In January 2024, leading private equity firm Blackstone announced it was building a $25 billion AI data empire. A few months later, OpenAI and Microsoft followed suit with a proposition to build Stargate, a $100 billion AI supercomputer that will launch the company to the forefront of the AI revolution. Of course, this is not The post AI Chip Deficit – Alternatives to Nvidia GPUs appeared first on The Daily Hodl .
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Bitcoin ETF Inflows Jump To $235 Million – Is The Bull Market Heating Up?
Bitcoin’s exchange-traded funds (ETFs) are once again generating headlines due to an extraordinary increase in inflows. An investment of $235.2 million in Bitcoin ETFs occurred on October 8, indicating a substantial increase in investor appetite. This surge, based on data from Farside Investors, follows a relatively uneventful beginning to the month, but it indicates a resurgence in investor confidence in the cryptocurrency market. Related Reading: Shiba Inu Earns Recognition For Charitable Contributions – Impact On Price Fidelity And BlackRock Lead The Way This was led by Fidelity’s Bitcoin ETF (FBTC) with a $103.7 million inflow. iShares Bitcoin Trust (IBIT), managed by BlackRock, received $97.9 million of inflows. Bitwise ETF BITB and ARK Invest ETF Arkb also joined with $13.1 million and $12.6 million respectively. The combined trading volume of all Bitcoin ETFs steadily grew to over a cool $1.22 billion up from just the other day. Given the erratic Bitcoin values, the comeback in ETF inflows is especially remarkable. Bitcoin was trading at roughly $62,485 at the time of writing, somewhat declining from its previous high of $66,000 to show some bearish pressure. Notwithstanding the recent price drop, the strong demand for Bitcoin ETFs shows that institutional investors are ready to profit from possible future increases. Bitcoin Edges Ethereum ETFs Unlike the optimistic sentiment connected with Bitcoin ETFs, Ethereum’s ETFs tell a different story: Ethereum exchange-traded funds (ETFs) were on low inflows of $7.4 million on October 6 and had no new activity on October 7. This stagnation is quite different from the active movement within Bitcoin ETFs. Analysts point out that this difference could point to changing investor tastes or worries on Ethereum’s market dynamics. The lack of inflows into Ethereum ETFs brings even more questions about whether, at present, there is any better overall market sentiment toward altcoins. Investor interest in Ethereum has subsided somewhat, as indicated, though the phenomenon of Bitcoin draws enormous volumes of institutional capital. Market Sentiment And Future Outlook Recent increases in Bitcoin ETF inflows reflect the direction of a larger market trend resulting from conjecture over possible Federal Reserve rate reduction. Many investors think this move will strengthen the market and keep prices on the ascent. If history has anything to teach us, it is that such financial easing usually encourages additional investment in risk assets including cryptocurrency. Related Reading: BlackRock Declares Bitcoin The New ‘Gold Alternative’ – Here’s Why Bloomberg analyst Eric Balchunas emphasizes that, given the excellent performances of both FBTC and IBIT, they are going to be very important for the future of Bitcoin ETFs. They may even touch “stud level” with over $10 billion in assets under management. And by the end of 2024 in the fourth quarter, this institutional interest is on the rise which may well bring us the bull run. Ethereum’s ETFs are presently experiencing stagnation, despite the fact that Bitcoin ETFs are experiencing a resurgence that is characterized by significant inflows and increased trading volumes. Investors are closely monitoring the market as they prepare for potential changes that may result from evolving market dynamics and changes in monetary policy. As they jointly navigate these turbulent waters, the next few weeks will be critical for both Bitcoin and Ethereum. Featured image from Zerocap, chart from TradingView The Daily Hodl
Critical Moment For Bitcoin: Analyst Reveals Key Psychological Turning Point
The recent Bitcoin price action appears to have caught the attention of market analysts, with a particular focus on its positioning between key psychological levels. A CryptoQuant analyst under the pseudonym “datascope” recently posted on the CryptoQuant QuickTake platform, providing an in-depth analysis of Bitcoin’s current price movements. The analyst highlighted that Bitcoin is at a critical psychological turning point, where market sentiment could shift towards optimism or pessimism based on its trajectory. Related Reading: Bitcoin Supply In Loss Nears 20%: Could This Trigger A Fresh Surge? Bitcoin Historical Patterns Suggest Optimism Could Persist According to datascope, Bitcoin’s price, which currently trades just above $62,000 is sitting in a range where historical data suggests that the market participants’ outlook can sway in either direction, depending on whether they are in profit. The analyst further explained that as long as Bitcoin stays within this critical range, the chances of a significant price decline are minimal. This “zone of optimism” range has been a determining factor in previous bull markets, most notably in 2016 and 2020. The CryptoQuant analyst emphasized that the “Supply in Profit” metric, which measures the portion of Bitcoin’s circulating supply held by investors who are in profit, is a vital indicator in understanding market sentiment. In the past, whenever a significant portion of Bitcoin’s supply was in profit, it resulted in an optimistic outlook, supporting the price to push higher. Bitcoin’s current position within this zone of optimism suggests that a continued rally could be in store if the price maintains stability. #Bitcoin at a Critical Psychological Turning Point “Bitcoin’s price is sitting at a psychologically important level. Historically, when prices stayed within this range, the market continued its upward trend.” – By @0xDataScope Read more ????https://t.co/q6FzjuhRHS pic.twitter.com/ouZIuztaJd — CryptoQuant.com (@cryptoquant_com) October 9, 2024 Looking back at historical bull markets, the analyst pointed out that during the bull runs of 2016 and 2020, Bitcoin maintained its position between a psychological turning point and the optimism zone, allowing the market to enter a sustained upward trend. Key Indicators To Watch Moving Forward In addition to the “Supply in Profit” metric, the CryptoQuant analyst suggests monitoring the overall market sentiment and Bitcoin’s price movements in the coming days. Should Bitcoin stay within this critical psychological range, it is less likely to experience a significant price drop. However, if Bitcoin fails to hold this zone and breaks below, market sentiment could turn bearish, leading to a further price decline. Related Reading: Bitcoin Whales Are Going Through A ‘Generational’ Shift, CryptoQuant CEO Reveals The analysis suggests that Bitcoin’s current price behavior largely depends on market participants’ psychology, and this psychological turning point will likely dictate the next major move. Featured image created with DALL-E, Chart from TradingView The Daily Hodl