Bitcoin climbed back to about $83,000 on Friday even as spot bitcoin ETFs shed more than $700 million this week. Bitwise Europe's Luke Deans told Decrypt that level is also the funds' average cost basis, so a typical holder can sell there near breakeven.
Perspective Coverage
4 publishers
- Builder
- Builder 5%
- Operator
- Operator 18%
- Investor
- Investor 77%
Reality
- Evidence70
- Adoption
- Not scored
- Hype gap+15
- Incentives40
- Confidence65
Bitcoin falls to its $83,000 average ETF cost basis on the worst fund outflows since June
US spot bitcoin ETFs shed $484.9 million on Wednesday, their worst day since June 25, as bitcoin fell to the roughly $83,000 average ETF cost basis. Inflows have historically been slow at breakeven, Bitfinex says, so October's strong seasonal record is a weak guide to positioning.
Reality
- Evidence55
- Adoption35
- Hype gap+10
- Incentives55
- Confidence50
Decrypt's self-custodial Solana accounts let readers fund prediction markets, swaps, perps and yield from one balance inside its news app. Sister brand Myriad, which Crypto Briefing reports has handled over $600 million in prediction volume, now gets the newsroom's readers as customers.
Reality
- Evidence45
- Adoption20
- Hype gap+35
- Incentives85
- Confidence55
Myriad traders price Bitcoin's $90,000 October at 48% against a 5.29% Treasury yield
Myriad traders give Bitcoin 48% odds of touching $90,000 in October, a 7.4% climb that is half the month's median gain since 2013. Rates explain that discount better than fund flows do, since September's spot-ETF buyers have so far barely sold.
Reality
- Evidence50
- Adoption
- Not scored
- Hype gap+10
- Incentives70
- Confidence50
Bitcoin rose 0.9% to $84,376 after August core PCE came in at 3.0%, below the 3.3% economists expected. Lower odds of an October Fed hike did little for a market whose September rally ran on ETF inflows that have since faded.
Perspective Coverage
3 publishers
- Builder
- Builder 5%
- Operator
- Operator 15%
- Investor
- Investor 80%
Reality
- Evidence70
- Adoption
- Not scored
- Hype gap+25
- Incentives40
- Confidence65
Bitmine holds 5,983,940 ETH, 4.9% of supply, and the 121,060 tokens still missing cost about $325m at its own reference price, a bill its cash balance covers twice over. Tom Lee expects institutions in the fourth quarter.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 17%
- Investor
- Investor 76%
Reality
- Evidence62
- Adoption45
- Hype gap+22
- Incentives80
- Confidence65
Robinhood is paying Citadel's July price for an undisclosed minority slice of the venue that will clear volume Robinhood can move at will, which makes OG.com a fourth supplier rather than an owned engine.
Perspective Coverage
4 publishers
- Builder
- Builder 24%
- Operator
- Operator 32%
- Investor
- Investor 44%
Reality
- Evidence62
- Adoption42
- Hype gap+34
- Incentives78
- Confidence68