The Block
Quick Take QCP Capital analysts caution that the rise in perpetual futures funding rates indicates the cryptocurrency market could be vulnerable to an unexpected downside move. This week’s U.S. CPI and PPI reports could heighten market volatility, but a decline in inflation may result in an uptick in bitcoin’s price, said another analyst.
Quick Take Bitwise CIO Matt Hougan said the U.S. election outcome, the economy and no major crypto industry surprises are the three conditions required to see a bitcoin rally above $80,000 in Q4. However, a “full-on melt-up” to $100,000 in just a few months would require a broader crypto rally to juice market sentiment, he said.
21Shares has integrated the industry-standard Chainlink Proof of Reserve on the Ethereum mainnet to enhance the transparency of the Ethereum reserves backing the 21Shares Core Ethereum ETF (CETH).
Donald Trump outlined six crypto promises on Saturday, including establishing a national strategic bitcoin reserve if elected, while Kamala Harris appeared to extend an olive branch to the industry.However, analysts at Bernstein said that crypto is “no longer a bipartisan issue,” with bitcoin and related stocks set to benefit from a “Trump trade.”
Analysts at Bernstein reiterated their prediction that bitcoin could reach $80,000 to $90,000 if Donald Trump wins the presidential election next month amid recent divergence in his Polymarket odds.While the analysts expect bitcoin to do well long term under either outcome, a win for Kamala Harris could see bitcoin test the $40,000 range again, they said.
Quick Take Caroline Ellison, former head of FTX-associated trading firm Alameda Research, has reached an agreement with the FTX bankruptcy estate to hand over the bulk of her remaining assets. A U.S. bankruptcy judge approved FTX’s reorganization plan on Monday.
The new U.S. spot Ethereum ETFs got off to a contrasting start last week, with over $1 billion of net inflows into eight of the funds overwhelmed by $1.5 billion in net outflows from Grayscale’s ETHE.Excluding ETHE, the Ethereum ETFs generated around 40% of the net inflows witnessed by the Bitcoin ETFs following their launch in January, excluding GBTC.
Standard Chartered’s Geoff Kendrick says solana’s price could potentially surge fivefold by the end of 2025 if Donald Trump wins the U.S. presidential election.In the case of a Kamala Harris win, Kendrick expects bitcoin to outperform ether, which, in turn, would outperform solana.
U.S. spot bitcoin ETFs experienced $18.66 million in net outflows on Wednesday.Fidelity’s FBTC led the outflows with $48.82 million leaving the fund.
Quick Take BRN lead analyst Valentin Fournier noted that bitcoin miners may have initiated a new accumulation phase. Data from CryptoQuant shows a sharp increase in the seven-day moving average of bitcoin inflow into miners’ wallets.
