BTC Held By Institutional Products Hits ATH

The Breakdown

Blockworks

Investing, Business

4.8 • 806 Ratings

🗓️ 14 November 2023

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

Even before the formal approval of a Bitcoin spot ETF, Bitcoin funds have seen weeks and weeks of continuous inflows, reaching a new all-time high for BTC held in institutional funds. Today's Sponsor: Kraken Kraken: See what crypto can be - https://kraken.com/TheBreakdown Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/nathanielwhittemorecrypto Subscribe to the newsletter: https://breakdown.beehiiv.com/ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:18.4	What's going on, guys? It is Monday, November 13th, and today we are picking up right where we left off last week with the shift in bullish sentiment.
0:27.6	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.
0:36.4	You can find a link in the show notes or go to
0:37.7	bit.ly slash breakdown pod. Hello friends. Well, like I said, we are picking up right where we left
0:43.2	off with the bullish sentiment in crypto markets continuing across the weekend. Ethereum cemented
0:49.1	its gains from Thursday's announcement of a spot EFTF application from BlackRock. Now, there was a 5% pullback from Thursday's seven-month high of 2130, but throughout the
0:58.4	weekend, Ethereum traders defended the $2,000 price level and saw a slight price improvement
1:02.6	into Sunday night.
1:04.0	Ethereum ended the week up more than 8%, extending its streak to four consecutive weeks with
1:08.3	gains of 5% or more.
1:10.1	Bitcoin traded sideways over the weekend,
1:11.9	but that means it stuck close to the $37,000 level. What's more, the week began with excitement
1:16.9	around Bitcoin and the possibility of preliminary ETF approvals coming soon. Now, last week,
1:21.9	of course, had begun with excitement around Bitcoin and the possibility of preliminary ETF
1:25.7	approvals coming soon. Toward the end of that week, that enthusiasm rotated into all coins. Indeed, Bitcoin slightly
1:31.9	underperformed the broader crypto market with a 5.8% weekly gain, but overall, with the 124%
1:38.1	year-to-date price move, Bitcoin has filled in most of the negative price action dating back to
1:42.3	the collapse of Luna last May, and is now trading at more than half of its all-time high.
1:46.8	One other indicator of how things are changing is the stable coin market cap.
1:52.0	Stablecoin market cap as a percentage of overall crypto market cap has been steadily
	...

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