Diversitas

Crypto Pulse Check👀:

• Coinbase Premium started to recover✅
• $BTC ETF's continue to see inflows✅
• $BTC as well as gold started to print a V-shape recovery✅
• Jersey City to buy Bitcoin for the city’s pension fund✅
• There are still no signs of Mt. Gox creditors selling their $BTC ✅

Crypto Pulse Check👀:

The crypto market is down as the S&P 500 has officially closed the day 2.3% lower, ending its longest streak without a 2%+ decline since 2007🤔

The S&P 500 erased over $1 TRILLION of market cap in a trading single day😱

It is too early to make any conclusions but something to watch today. We will keep an eye on the stock market and crypto to see how all this panic unfolds!

Crypto Pulse Check👀:

• Mt. Gox creditors received $BTC 18 hours ago. So far we have not observed any significant spike in hourly spot trading volume dominance on Kraken where most of it was distributed🤔

• Conversely, we have observed a significant increase in $BTC withdrawals from Kraken after affected Mt.Gox users started receiving their $BTC. This could be a positive signal, indicating that they are not selling and are preparing to hold their coins, moving them from the exchange to cold wallets👀

• US spot Ethereum ETFs saw net inflows of $106.7 million on the first trading day✅

• Coinbase premium for $BTC as well as $ETH remain positive👌

Weekly Update:

1. Market Overview

Following a bullish reversal candle, we have now confirmed this momentum with a weekly candle close above $67k (close above the reversal mark). Adding to the excitement, this was accompanied by the first green dot, further affirming the bullish trend. To appreciate the significance, we can reference October 2023, when a similar setup led to an impressive rally that took $BTC from $30k to $70k 👀 Based on the current charts and setup, we anticipate a similar pattern could unfold in the coming months🚀

2. ETF Flows

Last week, approximately $1.2 billion flowed into ETFs as institutions continued their buying spree💸 We believe that this bullish momentum and subsequent price appreciation could further accelerate their buying pressure in the coming weeks.

Secondly, according to Bernstein, the ETFs will be approved at major wirehouses and large bank platforms in Q3/Q4🤔

Finally, the months leading up to the US election have also been historically bullish for risk-on assets like crypto. The possibility of a pro-crypto US president could further accelerate the rally and institutional adoption, as it would likely bring more clarity to the regulatory landscape of this new asset class👌