{"id":575555,"date":"2024-02-17T00:00:59","date_gmt":"2024-02-17T00:00:59","guid":{"rendered":"https:\/\/ktsl888.com\/?p=575555"},"modified":"2024-06-11T07:06:15","modified_gmt":"2024-06-11T07:06:15","slug":"bitcoin-etfs-threaten-golds-dominance-as-digitalization-trends-gain-momentum","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-etfs-threaten-golds-dominance-as-digitalization-trends-gain-momentum\/","title":{"rendered":"Bitcoin ETFs Threaten Gold’s Dominance As Digitalization Trends Gain Momentum"},"content":{"rendered":"

In just over a month since their <\/span>approval <\/span><\/a>by the US Securities and Exchange Commission (SEC), Bitcoin ETFs have swiftly gained traction in the market, posing a formidable challenge to the long-standing dominance of gold ETFs.<\/span><\/p>\n

Bitcoin ETFs Gain Ground on Gold ETFs<\/span><\/h2>\n

The rapid rise of Bitcoin ETFs has led to a convergence in asset values, with BTC ETFs closing the gap with<\/span> gold ETFs<\/span><\/a>. Bitcoin ETFs hold approximately $37 billion in assets after only 25 trading days, while gold ETFs have accumulated $93 billion in over 20 years of trading.\u00a0<\/span><\/p>\n

\"Bitcoin
Total Bitcoin spot ETF inflows and net assets as of February 16. Source: SoSo Value<\/a><\/figcaption><\/figure>\n

In this regard, Bloomberg’s Senior Commodity Strategist, Mike McGlone, emphasizes the shifting landscape, stating, “Tangible Gold is Losing Luster to Intangible Bitcoin.”\u00a0<\/span><\/p>\n

According <\/span><\/a>to McGlone, the US stock market’s continued resilience, the US currency’s strength, and 5% interest rates have presented headwinds for gold. Moreover, as the world increasingly embraces digitalization, the emergence of Bitcoin ETFs in the United States adds further competition to the precious metal.<\/span><\/p>\n

Related Reading: Investment Firm Forced To Sell XRP Worth $2.5 Million: Here\u2019s Why<\/a><\/div>\n

McGlone further states that while the bias for gold prices remains upward, investors who solely focus on gold may risk falling behind potential paradigm-shifting <\/span>digitalization <\/span><\/a>trends.\u00a0<\/span><\/p>\n

Ultimately, McGlone suggests that investors should consider diversifying their portfolios by incorporating Bitcoin or other digital assets to stay ahead in the evolving investment landscape.<\/span><\/p>\n

Bitcoin Rally Driven By Institutional Demand\u00a0<\/span><\/h2>\n

The success of Bitcoin ETFs is further demonstrated by recent data suggesting that the upward trend in Bitcoin prices is driven primarily by institutional demand. At the same time, retail participation appears to be declining.<\/span><\/p>\n

According <\/span><\/a>to analyst Ali Martinez, as the price of Bitcoin continues to hover between $51,800 and $52,100, there has been a noticeable decrease in the creation of new Bitcoin addresses daily, indicating a lack of retail participation in the current bull rally and highlighting the growing influence of institutional investors in the cryptocurrency market.<\/span><\/p>\n

\"Bitcoin
The decline in new BTC addresses since January. Source: @ali_charts on X<\/a><\/figcaption><\/figure>\n

However, market expert Crypto Con <\/span>points out<\/span><\/a> a significant shift in Long-Term Bitcoin holder positions, signaling a potential downside movement.\u00a0<\/span><\/p>\n

Related Reading: VeChain Rules Top 100 Crypto List With 67% Rally Ahead Of Major Announcement<\/a><\/div>\n

As seen in the chart below shared by Crypto Con, the position change line crossed below -50.00 for the first time in over a year, a pattern that has historically occurred at critical moments in Bitcoin’s<\/span> market cycles<\/span><\/a>. These moments include the cycle bottom, mid-top (which occurred only once), and the start\/end of a cycle top parabola (which occurred most frequently).<\/span><\/p>\n

\"Bitcoin
BTC holder’s net position change. Source: @CryptoCon_ on X<\/a><\/figcaption><\/figure>\n

According to Crypto Con, this recent shift in long-term holder positions raises two possible scenarios: a mid-top or an imminent parabolic movement. Such a movement at this stage in the cycle is considered unusual.\u00a0<\/span><\/p>\n

Primarily, it indicates that long-term Bitcoin holders are exiting their positions in significant numbers, possibly anticipating a market <\/span>correction <\/span><\/a>or a change in the overall trend.<\/span><\/p>\n

Overall, the shift in Bitcoin holder positions and the decline in retail participation present contrasting dynamics in the current market landscape. While institutional demand continues to drive the price of Bitcoin higher, long-term holders appear to be taking profit or adjusting their positions.\u00a0<\/span><\/p>\n

\"BTC
BTC’s sideways price action in the past 24 hours on the daily chart. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

While BTC is currently trading at $51,800, it remains to be seen what the direction of the next move will be and how institutions will continue to influence the price action of the largest cryptocurrency as spot Bitcoin ETFs gain traction.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

In just over a month since their approval by the US Securities and Exchange Commission (SEC), Bitcoin ETFs have swiftly gained traction in the market, posing a formidable challenge to the long-standing dominance of gold ETFs. Bitcoin ETFs Gain Ground on Gold ETFs The rapid rise of Bitcoin ETFs has led to a convergence in asset values, with BTC ETFs closing the gap with gold ETFs. Bitcoin ETFs hold approximately $37 billion in assets after only 25 trading days, while gold ETFs have accumulated $93 billion in over 20 years of trading.\u00a0 In this regard, Bloomberg’s Senior Commodity Strategist, Mike McGlone, emphasizes the shifting landscape, stating, “Tangible Gold is Losing Luster to Intangible Bitcoin.”\u00a0 According to McGlone, the US stock market’s continued resilience, the US currency’s strength, and 5% interest rates have presented headwinds for gold. Moreover, as the world increasingly embraces digitalization, the emergence of Bitcoin ETFs in the United States adds further competition to the precious metal. Related Reading: Investment Firm Forced To Sell XRP Worth $2.5 Million: Here\u2019s Why McGlone further states that while the bias for gold prices remains upward, investors who solely focus on gold may risk falling behind potential paradigm-shifting digitalization trends.\u00a0 Ultimately, McGlone suggests that investors should consider diversifying their portfolios by incorporating Bitcoin or other digital assets to stay ahead in the evolving investment landscape. Bitcoin Rally Driven By Institutional Demand\u00a0 The success of Bitcoin ETFs is further demonstrated by recent data suggesting that the upward trend in Bitcoin prices is driven primarily by institutional demand. At the same time, retail participation appears to be declining. According to analyst Ali Martinez, as the price of Bitcoin continues to hover between $51,800 and $52,100, there has been a noticeable decrease in the creation of new Bitcoin addresses daily, indicating a lack of retail participation in the current bull rally and highlighting the growing influence of institutional investors in the cryptocurrency market. However, market expert Crypto Con points out a significant shift in Long-Term Bitcoin holder positions, signaling a potential downside movement.\u00a0 Related Reading: VeChain Rules Top 100 Crypto List With 67% Rally Ahead Of Major Announcement As seen in the chart below shared by Crypto Con, the position change line crossed below -50.00 for the first time in over a year, a pattern that has historically occurred at critical moments in Bitcoin’s market cycles. These moments include the cycle bottom, mid-top (which occurred only once), and the start\/end of a cycle top parabola (which occurred most frequently). According to Crypto Con, this recent shift in long-term holder positions raises two possible scenarios: a mid-top or an imminent parabolic movement. Such a movement at this stage in the cycle is considered unusual.\u00a0 Primarily, it indicates that long-term Bitcoin holders are exiting their positions in significant numbers, possibly anticipating a market correction or a change in the overall trend. Overall, the shift in Bitcoin holder positions and the decline in retail participation present contrasting dynamics in the current market landscape. While institutional demand continues to drive the price of Bitcoin higher, long-term holders appear to be taking profit or adjusting their positions.\u00a0 While BTC is currently trading at $51,800, it remains to be seen what the direction of the next move will be and how institutions will continue to influence the price action of the largest cryptocurrency as spot Bitcoin ETFs gain traction. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":575556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,485,532,91472,90555,91160,9960,656,679,755,1119,1144,8390,78790,6664,1558,10081,6217],"class_list":["post-575555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-etf","tag-bitcoin-etf-inflows","tag-bitcoin-etf-news","tag-bitcoin-etf-rally","tag-bitcoin-etfs","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-cryptocurrency","tag-gold-etf","tag-latest-bitcoin-news"],"acf":[],"yoast_head":"\nBitcoin ETFs Threaten Gold's Dominance As Digitalization Trends 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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