FameEX Morning Crypto News Recap | November 20, 2024

Bitcoin Poised for Strong Bull Market as Puell Multiple Signals 90% Price Increase

CryptoQuant's analysis suggests Bitcoin's Puell Multiple is approaching a critical level, indicating a potential price surge. Historically, when this key mining profitability metric surpasses its 365-day moving average, Bitcoin prices have increased by an average of 90%.

CME Crypto Futures Volume Hits New All-Time High

CME's cryptocurrency division achieved its best month since launching Bitcoin futures in 2017, with daily trading volumes surpassing $10 billion. November saw trading volume and contracts grow over fivefold year-on-year, while open interest averaged 166,000 contracts—a 60% increase from October and triple the levels of November 2023, said CME's crypto head Gio Vicioso.

More Than 60 Public Companies Adopt Bitcoin Strategies

More than 60 public companies have embraced Bitcoin strategies, inspiring thousands of private firms to follow their lead in adoption.

Nearly 700 Institutions Own Over 160 Million Shares of BlackRock's Bitcoin ETF (IBIT)

Recent 13F filings indicate that institutional investors revised their Bitcoin ETF strategies in Q3 2024, reflecting greater crypto adoption on Wall Street. BlackRock's iShares Bitcoin Trust (IBIT) dominates the market, with nearly 700 institutional holders managing 160.2 million shares valued at $42 billion.

99.3% of Bitcoin UTXOs Show Profitability

CryptoQuant CEO Ki Young Ju highlighted that 99.3% of Bitcoin UTXOs are profitable, indicating a "mania" phase in the market. He noted such phases typically last 3 to 12 months but warned of exceptions, like the November 2021 bull trap.

Fed's Interest Rate Reductions Expected to Be Moderate Under New Administration

Deutsche Bank Asset Management forecasts U.S. economic growth to decelerate from 2.7% in 2024 to 2.0% in 2025. The Federal Reserve is expected to implement three rate cuts by December 2025, though at a more measured pace under the new administration.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​