Category: Cryptocurrency News

Cryptocurrency News and Public Mining Pools

Is Short Bitcoin ETF Exposure Gearing Up For A Squeeze?

Bitcoin’s short exposure has been gaining favor from both retail and institutional investors over the last couple of months. For most, this position in the digital asset has paid off, given its continued decline over this time. Even then, investors have not eased up in their exposure to this investment vehicle. The total assets under management for short bitcoin ETF are on the rise, sparking speculations of a potential short squeeze. Investors Increase Exposure When the ProShares Short Bitcoin ETF first debuted earlier in 2022, it came out with a lot of support from investors. These investors were already used to longing bitcoin through the offered ETFs but had finally gotten the ability to short the digital asset in a bear market. It was one of the largest crypto ETF launches, reaching more than 3,000 BTC in exposure in less than a month. Related Reading: Solana Clears 100 Billion Transaction Count As NFTs Gain Prominence Since then, there has been a somewhat steady increase in exposure to this ETF. By the end of August 2022, it had touched a new all-time high of 5,335 BTC. This followed the decline of the price of BTC below $19,000, creating a trend of increased exposure each time the price dipped.   This trend has also continued into the month of September, which has been a brutal month for the digital asset. The Short BTC ETF exposure had declined at the start of September as investors took profit, but it had begun to grow once more, nearing all-time high values. ProShares’ BITI touches 5,270 BTC in exposure on September 23rd, the 3rd-largest so far since launch. This increase had, once again, coincided with the drop in the price of bitcoin to the low $18,000s before staging a recovery. Bitcoin Short Squeeze Coming? The increased exposure to short bitcoin ETFs could very well be leading to another short squeeze. Investors had already begun taking profits from their position, leading to more than $5 million in outflows last week, but they continue to hold strong in shorting the digital asset. Now, investors putting in more money during local bottoms could mean that they were trading in a bad way, but it is also important to note that the market has continued to trend lower with each recent dip. This has also had an impact on spot trading as there is less buying and more selling going on. BTC price recovers above $19,000 | Source: BTCUSD on TradingView.com If the demand for short BTC continues to rise and reach a new high, a resulting short squeeze could see the price of bitcoin plunge to $17,000 once more. A slight change in the current investing trend, which is more money flowing into the short BTC ETF even when the price of bitcoin is in recovery, can easily lead to this.  Related Reading: Investors Cash Out $5M From 7-Week Bull Run On Short Bitcoin Bitcoin’s price is still showing a weak recovery, which gives credence to the short positions being assumed by investors. It is weakly holding on to the $19,000 level. So further decline could push Short BTC exposure to a new high.   Featured image from BeInCrypto, charts from Arcane Research and TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

Web3 and How It Helps the Environment – Dave Uhryniak of TRON DAO Explains

TRON is a layer-1 blockchain utilizing a delegated proof of stake consensus mechanism. Its eco-friendly network, low fees, and easy to use developer tools have allowed it to attain a massive amount of user growth and innovative projects. Dave Uhryniak is the Director of Ecosystem Development at TRON DAO. He recently joined the Bitcoin.com News […]

PSA: Your free Reddit NFT avatar is probably worth very little

I keep seeing people with The Singularity, Drip Squad, Meme Team, or Aww Friends avatars in threads asking how much their NFT avatar is worth. The answer is: probably less than $10. There have been millions of these dropped for free to Reddit users, so the only way yours is going to make you some…
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New Moons Distribution (Round 31 Proposal)

Moons are r/CryptoCurrency's version of Community Points. Community Points are a way for users to be rewarded for their contributions to the subreddit, and they can be used on premium features in the community. Moons are distributed every 4 weeks based on contributions people make to r/CryptoCurrency. For every distribution, Reddit publishes karma data as…
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Bank of England Suspends Tightening Policy as Pound Nosedives — Central Bank to Start Purchasing Long-Dated UK Government Bonds

Following the extremely volatile European markets during the past few days and the euro and pound dropping rapidly against the U.S. dollar, the Bank of England has decided to intervene in bond markets. U.K. government bond yields have been erratic and the pound sterling also dropped to a lifetime low against the greenback. On Wednesday, […]

Bitcoin holds $19K, but volatility expected as Friday's $2.2B BTC options expiry approaches

Traders expect an uptick in volatility due to the possibility of September’s $2.2 billion options expiry putting pressure on BTC price near a critical support level.

What are CryptoPunks?

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Pantera plans to raise $1.25B for second blockchain fund: Report

“We want to provide liquidity for people that are kind of giving up because we’re still very bullish for the next 10 or 20 years,” said CEO Dan Morehead.

Minting token like bitcoin- start from supply zero

Did anyone hear about XEN Crypto token that everyone mints for themselves like you used to mine bitcoin at the beginning? The concept is interesting because it’s inflationary at the beginning and disinflationary in the long run so it has built in minting difficulty depending on factors like time, number of people joining the mint,…
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