Kripto Hírlevél: A Bitcoin szárnyal, miután Musk felfedi a kriptovásárlásait (Angol hír)

• Elon Musk reveals his crypto holdings
• Successful debut of first US bitcoin-linked ETF  
• Ethereum Altair upgrade will be launched on October 27

The past week saw BTC reaching its new all-time high price above $67,000 and then falling back to earth and tested support at $60,000. Situation looked similar on Ethereum market, where the second most popular cryptocurrency managed to test highs from May 2021 but failed to break above. Other altcoins were again not able to keep the pace of BTC. Last week, the upbeat mood was boosted by the successful debut of the first bitcoin-linked ETF  in the US. Shares of the long-awaited  ProShares Bitcoin Strategy ETF rose about 5% in its trading debut on the New York Stock Exchange Tuesday. The fund tracks CME bitcoin futures, or contracts speculating on the future price of bitcoin, not the digital currency itself. Like all other US ETFs, the new products from ProShares will be regulated by the SEC and can therefore attract investors who until now have not been interested in cryptocurrencies due to the lack of regulation. However on Thursday Bitcoin price pulled back following news that the Proshares ETF is pushing towards position limits in CME bitcoin futures contracts. Also several analysts from major banks raised doubts whether the launch of the new ETFs will be able to attract enough new capital to sustain the ongoing rally. However, despite this negative information, the week was positive overall for the majority of top projects. Today market sentiment was lifted by Elon Musk, who confirmed via Twitter that he bought a significant amount of Bitcoin, Ethereum  and Dogecoin, though denied owning any other altcoins like Shiba Inu. Bitcoin's market dominance increased to 46.1%. The capitalization of all digital assets in circulation rose to 2.56 trillion, while an average daily trading volume is registered at $103.80 billion.

Bitcoin:

• On Monday new VanEck ETF will begin trading. The fund will have Bitcoin futures underlying, adding to the competition in advance of an initial regulatory decision on physical ETFs next month. XBTF will have a 0.65% management fee, and will start trading as the third Bitcoin futures ETF on the U.S. market. The second US Bitcoin futures ETF - Valkyrie Bitcoin Strategy  launched on Friday. VanEck also plans to launch a physical ETF, with the Securities and Exchange Commission (SEC) due to decide on its fate on Nov. 14.

Bitcoin ETF approval timeline. Source: Arcane Research

• The amount of Bitcoin held on exchanges has been declining— and this accelerated since the May sell-off. During bull runs, mass inflows of BTC to exchanges tends to signal likely price top, however the current situation is quite opposite.

Amount of Bitcoin held on exchanges has been on steady decline recently. Source: Bybt

• Digital asset investment products saw inflows totalling US$80m last week according to CoinShares. Total assets under management are now US$72.3bn, their highest level on record. Bitcoin saw the largest inflows, totaling US$70m, marking the 5th consecutive week ofinflows. Polkadot and Cardano saw continued inflows totalling US$3.6m and US$2.7m respectively, while Ethereum saw minor outflows totalling US$1m.

Last week, digital asset investment products saw inflows totalling US$80m last week. Source: CoinShares

Crypto Fear & Greed Index hit “extreme greed” on Thursday, however later in the week the index has dropped in line with BTC price action and currently stands at 72/100 — simply denoting “greed.” This level was reached several times over the past three months, which may be a sign that a “reset” has occurred for sentiment with Bitcoin still at $60,000. Given that the classic cycle top corresponds with a score of 95/100 or more, the implication is that further price upside — if slow enough — could carry on much longer.

Crypto Fear & Greed Index as of Oct. 25. Source: Alternative.me

Bitcoin launches into a new week determined to keep $60,000 as support which coincides with 23.6% Fibonacci retracement of the last upward wave. If current sentiment prevails, then another upward impulse towards fresh all-time highs at $67,000. On the other hand, if sellers manage to regain control, then support at $56,860 may be at risk. Source: xStation5

Ethereum:

• Ethereum's upcoming Altair upgrade is scheduled to take place on October 27 and users expect that it will improve the staking chain of ETH2. Staking and the fee-burning mechanism together fuel the shortage which causes ETH prices higher. The Triple Halving relies on ETH consistently being pulled out of circulation due to staking and burn. 

• While the price of Ethereum continues to move higher, several DeFi tokens have plunged. Still DeFi TVL continues its upward climb. The total value locked in Defi protocols crossed $233.8 billion last week.

Over 3.59 million unique wallets have interacted with at least one DeFi protocol. Source: Dune Analytics

Dogecoin:

After the recent sharp increases in the price of Shiba Inu which is considered to be Dogecoin's main competitor, Elon Musk has returned to Twitter to espouse the virtues of Dogecoin.

On Oct. 24, the SpaceX founder tweeted: “Lots of people I talked to on the production lines at Tesla or building rockets at SpaceX own Doge. They aren’t financial experts or Silicon Valley technologists. That’s why I decided to support Doge – it felt like the people’s crypto.” As a result, the price of the namecoin rose sharply and tested $0.2800 level.

Chainlink:

• Associated Press will store critical data onto the Chainlink blockchain. According to the official announcement, developers will create applications on the blockchain to access this data via a Chainlink node. Users can use this data to build on-chain sports applications, fantasy games or traders requiring information to automate a trade. AP believes that blockchain is a fundamentally important technology that will play a pivotal role in our day-to-day lives.

Chainlink still did not manage to recover after the May sell-off. However last week the price managed to break above the major resistance zone at $28.70 which currently acts as support. If current sentiment prevails, the upward move may accelerate towards the next resistance zone around $37.90 which is marked with 61.8% Fibonacci retracement of last downward correction and previous price reactions. Source: xStation5