FameEX Morning Crypto News Recap | November 20, 2024

Bitcoin Could Enter a Strong Bull Market, Puell Multiple Suggests Potential 90% Price Surge

CryptoQuant's analysis indicates that Bitcoin's Puell Multiple is nearing a breakthrough, potentially signaling a sharp price surge. This key mining profitability metric has historically driven BTC prices up by an average of 90% when exceeding its 365-day moving average.

CME Crypto Futures Trading Volume Reaches Record High

CME's cryptocurrency division recorded its strongest month since Bitcoin futures launched in 2017, with daily trading volumes exceeding $10 billion. November's trading volume and contract numbers grew over fivefold year-on-year, while open interest hit a record, averaging 166,000 contracts—a 60% rise from October and triple November 2023 levels, according to Gio Vicioso, CME's crypto head.

Over 60 Publicly Listed Companies Have Embraced Bitcoin Strategies

Over 60 public companies have implemented Bitcoin strategies, with thousands of private firms increasingly adopting similar approaches.

Almost 700 Institutions Hold Over 160 Million Shares of BlackRock's Bitcoin ETF (IBIT)

Recent 13F filings reveal that institutional investors adjusted their Bitcoin ETF strategies in Q3 2024, highlighting deeper crypto integration into Wall Street. BlackRock's iShares Bitcoin Trust (IBIT) leads the market with nearly 700 institutional holders, managing 160.2 million shares worth $42 billion in assets.

99.3% of Bitcoin UTXOs Currently in Profit

CryptoQuant CEO Ki Young Ju stated that 99.3% of Bitcoin unspent transaction outputs (UTXOs) are profitable, signaling a "mania" phase in the market. He noted that such phases usually last 3 to 12 months but cautioned about exceptions, referencing the bull trap of November 2021.

Fed's Interest Rate Cuts Likely to Be Measured Under New Administration

Deutsche Bank Asset Management's 2025 outlook predicts U.S. economic growth will slow from 2.7% in 2024 to 2.0% in 2025. The Federal Reserve is expected to cut interest rates three times by December 2025, but the pace of reductions will likely be more measured 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.