Quantity Funds has announced the launch of a US Bitcoin and Gold ETF, which will provide investors exposure to these unique assets in one single wrapper. This development comes amid the debate by market experts like Peter Schiff on which of these two assets provides the most value to investors.
Quantity Funds Launches STKD Bitcoin & Gold ETF
Quantity Funds announced in a press release the launch of the STKD Bitcoin and Gold ETF in partnership with Return Stacked. This ETF will combine BTC and Gold in a single vehicle, allowing investors to invest in “two scarcity assets that may protect against future inflation and currency debasement.”
Indeed, these assets, especially BTC can help provide a hedge against future inflation and currency debasement. BitMEX co-founder Arthur Hayes recently predicted that Bitcoin will soar due to war-fueled inflation.
According to the announcement, this fund is unique as it provides 100% exposure to both its Bitcoin and Gold strategies. The Bitcoin strategy will seek to capture every price return of BTC by investing in Bitcoin futures and ETPs. Meanwhile, the Gold strategy will also seek to capture the price return of the asset through investments in Gold futures and ETPs.
The press release noted the popularity of the “bitcoin vs gold” argument when building a multi-asset portfolio. However, According to Quantity Funds, this discussion misses the larger role that both assets can play for investors looking for a mix of capital appreciation and portfolio hedging.
David Dziekanski, CEO and CIO of Quantity Funds, said,
We’re thrilled to be bringing this new fund to market and are very excited to connect with advisors, institutions and others to educate them about the role stacked exposure to bitcoin and gold can play in a well-constructed, capital-efficient portfolio.
Peter Schiff Continues Bitcoin Vs. Gold Debate
Gold proponent and renowned Economist Peter Schiff has continued to spark the Bitcoin vs. Gold debate. He stated in an X post that everyone is focused on the “meaningless, Trump-inspired Bitccoin pump” while missing the significance of Gold hitting another record high above $2,680.
He added that the BTC price may be up more but it has remained range-bound for seven months unlike Gold which continues to set one record high after another. Schiff went as far as referencing a CNBC interview in which the focus was Bitcoin and its recent rally to $67,000 while there was no mention of Gold’s record high.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
With the launch of the spot Bitcoin ETFs in Hong Kong earlier today, the Bitcoin price has registered a minor recovery of 2% shooting past $63,300 levels. However, on-chain data suggests that Bitcoin miners have been offloading their BTC holdings recently.
Bitcoin Miners Move Huge Quantity on Exchanges
Cryptoquant, an on-chain analytics platform, has reported a significant transfer of BTC from miners to spot exchanges. This observation, indicating a surge in Bitcoin movement from miners to spot exchanges, can signal market imbalance.
It was very obvious that Bitcoin miners were going to sell their BTC in order to cover their operational expenses after the Bitcoin halving event. From a fundamental standpoint, the situation is logical. Miners are currently generating approximately half the BTC revenue compared to several weeks ago, despite similar price levels.
Miners play a crucial role in validating and securing the network by expending electricity and covering various expenses such as hardware, rent, and payroll. In return for these efforts, they receive rewards in the form of Bitcoin.
However, a prolonged trend leading to negative profitability among miners could potentially impact Bitcoin’s price. However, experts advise against panicking solely based on this data and suggest continuous monitoring to gauge its impact over time.
The miners sent a large amount of #Bitcoin to spot exchanges
“Observing high volumes of $BTC coming from miners to spot exchanges often creates a sense of imbalance in the market.” – By @theKriptolik
Read the full post
https://t.co/ixBJlu7Dxm
— CryptoQuant.com (@cryptoquant_com) April 29, 2024
Macro Factors Affecting BTC Price Movement
While the Hong Kong Bitcoin ETFs go live for trading today, the US Bitcoin ETFs continued to see outflows ahead of some key macro events. This week marks significant economic events for the United States, kicking off with the Federal Reserve‘s eagerly awaited interest rate decision scheduled for May 1.
Analysts forecast a 95.6% likelihood that the Fed will keep interest rates unchanged at their present levels. Moreover, on May 3, the U.S. will release the April unemployment rate. Anticipations for a reduction in U.S. interest rates this year have diminished to only one expected cut.
Concerns about sustained higher U.S. interest rates posed the most significant drag on Bitcoin in recent trading sessions, as the cryptocurrency market typically thrives in an environment characterized by low rates and ample liquidity.
The latest strain on crypto markets came from unexpectedly strong data from the Personal Consumption Expenditures (PCE) price index, which serves as the Federal Reserve’s preferred measure of inflation.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cardano Whales Accumulate In Large Quantity, Will ADA Rally? CoinGape
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The crypto market has been in a sorry state for several months now. Meme tokens like Shiba Inu (SHIB) took the worst blow following the crypto crash.
Despite that, Ethereum (ETH) whales have played on this crypto plunge, and it appears that Shiba Inu (SHIB) turned out to be the top choice of the giant ETH whales.
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ETH Whales On A SHIB Buying Spree
With Dogecoin or the dog-themed meme coins rising in popularity in 2021, Shiba Inu has failed to scale or get some traction this year.
SHIB, which is dubbed the most searched crypto of 2021 compared to BTC, has had a dismal dip. The coin’s prices have shed 52% of its value, as seen in the past two months. ETH whales have been pooling in the market and trading despite turbulent conditions.
JUST IN: $SHIB @Shibtoken has flipped #FTX Token for biggest holding by dollars among top 500 #ETH whales
Peep the top 100 whales here: https://t.co/tgYTpOm5ws
(and hodl $BBW to see data for the top 500!)#SHIB #FTX Token #whalestats #babywhale #BBW pic.twitter.com/u2OHdVqu2G
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) May 24, 2022
According to WhaleStats, SHIB has now outranked the FTX token (FTT) in terms of average quantity held in the top 10 holdings with 467,912,829,017 compared with 301,753 for FTX.
Considering that the ETH whales have held the FTX token for the longest time, the shift was astounding.
WhaleStats disclosed that the top 100 ETH wallets currently hold roughly $543 million of SHIB. That said, SHIB holding has dramatically increased to as much as $259 million.
Remarkably, SHIB has plunged by 6% in the past 24 hours, trading at $0.000012. The recent price drop of SHIB supports the ETH whales’ bulk splurge. SHIB has a market cap of $6.4 billion.
SHIB total market cap at $6.51 billion on the daily chart | Source: TradingView.com
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Capitalizing On Shiba Inu Metaverse Hype
SHIB has welcomed Marcie Jastrow to the team to advance with their Metaverse dream.
Jastrow’s extensive experience of over 20 years in the glitz and glam of the entertainment industry for Technicolor and other brands can help SHIB attain that top-notch immersive experience for their users.
Shiba Inu is the most searched crypto last year (Cointribune).
On March 8, WhaleStats also announced that SHIB holdings at $1.4 billion at that time overtook FTT holdings of $1.36 billion. The top ETH whales hold as much as $1.4 billion worth of SHIB.
Ethereum whales have pivoted to a bullish stance with the Shiba Inu metaverse hype. The coin’s price has always been downtrend since its all-time high in October.
Featured image from Cointribune, chart from TradingView.com
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