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- Bitcoin ETF Inflows Near $1B Daily, Raising Fears of a “FOMO” Top
Bitcoin ETF Inflows Near $1B Daily, Raising Fears of a “FOMO” Top
Bitcoin ETF inflows are nearing $1 billion daily, sparking concerns that this rush could signal a new local top for BTC, as seen in previous rallies.
Joe G & Money Talks
October 31, 2024 • Estimated Reading Time: 7 minutes
What we will talk about today...
Bitcoin ETF Inflows Near $1B Daily, Raising Fears of a “FOMO” Top
Solana Price Dips Amid Declining Network Activity and Bearish Signals
MicroStrategy Shares Dip as Q3 Earnings Miss Analyst Expectations
Bitcoin ETF inflows are nearing $1 billion daily, sparking concerns that this rush could signal a new local top for BTC, as seen in previous rallies.
Also $IBIT has crossed the $30 billion mark in assets after monster flows and price appreciation yesterday. It hit this milestone in just 293 days, an all time record. The old record was $JEPI which did it in 1,272 days. $GLD took 1,790 days. Unreal...
— Eric Balchunas (@EricBalchunas)
11:29 AM • Oct 30, 2024
Main Points:
ETF “FOMO” concerns: Analysts warn of potential price stagnation as ETF inflows surge.
$900M inflow spike: Bitcoin ETFs saw $900M in inflows on Oct. 30, their second-largest day.
BTC price near ATH: BTC trades at $72,000, close to its all-time high in USD.
OTC desk buffer: Larger OTC reserves could reduce ETF buying impact on BTC’s price.
Detailed Insights:
ETF “FOMO” concerns: Analyst Mark Cullen cautions that ETF-driven buying may prompt a temporary local top.
$900M inflow spike: On Oct. 30, BlackRock’s iShares Bitcoin Trust led ETF inflows with $875M.
BTC price near ATH: BTC is near all-time highs in various currencies, poised for USD price discovery.
OTC desk buffer: Ample BTC on OTC desks means ETFs account for just 1%-2% of OTC reserves, stabilizing price.
1M BTC milestone: Bloomberg’s Eric Balchunas predicts ETF providers will soon hold 1M BTC in total assets.
All of the suits who aped the ETF are now in profit and can start shilling IBIT to their other suit friends who just watched gold go on an insane move into price discovery
— Will (@WClementeIII)
12:55 AM • Oct 30, 2024
The last couple of times the #Bitcoin ETF flows were ~$900m+ and Price was > 70k, it signaled a local top. Just something to think about.
— AlphaBTC (@mark_cullen)
4:31 AM • Oct 30, 2024
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Solana Price Dips Amid Declining Network Activity and Bearish Signals
Solana’s native token, SOL, dropped by 3% on Oct. 31, as reduced network activity and technical bearish indicators pressured its price.
Main Points:
Decreased network use: Lower user engagement and value locked on the network weigh on SOL.
Economic activity drop: Solana’s real economic value falls from $11.1 million to $7 million.
Memecoin slump: Solana-based memecoins, including WIF and BONK, report losses.
Bearish RSI divergence: SOL price rise countered by a dropping relative strength index.
Detailed Insights:
Decreased network use: Solana’s TVL dropped 13.8%, signaling decreased on-chain interactions.
Economic activity drop: Economic value fell as fees and revenue decreased, adding pressure on SOL.
Memecoin slump: Leading memecoins on Solana declined, contributing to lower trading volumes.
Bearish RSI divergence: SOL’s rising price with a falling RSI suggests weakening momentum.
Market reaction: Traders reacted to lower activity levels, leading to profit-taking and price correction.
₿itcoin reached $72,343. -0.19%
♢Ethereum reached $2,640. -1.40%
MicroStrategy’s stock dropped 5.9% after missing Q3 earnings estimates. Analysts warn of potential volatility tied to Bitcoin's price after the U.S. elections.
Main Points:
Q3 earnings miss: Revenue fell 5.2% short of expectations, at $116.1 million.
Stock reaction: MSTR fell 4.23% during trading and declined further in after-hours.
Bitcoin exposure risk: Analysts warn that BTC volatility could impact MSTR post-election.
New BTC acquisition plan: MicroStrategy plans to raise $42 billion to acquire more Bitcoin.
Detailed Insights:
Q3 earnings miss: MicroStrategy’s revenue fell, with a gross profit of $81.7 million and a 70.4% margin.
Stock reaction: Shares fell to $247.31, with a further decline to $242.99 after hours.
Bitcoin exposure risk: Analyst Timothy Peterson highlights the potential for amplified losses if BTC falls.
New BTC acquisition plan: The “21/21 plan” aims to raise $21B in equity and $21B in fixed income for Bitcoin over three years.
Future outlook: If BTC hits new highs, MSTR could surge, serving as a BTC proxy investment.
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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results