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  • Crypto Alpha - 28 September 2024

Crypto Alpha - 28 September 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

TL;DR

  • 10x Research predicts that Bitcoin is on track to reach a new all-time high in the near future.

  • Yesterday saw a net inflow of $58.62 million into the U.S. Ethereum spot ETF.

  • Grayscale’s ETHE has seen a 36.1% decline in its funds over the past 48 trading days.

  • Berkshire Hathaway has further reduced its stake in Bank of America.

  • CZ confirmed his release from prison by posting a “GM” on the X platform.

  • BlackRock's Bitcoin Trust (IBIT) experienced a net inflow of $111 million yesterday.

  • Today’s Fear and Greed Index climbed to 64, shifting the sentiment from neutral to greed.

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Alpha of the Day

Bitcoin’s Bright Future: 10x Research Says New ATH Incoming

10x Research is out here spreading joy, predicting that Bitcoin is on its way to hit a new all-time high soon. For everyone who’s been staring at their portfolios waiting for some action, this might just be the news you needed. With the market moving at crypto speed (which is both fast and slow, depending on your luck), the possibility of Bitcoin making a grand comeback has everyone buzzing. So, dust off those HODL memes, because 10x Research is giving us a glimmer of hope. Time to check the charts every 10 minutes, again.

Ethereum's Cash Flow: $58.62 Million Rolls Into Spot ETF

The U.S. Ethereum spot ETF had a massive payday with $58.62 million in net inflows just yesterday. That’s the kind of money move that makes you wonder if you should be rethinking your investment strategies while you debate ordering extra guac. The influx speaks volumes about confidence in ETH’s future despite the constant market volatility. Whether you’re all-in on Ethereum or still learning what a smart contract even is, this kind of news is like getting that “free shipping” notification—an unexpected but welcome win.

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Grayscale ETHE Takes a 36.1% Dive—Ouch!

Grayscale’s ETHE is not having its best moment, with funds plunging 36.1% over the last 48 trading days. That’s not just a little stumble; that’s a full-on faceplant. For anyone holding ETHE, it’s been a wild and bumpy ride, the kind where you hold on tight and hope things even out. But hey, it’s crypto—if we’re not all riding the rollercoaster together, are we even really investing? Let’s hope ETHE pulls itself out of this nosedive soon, or else Grayscale might need to call for backup.

Berkshire Hathaway Continues to Ghost Bank of America

Warren Buffett’s Berkshire Hathaway is once again trimming its position in Bank of America like it’s a bad Tinder date. Apparently, the Oracle of Omaha is just not that into BoA anymore, and this isn’t the first time Berkshire’s backed away. While it’s not exactly a breakup, Berkshire slowly backing out is giving major "it’s not you, it’s me" energy. Who knows, maybe Buffett’s just got his eyes on shinier, more crypto-like prospects (wishful thinking?).

CZ Drops a “GM” Post-Prison—Classic Crypto Move

If there’s one way to make a comeback in the crypto world, it’s by posting a casual “GM” (Good Morning) right after getting released from prison. CZ, Binance’s fearless leader, took to the X platform to let the world know he’s out and about. No press conference, no dramatic statement—just a “GM.” Classic. His followers, of course, responded like CZ’s return is a plot twist in their favorite show. So, what’s next for CZ? Whatever it is, it’s bound to be as unpredictable as his one-word social media posts.

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BlackRock’s IBIT Gets a $111 Million Boost—Because Why Not?

BlackRock’s Bitcoin Trust (IBIT) just had a little windfall with a $111 million net inflow yesterday, reminding us all that big money is still very much in the Bitcoin game. It’s almost like BlackRock was waiting for the perfect moment to say, “Yep, we’re still here, and we’re bringing the cash.” While the rest of us stress over minor fluctuations, BlackRock’s out there stacking millions in Bitcoin like it’s a casual Thursday. So, next time you’re unsure about BTC, just remember: BlackRock’s not sweating it.

Fear and Greed Index Hits 64—Greed Takes the Lead

Today’s Fear and Greed Index jumped to 64, meaning we’ve officially shifted from neutral to good ol’ greed. For those unfamiliar, the Fear and Greed Index is basically the mood ring of the crypto world, and right now, it’s shining greed. People are eyeing those gains, and FOMO is creeping in hard. Whether you’re planning to ride the wave or hold off, the market’s current vibe is all about taking chances. So, what’s it gonna be—fear or greed? Choose wisely.

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