## Bitcoin Technical Analysis

The **Bitcoin market** has experienced a slight rally in the early hours of Monday. Currently, it seems we are making every effort to challenge a significant **resistance barrier**. This environment is likely to remain turbulent, yet short-term pullbacks may present **buying opportunities**.

**Key Support Levels**: 
- The **$66,000** level is identified as short-term support. 
- Following that, the **50-day EMA** is near the **$64,000** mark.

On the upside, breaking above the crucial **$70,000** level would represent a **psychological victory** that traders will closely monitor. If successful, we might be witnessing the formation of a significant rounded bottom, potentially indicating a **continuation pattern**. However, we will need to observe if this scenario materializes.

The Bitcoin markets continue to see a bit of supportive action in the early hours of Monday, as the market continues to see a lot of ETF influence at points in time. Ultimately, this is a market that continues to see a lot of chop, but support at the same

Bitcoin Price Analysis: Is the $70,000 Breakthrough Imminent?

### Hut 8 Makes a Significant Bitcoin Purchase

Hut 8 (HUT), a prominent Bitcoin miner based in Miami, Florida, has made waves in the cryptocurrency market by purchasing **approximately 990 Bitcoin** at an **average price of $101,710** each. This strategic buy increases their total Bitcoin holdings to **10,096 BTC**, valued at around **$1 billion**, positioning Hut 8 among the **top 10 corporate holders** of Bitcoin.

### Strategic Plans for Bitcoin Reserves

The company plans to leverage its growing Bitcoin reserve through various strategies, including options trading and sales. CEO **Asher Genoot** emphasized the importance of this reserve, stating, "Today, the market recognizes and values our strategic reserve, which effectively lowers our cost of capital and strengthens our financial position."

### Following Industry Trends

Hut 8's recent purchase aligns with a trend started by **MicroStrategy**, the largest corporate holder of Bitcoin, and followed by **MARA Holdings**. Notably, **Riot Platforms** has also recently acquired Bitcoin, indicating a broader move within the mining sector to bolster holdings in the face of market changes.

### Financial Growth and Market Response

The decision to buy Bitcoin comes at a time when many miners are navigating profit challenges following the latest Bitcoin halving event. Hut 8's stock has seen a substantial **74% increase this year**, reflecting investor confidence as the company also engages in significant operational expansions aimed at achieving **24 EH/s** of self-mining capacity by Q2 2025. 

Hut 8 sees its Bitcoin reserve as a **dynamic financial asset**, which can be actively managed to enhance returns beyond mere price appreciation. This holistic approach to Bitcoin investment positions Hut 8 for continued growth and adaptability in the ever-evolving cryptocurrency landscape.

The miner bought about 968 bitcoin for average price of around $101,710 each.

Hut 8's Bold Move: $100 Million Bitcoin Acquisition Boosts Holdings to $1 Billion

The year **2024** has ushered in a **significant breakthrough** for digital assets, particularly for **bitcoin (BTC)**, driven by increased **institutional adoption**. This shift has occurred through two key avenues:

1. The integration of bitcoin into **public balance sheets** as a treasury asset.
2. The success of **U.S. spot-listed exchange-traded funds (ETFs)** that have amassed over **1 million BTC**.

### Bitcoin ETFs vs Gold ETFs
A report from [K33 Research](https://108.181.11.137/i0qyt2j9snzb/1elNlF9J3uPNQXHNVV7Jr7/e6ecaaa0531ede4ab5fb0b7b975c6115/Ahead_of_the_curve_-_December_17_2024.pdf) reveals that U.S.-listed bitcoin ETFs have surpassed U.S.-listed gold ETFs in terms of **assets under management (AUM)**, including leveraged products such as **futures-based ETFs**. As of **Dec. 17**, Bitcoin ETFs reached AUM worth **$129.25 billion**, edging out Gold ETF AUM at **$128.88 billion**, according to [Vetle Lunde](https://108.181.11.137/VetleLunde/status/1868945665235308620), analyst at K33 Research.

However, when comparing **spot-based products** exclusively, Gold remains slightly ahead. According to Senior Bloomberg ETF Analyst [Eric Balchunas](https://108.181.11.137/EricBalchunas/status/1869032761207742717), U.S. bitcoin spot ETFs hold **$120 billion** in AUM compared to **$125 billion** for Gold ETFs.

### CME Activity and Market Momentum
The **CME exchange**, primarily used by institutions, continues to demonstrate strong activity, with **futures open interest** approaching new highs, reaching **212,635 BTC** in open interest contracts. The report notes that the **basis trade premium** has continued to rise, reaching **16.4%** — the highest level since **November 2023**. This indicates that CME traders anticipate increased momentum as the year comes to a close.

The report further highlights:
- **January contracts** are trading at sharp premiums relative to December contracts, with the contango widening to **1.5%** on Monday — the highest next-month premium recorded since **November 2023**.
- The December contract on CME remains the most valuable, with open interest equivalent to **113,480 BTC**. 

The momentum has continued for the past month, as the U.S. spot-listed bitcoin ETFs have seen **net inflows every day** since **Nov. 27**, totaling **$6.5 billion**, according to [Farside](https://108.181.11.137/bitcoin-etf-flow-all-data/?__cpo=aHR0cHM6Ly9mYXJzaWRlLmNvLnVr) data. A large portion of these net inflows are part of the **cash and carry trade** as the basis trade premium continues to widen and with a growing amount of open interest contracts on the CME.

**Disclaimer:** This article, or parts of it, was generated with assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to [our standards](https://108.181.11.137/ethics?__cpo=aHR0cHM6Ly93d3cuY29pbmRlc2suY29t). For more information, see [CoinDesk’s full AI Policy](https://108.181.11.137/coindesk-news/2023/04/14/how-coindesk-will-use-generative-ai-tools?__cpo=aHR0cHM6Ly93d3cuY29pbmRlc2suY29t).

U.S. spot-listed bitcoin ETFs currently have an AUM of $120 billion compared to gold's $125 billion. 

Bitcoin ETFs on Track to Overtake Gold ETFs: A New Era for Digital Assets

## The Heated Debate Between Peter Schiff and Michael Saylor

Financial market commentator **Peter Schiff** recently took aim at **Michael Saylor**'s comparison of **MicroStrategy Inc.**'s (NASDAQ: MSTR) debt-fueled Bitcoin (CRYPTO: BTC) purchasing strategy with Manhattan real estate. Schiff expressed his disagreement through a post on X, emphasizing that **real estate generates rents**, which can be utilized to service and repay debt, while **Bitcoin does not generate any income** for interest or principal payments.

## Schiff's Argument

In his critique, Schiff stated, "Real estate generates rents, which can be used to service and repay debt. Bitcoin doesn’t generate any income to make interest or principal payments.” His argument underscores the fundamental difference between the two asset classes — real estate has the potential for cash flow, while Bitcoin does not.

## Counterpoint from Spencer Hakimian

**Spencer Hakimian**, founder of **Tolou Capital Management**, countered Schiff’s viewpoint by highlighting that unlike the Manhattan real estate market, **Bitcoin incurs no expenses or maintenance costs**. Schiff rebutted this claim by noting that rents from real estate often exceed the associated expenses.

## Current Real Estate Trends

The ongoing rental market in New York City stands in stark contrast to national trends, with the top 50 markets experiencing a decline in rents for 15 consecutive months. As of October 2024, the **median asking rent** in New York increased by 1.7% year-on-year to **$3,374**, reflecting a **13.1% surge from pre-pandemic levels**. Meanwhile, Manhattan's median monthly rent reached **$4,750**.

## Why This Discussion Matters

This exchange comes in the wake of Saylor defending MicroStrategy’s Bitcoin purchasing strategy by likening it to the **Manhattan real estate** sector. Saylor argued that just as developers in Manhattan issue more debt to fund new developments when property values rise, MicroStrategy aims to leverage high returns from Bitcoin to expand its holdings.

This ongoing debate highlights the contrasting perspectives on asset valuation and income generation between traditional real estate and cryptocurrency, particularly Bitcoin.

Financial market commentator Peter Schiff on Tuesday criticized Michael Saylor’s comparison of MicroStrategy Inc.‘s (NASDAQ:MSTR) debt-financed Bitcoin (CRYPTO: BTC) buying strategy to Manhattan real estate. What Happened: In an X post, Schiff disagreed with Saylor’s analogy. “Real estate generates rents, which can be used to service and repay debt. Bitcoin doesn’t generate any income to make interest or principal payments,” he argued. It's wrong for @saylor to compare his leveraged buying of #B

Peter Schiff Slams Michael Saylor's Bitcoin vs. Manhattan Real Estate Analogy: The Income Debate

### El Salvador's Historic Agreement with the IMF

**El Salvador** has reached a significant agreement with the **International Monetary Fund (IMF)** after **four years of negotiations**, which were complicated by the nation's decision to adopt **Bitcoin as legal tender**. This deal includes a **$1.4 billion loan program** that will be distributed over **40 months**.

### Key Terms of the Agreement

In exchange for the loan, El Salvador has committed to implement measures aimed at improving its **primary balance** and reducing its **debt-to-GDP ratio**. The IMF has acknowledged the government's efforts in enhancing its **fiscal situation**, fostering economic growth, lowering **inflation**, and managing **short-term debt obligations**.

### Challenges from Bitcoin Adoption

The adoption of Bitcoin in 2021 by President **Nayib Bukele** initially created friction with the IMF, leading to **credit downgrades** and investor concerns. This new agreement could potentially resolve long-standing issues affecting investors in El Salvador's bond markets, pending approval from the Fund's executive board.

### Changes to Bitcoin Policy

Notably, the agreement includes concessions regarding **Bitcoin**. Legal reforms will ensure that the acceptance of cryptocurrency is **voluntary** for the private sector, significantly reducing the risks associated with the country's Bitcoin initiative, according to the IMF. Additionally, the government's involvement with the **Chivo** cryptocurrency wallet, which has faced numerous technical challenges, will be **gradually unwound**.

### Chivo Wallet Insights

Launched in September 2021, **Chivo** offered users **$30 worth of free Bitcoin** for signing up, attracting over **3 million sign-ups**. However, actual usage remained low, with reports indicating that less than **2%** of remittances were processed through digital wallets in 2022.

### Financial Recovery Efforts

President Bukele has made strides in recovering from the initial backlash by **buying back dollar notes** at a discount, paying off bonds early, and restructuring pension debt. As a result, bonds due in **2052** have seen a significant rise in value, rewarding investors with one of the highest returns in the developing world.

### Market Response

Following the announcement of the loan agreement, bond trading experienced mixed reactions. El Salvador's government made a surprising return to the bond market in April, successfully selling **$1 billion** in global notes with conditions tied to credit-rating improvements and the IMF deal.

(Bloomberg) -- El Salvador reached a deal with the International Monetary Fund after four years of negotiations that were strained by the country’s adoption of Bitcoin as a legal tender. Most Read from BloombergNYPD Car Chases Are Becoming More Frequent — and More DangerousThe Central American nation and the Washington-based lender agreed on a $1.4 billion loan program to be disbursed over 40 months, according to a statement by the IMF. In exchange, El Salvador had agreed to adopt measures that

El Salvador Secures $1.4 Billion IMF Loan Amid Bitcoin Controversy

### Tesla's Position in the Bitcoin Landscape

In a recent analysis, we explored **10 Companies Hoarding Bitcoin Like There’s No Tomorrow**, with a spotlight on **Tesla, Inc. (NASDAQ:TSLA)**. As cryptocurrency values soar, understanding Tesla's role amidst its peers is crucial.

### The Bitcoin Surge

Since the start of the year, **cryptocurrencies** have experienced remarkable growth. After a minor dip in January, **Bitcoin** has surged over **141% year-to-date**, peaking at over **$108K** before stabilizing around **$107K**. The **pro-crypto** stance of President-elect **Donald Trump** has also influenced this price increase, particularly following his suggestion for a **national Bitcoin stockpile**.

### Political Influence on Bitcoin

At the **Bitcoin MENA 2024 conference** in Abu Dhabi, **Eric Trump** highlighted his family's commitment to cryptocurrency, asserting that the upcoming presidency will be historically **pro-crypto**.

### Bitcoin as a Reserve Asset

As Bitcoin is increasingly viewed as a **reserve asset** for governments and central banks, its adoption is accelerating. Institutions and corporations are pivotal in this transformation, with traditional financial entities collaborating with established crypto firms to enhance market dynamics.

### Insights from Industry Leaders

In a recent **CNBC interview**, **Alessio Quaglini**, CEO of **Hex Trust**, discussed the forthcoming phase of Bitcoin adoption, predicting a shift where governments will actively purchase Bitcoin. This change, once considered improbable, is now on the horizon as some governments already hold crypto assets due to regulatory actions.

### Competition and Collaboration

Quaglini noted the rising competition in the crypto sector, particularly from traditional finance, emphasizing a trend towards **collaboration** with digital asset firms. This approach is beneficial for both sectors, allowing for enhanced crypto services.

### Future Projections for Bitcoin

Looking towards **2025**, Quaglini anticipates a **structural shift** in Bitcoin's supply and demand, projecting a **5-10% quarterly appreciation**. Key catalysts for this growth include ongoing **institutional adoption**, with companies like **MicroStrategy** continuing their Bitcoin acquisitions. The addition of such companies to the **Nasdaq-100** is expected to further integrate Bitcoin into mainstream finance, paving the way for broader acceptance of digital assets in corporate portfolios.

We recently published a list of 10 Companies Hoarding Bitcoin Like There’s No Tomorrow. In this article, we are going to take a look at where Tesla, Inc. (NASDAQ:TSLA) stands against other companies hoarding bitcoin like there’s no tomorrow. Cryptocurrencies have been surging since the beginning of the year. After a small drop in January, […]

Is Tesla Leading the Charge? Companies Hoarding Bitcoin Like There's No Tomorrow!

# Solana and XRP Expected to Join ETF Wave in 2025

Analysts from Bloomberg, **Eric Balchunas** and **James Seyffart**, predict a significant increase in cryptocurrency ETFs as the leadership of the **Securities and Exchange Commission (SEC)** shifts under President-elect **Donald Trump**. This change is anticipated to facilitate the approval of more **spot crypto ETFs**, including those for **Solana** and **XRP**.

## What are Spot Crypto ETFs?
Spot crypto ETFs are financial assets that track the price of underlying cryptocurrencies, allowing investors to gain exposure without owning the currencies directly. Recent approvals for Bitcoin and Ethereum ETFs have set a precedent for others.

## The Odds Are Improving
“Everybody’s odds just went up,” Balchunas stated, noting that **XRP** and **Solana** are among the most sought after for upcoming launches. However, he cautions that the approval of these ETFs may face delays due to ongoing legal challenges, particularly since the SEC has classified both cryptocurrencies as unregistered securities.

## Regulatory Environment and Future Prospects
For Solana and XRP to be approved as commodity-based ETFs, the SEC would need to reconsider its stance on these assets. This is viewed as possible with **Paul Atkins**, a crypto advocate, set to chair the SEC.

Unlike Solana and XRP, Bitcoin and Ethereum are already classified as commodities, which positions them favorably for ETF approvals. Other cryptocurrencies like **Litecoin** are also expected to follow in the approval process.

## Market Dynamics and Investor Interest
Investment firms such as **Grayscale**, **Bitwise**, and **VanEck** are already in the process of filing for new spot crypto ETFs. The recent surge in demand for Bitcoin ETFs has elevated their performance significantly compared to traditional ETFs, pushing Bitcoin to new heights.

Despite this, Balchunas warns that many of the upcoming crypto ETFs might not attract significant investor interest due to the lesser-known status of their underlying altcoins. He describes the influx of new crypto ETFs as “spaghetti thrown at the wall,” suggesting that only a few may achieve notable success.

Balchunas concludes with a strong belief that Bitcoin will dominate the ETF market, potentially capturing **three-quarters** of all assets within five years.

Analysts predict “a wave of cryptocurrency ETFs” under new SEC chair Paul Atkins.


2025: A Pivotal Year for Solana and XRP ETFs, Analysts Predict

### A Dormant Bitcoin Whale Returns

A **Bitcoin (BTC)** whale that has been inactive for nearly **44 months** has come back to life, transferring over **$530 million** worth of Bitcoin, as revealed by on-chain data from **Arkham Intelligence**. This transaction marks a significant event for the crypto community.

![Bitcoin Whale](https://dailyhodl.com/wp-content/uploads/2024/12/bitcoin-whale-after-three.jpg?w=750&h=375&crop=1)

### The Details of the Transaction

The whale, who last made a transaction in **April 2021**, moved its substantial BTC holdings into **two new addresses**. The breakdown of the transfer shows one address now holds **$420 million**, while the other contains **1,000 BTC**, approximately **$107 million**. The total fee for this massive transfer? Just **$45.93**.

> “A whale that has been dormant for over three years has just moved **$530 million** of Bitcoin into two new addresses.”

### MicroStrategy and Fidelity's Latest Moves

In addition to this notable transaction, Arkham Intelligence also reported on **MicroStrategy’s** recent Bitcoin acquisition. The business intelligence firm has purchased **$1.5 billion** worth of Bitcoin at an average price of **$100,400**, adding around **15,350 BTC** to its holdings. As of **December 15**, MicroStrategy holds a total of **439,000 BTC** at an average price of **$61,725** per Bitcoin.

![MicroStrategy Acquisition](https://pbs.twimg.com/media/GetT02QW4AA-QKT?format=jpg&name=large)

Moreover, **Fidelity Investments** made headlines by acquiring **$250 million** worth of **Ethereum (ETH)** last week, representing **16%** of the inflows into its spot Ethereum exchange-traded fund (ETF). As of **December 16**, the total inflows of Ethereum into Fidelity’s ETH ETF have reached **$1.38 billion**.

### Current Market Prices

At the time of writing, **Bitcoin** is trading at **$106,850**, while **Ethereum** is priced at **$3,988**.

A Bitcoin (BTC) whale that last transacted about 44 months ago has awakened and moved over half a billion dollars worth of the flagship crypto asset, according to on-chain data.

Bitcoin Price Analysis: Is the $70,000 Breakthrough Imminent?

Summary:

Bitcoin Technical Analysis

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Other Latest News

Hut 8's Bold Move: $100 Million Bitcoin Acquisition Boosts Holdings to $1 Billion

Bitcoin ETFs on Track to Overtake Gold ETFs: A New Era for Digital Assets

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Is Tesla Leading the Charge? Companies Hoarding Bitcoin Like There's No Tomorrow!

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Massive Bitcoin Whale Emerges After 3 Years, Moves $530 Million with Just $46 in Fees

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Hut 8's Bold Move: $100 Million Bitcoin Acquisition Boosts Holdings to $1 Billion

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Peter Schiff Slams Michael Saylor's Bitcoin vs. Manhattan Real Estate Analogy: The Income Debate

El Salvador Secures $1.4 Billion IMF Loan Amid Bitcoin Controversy

Is Tesla Leading the Charge? Companies Hoarding Bitcoin Like There's No Tomorrow!

2025: A Pivotal Year for Solana and XRP ETFs, Analysts Predict

Massive Bitcoin Whale Emerges After 3 Years, Moves $530 Million with Just $46 in Fees