Bitcoin's Technicals and Fundamentals
VanEck's latest analysis of Bitcoin has reinforced the belief that it is primed for a high-volatility catch-up rally. The current landscape suggests significant movement ahead.
Key Observations
- Bitcoin Miners' Holdings: Publicly traded bitcoin miners now control a record 30% of the global hashrate and have notably increased their bitcoin holdings this month.
- Corporate Treasury Strategies: A growing number of public companies are adopting the corporate treasury strategy pioneered by MicroStrategy, indicating a broader institutional interest in bitcoin.
- Institutional Flows: Our findings highlight that institutional flows appear to be leading the price movements of bitcoin rather than merely following them.
We believe bitcoin is set for a breakout due to increased BTC holdings by miners, rising corporate treasury investments, and higher Bitcoin ETP flows.
Key Takeaways for Mid-September – Mid-October
- Increased BTC Holdings: Miners’ increased holdings suggest confidence in future price movements.
- Rising Investments: The trend of corporate treasury investments in bitcoin is gaining momentum.
- Market Dynamics: Institutional activity is playing a crucial role in shaping bitcoin's price trajectory.
Please note that VanEck has exposure to bitcoin.
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