Bitcoin Regains $66K Following Bullish ETF Data

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(CoinDesk)

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Bitcoin (BTC) surpassed $66,000 early Friday, reversing Thursday’s slide below $65,000. At the time of writing, it was priced around $66,440, up 0.4% from 24 hours ago, while the CoinDesk 20 Index (CD20), which provides a measure of the broader digital asset market, was up about 1.4%. Inflows into spot Bitcoin ETFs turned positive again this week, posting gains for four consecutive days. This week we also witnessed several large institutional players announcing large amounts of their BTC ETF holdings. For example, Morgan Stanley announced yesterday that it invested $269.9 million in Grayscale’s GBTC.

Ether may have underperformed other major digital assets this year, but Coinbase says it has the potential to surprise on the upside. The exchange noted in a research report this week that Ether does not have a significant source of supply on the supply side. “On the contrary, both staking and layer 2 growth have proven to be meaningful and growing sinks of ETH Liquidity,” analyst David Han wrote. “It is also unlikely in our view that ETH’s position as the center of DeFi will change due to the widespread adoption of EVM and its layer 2 innovations.” Coinbase also noted that the potential for spot US ETH ETFs to be approved cannot be overstated.

Fantom blockchain’s FTM has been one of the best-performing non-meme tokens of the past week as the market looks favorably on the rollout of the Sonic upgrade and increases in the total value locked on the protocol. According to CoinDesk Index data, FTM is up 13% over the past seven days to around 81 cents, while CD20 is just 1.5% higher. Over the past few weeks, the Fantom Foundation has released its latest upgrade, Sonic, which is expected to increase processing speeds to 2,000 transactions per second with an accuracy of 1.1 seconds. On-chain data shows this figure is slightly above last month’s 2.5 TPS.

Painting of the Day

(Glass knot)

The chart shows Bitcoin’s “hodler net position change,” which measures the net buying/selling activity of addresses that have held the cryptocurrency for six months or more.

The indicator turned positive for the first time since December and sign holders became net buyers.

Source: Glassnode

-Omkar Godbole

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