Summary:
Bitcoin miners control a record 30% of global hashrate and are increasing holdings.
Corporate treasury strategies are being adopted by more public companies.
Institutional flows are leading bitcoin price movements.
Bitcoin's Technicals and Fundamentals
VanEck's latest analysis of Bitcoin has reinforced the belief that it is primed for a high-volatility catch-up rally. The current landscape suggests significant movement ahead.
Key Observations
- Bitcoin Miners' Holdings: Publicly traded bitcoin miners now control a record 30% of the global hashrate and have notably increased their bitcoin holdings this month.
- Corporate Treasury Strategies: A growing number of public companies are adopting the corporate treasury strategy pioneered by MicroStrategy, indicating a broader institutional interest in bitcoin.
- Institutional Flows: Our findings highlight that institutional flows appear to be leading the price movements of bitcoin rather than merely following them.
We believe bitcoin is set for a breakout due to increased BTC holdings by miners, rising corporate treasury investments, and higher Bitcoin ETP flows.
Key Takeaways for Mid-September ā Mid-October
- Increased BTC Holdings: Minersā increased holdings suggest confidence in future price movements.
- Rising Investments: The trend of corporate treasury investments in bitcoin is gaining momentum.
- Market Dynamics: Institutional activity is playing a crucial role in shaping bitcoin's price trajectory.
Please note that VanEck has exposure to bitcoin.
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