State of Wiscnsoin Board Reveals $163M in Bitcoin ETFs!

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📈 Markets

• Overall bias - Cautious 🟠 

• $64,500 & $67,200 are key resistances for Bitcoin and till we break these levels, the bias remains cautious. ~$58,500 continues to be a crucial support. Everything in between is noise, and no trade zones for swing trades. Exercising patience in sideways markets is important & rewarding.

• ETF inflows are +100 mil — Demand here is finally picking up, which is good for prices to sustain above $60,000.

• For investors, many alts are at multi-month lows, providing good opportunity for long-term investors to DCA in spot into fundamentally strong tokens.

• Today, USA CPI data for the month of April will be released. Expect volatility & avoid high leveraged trades till then! Trade safe!

📅 Today

Tornado Cash developer charged for money laundering 🤦 

The Dutch court has found Alexey Pertsev, the developer for Tornado Cash, guilty of laundering $2.2 billion in illegal funds. Alexey has been sentenced to five years and four months (64 months) in prison, as prosecutors requested.

He has already spent eight months in jail and has 14 days to appeal the decision.

Tornado Cash is a crypto mixer, which is a tool on Ethereum that hides transaction histories.

According to the U.S. OFAC, the crypto mixer was actively used by hackers, including North Korea's Lazarus group, to launder billions in stolen cryptocurrencies, including a $625 million exploit of the Axie Infinity Ronin Bridge in March 2022.

Institutional FOMO for Bitcoin continues 🤯 

In their Q1 2024 13F filing, the State of Wisconsin Investment Board (SWIB) disclosed holdings of nearly $100 million in BlackRock's Spot Bitcoin ETF and over $63 million in Grayscale's Bitcoin Trust.

SWIB is the 9th largest state pension fund in the U.S., managing over $130 billion in assets.

The investment board’s portfolio also includes shares of various crypto-related companies like Coinbase, Marathon Digital, Riot Platforms, Block, Cipher Mining, Cleanspark, and MicroStrategy.

First hedge funds, then banks, and now pension funds! The trend is as clear as day. We can see that institutional investors are adopting Bitcoin ETFs faster than anticipated, & Bitcoin is now finally gaining legitimacy as a proper asset class by these institutions!

📊 Stats

Educational 📔 

How to avoid pitfalls during times of token unlocks 👇️ 

• It’s always useful to keep an eye on major unlock events for altcoins, so as to avoid any pitfalls of being caught in the headwinds caused by insiders selling their tokens.

• A good way to know if insiders will be willing to dump their tokens or not is to compare their private sale prices to the current market price.

• A good indicator of potential selling pressure is comparing private sale prices to the current market price. If insiders have a 10x profit or more, selling pressure is likely. However, if the token is near or below the private sale price, investors are more likely to hold in hopes of better future prices.

• Additionally, comparing the dollar value of unlocks to the token's daily trading volume can reveal if there is enough liquidity to handle any selling pressure from the unlocked tokens.

Chart of the day 📈 

ETH/USDT (1H)

Confluences & Rationale :

• 4H Horizontal support

• 4H bullish orderblock

• 1H bullish orderblock

• 1H Discount zone

• 7 bullish divergences on 1H

• 1H RSI Divergence

• Bullish OBI

• Risks : OI divergence & BTC dominance breaking out.

• Note : None of the content posted here is Financial Advise. This is for educational purposes only.

🤣 Meme of the day

That concludes our update for today!

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