- Crypto sentiment has dropped to “neutral” as Bitcoin slightly dipped and Ethereum dropped 4% after new ETF launches.
- Bitcoin whales are actively accumulating, moving 358K BTC to permanent addresses, separate from ETF activity.
- VanEck predicts a major role for Bitcoin in global trade, forecasting a potential price of up to US$2.9M per BTC by 2050.
After reaching greed levels, the crypto market sentiment has shifted back into neutral territory. Bitcoin is currently trading for US$65,521 (AU$99,800), slightly down 0.7% from yesterday. Meanwhile, Ethereum has dropped 4% in the past day, currently trading for US$3,334 (AU$5,078).
Related: HSBC Blocks All Transactions to Crypto Exchanges Commencing 24 July
The drop comes after just two days of trading the freshly launched Spot Ethereum exchange-traded funds in the United States. The newly listed funds are trading higher than anticipated at roughly 75% of the notional value of BTC ETFs.
Bitcoin Whales Stash Away Sats
Meanwhile, as CryptoQuant’s Ki Young Ju wrote, whales are accumulating. More than 358K Bitcoin has been moved to “permanent holder addresses”. And it’s not the Spot Bitcoin funds that are doing the HODLing. According to the founder of the analytics platform, these funds saw inflows of only 53K BTC.
The analyst says this suggests that the Bitcoin inflows to permanent holder addresses – which are not associated with ETFs, exchanges, or miners and do not show outflows – are likely managed through custodial services.
Though not all remaining BTC is in custody wallets, whales are clearly accumulating. And it’s [at] an unprecedented level.
Ki Young Ju, CryptoQuant VanEck: Bitcoin “Ultimate Hedge” Could Reach US$2.9M Per BTC
Supporting the bullish long-term view is the head of digital assets research at VanEck, Matthew Sigel. He spoke to CNBC earlier, pointing to global economic imbalance and distrust in governments paired with unsustainable money printing.
According to the analyst, Bitcoin fixes that.
It’s our take that Bitcoin is the ultimate hedge on this rising fiscal recklessness.
Matthew Sigel, VanEck VanEck forecasts a shift in the International Monetary System from traditional reserve currencies like the US Dollar and Euro to Bitcoin, driven by declining global economic dominance and reduced currency confidence due to deficit spending and geopolitical issues.
They view Bitcoin as a stable alternative due to its immutable monetary policy and potential for scalability through technologies like the Lightning Network, positioning it as a viable option for international trade.
Related: Mark Cuban Reveals: Kamala Harris Reached Out with ‘Multiple Questions’ on Crypto
In that light, VanEck’s prediction for the price of Bitcoin is not all that surprising, especially given the timeframe.
According to the firm, the base case for BTC is US$2.9M (AU$4.4M) per coin – by 2050. The more bullish projection sees one BTC change hands for US$52.5M (AU$79.8M).
VanEck believes the bear case for BTC by 2050 is US$130,314 (AU$199,107).
They also estimate Bitcoin would be involved in 10% of global trade by then.
Source:
https%3A%2F%2Fcryptonews.com.au%2Fnews%2Fcryptoquant-whales-gather-358k-btc-vaneck-makes-2-9m-bitcoin-price-forecast-122350%2F