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Asset manager Grayscale, which has been particularly hungry for cryptocurrency lately, is reportedly expanding its offering to Chainlink (LINK), Basic Attention Token (BAT) and Tezos (XTZ).

Grayscale would turn to LINK, BAT and XTZ

Would the cryptocurrency giant want to diversify its offer , while the altcoins bull run has helped propel certain assets to new heights? This is what seems to suggest a document from the State of Delaware , which was unearthed by the crypto community. Grayscale seems to want to establish a trust based on the LINK and others based on BAT’s Brave, the XTZ of Tezos the MANA of e Decentraland and the LPT Livepeer .

The document was registered under the name „Delaware Trust Company“ at the end of December. This is one of Grayscale’s service providers, and it is already this name that was used to set up the asset manager’s Bitcoin trust. However, we will have to wait for Grayscale’s confirmation before getting excited about this addition – the giant had registered a similar document concerning Filecoin (FIL) last October, but no trust was proposed following this.

The Happy New Year of Chainlink (LINK)

Grayscale’s possible interest in the LINK is not entirely a surprise. Altcoin had a particularly prosperous start to the year. After entering the top 10 cryptocurrencies by capitalization , it stole its place from a Bitcoin Cash (BCH) in smaller form. In addition, the LINK exceeded several times its all-time high, crossing the symbolic threshold of 20 dollars in mid-January. Its capitalization is now approaching that of Litecoin (LTC).

It should also be noted that Grayscale seems to want to choose altcoins with a solid project that goes beyond a simple payment network . Filecoin is indeed a decentralized file storage network, Decentraland is a digital real estate based game, and the BAT is used by the Brave crypto browser. The arrival of institutional investors could thus give new legitimacy to these projects.

Profit-taking is keeping Bitcoin in check, making the 40,000 mark a distant prospect again. But investors can capitalize on the price setbacks.

Easy come, easy go: While the Bitcoin price was able to set a new record of over 40,000 US dollars just a few days ago, the cryptocurrency is currently stumbling under the pressure of a wave of selling. With a minus of 3.7 percent on the day, the cryptocurrency is quoted at 34,837 US dollars at the editorial deadline and has thus lost almost 6,000 US dollars in value in just three days.

At the same pace at which Bitcoin marched to its all-time high, it is currently heading in the opposite direction. The market is cooling down again after the hot winter months. In view of the tumultuous price rally of the last few weeks, a breather is also sorely needed.

Surfing the Bitcoin wave

To put this into perspective: in just one month, Bitcoin has risen from under 20,000 to over 40,000 US dollars – healthy growth looks different. After Bitcoin initially needed a few months to come out of the woodwork, a hype suddenly formed after reaching the symbolic 20,000 mark, which showed similarities to the bubble formation in 2017. While after the Corona crash in 2020 it was primarily institutional investors who recognized the signs early on and refreshed their BTC stocks at favorable conditions, in recent weeks more and more small investors also moved in, wanting to quickly jump on the Bitcoin bandwagon that had supposedly already sailed.

No wonder that this pattern brings back memories of 2017, the year in which Bitcoin first made acquaintance with 20,000 US dollars and went to sleep shortly thereafter in the crypto winter. So do investors need to dress warmly again?

Sustainable market growth

Even though the current price trend shares similarities with the 2017 bull run, the trajectories are very different. Probably the biggest difference from 2017 is the BTC investor type. While three years ago it was primarily retail investors who tried their luck with Bitcoin, since then big money has found its way into the crypto market. This capital is parked in BTC in a much more sustainable way than that of speculators.

Asset managers like Grayscale or companies à la MicroStrategy are invested in BTC for the long term, and investor behavior is far more risk-averse than that of retail investors. The recent price turbulence, on the other hand, was primarily on the account of derivatives traders who leveraged themselves.

Speculators vs. hodlers

This highlights a conflict inherent in cryptocurrency: the trench warfare between speculators and long-term investors. On one side, those after the quick mark; on the other, those heading for safe havens. The big question: Can Bitcoin be both a gambler’s asset and a stable store of value at the same time?

The answer: no. Whether Bitcoin fulfills both functions depends on the time perspective. In the short term, the directional decision is likely to remain hard-fought. Profit-taking is too tempting and lucrative with such rapid price gains. In the long run, however, BTC investing should pay off more clearly for those with staying power.

So the old BTC hares have learned their lesson from 2017 and know: After every low comes a high. As the chart below from Glassnode shows, the percentage of bitcoin used in the last three years is gradually closing in on ATH levels. Or, in other words, investors who joined the BTC ecosystem in 2017 continue to hold their Bitcoin.

According to Glassnode CEO Rafael Schultze-Kraft, this speaks against the assumption that investors are just lurking for the next all-time high to cash in quickly. After all, a continuously rising value of currently 35 percent indicates that most investors remain loyal to their Bitcoin over a longer period of time – or speculate on even larger profit margins. Either way, corrections offer buyers opportunities to buy Bitcoin, and the current setback is likely to be a springboard for the next uptrend.

EQUOS has introduced a Bitcoin perpetual futures contract, possibly setting the stage for wider professional adoption of digital assets.

EQUOS, a Singapore-based digital currency exchange operated by Diginex, has announced the launch of a new Bitcoin futures product (BTC) with no settlement date, marking a substantial jump in the BTC derivatives market.

The company on Thursday introduced the BTC perpetual futures contract, a product it says is well suited to the current trading environment. The perpetual contract is aimed at professional traders with various risk profiles, with prices and liquidity provided by independent market makers.

The exchange claims that its new Bitcoin Aussie Secret contract is backed by its liquidity reserves, which are partially funded through commissions and trading revenues.

Unlike traditional futures products, a perpetual futures contract does not have a fixed expiration or settlement date, which means that the user can hold the position for as long as they wish. BitMEX, one of the most important crypto-derivative platforms, currently offers perpetual contracts on Bitcoin.

Diginex CEO Richard Byworth said the new futures contract is intended to provide broader functionality to the crypto-derivative market, a move he said „will facilitate wider adoption of crypto assets by institutional and professional traders.

He continued:

„This is just the first in a suite of products that will offer investors more dynamic hedging tools, fairer settlement, a platform that does not trade against its users, and reputation protection for investors seeking a KYC/AML compliant ecosystem.

The Bitcoin futures market has skyrocketed in recent quarters, highlighting the growing institutional acceptance of digital assets. EQUOS claims that crypto-derivatives grew at more than four times the pace of the spot market in Q3 2020, reaching a daily high of $67 billion by the end of November.

El precio de Bitcoin subió a 12.000 dólares, pero los comerciantes no están seguros de si el movimiento es una fuga o una falsificación.

En las últimas horas, el precio de Bitcoin Machine subió a 11.988 dólares antes de retroceder para rondar el nivel de 11.900 dólares. El precio está a punto de superar los 12.000 dólares y algunos analistas han sugerido que la criptodivisa dominante está en proceso de desvincularse del resto del mercado, incluyendo las acciones de los Estados Unidos.

El sentimiento general en torno a Bitcoin (BTC) entre los analistas y comerciantes sigue siendo positivo, y múltiples analistas en cadena dicen que Bitcoin se ha estado comportando como un activo seguro.

El análisis técnico sugiere que, en primer lugar, el nivel de resistencia de 12.000 dólares debe ser cambiado a soporte, y la acción previa del precio alrededor de este nivel sugiere que será difícil que BTC lo supere limpiamente en su primera prueba.

El gráfico diario de Bitcoin.

El analista en cadena Willy Woo ha sido consistentemente positivo sobre el actual ciclo de precios de Bitcoin.

Woo enfatizó que el hecho de que BTC muestre una correlación con las acciones de EE.UU. a corto plazo tiene mucho sentido, pero a largo plazo, el analista señaló que el desacoplamiento era inevitable. Dijo:

„El desacoplamiento está sobre nosotros :) Tiene sentido que el BTC continúe estando correlacionado en el corto plazo; pero no en el largo plazo. El BTC es un refugio seguro, sólo que el ‚riesgo‘ (que significa que es muy nuevo) está sesgando este hecho“.

Mientras que los fundamentos siguen siendo optimistas para Bitcoin, los analistas técnicos y los operadores son cautelosos con el BTC a 12.000 dólares. Históricamente, el nivel de 12.000 dólares ha actuado como una fuerte área de resistencia para el BTC.

Un operador seudónimo conocido como „Salsa Tekila“ dijo que sigue siendo cuidadoso mientras Bitcoin se acerca al nivel de los 12.000 dólares. El comerciante escribió:

„Alrededor de 12.000 dólares soy muy cuidadoso, creo que tenemos un retroceso. No apostaría contra ese nivel en su primera prueba“.

Además de la favorable estructura técnica de Bitcon, la confluencia de los factores macro preferibles están impulsando el sentimiento alrededor de BTC.

De cara a las elecciones presidenciales de los Estados Unidos del 3 de noviembre, los activos de riesgo están demostrando un alto nivel de incertidumbre. Esto ha causado que el índice del dólar estadounidense disminuya, provocando que las tiendas alternativas de valor se recuperen.

¿Qué es lo próximo para la BTC?

Los operadores están apuntando al mercado spot como el principal impulsor del movimiento alcista de hoy. Mientras tanto, el mercado de futuros es cauteloso, pero los operadores spot siguen acumulando BTC.

El operador de derivados Cantering Clark señaló que no hay mucha demanda de compradores en el mercado de futuros. Dijo:

„No hay exactamente una tonelada de agresión de los compradores aquí arriba. Esto parece ser principalmente impulsado por el mercado spot. Los delincuentes siguen siendo utilizados para apostar mayormente en contra.“

Los ciclos alcistas anteriores fueron liderados principalmente por el mercado de futuros, en particular por BitMEX y Binance Futures. Si el mercado de contado y el de futuros muestran direcciones opuestas, podría provocar una volatilidad significativa a corto plazo.

Si Bitcoin rompe limpiamente los 12.000 dólares, los operadores creen que el impulso llevaría a la formación de una nueva tendencia alcista. Otro operador seudónimo conocido como „General Bizantino“ dijo:

„Los libros son súper delgados por encima de 12K. Si se rompe, no intentes ponerlo en corto. Es como estar parado frente a un tren de carga“.