Today’s headlines:
Bitcoin has climbed steadily over the past week. It is currently up +3.66%. During that time it has had three separate attempts to significantly break above $100,000. Each one so far has been rejected. The first attempt, where $BTC price reached $103,000 had the most vicious rejection. Subsequent rejections have had a more limited downside.
Figure 1: Three major attempts to rally above $100,000. Stepping back for a moment, the remarkable trajectory of Bitcoin can be seen over the past three months, where it has rallied +75.66%.
Figure 2: Bitcoin ‘up only’ performance over the past 3 months. The Big StoryBlackRock Bitcoin ETF Breaks All-Time ETF Record The BlackRock iShares Bitcoin Trust (IBIT) has exceeded the $50B in assets milestone in record time - just 228 days. That time is a staggering five times faster than any other ETF in history. The BlackRock Bitcoin ETF launched in January this year, and since then it has amassed more than 506,000 bitcoin. This means that the ETF holds 2.5% of all bitcoin that have been and will ever be mined.
Figure 3: BlackRock’s IBIT now holds 571,258 bitcoin. In contrast to some other Bitcoin spot ETFs, BlackRock has experienced very few net outflow days since its launch. The vast majority of days since launch have seen net inflows, which are shown by the green candles on the chart below:
Figure 4: IBIT ETF has seen a majority of net inflows since launch. It has also seen record daily inflows in the recent run up to $100k. Here are some other records that the staggering BlackRock Bitcoin ETF has broken since it launched earlier this year:
Key ChartMonthly Returns Heatmap
As we move into December, we can now look back at the year to see just how well Bitcoin has performed. There have been just three months where $BTC has posted a negative return, which was back in April, June, and August. So far this year Bitcoin is up +139.21%. As seen in previous cycles, two years after the negative return bear year of 2022 has seen a strong year posted now. The question everyone is wondering is how strong will next year be? Traditionally, in the fourth year of the four-year cycle it should also provide strong positive returns. The Monthly Returns Heatmap is available for Bitcoin Magazine Pro members here. Bitcoin Magazine Pro
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Invest wisely, stay informed, and let data drive your decisions. Thank you for reading, and here’s to your future success in the Bitcoin market! 🎁 Special Offer: Use Code: BMPRO For 10% OFF All Bitcoin Conference Tickets
Disclaimer: This newsletter is for informational purposes only and should not be considered financial advice. Always do your own research before making any investment decisions. We sincerely appreciate your support and hope you found this content valuable. Please leave a like and let us know your thoughts in the comments section; we always welcome feedback from our audience!
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Monday, December 9, 2024
Trying to Reclaim $100k
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