BTC supply-demand trends remain crucial, with Mt. Gox being another possible source of oversupply risk, holding 46,164 BTC to repay creditors.
Expert Views on Crypto-Spot ETFs
ETF Store President Nate Geraci commented on MicroStrategy’s leveraged BTC ETF, saying,
“You can now buy a 1.75X leveraged MicroStrategy ETF… Which MSTR itself is basically a leveraged play on btc. But we still don’t have in-kind creation & redemption for spot btc ETFs. Or options trading on spot btc ETFs. Make it make sense.”
The SEC approved the Defiance MicroStrategy ETF (MSTX) on Wednesday, the first levered single-stock ETF focusing on MicroStrategy (MSTR).
Bloomberg Intelligence Senior ETF Analyst Eric Balchunas highlighted the launch of MSTX on Thursday, August 15, saying,
“Defiance launching 1.75x Microstrategy ETF MSTX tmrw which, even tho it’s ‘only’ 1.75x (they prob tried 2x but SEC pushed back) it will be the most volatile ETF you can get in US market (equiv to 13x SPY) edging out MSOX (2x weed), a big step in the hot sauce arms race.”
Investors should remain alert amid possible changes to supply-demand trends. Stay updated with our latest news and analysis to manage exposures to BTC and the broader crypto market.
Technical Analysis
Bitcoin Analysis
BTC hovered below the 50-day and 200-day EMAs, confirming the bearish price trends.
A break above the 200-day EMA could signal a move toward the $60,365 resistance level. Furthermore, a breakout from the $60,365 resistance level could give the bulls a run at the 50-day EMA.
Supply-demand trends and SEC activity require consideration on Saturday.
On the other hand, a break below $57,500 could give the bears a run at the $55,000 handle.
With a 45.08 14-Daily RSI reading, BTC could fall to the $55,000 handle before entering oversold territory.
Read More: BTC Eyes $60K Amid Receding Recession Fears and Positive ETF Market Flow Trends
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