Willy Woo: Bitcoin Price Leads M2 to DXY Index More Suited to Assess Bitcoin Correlation
On November 13th, the cryptocurrency analyst Willy Woo stated that "the market does not adhere to the expansion of global M2 supply; rather, it is of a speculative nature. This implies that the market will anticipate and price in expected liquidity in advance. Risk assets usually lead M2. Consequently, at the global top, one will observe the S&P Index peaking ahead of time, and Bitcoin will also reach its peak earlier. This is because Bitcoin can serve as a liquidity perception mechanism."
Moreover, M2 is a flawed metric. When evaluating the total fiat supply in the system by measuring in dollars, it is noted that only about 17% is actually in dollars, with the rest in foreign currencies. Thus, M2 actually reflects more the strength of the dollar. In fact, there is a more appropriate metric, which is the DXY (Dollar Index), and it is much more reliable when evaluating the correlation with Bitcoin."
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Emory University Increases Stake in Grayscale Bitcoin Trust to Over 1 Million Shares, Valued at Approximately $51.8 Million
On November 13th, as per Cointelegraph, Emory University has augmented its holdings in the Grayscale Bitcoin Trust to more than 1 million shares, which are valued at approximately $51.8 million. This information was disclosed in the quarterly 13F form submitted to the U.S. Securities and Exchange Commission on Wednesday.
Since the second quarter, the university has doubled its holdings in the Bitcoin ETF by adding 487,636 shares with a value of around $25 million.
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Bitdeer is planning to raise $400 million through a convertible promissory note issuance.
On November 13th, the Nasdaq-listed Bitcoin mining company Bitdeer announced that it will raise $400 million through the offering of convertible senior notes. The company also intends to grant the initial purchasers of the notes the option to purchase an additional $60 million worth of notes within 13 days starting from the initial issuance date. This indicates that the company's fundraising scale could potentially reach up to $460 million. The newly obtained funds will be used for data center expansion, ASIC miner development, the expansion of AI and HPC cloud business, and general corporate purposes.
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Vanguard Group Discloses Purchase of 6 Million Shares of Nakamoto Stock
On November 13th, according to BitcoinTreasuries.NET, Vanguard Group, which manages assets worth $11 trillion, announced that it has acquired 6 million shares of the Bitcoin treasury company Nakamoto (NAKA) stock. Vanguard Group has not yet made Bitcoin available to its clients.
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Analysis: The conclusion of the government shutdown did not eliminate uncertainty, as the US Debt Volatility Index surged to a one-month high.
November 13th: The price of U.S. Treasury bonds remained relatively steady. However, the volatility index suggests that there may be significant fluctuations in the next few days following the end of the longest government shutdown in U.S. history. The yield of the 10-year U.S. Treasury bond remains strong, reporting 4.08% on Thursday. Nevertheless, according to swap data linked to the policy meeting date, there is a divergence in the market's expectation of a 25-basis-point rate cut by the Federal Reserve next month. Meanwhile, after recently touching a four-year low, the ICE BofA MOVE Index, which measures bond market volatility, has surged to its highest level in a month. This indicates that the upcoming release of a large amount of economic data by the government may prompt market actions.
Investors in this $30 trillion market have been eagerly awaiting the resumption of government economic reports in order to gain insights into where the Fed will set interest rates at its final m
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