BlackRock takes the lead ❗️

Welcome to the daily Coinsauce Newsletter, its good to be back. Lets get straight into today’s newsletter!

📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• Bitcoin held it’s crucial support at $67,200 yesterday. As long as we are above this level, things are good, and Bitcoin’s up-trend remains intact.

• A break of this key level will shift the bias to slightly bearish.

• $70,600 is a key resistance for BTC before aiming for new all-time-highs.

• Look for BTC dominance to be rejected from 54.44% or 54.8% to find good alt-coin trades on an intraday basis today.

BlackRock takes the crown 👑

BlackRock has dethroned Grayscale as the largest institutional holder of Bitcoin. Their IBIT ETF now holds 288,670 BTC, worth around $20 billion, surpassing Grayscale's GBTC, which holds 287,450 BTC valued at $19.7 billion.

One of the major reasons for this shift is the lower fee of BlackRock's IBIT compared to Grayscale's 1.5% fee for GBTC, making it more attractive to investors.

IBIT has also become the fastest-growing ETF in history, reaching $20 billion in assets in just 137 days. In comparison, JP Morgan's JEPI stands at a distant number 2, taking 985 days to achieve the same milestone.

Ripple Donates $25 Million to Pro-Crypto PAC 💰️ 

After it’s $11 million donation last December, Ripple has yet again donated more $25 million to the pro-crypto political action committee Fairshake.

This donation boosted Fairshake's total funds to over $100 million, supporting candidates who advocate for favorable cryptocurrency regulations in the upcoming 2024 elections

Other top donors to Fairshake from the realm of crypto include Coinbase, a16z & Ark Invest.

📕 Educational

Visualizing Bull Market Drawdowns :

As per Glassnode, after recording the deepest correction on a closing basis since the FTX lows (-20.3%), Bitcoin has recovered back towards the ATH, reaching $71k on 20-May.

From a comparative point of view, the drawdowns pattern across the 2023-24 uptrend appears to be remarkably similar to the 2015-17 bull market.

Key takeaways & our opinion on the same :

• 30-50% drawdowns in a bull market are common & should be expected

• The key here is to avoid high leverage, or manage risk very efficiently to not get flushed out

• Usually, buy & hold investors outperform leveraged traders in a bull market, because it takes only 1 big dip to flush out all the leverage traders from the market.

Source : Glassnode

📊 Stats

📈 Chart of the day

• Rationale :

• 4H bullish order-block

• 4H equilibrium

• AVWAP support

• 4H horizontal support

• 1H adjusted discount zone

• Wait for confirmation of a 4H candle close that indicates bullish reversal like a hammer or a morning star pattern.

• Note : None of the content in the newsletter is financial advise. This is for educational purposes only.

• Source : Cointraction 

🤣 Meme of the day

Pretty accurate 😂 

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Donal