Latest news with #Dragosch
Yahoo
07-05-2025
- Business
- Yahoo
Here's Why Many Crypto Industry Insiders Think Bitcoin Could Reach $1 Million by 2029
Key Points The supply of Bitcoin available for purchase is tighter than it looks. Institutional investors and major businesses are loading up on the crypto. Some crypto industry executives are forecasting stunning price gains. 10 stocks we like better than Bitcoin › Bitcoin (CRYPTO: BTC) doesn't need to reinvent itself to get to $1 million, it just needs to continue getting scarcer than it is today, when its price is near $95,000 per coin. If investors and institutions keep showing up with new capital while new supply continues to be harder to come by, its price is more likely to go up than it is to go down over the long term. At least, that's the case being made by a growing number of people in the crypto industry who think the $1 million milestone is closer than most expect. On May 1, another high-profile prediction was made, this time by Bitwise Asset Management's head of European research, Andre Dragosch, who anticipates Bitcoin reaching that target by 2029. But what exactly are Dragosch and others seeing that has them targeting seven figures for the coin's price in the next few years? Source: Getty Images. Supply is contracting faster than it seems Per Bitcoin's protocol, there can only ever be 21 million coins mined. As of now, about 94% of the possible supply has already been mined. After the protocol's most recent halving in April 2024, the daily quantity of new supply being created is just 450 bitcoins. But that figure overstates the supply that's actually available for purchasing. About 20% of all Bitcoin is thought to be lost, forgotten, or otherwise inaccessible due to people losing their cryptowallet credentials. Meanwhile, the market includes ongoing purchasing of the coin by corporate treasuries, asset managers sponsoring exchange-traded funds (ETFs), and perhaps soon governments. After all that, the amount of Bitcoin that could reasonably be bought or sold on the open market dwindles quickly, and no large holders have publicly committed to exiting their positions anytime soon. And why does the floating supply of Bitcoin matter, if any holder can instantaneously increase it by opting to sell some of their coins to the market? Because it is float, not the total supply outstanding, which tends to drive prices in real markets. If you're trying to buy something and hardly anyone's selling it, your only option is to offer to pay more and more until a holder is enticed to sell. The more this dynamic holds, the more pressure it places on price to adjust upward. And Bitcoin's ownership structure is increasingly concentrated in entities that are not likely to sell.
Yahoo
26-02-2025
- Business
- Yahoo
Bitcoin's Tuesday Bloodbath Was the Bottom, Analyst Says
The crypto market experienced a severe downturn on Tuesday, and according to many on-chain metrics marked a bottom in bitcoin's (BTC) price. The total crypto market capitalization hovered just above $2.7 trillion—marking a nearly $1 trillion wipeout since its peak in December 2024, according to TradingView data. Several indicators suggest that Tuesday's sell-off may have marked a local bottom. Andre Dragosch, Head of Research at Bitwise Europe, highlighted that the Crypto Asset Sentiment Index hit its lowest level since August, coinciding with the unwinding of the yen carry trade, which saw bitcoin make a bottom at around $49,000. "The Crypto Asset Sentiment Index just flashed a massive contrarian buy signal for Bitcoin. Widespread bearishness across flows, on-chain data, and derivatives suggests that downside risks are fairly limited. At these prices, the risk-reward outlook appears quite favorable," Dragosch noted. On Tuesday, investors lost $1.8 billion — the largest single-day realized loss since August — when the yen carry trade unwind resulted in $3.2 billion in realized losses, according to Glassnode data. Additionally, short-term holders, defined by Glassnode as investors who have held bitcoin for less than 155 days, sent 43,600 BTC ($3.9 billion) to exchanges at a loss— the highest level since August 2024. These metrics are crucial in identifying potential market bottoms, suggesting that bitcoin may be nearing a key turning point. Sign in to access your portfolio
Yahoo
18-02-2025
- Business
- Yahoo
Bitcoin Worth $1.6B Leave Exchanges in Biggest Bullish Outflow Since April: Research Analyst
On Wednesday, centralized exchanges registered a net outflow of over 17,000 BTC, worth more than $1.6 billion at the going market price of $98,600, according to Glassnode data shared by Andrew Dragosch, head of research Bitwise. That's the biggest single-day exodus of coins since April 2024. "Whales are buying this dip," Dragosch said on X, referring to the large outflow of coins. Investors typically take direct custody of coins when planning to hold them for the long term. Hence, a large outflow of exchanges is taken to represent bullish sentiment. Note that blockchain data, though widely used to assess market conditions, can be skewed by internal wallet transfers by exchanges. Coinbase alone processed net withdrawals of over 15,000 BTC, per Dragosch. Analysis by shows Coinbase on Wednesday split four addresses totaling over 20K BTC into 60 addresses, which hints at a possible major purchases by ETFs or MicroStrategy this week. "We have very high certainty that it is a cold wallet," Glassnode told CoinDesk. On-chain data compiled by CryptoQuant shows that all crypto exchanges had a cumulative negative netflow of 47K BTC on Wednesday, with 15.8K of that being attributed to Coinbase. Bitcoin fell below $96,800 during Wednesday's late U.S. trading hours only to turn higher early today after Eric Trump, the Son of President Donald Trump, encouraged the family-linked crypto platform World Liberty Financial to make its first bitcoin investment. UPDATE 14:40 UTC, Feb. 6: Adds quote from Glassnode. Sign in to access your portfolio
