Spot ETF's Witness Record Outflows Amidst Election Uncertainty ⚠️

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

📅 Today

Microstrategy > Coinbase🙏 

MicroStrategy’s market cap has reached $49.77 billion, overtaking Coinbase, which stands at $47.91 billion.

Known as the largest corporate Bitcoin holder, MicroStrategy has also recently launched a $42 billion fund to expand its Bitcoin holdings further.

This growth highlights a trend where companies investing heavily in Bitcoin are seeing their market values soar.

MetaPlanet, a Japanese listed firm has also adopted Microstrategy’s playbook of buying Bitcoin, and has seen it’s stock grow over 1000% ever since.

ETF Outflow Causes BTC to Stall ⚠️ 

After buying $2,274,720,000 worth of Bitcoin last week, U.S. spot Bitcoin ETFs saw a substantial $540.91 million in net outflows yesterday, the second-largest on record. Individual data can be seen below :

• Fidelity FBTC: $169.6 million outflow

• ARK Invest ARKB: $138.26 million outflow

• Grayscale BTC Mini Trust: $89.49 million outflow

• Bitwise BITB: $79.84 million outflow

• Grayscale GBTC: $63.66 million outflow

• Franklin EZBC: $17.62 million outflow

In contrast to the significant outflows, BlackRock’s IBIT saw $38.58 million in net inflows, while WisdomTree’s BTCW reported no change in net flows.

These shifts suggest a cautious approach by investors amid economic uncertainties and U.S. election impacts.

As discussed in depth in our premium newsletters, for BTC to reach new highs sustainably, inflows will likely need to gain momentum to carry price above and beyond $75,000.

• Weekly on-chain insights.

• 3-5 altcoin chart setups.

• In-depth Bitcoin price updates.

• Occasional in-depth reports on altcoin gems.

• VC funding roundups.

• Market cycle insights.

• Premium Telegram trading group, and more.

🌎 Other News

• Polymarket Under Fire as Whale Dumps Millions in Trump Bets. Read more

• Michigan Pension Fund Makes Historic Ethereum Investment. Read more

• Marathon Digital and Riot See Record Bitcoin Production in October. Read more

• Pakistan Proposes Amendments to Legalize Cryptocurrency. Read more

• Mt. Gox Wallet Moves $2.19B in Bitcoin to New Addresses. Read more

📕 Educational

• Bitcoin spot ETF demand increases with price.

• BlackRock IBIT and Fidelity FBTC saw the highest average netflow at $73K level.

• ETF buyers are 20% institutional, and 80% retail. This means that it is likely that the last wave of ETF purchases last week were driven by retail FOMO.

• Bitcoin has ranged between $53K and $73K over the past eight months.

• Spot ETF demand has seen net positive inflows, mostly above $61K.

• As long as the BTC price holds above $61K, ETF demand should remain steady, and the price of BTC should be in a relatively safer technical zone for potential bull-market continuation.

Source : Ki Young Ju

📊 Stat of the day

🤣 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.