Grayscale Wins SEC Case
Grayscale’s application to convert the GBTC ETF into a Spot Bitcoin ETF was rejected by the SEC, and Grayscale took this process to court. We have been waiting for the outcome of this case for the last 2 weeks on Tuesdays and Fridays, and last Tuesday the court upheld Grayscale’s objection. As a result, while the SEC needs to find different reasons for rejecting the applications, the likelihood of Spot Bitcoin ETFs being approved has increased considerably according to the assessment of experts in the market.
US Growth and ADP Non-Farm Payrolls Data Released
On Wednesday, August 30th, two very important data releases were announced in the US. While the growth rate was announced as 2.4%, below the expectations, ADP Non-Farm Payrolls data was announced as 177K, below the expectations. As the ADP data came in below expectations, indicating a cooling labor market, positive movements were seen especially in US indices. After the dollar index retreated to 103 level, it was seen that the Suspended House Sales data announced at 17.00 was above expectations and realized a slight increase.
GBTC May Write Off Its Discount After Lawsuit Ruling
With Grayscale winning the case, we see that the GBTC fund, which was the leading actor in the case, stopped its depreciation for days and realized a significant rise. The GBTC fund, which contains 600,000 Bitcoins as asset management, has been priced at a discount to market capitalization since 2021. Since June, the discount rate has fallen from 45% to 26%, but has been gradually depreciating and increasing again. With the court decision, the discount rate reached 18.06%, the lowest level since December 2021. The 8% move in GBTC’s discount value had the effect of adding 56,000 BTC to the fund’s assets under management.
Digital Asset Funds See Outflows
According to the digital asset funds report, $168 million worth of outflows were seen from the funds last week, the highest outflow since March 2023. While Bitcoin is at the top with an outflow of $ 149 million, we see that the outflow from short-Bitcoin products continues and has been falling for 18 weeks. It is also seen that Short-Bitcoin funds lost 89% of their assets under management in this process. Looking at altcoins, inflows are seen in LTC, SOL, XRP and ADA funds.
Bitcoin, Dogecoin and Ethereum Features Added to Robinhood Wallets
Important new features have been added to Robinhood wallets. In a statement, it was announced that, taking into account user feedback, the wallets now support Bitcoin and Dogecoin and users can access services to withdraw, send and store these coins. With these additions, the platform enabled in-app swaps on the Ethereum network, with select users gaining access to more than 200 tokens for exchange.
———————————————————————————
BITCOIN(BTC)
Bitcoin is priced at $ 27,263 with a 0.06% loss in value as of today morning hours. Although the rise in Bitcoin with the court news carried the price up to $ 28,000, there was some retreat afterwards. The main reason for this was that the court result was initially misunderstood by the market and investors thought that Spot BTC ETFs were accepted after the court win. Although yesterday’s economic data was positive for cryptos, we can say that crypto assets decoupled a little after the rise on Tuesday, and today’s PCE data will be the most important data of this week.
ETHEREUM(ETH)
ETH, which lost 0.04% as of morning hours, is priced at $ 1704. After the rise in Ethereum with the news, we see that the price rose up to 1740 resistance, then fell to 1700 with the retreat and saw support from here. At the level of 1700-1720, which we normally share as a critical level in Ethereum, we see that 1720 has lost its role a little and the $ 1700 level continues to work as a good support.
RIPPLE(XRP)
XRP is priced at $0.5213 as of morning hours, down 0.34%. Although the rise in XRP allowed the price to rise up to 0.55, it retreated before reaching the critical 0.56 level and fell below the 0.53 resistance, where it broke upwards, and returned to 0.52 levels, the region where it started its mobility. In Ripple, we also see that the upside break of the symmetrical triangle also occurred and failed to reach its target level. For now, we can continue to expect 0.50 as support and 0.53 as resistance.
AVALANCHE(AVAX)
AVAX is priced at $10.38 as of morning hours, down 0.29%. Although AVAX reached $ 11 with the rise from $ 10 and the positive news flow that followed, it fell below the pre-news price with the intense sales afterwards. We can use the 10.25 level as support in AVAX for now. Although the 10.40-10.45 region appears as resistance in the upward movement, our target level will be 11 dollars in case of a breakout.
SOLANA(SOL)
SOL is priced at 20.70 with a 0.58% depreciation as of morning hours. The ongoing horizontal movement in Solana reached the channel resistance level of $ 22.20 after the rise from the bottom on Tuesday, but then retreated back below $ 21 with a depreciation of almost 10% from here. If the movement on the SOL will be upward, we can say that the 21-21.20 breakout is an important region in the downward movement and the 20.20 level is an important region.
CHAINLINK(LINK)
LINK, which gained 0.64% as of morning hours, is priced at 5.963. LINK became one of the most appreciated coins after breaking the descending channel movement with the news. LINK, which broke the descending channel middle band upwards, rose up to the 6.25-6.28 resistance zone, but the intense selling pressure experienced from here returned LINK back to the channel movement and we see that the channel resistance is currently being tested again. If there is no breakout, we can say that the middle band of the channel may be important at 5.88 levels, a region that has worked well before.
LITECOIN(LTC)
LTC is priced at $67.51, down 0.21% as of morning hours. After breaking its horizontal movement upwards on the 4-hour chart, LTC approached the resistance zone at the $ 71 level, but then retreated and started to test the 67.15 zone, the resistance zone of its horizontal movement. If LTC, which seems strong in this region for now, breaks down, the $ 66 and then $ 64 levels will be critical. In the upward movement, we can say that we may face selling pressure at $ 70.
