Mooners and Shakers: Don’t be so reckless… accumulate Bitcoin, says analyst
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Reckless? Crypto? Never. But one professional digital assets analyst believes you’re exactly that if you’re not buying Bitcoin at these levels.
And that’d be somebody who goes by the name of Vetle Lunde – because that’s his name.
He works for a research-led digital assets brokerage and wealth-management platform called K33, so, perhaps it’s not unexpected that he’s going to say something like this, but let’s hear him out anyway.
K33 has released its latest (Sep 5) research report titled ‘A Buyer’s Market’ (not flogging it, but after noticing Cointelegraph mentioned it, I opened it up on a free trial situation).
And yep, it contains quite bullish Bitcoin and Ethereum-centric thoughts, particularly regarding ETF potential, despite the decidedly not-particularly bullish current state of the crypto market.
Incidentally, that decidedly not-particularly bullish and rather fearful state is neatly, visually shown for you here on the popular sentiment tracker, the Crypto Fear & Greed Index.
Noting the complete retracement of the gains made after Grayscale’s ETF-related legal win over the SEC recently, K33’s senior analyst Lunde (and vice president of the firm Anders Helseth) believe the crypto market is not pricing in the bullishness of the likely approval, sooner or later, of spot Bitcoin ETFs in the US.
“I firmly believe the market is wrong,” wrote Lunde. “This is, by all accounts, a buyer’s market, and it’s reckless not to aggressively accumulate BTC at current levels.”
“The market dramatically underestimates the impact of U.S. BTC ETFs and, in extension, futures-based ETH ETFs,” the analysis continues.
“In September, few catalysts await, offering a solid opportunity for strategic positioning ahead of an October packed with market-moving events. I favor a mix of increased ETH exposure and conservatively leveraged long exposure in BTC.”
🚨Mid-October is shaping up to become hectic and volatile in the market.
The SEC's 45-day window expiry to request a rehearing in the Grayscale case coincides with:
– The next deadline for the spot-based ETF filings
– And the ultimate deadline for the futures-based Ether ETFs pic.twitter.com/JgFsoVfdn2
— K33 Research (@K33Research) September 6, 2023
The K33 analysts also point to the tech-tastic Nasdaq 100 being recently up 2% as a “good indicator of the market’s general risk appetite”.
“The BTC spot ETFs will be huge, and with improved odds of approval, it looks evident that the market is mispricing it.”
The US$676bn global asset management fund Bernstein, that’s who.
Specifically, its managing director Gautam Chhugani, who reckons Grayscale’s legal victory over the SEC last week set “unambiguous principles” for regulators to use when evaluating spot crypto ETF (exchange traded fund) applications.
In fact, he went further, predicting that that multiple altcoin ETFs are likely to come to the fore if/when SEC chair Gary Gensler finally rolls over and a spot Bitcoin ETF is approved in the US of A.
“We suspect the crypto ETF opportunity won’t just stop at Bitcoin but will extend into multiple crypto assets,” Chhugani notes in this tweet.
Grayscale secured a landmark win against the SEC last week. The ruling went beyond the GBTC conversion, but laid unambiguous principles for regulators to evaluate spot crypto ETF applications. We suspect the crypto ETF opportunity won't just stop at Bitcoin but will extend into…
— Gautam Chhugani (@BernsteinGautam) September 4, 2023
Chhugani also suggests that even though we’re in a very slow crypto-market stage, fundamental developments are giving him a very positive outlook for the sector overall.
“The strong showing in the courts (Ripple and Grayscale in two months), improved ETF chances and the progressive institutional interest, is in contrast to the retail-led crypto cycles of the past.
“This is a cycle slower to take off, but is being laid on much stronger fundamental grounds of regulatory clarity and more strategic long-term players entering the space.”
Hold the phones… news just in (er, several hours ago when you read this)… Cathie Wood’s ARK Invest (with 21Shares) has now filed for a spot ETHEREUM ETF in the US.
Add it to the in-tray, Gary.
— WhaleWire (@WhaleWire) September 6, 2023
With the overall crypto market cap at US$1.08 trillion, flat as Nullarbor roadkill since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Solana (SOL), down the bottom of the top 10 majors there, has been an interesting one this week.
Yes, it’s down the heaviest today, but that’s a bit of a sell-the-news occurrence after it did have a more-than-decent announcement earlier this week.
In case you missed it, as Lark “The Crypto Lark” Davis posts here, the layer 1 blockchain Ethereum rival has partnered with Visa for USDC stablecoin payments.
Bullish for Solana, which endured a particularly rough time amid the FTX fallout late last year as the disgraced, currently banged-up Sam Bankman Fried and his firms were major backers of the project.
Solana has just partnered with Visa for USDC enabled payments.
4 out of 10 daily credit card transactions use Visa.
Solana makes payments dirt cheap and near instant. pic.twitter.com/46ZOqiOFHI
— Lark Davis (@TheCryptoLark) September 5, 2023
Solana has, according to recent Coinshares reports, also been seeing strong accumulation from institutional buyers in recent weeks, indicating it’s a far-from-finished entity and could well be one to watch for the next bull cycle – whenever that makes itself clear (if it hasn’t already).
Meanwhile, though, regarding BTC’s short-term narrative, chartists such as Rekt Capital aren’t too confident it’s not going to double-top its way lower…
— Rekt Capital (@rektcapital) September 6, 2023
Some of the biggest 24-hour gainers and losers at press time. (Stats accurate at time of publishing, based on CoinGecko.com data.)
PUMPERS (11-100 market cap position)
• Kaspa (KAS), (market cap: US$811 million) +11%
• THORChain (RUNE), (market cap: US$478 million) +7%
• Toncoin (TON), (market cap: US$6.25 billion) +4%
• Render (RNDR), (market cap: US$526 million) +4%
• Synthetix Network (SNX), (market cap: US$747 billion) +4%
• Radix (XRD), (market cap: US$552 million) -2%
• The Sandbox (SAND), (market cap: US$629 million) -1%
• Optimism (OP), (market cap: US$1.06 billion) -1%
Some pertinence and randomness that stuck with us on our morning moves through the Crypto Twitterverse.
In fact, we think this first one nicely taps the nail on the head at both ends of that spectrum…
All hail our ETF Queen —
— The Dev (@HeyItsMeTheDev) September 6, 2023
— Bitcoin Archive (@BTC_Archive) September 6, 2023
— Bitcoin Magazine (@BitcoinMagazine) September 6, 2023