Bitcoin ETF approvals are almost guaranteed (94%) as ETFs for Bitcoin absorb the market supply, while ETFs for Ether see a decrease
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In the world of finance, there's been a flurry of activity this week. Let's delve into some key developments that are shaping the financial landscape.
Firstly, the odds of a rate cut have significantly increased, jumping to 93.7%, following the soft JOLTS report. This could potentially stimulate economic growth and impact various sectors, including the cryptocurrency market.
In the realm of cryptocurrencies, BitMine Immersion Technologies has made some significant moves. Over the course of the last week, they acquired more than 1.95 million Ether, a notable increase in their holdings. Specifically, they purchased 202,500 Ether at the beginning of the week and an additional 46,255 Ether later in the same week. These acquisitions have brought their total Ether holdings to over 2.1 million Ether.
Meanwhile, the daily miner issuance for Bitcoin remains around 900 BTC per day. In the ETF market, bids continue to absorb Bitcoin supply at a rapid pace, with yesterday's ETF bid for BTC worth approximately 2.7k BTC.
On the other hand, ETH spot ETFs have experienced outflows for the third consecutive day, losing another $38 million. Interestingly, the ETH validator entry queue currently has 860k ETH waiting, marking a 2-year high.
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Lastly, the average Bitcoin per whale for the 100 BTC - 10k BTC cohort is declining, signaling broader distribution or fragmentation. Meanwhile, BTC spot ETFs added $301 million for a second straight day of inflows.
Stay tuned for more updates as we continue to monitor these developments and bring you the latest news from the world of finance.
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