With the U.S. markets closed until Monday, Bitcoin (BTC) saw a temporary surge over $90,000 before retreating. The impact of the closure on cryptocurrencies remains uncertain. Amidst this, BlackRock and JPMorgan are making strategic moves, with analyst Kyle offering cautions.
BlackRock and JPMorgan’s Strategic Moves
New altcoin ETFs continue to emerge while the focus remains on the inflows into BTC and ETH ETFs. The closure of the market prompted BTC to turn downward, despite a prior positive trend with a 3% increase. Crossing the $90,000 threshold was significant today.
BlackRock, heavily invested in BTC through its internal funds, announced holding 2,397,423 shares worth $155.8 million in its Strategic Income Opportunities Portfolio as of September 30. This represents a 14% increase from the last reported figure in June, signifying positive growth.
Meanwhile, JPMorgan faced protests over a negative report concerning MSTR’s exclusion from MSCI indices. Nevertheless, JPMorgan is developing a new product allowing 1.5x leveraged trades on Bitcoin through BlackRock’s iShares Bitcoin Trust ETF, indicating sustained interest in Bitcoin.
ARB Coin’s Potential and Kyle’s Advice
Bitcoin experienced a 36% drop from its all-time high, and according to K33, the market sentiment has become excessively extreme. Analyst Kyle steps in to issue warnings. BTC lagged behind Nasdaq in 70% of the sessions this month, showing unprecedented levels of relative weakness dating back to 2020. Without a rebound from current levels, this weakness might deepen.
Focusing on the ARB/BTC pair’s rebound, analyst Poppe remarked that altcoins aren’t expected to drop to zero. He suggested ARB Coin could potentially yield up to 3x gains against BTC.
BTC markets have hit a significant low, and possible rallies could quickly follow if a turnaround happens at these levels. As of the article’s conclusion, BTC had returned to $90,000.
Upcoming news will be crucial as the stock market is closed, impacting the direction of digital currencies. In this context, CryptoAppsy’s news section can help keep interested parties informed about new developments.