Main topic: Updates and developments in the digital asset space, including bitcoin spot ETFs and fundraising news.
Key points:
1. Bitcoin spot ETFs are gaining attention, with Europe's first bitcoin spot ETF being listed and the U.S. SEC delaying deadlines for applications.
2. Fundraising news includes BitGo raising $100 million, ZetaChain raising $27 million, ZTX raising $13 million, Dinari raising $7.5 million, and HypeLab raising $4 million.
3. Other articles of interest cover the strong tech jobs market, the potential of the creator economy, the recovery of the pre-seed market, and the need for alignment of product-market fit metrics with company values.
Hint on Elon Musk: The article does not mention Elon Musk.
Digital asset investment products experienced $55 million in outflows, primarily due to the lack of movement towards approving a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission, with Bitcoin alone accounting for $42 million of the outflows.
In July, capital inflows from venture capitalists in the crypto sector decreased by 10.26%, with $700 million raised, as macroeconomic conditions and geopolitical events continued to impact investment decisions, although some notable outliers, such as Polychain Capital and CoinFund, launched new funds totaling millions of dollars, and the potential approval of spot Bitcoin exchange-traded funds (ETFs) in the U.S. could bring renewed attention and capital into the industry. Infrastructure and Web3 sectors received the most capital inflows, while overall investor activity in the blockchain industry remained low, suggesting a slow return to a steady upward trend.
BlackRock, the world's largest asset manager, has filed a proposal to establish a Bitcoin exchange-traded fund (ETF), which could increase mainstream acceptance of Bitcoin investing and open up new investment opportunities if approved by the U.S. Securities and Exchange Commission (SEC).
A surge in global interest in acquiring Bitcoin has been observed, with Nigeria leading the way, as investors anticipate a potential rally driven by upcoming events in the crypto sphere and the approval possibility of the inaugural spot Bitcoin exchange-traded fund (ETF) by the SEC. Bitcoin's evolving role as a possible store of value is reflected in low exchange-held supplies, while technical analysis suggests a bearish sentiment but a potential reach of $26,500 and the $30,000 milestone.
The 1inch Investment Fund's crypto wallet has purchased $10 million worth of Ether (ETH) after cashing out on previous trades, bringing its total digital asset holdings to $80 million.
ARK Invest CEO Cathie Wood predicts that the market capitalization of cryptocurrencies will increase by over 2,100% in less than seven years, driven by institutional investment and the potential approval of a Bitcoin exchange-traded fund (ETF), with the total crypto market cap potentially reaching $25 trillion by 2030.
The crypto market analyst at Bloomberg Intelligence predicts that the unlocking of billions in capital flowing into US-based ETFs could make 2024 a significant year for digital assets despite the US Securities and Exchange Commission's stance on crypto.
Despite the uncertain regulatory environment and the current state of the crypto markets, asset managers remain interested in digital assets and expect the industry to grow in the next five years, with many estimating a compound annual growth rate of at least 11%.
Around $150 billion worth of capital could enter the Bitcoin market if BlackRock's BTC spot exchange-traded fund (ETF) gets approved, according to a senior Bloomberg ETF analyst.
Bitcoin is expected to experience a significant increase in value and reach a fair value of $100,000, driven by institutional capital inflows and the approval of Bitcoin ETFs, according to Mark Yusko, founder of Morgan Creek Capital.
Crypto funds have experienced outflows of $455 million over the past nine weeks, with bitcoin accounting for 85% of the outflows, as investors continue to withdraw funds despite recent legal victories for the industry.
Deep-pocketed crypto investors have moved over $660 million worth of Bitcoin, Ethereum, and Chainlink as Bitcoin's price drops below $27,000.
Cryptocurrency funds are expected to grow from $50 billion to $650 billion in the next five years, according to analysts.
Political pressure is causing delays in the approval of a Bitcoin spot ETF, but CEO of BitGo, Mike Belshe, remains optimistic that Bitcoin's price will reach its record high of $69,000 within the next 18 months.
The launch of nine new Ethereum futures exchange-traded funds (ETFs) saw underwhelming trading volume of less than $2 million on the first day, with none of the products standing out as a clear winner, indicating that investors may prefer spot ETF products over futures.
Crypto analyst predicts Bitcoin (BTC) could reach $89,000 by 2025, with a "max upside" of $142,000, depending on factors such as on-chain supply, the approval of spot BTC ETFs, and overall adoption of the cryptocurrency.
Former BlackRock managing director Steven Schoenfield predicts that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin spot ETF within three to six months, and believes that a potential approval could lead to a significant inflow of $150 to $200 billion into Bitcoin investment products over three years.
The demand for Bitcoin as a digital store of value, combined with its potential approval for a US-listed spot ETF, could result in a significant rally and inflows of $20-$30 billion, according to a report by Matrixport.
Inflows to digital asset investment funds reached $78 million, with Bitcoin investment funds receiving the highest proportion at $43 million, while Bitcoin trading volumes increased by 16% in the past week. Additionally, the launch of the Ethereum futures ETF in the US saw under $10 million in investments during the first week, indicating muted investor interest. Deribit, a crypto options exchange, plans to offer options tied to alternative cryptocurrencies XRP, SOL, and MATIC, and FTX founder Sam Bankman-Fried's defense against US Department of Justice charges may be prohibited from mentioning Anthropic's recent fundraising efforts.
Crypto investors have moved over $500 million worth of Bitcoin, Ethereum, and other digital assets to cryptocurrency exchanges and unknown wallets, according to data from Whale Alert.
The market for tokenized assets, including crypto and traditional financial products, could reach $10 trillion by 2030, according to a report by digital asset manager 21.co, as crypto and traditional finance merge through tokenization.
According to data analytics firm CryptoQuant, the approval of bitcoin spot exchange-traded funds (ETFs) could lead to bitcoin becoming a $900 billion asset and the total crypto market growing by $1 trillion, with the potential inflow from ETFs being larger than that of the Grayscale Bitcoin Trust (GBTC) in the last bull market cycle. This scenario could push bitcoin's price to between $50,000 and $73,000, and historically, for every $1 of fresh money entering the bitcoin market, the market capitalization could increase by $3-$5.
Bitcoin's market cap could reach $900 billion if spot exchange-traded funds (ETFs) are approved next year, leading to an influx of institutional money into the market, according to a report by CryptoQuant. This could also raise the entire crypto market cap by $1 trillion.
A bitcoin spot ETF approval in the US could lead to a surge in bitcoin's market capitalization, potentially adding $1 trillion to the wider crypto market value.
If BlackRock's spot bitcoin ETF is approved, Bitcoin could rise to as high as $56,000, according to a report by Matrixport, with $42,000 being a more conservative estimate based on the assumption that 10%-20% of gold ETF investors will invest in a spot bitcoin ETF.
The approval of a Bitcoin spot exchange-traded fund (ETF) in the US could potentially add $1 trillion to the crypto market value, according to bitcoin and crypto price models.
Bitcoin surpassed $30,000 for the first time since August, driven by optimism that the SEC will approve exchange-traded funds (ETFs) investing directly in the cryptocurrency. Market participants anticipate approval of a spot bitcoin ETF by January 10th, the deadline for a response to ETF applications.
If the U.S. Securities and Exchange Commission approves a spot Bitcoin exchange-traded fund (ETF), a top analyst predicts that Bitcoin could reach levels not seen since November 2021, potentially appreciating by over 100%.
Bitcoin (BTC) remains above $30,000 as analysts suggest that its strength could override bearish trends, with indicators such as the True Market Deviation and potential approval of a Bitcoin spot-price based exchange-traded fund (ETF) signaling a positive market sentiment.
Bitcoin reached a three-month high of $31,087, rising 3.62%, amid investor optimism about the potential approval of a spot bitcoin exchange-traded fund (ETF), leading to gains in cryptocurrency-related companies; this surge also coincides with broader market concerns regarding the risk of Israel's conflict with Hamas escalating into a regional war.
Bitcoin surged past $31,000 per coin with increased optimism in the space driven by the possibility of a spot Bitcoin ETF approval, leading to institutional investors pouring money into the industry and Wall Street's biggest fund manager, BlackRock, applying for its own Bitcoin ETF.
Bitcoin surpasses $34,000, reaching a record high for 2023, as anticipation over the approval of Bitcoin spot ETF applications by the SEC grows, leading to significant liquidation and bullish market sentiment.
Bitcoin investment products received 84% of inflows, totaling $55.3 million, as the anticipation of a spot Bitcoin exchange-traded fund (ETF) prompted further investments for the fourth consecutive week, according to CoinShares' weekly fund flows report.
Bitcoin is rallying towards $35,000 as the Bitcoin ETF inches closer to reality, with experts predicting the price could reach $75,000 in the coming months, and altcoins expected to underperform bitcoin and ether.
Bitcoin's price surpasses $31,000, driven by excitement over a potential spot Bitcoin ETF launch and increased institutional investor activity.
Bitcoin prices surge to an 18-month high as hype around a potential spot exchange-traded fund (ETF) approval grows, with analysts drawing comparisons to the post-approval surge in gold prices and predicting a potential rise to over $120,000 if Bitcoin follows a similar trajectory.
Bitcoin's value reaches its highest point since May last year, surpassing $34,000 and resulting in over $310 million in liquidated short positions, while Ethereum also experiences a significant increase and the overall market capitalization of digital assets surpasses $1.3 trillion, sparking optimism about the potential launch of a spot Bitcoin ETF.
Bitcoin and other cryptocurrencies experienced significant growth as the possibility of a Bitcoin exchange-traded fund launch raised optimism and provided long-term support for prices.
Bitcoin surged by 11.5% to top $35,000, as anticipation grows for the launch of the first spot bitcoin ETF in the U.S. led by asset management giants BlackRock and Fidelity, which could potentially open the floodgates for a new era of bitcoin investment options.
Bitcoin has consolidated around $34,500 after briefly reaching $35,000 following BlackRock listing its bitcoin ETF on the Depository Trust & Clearing Corp. database, indicating optimism for SEC approval.
Shares of crypto-related companies surged after bitcoin traded above $34,000, fueled by optimism that a spot-price exchange-traded fund (ETF) for the cryptocurrency may be approved by the U.S. Securities and Exchange Commission (SEC).
Cryptocurrency funds received over $61 million in new capital, with the majority being invested in Bitcoin funds, as investors await the arrival of a Bitcoin ETF in the US market.
Cryptocurrency prices surged as bitcoin reached its highest level since May 2022, driven by hopes of a spot bitcoin exchange-traded fund (ETF) launching soon after the SEC declined to challenge Grayscale Investments' court loss. Several firms, including ARK Invest, VanEck, BlackRock, and Coinbase, have filed for bitcoin ETFs, and there is significant institutional demand for a spot bitcoin ETF with expectations of SEC approval.
BlackRock and other asset managers have filed applications to list a spot Bitcoin ETF, which would allow investors to gain direct exposure to Bitcoin without managing a crypto wallet or using a crypto exchange, presenting a significant development in the market and a cost-effective option for investors.
The potential launch of a spot Bitcoin ETF in the US is driving up the price of cryptocurrencies as investors anticipate a flood of institutional investments worth trillions of dollars, according to Paul Brody, global blockchain leader at Ernst & Young (EY).
Spot bitcoin ETFs could attract $14.4 billion in the first year of issuance, with potential inflows of $27 billion and $39 billion in the second and third years respectively, according to Galaxy Digital, as these ETFs offer a better investment vehicle compared to existing products and could tap into the $48.3 trillion assets managed by broker-dealers, banks, and RIAs in the US.
Bitcoin surpassed the $30,000 mark amid speculation of a forthcoming US bitcoin spot ETF approval, potentially leading to a surge in investor interest and a significant price spike in the crypto market.
