The provider filed the document with the SEC on May 20, 2021. The fund the provider is proposing would not be physically backed by bitcoin.

Agricultural exchange fund provider Teucrium Trading filed with the U.S. Securities and Exchange Commission (SEC) an application to launch a bitcoin ETF (BTC).

According to the document that was consigned to the North American regulatory agency last Thursday, May 20, 2021, the ETF would apply its transactions on the United States electronic stock exchange NYSE Arca and would monitor the contracts of bitcoin futures.

Teucrium Trading LLC is a sponsor of agriculture-focused exchange-traded products available on the New York Stock Exchange. The company’s NYSE / Arca-listed funds provide investors with the ability to invest in agricultural commodities in the Exchange Traded Product (ETP) equity format.

SEC Pending Approval of Large Volume of Bitcoin ETFs

It is worth remembering that the SEC has yet to approve a considerable volume of bitcoin ETF applications. The most recent case is of the global investment manager, VanEck, who applied to the SEC for permission to issue a bitcoin ETF. However, the United States regulator postponed this decision until next June.

The company Galaxy Digital is also waiting; The firm joined last April as a new ETF applicant with the SEC; Grayscale follows, as does the petition from New York Digital Investment Group (NYDIG) and investment bank Morgan Stanley.

Teucrium Trading is hopeful that the move on its ETF will happen faster, as the fund it proposes is not physically supported by bitcoin, as is the case with the rest of the requests that the SEC has pending.

The companies that have requested permission from the SEC to put their ETFs on the stock market hope that their new president, Gary Gensler, will turn the wheel regarding the policy that the regulator has maintained in this regard. This hope goes for the official to begin the approval of these investment products in the United States of America.

ETF Launch will Depend on Market Confidence

ETFs or exchange-traded funds are one of the most widely traded financial products in international markets. ETFs are funds that can be traded on the stock market as if they were a stock. In other words, they are hybrid financial products since they have the same features of an investment fund and work the same as a share.

People believe that the launch of an ETF in a nation like the United States of America will depend on how confident the market is, this theory is how Valerie Szczepanik thinks on the matter. Szczepanik is the current director of the FinHub (Strategic Center for Innovation and Financial Technology, recently told this media).

In Szczepanik’s view, it will be crucial to know how the price and confidence of the underlying market will impact the launch. She affirmed that the ETF applications rejected so far “do not have to do with the product itself”, but “there is no reason not to move forward” if the necessary rules are met.

By: Jenson Nuñez

Buterin does not believe Musk has any hidden intentions with his mention of cryptocurrencies. The Ethereum co-creator also criticized the environmental impact of Bitcoin.

In recent months, the influence on the crypto market of Tesla billionaire founder Elon Musk has been pretty evident. But, according to Vitalik Buterin, this influence will come to an end at some point.

CNN Business interviewed the chairman, and asked Buterin about Musk’s impact on the market as reasonable, taking into account that it is something that the world of cryptocurrencies has not faced until now.

Musk has been actively involved in the world of cryptocurrencies through social media recently, according to the Ethereum representative. Therefore, there is still a bit of calm and a change of attitude in the markets to arrive before the entrepreneur loses its power to influence the price rates.

According to Buterin, Elon Musk’s tweet is something the crypto-space has experienced for the first time, literally, last year and this year. I think it’s reasonable to expect a bit of madness coming from users at a global scale. But the markets will learn that Elon will not have this influence forever.

Musk’s Apparent War against Bitcoin

Many users attribute the most recent drop in the price of bitcoin (BTC) to Musk’s war against the main cryptocurrency in the market, constantly criticizing the alleged environmental impact of mining that the issuance of BTC generates.

Musk’s tweet even caused a sudden rise in BTC and on multiple occasions, its influence has been a cause of inflation in the price of Dogecoin (DOGE), a cryptocurrency based on a meme whose development has been related for some years.

Although many in the cryptocurrency ecosystem speak openly about Musk’s behavior, Vitalik said: “I don’t think Elon has any kind of malicious intentions in any of this.”

Even so, the coincidence is that, just as it was targeting the energy consumption of Bitcoin and eliminating such a solid currency as a method of payment for its cars, Tesla was on the waiting list for renewable fuel credits. This information can be found in a record that takes part in a report from the Reuters agency.

The Environmental Impact of Bitcoin is not a Game, it is real

Although Buterin believes Musk’s influential power will subsequently vanish, Buterin endorsed the businessman’s comments regarding the environmental impact of mining. Buterin said: “The consumption of resources is huge. It is not the kind of thing that is going to break the world on its own, but it is a significant downside.”

However, Buterin clarified that the problem is not only the mining activity itself, but the manufacture of the software that miners use.  Also, he unleashed a bitter comment about Bitcoin, judging by Musk’s recent attitude; he stated that if Bitcoin dares to stay with its technology exactly as it is today. There is a great risk that the cryptocurrency could face the shadow of obsolescence.

By: Jenson Nuñez

A larger number of long-term BTC holders are rapidly moving their coins to exchanges. Willy Woo believes that this trend is unlikely to reverse anytime soon.

In the last week, exchanges have received large amounts of BTC and that trend continues, analyst Willy Woo said recently. The analyst explained that the market was recovering after falling in mid-April. However, Elon Musk’s remarks on May 12^th caused fear in the market.

“Markets started to drop immediately, due to large volumes of sales seemingly coming from whales,” said Willy Woo.

Although profit-taking is completed, there is a chance that there will be a bounce, according to Woo. Long-term investors would need to make purchases at an unprecedented level. This would allow the medium-term scenario to turn bullish, according to the analyst.

A Big Tide of BTC Is Entering Exchanges

“We have seen a huge tide of BTC entering exchanges. These inflows were initially bullish, before the second wave that emerged after Musk’s tweets,” Woo noted.

During the correction, the balance of dolphins and sharks remains little changed while the supply to whales decreases. Therefore, the decline in the price of the cryptocurrency corresponds to sales coming from “strong hands,” Woo suggested.

Woo uses a metric to detect the inactivity of BTCs, monitoring the average age of the coins sold each day. The analyst clarifies that the “age” of the BTCs is the time that they have remained latent until their sale.

On a recent chart, the analyst highlighted that the BTCs sold “are very young.” He believes that wealthy individuals or speculative institutional holders, who have recently entered Bitcoin, made big gains in the bullish market. They would now be yielding profits thanks to the FUD (fear, uncertainty, and doubt) that Musk caused, said Woo.

Profit-Taking Is Drawing to a Close Due to Lower SOPR

The SOPR indicator measures the magnitude of the gains from the sale of the BTCs. On another graph, Woo showed that this metric is about to cross the value 1, which marks the threshold of profitability.

Investors are moving BTCs that are making almost no profit, according to Woo. The market would have to sell at a loss if the SOPR continues to decline. Given the large amount of BTC sold, this is a possibility. This scenario is highly unlikely when the bullish market is in full swing,” Woo said.

“Strong Hands” Are Now Becoming “Weak Hands”

For much of 2020 and in early 2021, there was a steady flow of BTC from exchanges to cold wallets. During the current correction, this trend went from reflecting an increase in accumulation by large holders to reflecting a decline.

BTC outflows from exchanges dominated in 2020 and declined in early May of this year. On the contrary, the flows of BTC that are entering exchanges are growing rapidly. “Coins are moving into weak hands, that is, holders that were previously strong are becoming weak hands,” said Woo.

The aforementioned metrics indicate an opportunity for Bitcoin to rebound. However, it is not a clear “V”-turn but rather a relief rally. According to the NVT quotient, the long-range outlook for Bitcoin’s market cap remains healthy.

By Alexander Salazar

Bitcoin’s market value exceeds that of 47 of the 48 stocks in which Berkshire Hathaway invests. The price of the cryptocurrency should multiply by 2.85 to outperform the other company in the portfolio that Buffet manages.

The market capitalization of Bitcoin (BTC) exceeds 98% of the shares in which the company of billionaire Warren Buffett invests. Not even the sharp drop in price that the cryptocurrency recently suffered could change this fact.

According to a listing on the Companies MarketCap website, BTC is the ninth most valuable financial asset in the world. The value of the cryptocurrency exceeds 47 of the 48 stocks that constitute the investment portfolio of the Berkshire Hathaway company, which Buffett runs. These stocks include those of leading companies in their respective industries, such as Visa, MasterCard, Coca-Cola, Amazon, Bank of America, and Johnson & Johnson.

However, the pioneering cryptocurrency does not exceed Apple’s market capitalization, which is currently USD 2.12 trillion. At the time of writing this article, BTC is trading at around USD 39,800. Therefore, its price should multiply by 2.85 to reach USD 113 thousand per unit.

The price of the cryptocurrency could reach that milestone if the predictions of some analysts come true. They argue that Bitcoin’s bullish cycle has not ended and that its development is only halfway there.

It is not the first time that the price of the main cryptocurrency on the market has lost momentum. However, it has been able to not only return to its all-time highs but also exceed them after suffering its biggest drops.

Bitcoin Is More Valuable than the Company that Warren Buffett Runs

In January, BTC was more valuable than Warren Buffett’s company Berkshire Hathaway, which currently has a capitalization of USD 655 million. At the moment, it ranks as the 11^th most valuable financial asset in the world, two positions behind the pioneering cryptocurrency.

Buffett has never held a good opinion about Bitcoin, which he has referred to as “a gambling device” and “rat poison squared.” He argues that cryptocurrencies “have no value and produce nothing” and he

Berkshire Hathaway’s Vice Chairman Charlie Munger has also been critical of BTC, which he considers to be “just insane.” He recently said that it “is disgusting and contrary to the interest of civilization.”

Other Institutional Investors Think Differently About the First Cryptocurrency

However, not all large institutional investors think the same way about the cryptocurrency that Satoshi Nakamoto created. For example, the purchase of Bitcoin by large companies exceeded USD 20 billion in 2020.

At the time of writing this article, the Bitcoin Treasuries list reports a total of USD 45.7 billion in institutional purchases. The appreciation of Bitcoin caused this amount to increase to USD 65.5 billion.

The main institutional investors that are betting on Bitcoin are MicroStrategy, Tesla, and Grayscale Bitcoin Trust. Ironically, Elon Musk’s electric car company owns a total of 43,200 BTC, equivalent to about USD 1.5 billion.

By Alexander Salazar

The Ethereum founder’s donations upset many SHIB holders as the price of the tokens fell by almost 50%. He said that he burned the coins for security reasons and to avoid being associated with speculative transactions.

People know that they have power when they can burn millions of cryptocurrency tokens and change the course of its price dramatically. In recent days, Vitalik Buterin burned thousands of Shiba Inu tokens, equivalent to more than USD 6.7 billion. However, many might find the reasons why he did so justifiable.

Many people may not quite understand the implications of token burning. They must know that this act consists of transferring a certain number of tokens to an unusable account. In this way, they will be out of circulation, the supply will decrease, and the scarcity will increase.

The Reasons for Vitalik’s Massive Burning of Shiba Inu

Vitalik Buterin burned exactly 410.24 billion Shiba Inu tokens, which represents 90% of what remained in his wallet. The Ethereum co-founder had recently donated 50 trillion SHIB to India’s COVID Relief Fund.

Despite the kindness of this act, many SHIB holders expressed their anger. After the massive donation, the price of the tokens plummeted, falling by almost 50%. However, Buterin also donated large amounts of other meme cryptocurrencies, such as Dogelon and Akita, in addition to SHIB tokens.

The developer received the Shiba Inu that he donated and burned from the creators of the token themselves. He argued that if he did anything else with the USD 6.7 billion, it could lead to unnecessary speculation.

Buterin said that the way communities have reacted to his donations has impressed him. He requested cryptocurrency creators not to send him any coins without his prior consent.

The Exact Words that the Entrepreneur Said

“I have decided to burn 90% of the Shiba tokens that remain in my wallet. I will send the other 10% to a charity (not yet defined) with similar values to CryptoRelief but with a more long-term orientation.” In the hash of the transaction, Buterin wrote that CryptoRelief is a project that seeks to prevent loss of life on a large scale.

Also, the Ethereum founder said that having the coins was not the main priority for him. First, he stressed that he was getting rid of them for security reasons. Then, he added that he would prefer to avoid being associated with any transaction that would lead to unnecessary speculation.

The Impact that the Burning of SHIB Had on Its Price

This event is relevant as the amount that Vitalik burned also represents more than 40% of all SHIB in circulation. However, contrary to what has happened with the donation, the burning has served to drive the price of the token higher.

The news about the burning of SHIB has caused the price of SHIB to rise by almost 2%. At the time of writing this article, the token is trading at USD 0.00000977, according to CoinGecko.

By Alexander Salazar

The study reveals that “Long Bitcoin” is the most crowded trade, demonstrating that traditional markets seek greater exposure to cryptocurrencies. Michael Hartnett says that Bitcoin is “the mother of all bubbles” and that investors bet on it for “sheer price appreciation.”

According to a survey that the Bank of America (BoA) published in recent days, “Long Bitcoin” is the most crowded trade. However, 75% of fund managers consider that the pioneering cryptocurrency is in a bubble zone.

In April, “Long Bitcoin” was the second busiest trade while the busiest was “Long Tech”.

The Most Crowded Trade among Investors Is “Long Bitcoin”

Many may have doubts about the level of popularity of Bitcoin in the market at present. They just need to see the results of the most recent Bank of America fund manager survey.

Between May 7^th and 13^th, the Bank of America surveyed 216 fund managers with USD 625 billion worth of total assets under management (AUM).

The results of the consultation reveal that fund managers consider “Long Bitcoin” to be the most crowded trade at 43%. This allows seeing that investors in traditional markets seek to have greater exposure to crypto assets

The survey notes that being crowded has historically been associated with market tops. In other words, a “crowded trade” is one in which a great majority of traders make the same bet.

This is not the first time that Bitcoin has led the list of most crowded trades in a survey of Bank of America fund managers. It had already been at the top in January, just before the price of Bitcoin hit all-time highs.

Additionally, fund managers at Bank of America chose Long Bitcoin as the busiest trade in September 2017.

According to Fund Managers, Bitcoin is in a Bubble Zone

About 75% of the fund managers surveyed consider that Bitcoin is in a bubble zone. In the previous month, 74% of fund managers said that Bitcoin was a bubble, which represents only a slight increase.

Regarding whether Bitcoin is a bubble, 74% of the investors surveyed answered that it is. Only 16% of them said that it not is and 10% said they did not know or did not want to say anything about it.

The Bank of America has curiously warned that Bitcoin is in a bubble. Michael Hartnett, the chief investment strategist of the financial institution, said that Bitcoin was “the mother of all bubbles.”

In March, the strategist of the bank said that investors still bet on Bitcoin for “sheer price appreciation.”

Although there is an ongoing sideways trend in the cryptocurrency markets, Bitcoin (BTC) is still a crowded trade. This could suggest that the top of the market of the current bullish cycle is getting increasingly close.

The pioneering cryptocurrency has gone through situations where its price seemed as though it would not rebound again. However, it has proved that it is also capable of exceeding its latest all-time highs.

By Alexander Salazar