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- BlackRock BTC ETF's Witness Record Inflows!
BlackRock BTC ETF's Witness Record Inflows!
The US Labor Market is Deteriorating.
Coinsauce
November 01, 2024
Welcome back to the Daily Coinsauce Newsletter! Let’s dive into today’s updates—there’s a lot to unpack!
💧Top headlines from the last 24 hours:
• Tether unveils impressive Q3 results.
• BlackRock registers record BTC inflows.
📕Educational :
• The US labor market is deteriorating.
Lets dive in.
📅 Today
Tether Continues To Thrive ⚡️
Tether just dropped impressive Q3 results:
Profit: $2.5B in Q3, totaling $7.7B for 2024
Reserves: $102.5B in U.S. Treasuries, making Tether a top global holder
Circulation: Nearly $120B USD₮, up 30% this year
Excess Reserves: $6B buffer for added stability
Investments: $7.7B in areas like AI, Bitcoin mining, and renewable energy
The company currently holds 252,220 BTC & 102.5 billion in Treasury exposure to back it’s stablecoins.
IBIT on Fire 🔥
On October 30, BlackRock's spot Bitcoin ETF recorded a significant $875 million inflow, pushing US spot ETFs' collective holdings past 1 million Bitcoin.
This inflow surpassed the previous high of $849 million, set by IBIT on March 12.
BlackRock now holds $29.3 billion in Bitcoin, with nearly half of this growth occurring in the past month.
Historically, such surges in ETF holdings have often led to short-term price pullbacks for Bitcoin, as we’re currently once again witnessing.
However, the sustained buying pressure from these inflows will definitely have a positive long-term impact on Bitcoin’s valuation
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🌎 Other News
📕 Educational
US job openings fell by 420,000 in September, to 7.44 million, the lowest since January 2021.
US available job vacancies significantly missed expectations of 8.00 million.
Since the March 2022 peak, job openings have now declined by 4.74 million or 39%.
In effect, the ratio of job vacancies to unemployed workers fell to 1.1, below pre-pandemic levels.
Furthermore, data has now been revised DOWNWARD in 15 out of the last 20 months, the highest frequency in at least 15 years.
The US labor market is deteriorating. All eyes on the labor market report today, in order to determine the short-term future price action for Bitcoin.
If the data is good, then BTC could break out beyond $70k, but if unemployment rises, then BTC could revisit the range and chop around a little longer till Quantitative Easing returns.
Source : The Kobeissi Newsletter
📊 Stat of the day
Price of Bitcoin every Halloween
🤣 Meme of the day
That concludes our update for today!
We appreciate you joining us for the latest news. We aim to provide the best-in-class insights and highlights that keep you well-informed and ready.
Remember to join us on Telegram and Twitter for additional updates and giveaways. Until then, see you next time!
Disclaimer: None of the content shared in the newsletter is financial advice. Always do your own research and analysis before investing.
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