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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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Home Bitcoin

Bitcoin ETFs surge 27% – How U.S. hedge funds are helping BTC’s rise

August 20, 2024
in Bitcoin
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Bitcoin ETFs surge 27% – How U.S. hedge funds are helping BTC’s rise
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  • 60% of U.S. hedge funds bought Bitcoin as BTC/USDT broke out.
  • Bitcoin ETFs ownership surged as the Fear and Greed index matched sub-$30K levels.

Bitcoin [BTC] has been gaining significant traction from governments, major financial institutions, and large traders known as whales. 

This growing acceptance is further supported by China’s potential move to lift its cryptocurrency ban. Globally, 60% of the largest US hedge funds have acquired Bitcoin exposure, as Quinten noted on X (formerly Twitter).

These firms included prominent firms like Citadel Investment Group, Millennium Management, Mariner Investment Group and Renaissance Technologies, all of which purchased Bitcoin ETFs in Q2 2024. 

This trend highlighted the increasing institutional support for Bitcoin and the overall crypto markets.

Source: Quinten/X

Bitcoin price action analysis 

Bitcoin (BTC/USDT) has recently broken out of a symmetrical wedge on the 4-hour chart and is now trading at $60,000. 

The price rise following the downturn on the 5th of August is largely due to institutional involvement, which has helped support this level. 

Source: TradingView

While some short-term pullbacks are expected, the $60K mark is a significant psychological level. Despite potential fluctuations, Bitcoin is likely to continue moving toward its all-time high.

Bitcoin ETFs surge as mining difficulty reduces

In Q2 2024, institutional ownership of Bitcoin ETFs surged by 27%. K33 Research reported that 262 new firms entered the U.S. spot Bitcoin ETF market, raising the total to 1,199 by the 30th of June. 

This increase reflected growing institutional confidence in digital currencies. As a result, Bitcoin is expected to reach a new all-time high by late 2024 or early 2025.

Source: K33 Research

Recently, Bitcoin mining difficulty decreased in its latest bi-weekly adjustment. This change affects how quickly new blocks are created and regulates Bitcoin’s supply. 

See also  Senator Ted Cruz introduces FLARE Act to repurpose flared gas for Bitcoin mining

The reduction in difficulty suggests a drop in overall computing power, allowing miners to keep the block creation rate steady even with less processing power.

Source: Blockchain.com

Market sentiment at same level when BTC was below $30K 

The market sentiment was reading fear at press time, per the Fear and Greed Index.


Read Bitcoin’s [BTC] Price Prediction 2024-25


The Fear & Greed index is at the same level as when Bitcoin was below $30,000, which led to a price rally up to and beyond the $45K.

In the event that other metrics remain progressive, the current price of BTC is a great zone to load up your positions. 

Source: Glassnode

Previous: PEPE surges 13% in 24 hours: Is the memecoin turning bullish again?
Next: Ethereum gas fees drop to five-year low: Is this good news for ETH?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • 60% of U.S. hedge funds bought Bitcoin as BTC/USDT broke out.
  • Bitcoin ETFs ownership surged as the Fear and Greed index matched sub-$30K levels.

Bitcoin [BTC] has been gaining significant traction from governments, major financial institutions, and large traders known as whales. 

This growing acceptance is further supported by China’s potential move to lift its cryptocurrency ban. Globally, 60% of the largest US hedge funds have acquired Bitcoin exposure, as Quinten noted on X (formerly Twitter).

These firms included prominent firms like Citadel Investment Group, Millennium Management, Mariner Investment Group and Renaissance Technologies, all of which purchased Bitcoin ETFs in Q2 2024. 

See also  1B USDT minted: What does this mean for Bitcoin?

This trend highlighted the increasing institutional support for Bitcoin and the overall crypto markets.

Source: Quinten/X

Bitcoin price action analysis 

Bitcoin (BTC/USDT) has recently broken out of a symmetrical wedge on the 4-hour chart and is now trading at $60,000. 

The price rise following the downturn on the 5th of August is largely due to institutional involvement, which has helped support this level. 

Source: TradingView

While some short-term pullbacks are expected, the $60K mark is a significant psychological level. Despite potential fluctuations, Bitcoin is likely to continue moving toward its all-time high.

Bitcoin ETFs surge as mining difficulty reduces

In Q2 2024, institutional ownership of Bitcoin ETFs surged by 27%. K33 Research reported that 262 new firms entered the U.S. spot Bitcoin ETF market, raising the total to 1,199 by the 30th of June. 

This increase reflected growing institutional confidence in digital currencies. As a result, Bitcoin is expected to reach a new all-time high by late 2024 or early 2025.

Source: K33 Research

Recently, Bitcoin mining difficulty decreased in its latest bi-weekly adjustment. This change affects how quickly new blocks are created and regulates Bitcoin’s supply. 

The reduction in difficulty suggests a drop in overall computing power, allowing miners to keep the block creation rate steady even with less processing power.

Source: Blockchain.com

Market sentiment at same level when BTC was below $30K 

The market sentiment was reading fear at press time, per the Fear and Greed Index.


Read Bitcoin’s [BTC] Price Prediction 2024-25


The Fear & Greed index is at the same level as when Bitcoin was below $30,000, which led to a price rally up to and beyond the $45K.

See also  Iris Energy Boosts Bitcoin Mining Capacity to 6 EH/s, Eyes 20 EH/s Milestone by H2 2024 

In the event that other metrics remain progressive, the current price of BTC is a great zone to load up your positions. 

Source: Glassnode

Previous: PEPE surges 13% in 24 hours: Is the memecoin turning bullish again?
Next: Ethereum gas fees drop to five-year low: Is this good news for ETH?
Tags: BitcoinBTCsETFsfundshedgehelpingriseSurgeU.S

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