Today’s Nuggets
BTC ETFs Pull In Over $3 Billion
IBIT is Cooking
Jamie Cutts’ BTC Expected Value
The Post-Election Playbook
SOL Catching ETH in Engagement
Raydium Beats Ethereum
Tether FUD Hits, Signals to Buy
Nvidia Smokes Apple
EU President Likens Free Speech to Infectious Disease
This is an exciting story with lots of excellent stuff!
Next week, we are heading into the craziest week of 2024 and will look at the huge action in the ETFs over the last 11 days and what whales are up to. There are lots of black hole stuff combined with my weekly analysis touching on Nvidia, Tesla, Apple, and so much more.
Looking at the history of Bitcoin weekly returns from Coinglass, you can see that of all the weeks of the year; week 44 is historically the best.
We are heading into week 44, which is the last week in October.
We shall see if that pattern continues…
ETFs pulled in over $3 billion in October, so something is up.
The ETFs sense that things are looking pretty bright.
This is how many Bitcoin were absorbed in just 11 days much of it by one player called BlackRock.
*Remember, only 450 Bitcoin are issued a day*
The red line represents BlackRock.
This is the third zone of accumulation but other things are happening behind the scenes, too.
Whales currently hold about 670,000 Bitcoin, the highest value ever recorded by the CryptoQuant team.
Undoubtedly, this is an optimistic long-term sign.
Bitcoin's macro momentum appears very strong, with open interest reaching an all-time high of $33 billion.
Such a peak signals a high level of engagement among traders as more capital flows into Bitcoin despite some liquidations with saber-rattling.
If this elevated open interest continues, it suggests that the trader's confidence is not shaken at all.
It signals that institutional and retail investors are backing Bitcoin with substantial capital.
Do you trust the IMF, the World Bank, the Fed, or the media?
Nayib Bukele
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