NEW: Cathie Wood says $600,000 Bitcoin is the base case but could go higher because of scarcity, institutional adoption and a spot bitcoin ETF
Source: Bitcoin archive
For the first time in years, crypto markets are beginning to see tons of new liquidity
Since November 2022, crypto markets have added $600 billion in value. That's a +75% jump in one year while Bitcoin is up +120% over the last year. This comes after years of consistent outflows from crypto markets. Source: The Kobeissi Letter
Another Uptober for Bitcoin. Largest cryptocurrency gained 28% in Oct, most since Jan2023
Source: Bloomberg, HolgerZ
BlackRock's iShares Bitcoin Trust is now re-listed on the Depository Trust & Clearing Corporation $IBTC
Source: Bitcoin magazine
Blockchain data shows a record 76% of bitcoin is owned by ‘long-term hodlers’ who have not moved their coins in +155 days
Source: Documenting Bitcoin, Ark Invest, Glassnode
Chartr on bitcoin volatility
For the most prominent cryptocurrency, the chaos of the 2020-2022 era seems long gone. Bitcoin, which was often criticized for being too volatile, hasn’t seen a daily gain or loss of more than 10% this year. That's in stark contrast to 2022 and 2021 when it swung outside this range 9 and 11 times, respectively. All told, the price of Bitcoin has risen more than 60% this year, despite the continued crackdown on major exchanges such as Binance and Coinbase. But, even though Bitcoin is looking a little bit more stable, enthusiasm for the sector more broadly looks to have vanished, with venture capital funding for crypto companies and projects falling to a 3-year low.
New record bitcoin hashrate!
420,000,000,000,000,000,000x per second Source: Documenting bitcoin
Crypto VC Firm Blockchain Capital Raises $580 Million
Crypto-focused Blockchain Capital has raised $580 million across two new funds, one of the biggest raises for the asset class this year and the largest for the venture firm in its 10-year history.
Blockchain Capital, which has an existing $2 billion in assets under management, will use the fresh capital to back crypto startups in areas including decentralized finance and gaming as well as infrastructure, general partner Kinjal Shah said in an interview with Bloomberg News.
Source: Bloomberg
