Week of November 19-25, 2024

Goldman Sachs, a major institutional investor, is currently holding Bitcoin (BTC) through 8 Spot Bitcoin ETFs with a total value of $718 million USD. Additional investments include $22 million in a Spot Ethereum ETF, $22.6 million in the Grayscale Ethereum Mini Trust ETF, and $2.6 million in the Fidelity Ethereum Fund.

Coinbase have launched the Coinbase 50 Index (COIN50), which tracks the prices of 50 cryptocurrency assets, with 91% of its weight allocated to 6 major coins: Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), Ripple (XRP), and Cardano (ADA). Institutional investors can trade futures contracts through this index on the Coinbase International Exchange platform.

MV Global reported the results of a survey of 77 major cryptocurrency investors, who generally believe that the market will peak in the second half of 2025, with Bitcoin moving into the $100,000 to $150,000 USD price range. Additionally, 30% of investors are bullish on Solana (SOL), predicting it could reach $600 USD, while one-third of Ethereum (ETH) investors expect the price to rise to $7,000 USD.

Mike Novogratz, the founder of Galaxy Digital, a cryptocurrency research and investment firm, believes it is highly unlikely that the United States will establish a Bitcoin Strategic Reserve during Donald Trump’s presidency due to resistance from multiple parties. However, he anticipates that the price of Bitcoin could reach $500,000 USD if such a reserve is successfully created.

Spot Ethereum ETFs saw record inflows this week—the highest since launching—with nearly $295 million USD. This surge may have been a reaction to Donald Trump’s presidential election victory. The first day of trading saw a record inflow of $106.6 million USD, with the Fidelity Ethereum Fund receiving the highest investment amounts.

Matthew Sigel, Head of Digital Asset Research at VanEck, predicts a very high likelihood that a Spot Solana ETF will be approved before the end of 2025, citing Donald Trump’s pro-cryptocurrency policies as a major factor.

Technical Analysis

Bitcoin (BTC)

Bitcoin (BTC) has pulled back and is moving sideways. There is a chance it could continue to decline, as the RSI (Relative Strength Index) is no longer making new highs. However, the downside is estimated to be no lower than $82,000 USD, which presents a potential buying opportunity. If it fails to break above $93,000 USD, the price could continue to decline further. The short-term target is set at $96,000 USD.

• Support: 2,700,000 THB / 82,000 USD
• Resistance: 3,500,000 THB / 96,000 USD

Ethereum (ETH)

Ethereum (ETH) has consolidated after a strong upward move, and the pullback presents a buying opportunity. The first support level is at $3,000 USD, with another possible buy order around $2,800 USD. If it holds above these levels, the next target would be its previous resistance at $3,500 USD, before testing the previous high of $4,000 USD.

• Support: 96,000 THB / 2,800 USD
• Resistance: 120,000 THB / 3,500 USD

Bonk (BONK)

Bonk (BONK) experienced a staggering 101.10% surge in the past week. The price has surpassed its previous high of $0.000048 USD, which will now act as a short-term support level for potential buying opportunities. The resistance target is set at $0.000060 USD.

• Support: 0.0016 THB / 0.000048 USD
• Resistance: 0.0022 THB / 0.000060 USD
  

Ripple (XRP)

Ripple (XRP) posted 84.88% returns in the past week after a prolonged period of relative calm. This has pushed the price into an uptrend, which has surged quickly, and could also lead to some selling pressure. Wait for a buying opportunity at the support level of $1.00 USD. If it holds, you can look for short-term profit-taking opportunity at the resistance level of $1.30 USD.

• Support: 30 THB / 1 USD
• Resistance: 46 THB / 1.30 USD

Investment Trends

The U.S. inflation rate for October was 2.6%, the same as the previous month. Meanwhile, the Federal Reserve Chairman's remarks suggested that there is no immediate need to rush into cutting interest rates, which has led to a pullback in the price of Bitcoin (BTC). The CME's FED Fund Futures indicate that the likelihood of the Federal Open Market Committee (FOMC) lowering interest rates in their next meeting has dropped from 90% to 60%.

This week, there are no major economic data releases expected, but investors are anticipating the earnings report from major chipmaker Nvidia, which will serve as an indicator for the outlook of other technology stocks, including the Nasdaq index. This could also have an impact on the cryptocurrency market.

The Bitcoin Dominance Index has surged to 61%. Historically, when the index reaches this level, it often signals the start of an altcoin season. Additionally, the Total3 index, which tracks the market capitalization of altcoins (excluding Bitcoin and Ethereum), is about to break its previous high from April 2022, signaling that alternative coins (altcoins) may be on the verge of an upward trend.

Meme coins continue to lead the market, followed by coins involved in legal disputes with the U.S. SEC, such as Ripple (XRP). Moreover, speculation around Solana (SOL) has been increasing, fueled by rumors that the SEC Chairman Gary Gensler might resign, which could pave the way for the approval of a Spot ETF for Solana.

Overall, the market remains positive, but caution is still advised for speculative trading, as Bitcoin is due for a correction at any time. However, any pullbacks may present buying opportunities.

References

• https://cointelegraph.com/news/goldman-sachs-holds-710-million-bitcoin-etfs 
• https://cointelegraph.com/news/coinbase-launches-coin50-index-track-digital-assets 
• https://cointelegraph.com/news/investors-crypto-markets-peaking-h2-2025 
• https://cointelegraph.com/news/bitcoin-strategic-reserve-low-probability-under-trump-mike-novogratz 
• https://cointelegraph.com/news/spot-ether-etfs-record-295-million-inflows-ether-rallies-8-percent 
• https://cointelegraph.com/news/odds-favor-solana-etf-2025-van-eck 

Disclaimers

• Cryptocurrencies and digital tokens are highly risky; investors may lose all investment money. Investors should study information carefully and make investments according to their own risk profile.
• Past returns or performance of digital assets do not guarantee future returns or performance. 

Remark: views, information, knowledge, and opinions are considered as content that come from individuals involved. They do not constitute an expression of Bitazza and its employees. Neither the email nor the content presented constitute investment advice.