Bitcoin Breaches AU$100k – ETF and Global Macro Insights 

In the quickly changing world of cryptocurrency, a few nights can usher in monumental changes. Since our last crypto news article, we’ve seen Bitcoin’s price leap from AU$95k to an impressive AU$103k. With such significant gains capturing our attention, it’s time to reassess the ETF market and the overarching global macroeconomic conditions, laying the foundation for a well-informed outlook on what the future may hold for digital assets.
 

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As we navigate a financial world enriched by both tradition and innovation, Bitcoin’s (BTC) ascension offers a modern complement to the timeless value of gold. With the digital currency expected to reach new highs, Markus Thielen, Head of Research at 10x, anticipates an exceptional performance, hinting at a peak (in USD) before the week’s close.

“Watch the weekend’s price movements closely; despite attempts to shake out leveraged long positions, the market is devoid of sellers,” Thielen advises in his latest report, aptly titled, “Bitcoin’s Unprecedented Ascent: A Week to Remember.”

In recent developments, Bitcoin has carved a fresh peak in both Aussie dollar and Euro terms and is currently trading just above AU$102,892 (US$67,000), a 6% increase in 24 hours, inching ever closer to its all-time high in USD of AU$106,014 (US$69,000) from November 2021.

Adding to the positive sentiment, Thielen observes a significant reduction of 63,000 bitcoins from exchange holdings over the past month. Notably, a large exchange witnessed its bitcoin balance dip from 400,000 to 372,000 in just thirty days.

The enthusiasm extends beyond U.S. ETFs. Thielen points out BlackRock’s recent launch of a spot ETF in Brazil and a surge in Korea’s daily trading volumes, reaching AU$12.3 billion (US$8 billion) consistently over five days, a substantial leap from previous figures under AU$1.54 billion (US$1 billion).

Despite a spike in outflows from Grayscale’s GBTC product and a temporary deceleration in BlackRock’s IBIT inflows, Thielen is optimistic about a resurgence of investment into BlackRock’s offering this week. “Investor confidence seems to bolster as prices ascend,” he says.

Thielen proposes a direct correlation between Grayscale’s outflows and Bitcoin’s potential rally, suggesting, “Should Grayscale’s outflows fall below AU$153.6 million (US$100m), we could witness a significant upward movement in Bitcoin’s value.”

At the heart of this remarkable price rally is the influx of global liquidity, fueling the momentum for Bitcoin’s rise. As we consider Bitcoin akin to ‘Gold 2.0’, it becomes clear that this digital asset is becoming an integral part of investment portfolios, serving as a parallel to gold in preserving wealth amidst our digitised economy.

Our latest Macro and Global Liquidity snapshot from our Chief Economist Chris Tipper:

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