Strate𝔾 Update - Week 20 | Q2 | 2024
Stocks at ATH, BTC bouncing, dollar falling
Please note that while I can provide information and insights based on my knowledge, it's important to remember that I cannot offer specific financial advice. #nfa
News of this week
U.S. inflation drops to 3.4% year-over-year.
The U.S. Senate overturns an SEC rule that prohibited highly regulated financial firms from holding cryptocurrencies.
ETFs:
UBS, the largest bank in Switzerland, announces its investment in BlackRock's Spot Bitcoin ETF.
Bank of Montreal, Canada's fourth-largest bank, reveals holdings in a spot Bitcoin ETF.
The State of Wisconsin Investment Board declares the purchase of $99 million worth of BlackRock's Spot Bitcoin ETF.
Vanguard appoints Salim Ramji, BlackRock's former global head of ETFs, as new CEO. Vanguard had previously banned all spot Bitcoin ETFs from their platform in January.
Millennium Management reports a $2 billion portfolio in spot Bitcoin ETFs.
937 financial institutions disclosed holdings in spot Bitcoin ETFs in Q1 2024, compared to just 95 firms invested in Gold ETFs in its first quarter.
CME Group, the largest futures exchange globally, announces plans to introduce Bitcoin trading.
Chainlink ($LINK) successfully completes a test with JPMorgan, Templeton, BNY Mellon, and other major U.S. banks to advance the tokenization of funds.
Development of a BRICS currency is underway.
Tweet of this week —> “Global liquidity forming a bullish ascending triangle.”
Current status 100% Winning strategy: 🔵—> ALL-IN
Updated chart, shows $BTC remains in the blue all-in zone, more info:
Bitcoin
Logic argument:
Premises/Propositions:
Every peak on the RHODL ratio coincides with the price touching the blue trendline on the symlog chart.
Every instance of the price touching the blue trendline represents a blow-off wave (subwave 5) of the Elliottwave count incorporated in the chart.
The current price is within (5) of point ⑤.
Conclusion:
Price is within a blow-off wave and heading for the blue trendline. Long-term holders distribute hodled coins to shorter term holders, causing the RHODL ratio to surge into the red zone, the zone where price is anticipated to peak.