Global Hive Buzz

'Smart Money' Records Historic Long Position in BTC Ahead of Anticipated Bitcoin ETF

Institutional investors and seasoned market participants, often referred to as 'smart money,' are heavily investing in bitcoin (BTC) as the U.S. Securities and Exchange Commission (SEC) approaches its deadline to approve a spot BTC exchange-traded fund (ETF).

According to the bitcoin futures smart money index from Taiwan-based data tracking website MacroMicro, smart money is signaling significant interest. This index, derived from the CFTC's weekly Commitment of Traders report, surged to 13,711 last week, surpassing the previous peak of 13,603 and indicating a historic level of net bullish positioning by asset managers and other reportables.

The smart money index has experienced a notable increase this quarter, driven by the narrative surrounding the spot ETF and growing expectations of a Fed rate cut in 2024. These bullish sentiments have propelled BTC nearly 60% higher this quarter, setting the stage for potential "sell the news" price action after the ETF launch.

In light of these developments, analysts at QCP anticipate resistance for BTC in the $45,000-$48,500 range and a potential retracement to $36,000 levels before the uptrend resumes. The analysts also suggest that the bullish trend is likely to resume ahead of April's mining reward halving.

Altcoins" Poised for Growth in the Surging Crypto Market

While Bitcoin dominates the headlines with its recent surge to 18-month highs, seasoned experts understand that the most transformative gains often lie in other corners of the cryptocurrency landscape. A handful of carefully selected "altcoins" are expected to thrive as the broader crypto market gains momentum.

For retail investors seeking to capitalize on the burgeoning crypto market and avoid missing out on potentially historic opportunities, the key is to stay informed. Smart investors, numbering over 13,000 who registered for last year's event, are securing their FREE tickets to the upcoming Crypto Community Summit – a LIVE 2-Day Virtual Event scheduled for January 15th & 16th.

Over 80% of Crypto Discussions on Reddit Showed Positivity in 2023, Data Reveals

CoinWire's analysis of over 20,400 Reddit posts in the past 12 months indicates that the majority of discussions on the platform were marked by positivity, indicating investors' optimistic expectations for an upcoming rally.

In contrast, the sentiment on X was less favorable. Out of 19,470 crypto-related tweets, only 65% conveyed positive feelings.

The most optimistic discussions on social media revolved around stablecoin Tether (USDT), Solana (SOL), and Uniswap (UNI), with a remarkable 88% of conversations about these coins being filled with positivity, as reported by CoinWire.

Bitcoin (BTC) also garnered enthusiasm, with 75% of online discussions reflecting optimism about the largest cryptocurrency by market capitalization.

Interestingly, Binance's BNB token appeared to be the outlier, with over 30% of its discussions expressing negative sentiment.

Mt. Gox Reportedly Issues Duplicate Payments to Creditors Due to 'System Issue'

Reports on Reddit suggest that some creditors of the failed cryptocurrency exchange Mt. Gox have received settlement funds twice due to a "system issue." According to posts on Reddit, Mt. Gox has acknowledged the error through email communication and is requesting the recipients of the double payment to return the extra funds.

One Reddit user claimed to have returned the duplicate payment, emphasizing understanding for mistakes, stating, "I sent it back. We all make mistakes, don't be too hard on [Mt. Gox Trustee Nobuaki Kobayashi]."

However, other users argued that the Trust might not deserve the repayment, considering the initial challenges creditors faced in obtaining their funds. Another user, u/JALEW, expressed willingness to return the funds but conditionally, suggesting that the Mt. Gox Trust completes a Know Your Customer (KYC) process with them and waits ten years.

While some users humorously mentioned they wouldn't return the funds, carrying out such threats may pose risks. In 2022, two sisters in Melbourne were accidentally sent over $10 million by Crypto.com, and one of them was subsequently arrested for not returning the funds, according to an Australian news report.

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