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MicroStrategy's Bitcoin purchases have exceeded 2021 bull market levels, acquiring 27,200 BTC on Nov. 10, 51,780 BTC on Nov. 17, and a record 55,500 BTC on Nov. 24, with prices reaching approximately $97,000 per coin. The company will join the Nasdaq 100 index on Dec. 23, 2024, enhancing stock investors' exposure to Bitcoin. Co-founder Michael Saylor has expressed intentions to continue purchasing Bitcoin at peak prices, potentially investing billions daily as the asset matures.
Bitcoin exchange-traded funds (ETFs) experienced their largest net outflows since launch, totaling $671.9 million on December 19th, coinciding with a price drop below $100,000. Fidelity’s FBTC led the outflows with $208.5 million, while BlackRock’s IBIT remained stable. This marked the end of a 15-day inflow streak for Bitcoin ETFs and an 18-day streak for Ethereum ETFs.
Michael Zinn, a senior portfolio manager at UBS Global Wealth Management, noted that the Santa Claus rally is experiencing a pause after a significant post-election surge, describing it as "indigestion." He highlighted concerns over the market's narrow breadth, with only 40% of S&P stocks above their 50-day moving average, despite rising indexes. However, Zinn remains optimistic about long-term prospects due to factors like AI advancements and economic growth, supported by strong consumer demand reflected in November retail sales hitting an 11-month high.
MicroStrategy (MSTR) will become the first bitcoin-focused company listed on the Nasdaq-100, significantly increasing the index's bitcoin exposure with its $42 billion in holdings. This inclusion could attract billions in passive investments, although analysts warn that a potential reclassification as a financial firm may jeopardize its long-term membership. The move may also prompt changes in other major indices, further integrating bitcoin into mainstream financial markets.
MicroStrategy, a major player in Bitcoin investments, will join the Nasdaq 100 index on December 23, potentially boosting demand for its stock, which has surged over sixfold this year. The company's market cap stands at approximately $90 billion, despite generating less than $500 million in revenue over the past year. With 423,650 bitcoins in its possession, MicroStrategy continues to leverage its position in the crypto market, aiming for future inclusion in the S&P 500.
Spot bitcoin ETFs saw over $4 billion in inflows from December 2 to December 12, driven by strong demand as Bitcoin surpassed $100,000 on December 5. Major contributors included BlackRock and Fidelity, with consistent inflows exceeding $100 million and no outflows reported. The total inflow reached $4.4 billion during this period, reflecting robust market interest.
Bitcoin and Ethereum ETFs have experienced significant inflows, with Bitcoin ETFs seeing $4.29 billion over 10 days and Ethereum ETFs accumulating $1.95 billion over 13 days. Fidelity and Blackrock led the inflows for Bitcoin and Ethereum, respectively, reflecting growing institutional interest in digital assets. The total net assets for Bitcoin and Ethereum ETFs reached $113.72 billion and $13.18 billion, representing 5.67% and 2.86% of their market capitalizations.
On December 10, 2024, spot bitcoin and ethereum ETFs attracted a remarkable $745.3 million in inflows, highlighting strong investor interest. Bitcoin ETFs led with $439.56 million, while ethereum ETFs garnered $305.74 million, bringing cumulative totals to $34.35 billion and $1.87 billion, respectively. Despite some losses in specific funds, the overall trend indicates robust participation in these digital asset markets.
Chainlink has made significant strides in bridging Traditional Finance (TradFi) and Decentralized Finance (DeFi), with co-founder Sergey Nazarov highlighting its evolution and partnerships that enable seamless, secure transactions across multiple chains. The platform has facilitated over $17 trillion in value and recently launched a pilot program with the Depository Trust and Clearing Corporation (DTCC) to standardize net asset value data across blockchains. Analysts predict LINK could soar to between $200 and $800, requiring substantial growth from its current trading price of $24.9.
Invesco's Senior Portfolio Manager, Matt Brill, indicated that US investment-grade corporate bond spreads, currently near historic lows, have potential to tighten further. He forecasts an average risk premium of 0.55 percentage points, down from the Bloomberg US Corporate index's recent average of 0.77 percentage points.
Invesco Ltd.
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