Bitcoin ETNs London Launch Disappoints
ByteFolio Issue 181;
Bitcoin鈥檚 ByteTrend Score drops to a 1. The uptrend is under threat. This has been the most disappointing October since the bear market of 2014, which saw a 12% drop. The price is sitting on the 200-day moving average and has made a 20-day low. The only thing for the bulls to consider is that the moving average is still upward sloping.
Bitcoin Bull Market
The Bitcoin story of the last 24 hours has been that while the price of gold has corrected, it has rallied. However, when you look at it closely, the Bitcoin offset has been on the light side. Still, at least there was an offset because both assets will feed off one another so long as this thesis holds. Every investor loves a diversifier.
Bitcoin, Gold, and BOLD
BOLD has put in a respectable show, given Bitcoin鈥檚 15% fall from the high.
The launch of the Bitcoin ETNs in London has been disappointing; it was nothing like New York in January 2024. The establishment did a good job of minimising coverage and casting doubts among retail brokers as to whether they should cover it. Of the UK brokers, only Stratiphy, ii, Swissquote, Trading212, and IG were on board. AJ Bell are allowing elective professionals, and that鈥檚 it. It鈥檚 still not that easy to buy Bitcoin in the UK, but at least it is possible.
The run-up to 8th October, D-Day for Bitcoin trading in London, hit a vacuum as trading was delayed until Monday, 20th October. Maybe that has cemented the low, and that鈥檚 something to build on. Looking at the flows, Bitcoin has room for improvement, as recently, gold has stolen the show.
Bitcoin and Gold ETF Inflows in USD
