BlackRock Holdings Reveal $23 Billion in Bitcoin!

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📅 Today

🔍️ Market Outlook For The Week

• Overall Bias - Cautious 🙏 

• BTC dipped to it’s 200 Daily EMA at ~$60,000

• It is crucial that this EMA should hold as support

• This is a crucial price level. If BTC breaks here, further downside can be expected.

• However, historically, Q4 has been the best-performing quarter for BTC so that we can expect some bullish momentum due to seasonality.

• For the bulls, a clear breakout above $67,500 will take BTC to new all-time highs

• It is wise to not take any new leveraged positions till BTC closes above $67,500, and just DCA in spot instead.

BlackRock Holds $23 Billion in Bitcoin 🔥 

BlackRock, the world’s largest asset manager, holds a significant crypto portfolio that includes an impressive $22.91 billion in Bitcoin.

These holdings were not officially disclosed by BlackRock but were identified through publicly available blockchain data, showing the transparency of crypto transactions.

While their Bitcoin holdings dominate, BlackRock’s crypto wallet also contains a variety of smaller meme coins and altcoins, such as SPX, UBXS, and MOG.

It’s likely that these meme coins were sent to their wallet as a joke or marketing tactic by the creators or the crypto community, rather than being part of a strategic investment by BlackRock.

ETH ETF Flows Weaken 🙏 

The Ethereum ETF is showing signs of weak demand, with outflows observed, while the Bitcoin ETF has experienced significant inflows

After 79 days of ETF trading:

• BTC ETF Flow: +$29.1B

• ETH ETF Flow: -$4.1B

In simple terms: Bitcoin is attracting more investment, while Ethereum is seeing money flow out. This is reflective on the charts too, as BTC is up 44% YTD, while ETH is up only 4.88%.

This clearly indicates that the surge in BTC prices were driven due to ETF demand, which makes it an important factor to continuously monitor to predict future price performance.

📕 Educational

Don't fixate on the vesting cliffs.

When analyzing crypto projects, vesting cliffs (large token unlocks) can cause short-term fluctuations in price due to an increase in circulating supply. But over the long term, strong projects with solid fundamentals and high demand will outweigh the impact of these supply increases.

A great example is Solana in 2021. Despite a massive 400% increase in circulating supply due to a vesting cliff, Solana's price didn’t crash. In fact, Sol went on to pull of an 100x from those prices.

Vesting cliffs and token unlocks can seem daunting in the short term, as they introduce more supply into the market, potentially leading to price dips. But focusing too much on these short-term supply changes can make you lose sight of the bigger picture.

Llong-term success is driven by fundamentals, not just tokenomics. If a project is weak or lacks utility, supply increases could have a much more devastating impact. But in cases like Solana, demand and fundamentals far outweigh short-term concerns about supply. For investors, it’s essential to stay focused on the broader story and growth potential rather than getting too caught up in short-term noise like token unlocks.

The takeaway: While supply increases might put temporary pressure on prices, projects with real value and demand will thrive over time.

Source : Nic

📊 Stat of the day

📈 Chart of the day

Rationale :

• Trying to hold $60,000 as support.

• Potential double bottom.

• Bullish RSI divergence on 4H.

• If this level breaks we could revisit $57,400 and lower.

• CPI data will be incoming soon so trade wisely.

• Source : Cointraction

🤣 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 advise. Always do your own research and analysis before investing.