Bitcoin Hoarding in Personal Wallets Signals Support After Jump to $30,000, BofA Says

Bloomberg2023-04-12

BofA team suggests investors moving tokens to personal walletsStrategists say that may indicate less Bitcoin ‘sell pressure’Bitcoin’s stellar 2023 rally may have room to run if flows between ...

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The acronym “HODL” is a crypto-sector meme referring to the idea of holding onto tokens for the long term.Concerns stemming from the US regulatory crackdown on digital-asset platforms may have triggered the efflux from exchanges, the BofA strategists wrote in a note published Monday.Bitcoin’s year-to-date surge has outstripped major asset classes and sparked a thorny debate on why the largest token is rebounding from a rout in 2022. Some analysts argue expectations of eventual Federal Reserve interest-rate cuts are bolstering riskier investments like crypto. Other theories — often disputed — include the coin’s alleged ability to skirt stress in the banking sector or its potential to hedge inflation as a kind of digital gold.Big WeekBitcoin this week climbed above $30,000 for the first time since June 2022. The token is up more than 80% since Dec. 31, beating the Nasdaq 100 tech index’s 19% gain. Gold has climbed roughly 9%.Digital tokens have jumped in 2023 despite aggressive actions by US regulators after the downfall of FTX and other crypto outfits. The rally has come amid a drop in crypto market liquidity and trading volumes following the bankruptcies.Bitcoin's Upside Breakout | Token is exiting a Bollinger volatility squeezeIn contrast to Bitcoin, the net inflow of Ether to crypto exchanges in the week through April 4 was the largest of 2023, according to BofA. That’s ahead of the Ethereum blockchain’s biggest software upgrade since last year’s Merge. The so-called Shanghai upgrade is the culmination of years-long work that changes the way Ethereum operates. While BofA strategists do not expect the event to directly drive selling pressure, they do foresee heightened volatility around the shift in part due to decreased liquidity, exchange inflows and derivatives activity.Ether, the largest token after Bitcoin, is up about 55% so far this year, roughly in line with a gauge of the top 100 digital assets. Ether slipped 1.7% to $1,863 as of 11:20 a.m. in Tokyo on Wednesday, while Bitcoin shed less than 1% to hover around $30,000.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.28.1","shortVersion":"4.28.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1127029868"}