Key Takeaways:
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Fidelity Digital Assets says Bitcoin is undervalued and the firm holds an optimistic mid-term outlook.
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The JOLTS report shows a sharp drop in open US jobs, raising investors’ hope for Fed interest rate cuts.
Fidelity Digital Assets, no stranger to whispering sweet words to Bitcoin investors, has graced us with the news that Bitcoin’s (BTC) mid-term outlook has fallen into the “optimism” zone. Who would’ve thought? BTC is trending toward being “undervalued,” they say, with the market cap divided by its hashrate serving as their golden metric. Because, of course, that’s how you measure a digital currency’s worth — not by market sentiment, oh no, but by how “cheap” it is relative to the energy securing it.
In the first quarter of 2025, this metric stayed between -1 and 3 standard deviations, cooling off from the feverish levels of Q4 2024. The number of days above 2-standard deviations fell from 22 to 15, and *gasp*, not a single day above 3, suggesting Bitcoin is “cheap” relative to the Herculean strength of its network. Talk about bargain bin shopping!
The firm also kindly informed us that Bitcoin is currently in an “acceleration phase,” where rallies to new highs aren’t exactly uncommon. But wait, don’t pop the champagne yet — they caution that a “blow-off top” could also be lurking around the corner. You know, the kind of blow-off top that makes your portfolio feel like it’s been hit by a tornado.
Meanwhile, illiquid supply is rising, from 61.50% to 63.49%, while liquid supply has plummeted by 4%, as if holders are getting into a long-term commitment, maybe even signing a Bitcoin marriage contract. The Illiquid Supply Shock Ratio is currently 16% lower than its 2017 peak. So, for all the hodlers out there, good news — you might be sitting on a ticking time bomb, but it’s a nice-looking bomb.
In a truly delightful turn of events, BlackRock’s iShares Bitcoin Trust (IBIT) ETF saw a meteoric inflow of $970.9 million on April 28, 2025. This is, of course, its second-largest daily inflow since its January 2024 launch. IBIT now holds a commanding 51% share of the US spot Bitcoin ETF market, leaving competitors like Fidelity’s FBTC and ARK’s ARKB crying into their outflows. Looks like someone knows how to throw a party.
Bitcoin Gets a Boost from US JOLTS Data
hold your Bitcoin tight, folks. It might just be the only thing standing when the storm clears. 🌪️
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2025-04-30 01:31