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Virtune’s market comment
Virtune’s market comment Last night, the steady period in the market shifted rapidly, with Bitcoin plunging more than 8% in less than an hour, dropping to $25,409. Since then, it has shown some recovery, and currently stands at $26,513.
What caused this drop?
SpaceX’s Bitcoin sale
SpaceX reportedly sold $373 million worth of Bitcoin. Between 2011 and 2021, SpaceX maintained $373 million worth of Bitcoin on their balance sheet, but recent reports indicate they have sold off their holdings.
Asset write-downs are a common practice among businesses, as they reduce the value of holdings for tax purposes. As of Friday morning, Asian time, SpaceX neither confirmed nor reported any sales of its Bitcoin holdings. Consequently, the exact amount of Bitcoin or cryptocurrency that Elon Musk’s company retains remains undisclosed.
Leveraged positions
The recent sharp drop in the market likely was not due to a single event, but rather a combination of factors, including the market’s setup and a massive liquidation of “long” positions. The market has been relatively quiet and stable, conditions that can prime it for sudden price moves.
There is notable anticipation surrounding a decision that Grayscale may soon announce, leading to significant activity in Bitcoin futures contracts. Currently, more traders are betting on price decreases (going “short”) than on increases (going “long”). When Bitcoin’s price fell below $28,500, numerous traders with “long” positions were forced to sell, driving down prices further.
Positive news
Bitcoin has demonstrated resilience, finding steady support around the $25,000 level, and has recovered somewhat since the drop.
Ethereum Futures ETF
Bloomberg has reported that the U.S. Securities and Exchange Commission (SEC) is likely to approve an Ethereum futures ETF in October, which would be a significant milestone for the crypto industry. Several industry players—including Volatility Shares, Bitwise, Roundhill, and ProShares—currently have pending applications for this ETF.
The cryptocurrency market is accustomed to such rapid price fluctuations, occurring in both upward and downward directions. However, amidst this volatility, there are robust and promising sentiments ahead driven by the ongoing global adoption of cryptocurrencies, the submission of Spot Bitcoin ETF filings in the US, upcoming Bitcoin halvings, and numerous other factors.
The UK is shaking up crypto. This month, the Financial Conduct Authority (FCA) proposed lifting its ban on crypto exchange-traded notes for retail investors, a positive step in a global race to regulate digital assets and provide consumer protection.
Key metrics show Bitcoin’s rally isn’t over
Bitcoin is above $100K, and key indicators suggest a growing momentum and a potential for further upside. The Bitcoin Fear & Greed Index sits at 62, reflecting a sentiment that remains near neutral. This lack of extreme greed suggests that the rally may still have room to run in the near term.
Apple wants to enter Circle’s orbit. Why are stablecoins the tech world’s new darling?
Stablecoin issuer Circle made a blockbuster debut on the New York Stock Exchange earlier this month. Now, tech giants like Apple, Meta, and Google are reportedly exploring stablecoin integrations, marking another major step toward merging digital assets with mainstream technology.
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
Disclaimer
The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
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