Bitcoin briefly tapped new all-time highs twice this week before retracing to slightly lower levels in price action reminiscent of the last two times the asset was approaching a breakout. In both cases this week, bitcoin quickly erased intraday losses – including a sudden 12% wick down on Tuesday afternoon that was a distant memory less than 24 hours later – on the back of another week of record ETF inflows. On the whole, the ETFs acquired ~8x new daily bitcoin issuance through the week, pushing collective AUM for the new vehicles above GBTC’s total assets for the first time. Bitcoin’s latest +10% weekly candle was coupled with more volatility in the banking sector, as troubled regional bank New York Community Bancrop – the 28th largest bank in the US by assets – saw its stock plunge nearly 50% on Wednesday before the announcement of a $1 billion rescue package by a private consortium. The stock immediately pared losses on the positive news, but is still down substantially on the month and YTD as concerns on loan delinquency and the commercial real estate backdrop persist. Meanwhile, the FDIC’s
Ten31 Timestamp 833,904
Ten31 Timestamp 833,904
Ten31 Timestamp 833,904
Bitcoin briefly tapped new all-time highs twice this week before retracing to slightly lower levels in price action reminiscent of the last two times the asset was approaching a breakout. In both cases this week, bitcoin quickly erased intraday losses – including a sudden 12% wick down on Tuesday afternoon that was a distant memory less than 24 hours later – on the back of another week of record ETF inflows. On the whole, the ETFs acquired ~8x new daily bitcoin issuance through the week, pushing collective AUM for the new vehicles above GBTC’s total assets for the first time. Bitcoin’s latest +10% weekly candle was coupled with more volatility in the banking sector, as troubled regional bank New York Community Bancrop – the 28th largest bank in the US by assets – saw its stock plunge nearly 50% on Wednesday before the announcement of a $1 billion rescue package by a private consortium. The stock immediately pared losses on the positive news, but is still down substantially on the month and YTD as concerns on loan delinquency and the commercial real estate backdrop persist. Meanwhile, the FDIC’s