Today’s headlines:
- Bitcoin is trying to break out above its 200-day moving average.
- Bitwise futures Bitcoin ETF to use Bitcoin and Treasuries rotation.
- Positive U.S. job market data and anticipated further rate cuts boost $BTC.
$BTC is currently trying to break above technical resistance of its 200-day moving average. This follows two failed breakouts in late August and late September.
Bitcoin price is currently pressing up against the 200DMA in the $63,500 area.
Figure 1: Bitcoin attempting to break above the 200DMA.
Should a sustained breakout occur, it would further add to the positive price action for Bitcoin over the past month, which is up +12.72%
Figure 2: Bitcoin's price has been climbing in the past month.
News You Need to Know
- Bitwise futures Bitcoin ETF to use Bitcoin and Treasuries rotation.
- Positive U.S. job market data and anticipated further rate cuts boost $BTC.
- Will the upcoming HBO documentary reveal Satoshi Nakamoto?
- Tether to unveil new tech solution for Europe amid Coinbase delisting possibility.
The Big Story
Bitwise Futures Bitcoin ETF: Bitcoin & Treasuries Strategy
Bitwise Asset Management has announced that it is going to adapt its existing Bitcoin futures ETF product, ‘Bitcoin Strategy Optimimum Roll ETF’ to incorporate US Treasuries as well as Bitcoin.
The adjustment is intended to help reduce volatility risk while still allowing investors to benefit from Bitcoin price appreciation.
The intended strategy will involve using technical analysis to determine whether the fund should move allocation out of Bitcoin and in to US Treasuries.
It will use indicators such as the 10-day exponential moving average and the 20-day exponential moving average.
Strategy overview:
- 10-day EMA crosses above 20-day EMA = upward momentum: Fund will allocate to Bitcoin
- 10-day EMA crosses below 20-day EMA = downward momentum: Fund will allocate to Treasuries.
As shown in the chart below, the 10-day EMA is currently trending ABOVE the 20-day EMA.
Figure 3: Bitcoin’s 10-day EMA and 20-day EMA.
Bitwise will hope that this new dynamic product will provide an alternative solution to its already popular spot Bitcoin ETF product, appealing to investors who are nervous about Bitcoin’s downside risks. To date the Bitwise spot ETF has achieved more than $2.2B worth of inflows.
Figure 4: Bitwise Bitcoin spot ETF ‘BITB’ inflows since launch at +$2.2B.
The new futures Bitcoin ETF from Bitwise incorporating the dynamic Bitcoin and Treasuries strategy will go live on 3 December 2024.
Key Chart
Each week, our BM Pro Analysts hand-pick a must-see chart for you. This week:
Bitcoin Block Height
Figure 5: Bitcoin Block Height.
What it is
- This chart displays Bitcoin Block Height over time, showing the total number of blocks added to the Bitcoin blockchain since its creation.
- It represents a cumulative record of transactions grouped into blocks, with a new block added roughly every 10 minutes. This contributes to the steady upward trajectory of the line on the chart above.
Why this matters
- Block height is a key measure of Bitcoin’s network progress and security.
- As block height increases, the blockchain becomes more secure and resistant to tampering.
- This is a critical component when considering the ‘value’ of Bitcoin over other assets.
What's happening now
- Bitcoin's block height continues to rise steadily as miners add new blocks, reflecting ongoing network activity and mining rewards distribution.
- There are now more than 864,507 mined Bitcoin blocks.
This chart is available for Bitcoin Magazine Pro subscribers to view here. If you haven’t subscribed yet, you can here.
The Bitcoin Magazine Pro Team.