Latest news with #SoSoValue
Yahoo
31-05-2025
- Business
- Yahoo
XRP Falls Below 200-day Average, Bitcoin Dips to $105K as Traders Eye Core PCE
The crypto market mood was sombre Friday, with XRP XRP losing key support alongside losses in market leader bitcoin and other major tokens, as traders awaited the Fed's preferred inflation measure, the core PCE. Payments-focused XRP dipped below the 200-day simple moving average (SMA) for the first time since April 10, indicating a strengthening of downward momentum. Prices fell below $2.20, registering 4.6% losses on a 24-hour basis, according to data source TradingView. The decline followed reports of increasing demand for XRP as a corporate Treasury asset. Prices for BTC, the premier digital asset by market value, briefly fell below $105,000 during European hours, extending overnight losses to trade nearly 3% lower on a 24-hour basis. BTC's losses followed a $358 million net outflow from the 11 spot bitcoin exchange-traded funds (ETFs) Thursday, their first since May 13 and highest single-day tally since March 11, according to data source SoSoValue. Renewed trade war fears also weighed over the sentiment. Other majors, such as ETH, SOL, and DOGE, posted larger losses, with smaller tokens like OP, ARB, BONK, and PEPE falling by over 10% each, according to data source Coingecko. Consumer prices, represented by the personal consumption expenditure index, rose 0.15% on a monthly basis in April, bringing the annual inflation rate down to 2.2% from 2.3% in March, according to economists surveyed by FactSet. The core PCE, the Fed's preferred inflation measure, which excludes volatile food and energy prices, is forecast to have risen 0.12% on a monthly basis and 2.5% on an annual basis. Another good month for inflation could raise Fed rate cut bets, boding well for BTC and other assets. "All eyes now turn to the Core PCE data due today, which could reignite bullish sentiment if inflation shows signs of easing," Valentin Fournier, Lead Research Analyst at BRN, said in an email.
Yahoo
21-05-2025
- Business
- Yahoo
Sell in May? Bitcoin Tops $107K, Could Hit Record Highs This Summer Say Analysts
"Sell in May and go away," goes the Wall Street adage for equity markets every summer. For bitcoin BTC, though, some analysts say this season could mark a break from tradition. "As we get into the European summer months, the sense is it's more likely a case of 'buy in May and go away' than any significant headwinds or selling pressure," said Paul Howard, director at crypto trading firm Wincent in a market note. A confluence of positive regulatory developments around digital assets in the U.S. and increasing institutional buying both via exchange-traded funds and spot allocation is poised to push BTC higher in the next months, Howard said. U.S.-traded spot bitcoin ETFs, for example, pulled in $667 million in net inflows on Monday with BTC pausing just below its January record, underscoring persistent demand, he noted. The vehicles attracted $3.3 billion in May, per SoSoValue. On top of that, there's been a flurry of companies joining Michael Saylor's Strategy (MSTR) adding bitcoin to their treasury, financed by debt and stock issuances. "As we edge closer to a $4 trillion market cap for digital assets, we will see BTC cross all-time-highs in the coming weeks," Howard said. The total crypto market cap currently stands at around $3.3 trillion, per TradingView data. Historically, summer months have been slow for crypto assets, but macro and political forces are also converging in ways that could disrupt the typical seasonal lull, analysts at crypto analytics firm Kaiko pointed out. The Federal Reserve's next interest rate decision in June will precede Donald Trump's July 9 tariff deadline for trade partners, both of which could trigger market-wide volatility, the report said. Bitcoin options markets are already flashing signs of investor anticipation, Kaiko analysts said. Strike prices at $110,000 and $120,000 for the June 27 expiry have drawn heavy volume, suggesting bets on BTC making a record-breaking move, the report noted. Bitcoin briefly topped $107,000 during the Tuesday session, gaining 1.2% over the past 24 hours and trading just 2% below its January record high.
Yahoo
18-05-2025
- Business
- Yahoo
Over $5B Pouring into Bitcoin ETFs – Thanks to Bold Directional Bets
Billions of dollars have flowed into the U.S.-listed spot bitcoin BTC exchange-traded funds (ETFs) in recent weeks, as the cryptocurrency chalked out a sharp recovery rally from $75,000 to $100,000. Most of the investment is likely driven by bold, strategic bullish directional bets rather than market-neutral arbitrage plays, data analysis suggests. The 11 spot ETFs drew in $2.97 billion in investor money in April, with an additional $2.64 billion flowing in so far this month, according to data source SoSoValue. That has boosted the net inflow since inception in January 2024 to over $41 billion. Institutions have historically used these ETFs to set up non-directional arbitrage plays to profit from price discrepancies between futures and spot bitcoin markets. The so-called cash and carry arbitrage involves buying ETFs while simultaneously selling the CME futures to pocket the futures premium while bypassing price direction risks. But inflows since early April seem driven by bullish directional bets, not arbitrage plays. That's reflected in the Commitment of Traders (COT) report published by the Commodities Futures Trading Commission (CFTC) every week. The data shows leveraged funds, typically hedge funds and various types of money managers, including registered commodity trading advisors, have trimmed their net shorts to 14,139 contracts from 17,141 contracts in early April, according to data tracked by Tradingster. The number of shorts would have risen if carry trades had primarily driven the net inflows. "CFTC data shows leveraged funds didn't significantly increase short positions, indicating most flows were directional bets, not arbitrage," Imran Lakha, founder of Options Insight, in a blog post published on Deribit. The shift in the nature of inflows in the ETFs suggests large players are increasingly using the ETFs to express a clear market outlook on bitcoin's future direction. Bitcoin last changed hands at $102,700 at press time, according to CoinDesk data. Sign in to access your portfolio
Yahoo
17-05-2025
- Business
- Yahoo
Over $5B Pouring into Bitcoin ETFs – Thanks to Bold Directional Bets
Billions of dollars have flowed into the U.S.-listed spot bitcoin BTC exchange-traded funds (ETFs) in recent weeks, as the cryptocurrency chalked out a sharp recovery rally from $75,000 to $100,000. Most of the investment is likely driven by bold, strategic bullish directional bets rather than market-neutral arbitrage plays, data analysis suggests. The 11 spot ETFs drew in $2.97 billion in investor money in April, with an additional $2.64 billion flowing in so far this month, according to data source SoSoValue. That has boosted the net inflow since inception in January 2024 to over $41 billion. Institutions have historically used these ETFs to set up non-directional arbitrage plays to profit from price discrepancies between futures and spot bitcoin markets. The so-called cash and carry arbitrage involves buying ETFs while simultaneously selling the CME futures to pocket the futures premium while bypassing price direction risks. But inflows since early April seem driven by bullish directional bets, not arbitrage plays. That's reflected in the Commitment of Traders (COT) report published by the Commodities Futures Trading Commission (CFTC) every week. The data shows leveraged funds, typically hedge funds and various types of money managers, including registered commodity trading advisors, have trimmed their net shorts to 14,139 contracts from 17,141 contracts in early April, according to data tracked by Tradingster. The number of shorts would have risen if carry trades had primarily driven the net inflows. "CFTC data shows leveraged funds didn't significantly increase short positions, indicating most flows were directional bets, not arbitrage," Imran Lakha, founder of Options Insight, in a blog post published on Deribit. The shift in the nature of inflows in the ETFs suggests large players are increasingly using the ETFs to express a clear market outlook on bitcoin's future direction. Bitcoin last changed hands at $102,700 at press time, according to CoinDesk data.
Yahoo
05-05-2025
- Business
- Yahoo
Bitcoin Could Slide to $90K as BTC Traders Eye Fed Meeting
Bitcoin (BTC) slipped below $95,000 on Monday, with traders now eyeing a possible retreat to $90,000 or lower amid growing macro uncertainty and a shift in market focus to this week's Federal Reserve meeting. The pullback follows a strong two-week rally, during which BTC briefly pushed past $98,000, drawing in retail interest and institutional flows. However, some analysts are flagging a confluence of technical and macro risks that could further pressure prices. 'We're back at a key resistance zone that acted as support from December to February,' said FxPro's Alex Kuptsikevich in an email to CoinDesk. 'The next downside targets are $92,500 and $89,000. A clean break below $90,000 would be technically and psychologically damaging, taking us under the 200-day moving average.' Traders eye developments in ongoing U.S.-China tariff talks, which can tend to heavily influence bitcoin prices, and await the Federal Reserve's policy meeting later this week. The Fed is widely expected to leave rates steady on Wednesday, but traders will monitor comments for economic projections and clarity on future rate cuts. 'The combination of solid data and hopes of easing trade tensions helped markets rebound from the post-Liberation Day selloff,' Singapore-based QCP Capital noted in a morning brief. 'But with earnings season winding down, the focus now shifts to the Fed and U.S.–China trade developments. Although PCE data shows that inflationary pressures are easing, heightened import tariffs risk reigniting price instability. The key question remains whether the Fed will continue to resist political pressure from Trump to cut rates or consider a shift in stance,' QCP added. Despite the short-term pullback, spot bitcoin ETFs continue to draw inflows. Net inflows last week totaled $1.81 billion, according to SoSoValue. However, on-chain indicators suggest caution may be warranted. Glassnode flagged that the cumulative unrealized gains for long-term bitcoin holders have reached nearly 350%, a level that historically precedes periods of heavy profit-taking. Meanwhile, Santiment data shows meme coin chatter hit a 2025 peak in recent weeks — a sign that traders may be cycling back into higher-risk bets after months of rotation into majors and ETFs. But the shift hasn't translated into sustained upside across the board. GORK, a memecoin tied to an AI chatbot parody account recently referenced by Elon Musk, failed to extend gains despite the high-profile attention — suggesting that celebrity-driven pumps may be losing steam in the current environment, as reported in Monday's Crypto Daybook. Sign in to access your portfolio
