Bitcoin Hits $73,000 as ETF Inflows Surge!

Welcome back to the Daily Coinsauce Newsletter! Let’s dive into today’s updates—there’s a lot to unpack!

📅 Today

Bhutan Transfers BTC to Binance 🙏 

Bhutan recently moved $66M worth of Bitcoin to Binance, sparking speculation that it’s securing profits following Bitcoin’s recent surge past $70,000.

Despite the sale, Bhutan’s government wallet retains about 12,456 BTC, valued at around $886M, making it the fifth-largest national holder after the US, China, UK, and Ukraine.

Unlike these countries, Bhutan’s Bitcoin reserves come from its active mining operations

Consensus Lays of 20% Workforce 🙏 

Consensys, the company behind Metamask, and a major backer of Ethereum, recently announced a 20% workforce reduction.

The decision reflects tough economic conditions and rising regulatory pressure, with Consensys citing the SEC’s “abuse of power” as a key factor.

The SEC claims Consensys operated as an unregistered broker, particularly through its MetaMask services.

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🌎 Other News

• Cardano Shifts Focus to Enhance Bitcoin as a Layer 2. Read more

• Interest in Ethereum is falling. Read more

• FTX sues Kucoin to recover $50 mil in assets. Read more

• Bitcoin Breaks $72K Amid Market Momentum. Read more

• Visa Partners with FV Bank to Launch Crypto Debit Cards Worldwide. Read more

📕 Educational

Bitcoin has now regained the $73K level, signaling confirmation of breaking out of the broadening wedge market structure in place since March.

While there is no shortage of bullish factors currently at play, among them the US elections, government deficits, whale accumulation, Chinese stimulus, and rate cuts, it's interesting to observe this bullish reversal in the context of the bitcoin ETFs.

Case in point: the current break and sustained price action above $70K has perfectly coincided with new all-time highs in terms of aggregate market cap for Bitcoin ETFs, which hit $69.3 billion yesterday.

Furthermore, we've seen:

➡ $472 million inflows on Monday

➡ $1.1 billion inflows in the last three trading days.

➡ Approaching $70 billion in assets for all Bitcoin ETFs (currently $68.6 billion)

➡ European investors continue to buy into US BTC ETFs, with flows of over $105 billion YTD

Causation does not equal correlation but it's hard to bet against the ETF single demand source coming to bear on price dynamics as we gear up to retest all-time highs.

As mentioned earlier, we continue to believe that if BTC can hold the $70,500 level till Sunday evening, Bitcoin will be ready for its euphoric phase of the market cycle!

Source : James McKay

📊 Stat of the day

🤣 Meme of the day

That concludes our update for today!

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Disclaimer: None of the content shared in the newsletter is financial advice. Always do your own research and analysis before investing.