Bitcoin ⚡️Action | Crypto News Feed

💰 Bitcoin’s Fundamentals Remain Strong Amid Market Volatility: Bitfinex Key factors like the steadfastness of long-term holders and the plunge in mining difficulty underscore Bitcoin’s foundational strength. While the crypto market is far from its March peak, analysts say the fundamentals of the Bitcoin network remain strong. According to the latest Bitfinex Alpha report, Bitcoin’s foundational strength is underscored by key factors like the steadfastness of long-term holders and the plunge in mining difficulty. These factors indicate that the network is positioned for future value appreciation. Source 🔊 @Bitcoin_Action ⚡️

🇭🇰 Hong Kong Bitcoin and Ether ETFs See $39M Outflows on Monday: Farside Investors The Hong Kong-listed spot bitcoin and ether exchange-traded funds (ETFs) saw heavy outflows on Monday following bitcoin’s drop below $61,000 on Friday. The spot bitcoin ETFs from issuers ChinaAMC, Harvest Global, as well as Bosera and Hashkey, saw a combined $32.7 million outflows on Monday, according to data from Farside Investors. This number is significantly higher than previous outflows, which hovered around the $6 million mark. Source 🔊 @Bitcoin_Action ⚡️

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💰 Bernstein argues bitcoin's 'flattish' price action is great for public miners Analysts at research and brokerage firm Bernstein aren’t worried about the “flattish” price action of bitcoin, arguing that it can be great for miners — when economics are driven by competitive hash-rate wars. “Bitcoin price action has been flattish, but we don't fear any major drawdown here,” Gautam Chhugani and Mahika Sapra wrote in a note to clients on Monday. Source 🔊 @Bitcoin_Action ⚡️

💰 Bitcoin ETFs Holding Now Accounts For 4.5% Of The Total Bitcoin Supply According to data from HODL15Capital, as of May 10, Bitcoin exchange-traded funds (ETFs) worldwide collectively held 949,756 Bitcoins. The Bitcoin ETFs holding is constituting 4.5% of the total Bitcoin supply. U.S.-based spot Bitcoin ETFs acquired 1,318 Bitcoins throughout the week, with GBTC experiencing outflows. Glassnode highlighted that Bitcoin reached a pivotal phase three months ahead of Ethereum, with the news surrounding ETFs significantly impacting this acceleration. Source 🔊 @Bitcoin_Action ⚡️

💰 Grayscale Bitcoin ETF Continues To See Negative Outflows Of Over $100 Million According to data from SoSoValue, on May 10, total net outflows from spot Bitcoin ETFs amounted to $84.6581 million. This marks the second consecutive day of outflows for Bitcoin ETFs, with Grayscale Bitcoin ETF reporting an additional $103 million in outflows on Friday. In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) experienced an inflow of $12.4363 million, and Fidelity’s FBTC saw $5.3039 million flowing in. Source 🔊 @Bitcoin_Action ⚡️

💰 Bitcoin Is In a 'Bore You to Death' Phase, but Bottom Could Be Close, Analysts Say Crypto markets are stuck in a lull with digital assets consolidating for the last few weeks, testing investors conviction whether the bull market will resume. All attempts for a sustained rally over the past weeks have been sold off, the latest instance coming Friday with bitcoin (BTC) tumbling nearly 5% from $63,000 to just above $60,000 amid discouraging inflation expectations and hawkish commentary from Federal Reserve policymakers. Source 🔊 @Bitcoin_Action ⚡️

💰 Bitcoin options traders bet price could surpass all-time high by end of June, analyst says Based on recent options data from Binance, bitcoin open interest is concentrated at a strike price of $75,000 for the end-of-June expiry, an analyst said. According to Ruslan Lienkha, the chief of markets at Cyprus-based exchange YouHodler, the open interest concentration focuses on bitcoin's all-time high. Bitcoin reached its all-time high of over $73,000 in the middle of March, according to The Block's Price Page. Source 🔊 @Bitcoin_Action ⚡️

🇺🇸 US Bancorp, Rothschild firm disclose spot 💰 Bitcoin ETF purchases of roughly $20 million in Q1 US Bancorp disclosed spot Bitcoin ETF investments worth over $15 million on May 8. The company revealed it purchased roughly 87,744 shares of Fidelity’s FBTC worth $5.4 million, 46,011 shares of Grayscale’s GBTC worth $2.9 million, and 178,567 shares of BlackRock’s IBIT worth $7.2 million. The company’s total investments stood at $71.8 billion, based on its latest 13F filing. US Bancorp is among the largest bank holding companies in the US, with over $663 billion in AUM at the end of 2023. Source 🔊 @Bitcoin_Action ⚡️

💰 Post-Halving, Bitcoin Difficulty Drops Significantly; Hashrate Dips Below 600 EH/s The Bitcoin network experienced its second difficulty adjustment post-halving and the most significant reduction this year. Additionally, the network’s total hashrate fell below the 600 exahash per second (EH/s) mark for the first time since late March. Over the forthcoming two weeks, Bitcoin miners will see some respite as the difficulty level has decreased by 5.62%, moving from 88.10 trillion to the present 83.15 trillion. This change marks the most substantial reduction in 2024 and came after the halving on April 19, 2024. Source 🔊 @Bitcoin_Action ⚡️