Hey there, crypto enthusiasts! Buckle up, because today’s latest bitcoin news is packed with some serious market moves and insights that you won’t want to miss. First off, let’s talk about the big players in the game. According to a recent report from Cointelegraph, an impressive 66% of institutional investors have either held or increased their Bitcoin holdings through U.S.-based spot exchange-traded funds (ETFs) during Q2 of this year. That’s right! A whopping 44% of asset managers decided to buy more, while only 21% chose to decrease their positions. Bitwise’s chief investment officer, Matt Hougan, called this a “pretty good result,” and honestly, who can argue with that?
Next up, we have a bit of a cautionary tale regarding the Federal Reserve’s interest rates. In another Cointelegraph article, portfolio manager Justin Elliot warns that market participants might be overly optimistic about aggressive rate cuts. While the crypto industry is hopeful for a cut in September, Elliot suggests that the current market is pricing in too much too soon. So, keep your wallets ready, folks!
On the mining side of things, Marathon Digital has been making waves by purchasing $249 million worth of Bitcoin, bringing its reserves to a jaw-dropping 25,000 BTC. This move comes after Marathon raised $300 million from a senior note offering. The company is adopting a “hodl strategy” under CEO Fred Thiel, which means they’re in it for the long haul. You can catch more details on this from Cointelegraph.
Meanwhile, Morgan Stanley has also entered the chat, disclosing $188 million in BlackRock’s iShares Bitcoin Trust ETF holdings. As of June 30, they held over 5.5 million shares, according to an SEC filing. You can read more about it in Cointelegraph.
But it’s not all sunshine and rainbows. Bitcoin recently dropped to $59,000 as the U.S. government moved to sell more BTC from its Silk Road-affiliated holdings. This was flagged by on-chain analysis platform Arkham Intelligence, which noted that 10,000 BTC worth around $593 million had been transferred to Coinbase Prime. The government still holds a hefty 203,239 BTC, worth about $12 billion. More details can be found at CryptoPotato.
And speaking of CryptoPotato, they also reported on Bitcoin miner Core Scientific, which has upsized its senior notes offering to $400 million. This increase comes as the company aims to bolster its financial standing after previously filing for bankruptcy. Core Scientific is now pivoting towards AI and has secured a significant agreement with CoreWeave, a startup backed by Nvidia. You can check out the full story here.
In other news, the Tron price is outperforming Bitcoin, showing some bullish momentum. It’s currently trading above $0.130 and could rise further, as detailed in NewsBTC.
Lastly, the idea of the U.S. establishing a strategic Bitcoin reserve is gaining traction, especially as the 2024 presidential election approaches. Former President Donald Trump and Senator Cynthia Lummis are advocating for it as a way to tackle the national debt. River, a Bitcoin-focused financial institution, argues that this could provide significant advantages for the U.S. economy. More on this can be found here.
So there you have it, folks! Today’s latest bitcoin news is a mixed bag of bullish moves, cautionary insights, and some serious institutional interest. Keep your eyes on the market as we continue to ride this crypto rollercoaster!
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