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Crypto Snapshot: Latest News and Trends  

By SYGNAL

📈 Market News:  

• Bitcoin ($BTC) surpassed $99,000 for the first time, driven by a surge in futures market activity during Asian trading. Analysts attribute this rally to post-election optimism about a more "crypto-friendly" administration. Ethereum ($ETH), Tether ($USDT), and Dogecoin ($DOGE) also gained traction as interest in the sector grows. (Forbes)
• The entire cryptocurrency market has surged 90% in 2024, marking a significant upward trend. (Forbes)   

💸 Money Flow:  

• ARK's Bitcoin ETF saw $267.3 million in inflows, while BlackRock's iShares Bitcoin Trust ETF options traded $1.9 billion on its first day, reflecting robust institutional interest in Bitcoin ($BTC). (CNBC)   

🌐 Adoption and Usage:  

• Acurx Pharmaceuticals announced plans to add up to $1 million in Bitcoin ($BTC) to its reserves, following in the footsteps of companies like MicroStrategy. (CNBC)   
• BlackRock’s iShares Bitcoin Trust ETF options began trading on Nasdaq, with a remarkable 73,000 contracts traded within the first hour. (CNBC)   

📜 Regulatory News:  

• Pennsylvania passed a Bitcoin Rights Bill and proposed a strategic reserve, though the move faces skepticism due to Bitcoin’s volatility. (Forbes)   

3. On-Chain Data

• Coinbase Premium: Positive✅
• Exchange Reserves: Extremely Low✅
• MVRV Ratio: 2,57 (cycle top above 3.7)✅
• Net Unrealized Profit/Loss (NUPL): 61 (cycle top above 75)✅
• Open Interest: Moderate👌
• Funding Rates: Moderate👌
• Fear and Greed Index: 83 (Extreme Greed)😱

Looking at the on-chain data, we can see that the market liquidity is on the rise as stablecoins like $USDT continue to grow and flow into exchanges👀

Since the U.S. Presidential election, $3.2 billion in $USDT has entered exchanges—marking the highest net flow since November 2021🤔

This surge in liquidity could pave the way for higher crypto prices in the coming weeks🚀

Crypto Market Pulse 👀

• Over the past 3 days, ETFs bought $2,3 Billion worth of $BTC 👀
• Over the past 3 days, ETFs bought $861 Million worth of $ETH 🤑
• Funding rates dropped after the initial push higher✅
• Exchange reserves continue to drop👌
• Below are liquidation heatmaps showing areas of interest🤔

Our bet is that we will go for the $95k liquidations first, push above $100k $BTC, trap more longs and then drop back down towards $80k. If we get this push up and we will see that the on-chain indicators are getting overheated, we will move 20-30% into $USDT to hedge our position for a potential correction.

$BTC keeps growing in value steadyly.

We are only witnessing the beginning stages of altseason.

Memecoins are flying, but we don't invest in memecoins.

We picked alts with real life functionality and are confident they will outperform $BTC (and $ETH ) on average in an altseason.

We are hoping for continued steady growth in this space, but if a blow-off top would arise once more, we are ready to take profits to $USDT and $PAXG and $BTC and $ETH.

📢 Update

BM Digital Assets Classification Standard (BM DACS)

As part of our regular review process, some assets have been added recently to @ICONOMI ,we have classified them according to our sector classification methodology.

The classification is reviewed periodically to keep pace with changes occurring in the crypto market and appropriate industry regulation.

After any update to any project, its classification will be modified based on the project’s white papers.

Radical changes:

◾We have modified our internal classification of the media and entertainment sector to include: content creation, gaming, music, sports, video, memes, social media platforms, search engines, prediction markets, gambling, non-fungible tokens, metaverse, augmented reality and virtual reality.

◾We have added a specific sector to keep pace with the changes taking place in the market: Asset-Backed Tokens

Asset-backed tokens are digital claims on a physical asset and backed by that asset.

Gold, crude oil, real estate, stocks, agricultural crops like coffee and cotton, or any other real or physical asset can be converted into a token and become an asset-backed token, or any digital claim to fiat currencies.

We will look at the outcome of the digitization of physical assets as part of this sector in the future, we look at the outcome of the process in this sector and not the ecosystem that supports the digitization of physical assets.

Currently: The assets listed on @ICONOMI that meet these criteria are $USDT, $USDC, $PAXG.

These tokens rely on trust from a third party, so be careful when holding one of these tokens.

You can take a look at our Digital Assets Classification Standard here.

Feel free to explore the changes and reach out if you have any questions or need further clarification.

We hope this helps you understand the crypto market in a simple way.

Thank you for your trust and continued support.

Best regards,

🔵The Strategist

@MomenJaradat