KEYTAKEAWAYS
- Global Bitcoin ETF holdings exceed 1 million BTC, led by major U.S. funds.
- Narrowing gap in BTC holdings between BlackRock and Grayscale, highlighting a competitive ETF landscape.
- Strong performance by BNB suggests robust market trends, underscoring potential for strategic long-term investments.
CONTENT
In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.
BITCOIN ETFS SURPASS 1 MILLION BTC GLOBALLY
According to data from Bold.report, global holdings in Bitcoin Exchange Traded Funds (ETFs) have surpassed the milestone of 1 million BTC as of March 12. These ETFs are distributed across various countries including the United States, Sweden, Hong Kong, Germany, Switzerland, Canada, Brazil, and Australia.
In the United States, the Grayscale GBTC leads with approximately 292,000 BTC, followed by BlackRock IBIT with about 280,000 BTC, and Fidelity FBTC holding 162,000 BTC. Collectively, these major players hold around 734,000 BTC. According to Farside, total net inflows into U.S. Bitcoin ETFs have now reached $13.7 billion.
BLACKROCK AND GRAYSCALE’S BTC HOLDINGS NEAR EQUAL
The gap in Bitcoin holdings between BlackRock and Grayscale has further narrowed to less than 2000 BTC. As of May 24, Grayscale’s Bitcoin ETF GBTC held 289,040.5264 BTC (valued at approximately $20,002,254,770.20), while BlackRock held 287,167.7407 BTC (valued at approximately $19,794,802,610.26). The difference between them now stands at only 1,872.7857 BTC, with the market value gap shrinking to around $200 million.
ANALYST PREDICTS CONTINUED BULL MARKET FOR BITCOIN
Cryptoquant analyst CryptoDan stated that the cryptocurrency market is still in a bull market, with Bitcoin prices not yet peaking and expected to rise further. During previous bull markets, the MVRV peak values were 4.83 and 3.97, but currently, it is only 2.78, not yet in an overvalued zone, suggesting further increases are likely.
After entering an overheated phase in March 2024, Bitcoin experienced a two-month period of lateral movement and adjustment, and it is likely to see further rises early in June.
BNB NEARS BREAKTHROUGH AMID BULLISH TRENDS
BNB, as the platform coin of Binance, shined in the last bull market and has shown smaller declines during the bear market, indicating high value. BNB rose from $200 to over $600 in a healthy, steady rise until it began fluctuating at the peak of the last bull market.
The overall trend for BNB remains bullish, which could lead to a background increase. As the price is now near historical highs, and after several tests of upper resistance levels without breaking through, a pullback might be expected.
Although entering long positions at this level might have missed the optimal timing, mid to long-term trading on major exchange platform coins can yield good results, provided the entry timing is right.
