open interest rising by 13% to $1.5 billion. This uptick is attributed to increased whale activity, including a transaction involving 60 million XRP worth $52.8 million. Such movements often suggest institutional trading or large-scale investment strategies.

Moreover, trading volume saw a sharp increase, climbing 25% in the past 24 hours to $11.70 billion. These metrics underscore growing speculative interest and optimism about XRP future performance in a more favorable regulatory environment.

More so, Ripple CEO expressed enthusiasm about the shifting regulatory landscape citing ongoing lawsuits and challenges. He welcomed the involvement of 18 state attorneys general who filed a lawsuit accusing the SEC of overreach in crypto regulation.

At press time, XRP is trading at $0.89, marking a 14% increase in the last 24 hours. The trading volume surged to $11.65 billion while the market cap stands at $50.80 billion.

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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