### Bitcoin Price Insights
Dublin, California, April 25, 2025 (GLOBE NEWSWIRE) – Recently, **Burak Kesmeci**, a renowned cryptocurrency analyst, shared an insightful **on-chain analysis** of the **Bitcoin (BTC)** market on the X platform. Kesmeci identified two crucial price levels that may determine Bitcoin's next move, based on the **cost basis of short-term investors**.

### Key Support Level
Data shows that the average cost basis of BTC holders for the past **1-3 months** has created a **recent support level**. This indicates that many recent buyers are still taking profits and may defend this level as a **psychological bottom line**.

![Bitcoin Market Analysis](https://blockchainwire.s3.amazonaws.com/e7c727dd28bce73a0db6482303944388/editor_image/1745561771253.jpeg)

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**Disclaimer**: The information in this release is not an investment solicitation. Cryptocurrency mining and staking carry risks, including potential loss of funds. It is advised to consult a financial professional before investing in crypto.

Dublin, California, April  25, 2025  (GLOBE NEWSWIRE) -- It is worth mentioning that Burak Kesmeci, a well-known cryptocurrency analyst, shared an...

Bitcoin's Surge: Key Price Levels and Insights from Top Analyst Burak Kesmeci

Traders are **diving into shares** of Cantor Equity Partners Inc., a blank-check company poised to become the latest publicly traded **Bitcoin investment vehicle**. The stock has skyrocketed by **220%** since its April 22 close, reflecting growing enthusiasm among investors. 

### Major Developments 
Cantor Equity Partners has agreed to merge with **Twenty One Capital Inc.**, a firm supported by major players like **Tether Holdings SA**, **Bitfinex**, and **SoftBank Group Corp.** As of Friday at 1:33 p.m., shares are trading at **$33.99** each. 

The proposed deal also includes a **convertible debt offering** post-merger, potentially resulting in a combined company with **370.7 million shares outstanding**. At the current share price, this would give Twenty One a **fully diluted market value of over $12 billion**, significantly exceeding the estimated **$4 billion** value of its Bitcoin holdings. 

### Investor Sentiment 
Investor interest in Cantor’s stock is indicative of a **strong demand** for proxy investments into Bitcoin, according to **Bill Papanastasiou**, an analyst at **Keefe, Bruyette & Woods**. He describes investing in such companies as akin to **betting on the fastest horse for Bitcoin exposure**. 

Public SPAC shareholders are expected to hold **2.7%** of the outstanding shares, with **Tether** expected to own **43%**, **Bitfinex** **16%**, **SoftBank** **24%**, and the Cantor affiliate **1.9%**. 

### Market Dynamics 
This surge in Cantor’s stock is part of a broader trend where publicly traded companies acquiring crypto assets are seeing their stock prices soar. For instance, **MicroStrategy Inc.** has gained significant attention for its massive Bitcoin holdings, valued at over **$50 billion**. Similarly, shares of **Upexi Inc.** have surged more than **600%** after announcing a substantial investment in **Solana tokens**. 

The collective enthusiasm for these investments highlights a **growing confidence** in the cryptocurrency market, particularly in companies that are engaging with digital assets.

Traders piled further into shares of a blank-check company that’s set to become the latest publicly traded Bitcoin investment vehicle, bidding its expected market capitalization to around three times the estimated value of the cryptocurrency it would hold.

Cantor SPAC Soars 220%: The Next Big Bitcoin Investment Opportunity

It has been approximately five months since my last [Seeking Alpha article](https://seekingalpha.com/article/4740585-gdlc-achievement-unlocked-again#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link) covering the **Grayscale Digital Large Cap Fund** (OTCQX:GDLC). This fund, which I've analyzed multiple times since 2022, has a significant **BTC-heavy allocation**.

### Current Holdings & Discount Rate

As of now, the fund has a **10% NAV discount** and a large portion of its capital allocated to Bitcoin, as shown below:

| Asset Allocation | Assets/Share | Weight |
|------------------|--------------|--------|
| Bitcoin (BTC-USD) | 0.00036456 | **80.60%** |
| Ethereum (ETH-USD) | 0.00221657 | 9.37% |
| XRP (XRP-USD) | 1.06819845 | 5.61% |
| Solana (SOL-USD) | 0.00939617 | 3.33% |
| Cardano (ADA-USD) | 0.66104994 | 1.09% |

*Source: Grayscale, as of 4/23/25*

This allocation to Bitcoin has contributed to the fund's **NAV rate discount compression** since the crypto winter of 2022. Currently, GDLC holds approximately **$670 million** in assets under management with **15.87 million shares outstanding**.

### Bitcoin Allocation & Altcoin Exposure

Historically, GDLC has maintained a high allocation to Bitcoin, reaching **80.60%** in April 2025, the largest since I began covering this fund. This increase is noteworthy amidst the performance of other cryptocurrencies. In the past, the fund's allocation to Bitcoin fluctuated, but it has remained heavily weighted towards BTC, potentially limiting the fund's ability to capitalize on an altcoin rally.

![ETF Analyst Expectations as of 2/10/25](https://static.seekingalpha.com/uploads/2025/4/17/50832021-1744908456046398_origin.png)

The current **10% exposure to alternative coins** is significant, particularly with the potential approval of **spot ETFs** for XRP and SOL. Should these approvals occur, GDLC could see a re-rating in its valuation.

![Bitcoin Dominance](https://static.seekingalpha.com/uploads/2025/4/24/50832021-1745523314252224.png)

In a market increasingly dominated by Bitcoin, GDLC faces challenges. The fund's **20% combined allocation** to ETH and other alts may not be the best way to play a potential reversal in BTC dominance. If Bitcoin starts losing market share to altcoins, GDLC's returns may lag behind more direct exposure to those assets.

### Closing Thoughts

While GDLC may serve as a decent option for passive investors looking for exposure in the crypto market, its high allocation to Bitcoin may not appeal to those specifically seeking altcoin investments. With various spot ETFs already available, investors may find better opportunities by piecing together individual altcoin portfolios. Therefore, I recommend GDLC as a **'hold'** and suggest that altcoin buyers explore other options for potentially higher returns.

Grayscale Digital Large Cap Fund ETF has 10% NAV discount and BTC-heavy allocation. See why GDLC it suits passive investors but may not favor altcoin rallies.

7 months ago Bitcoin Articles Digested