Leading up to last week we have recently seen a strong focus on the relationship between Bitcoin and incoming institutional investors – highlighted by events such as the launch of BTC Futures ETFs. While these developments remain intriguing, the past week was highlighted by Bitcoins growing role within the general public.
Although the following events alone do not mean much for Bitcoin, their occurrence points to – and encourages – a growing presence and acceptance within popular culture. As a result, an increasing amount of the general public are being introduced to digital assets, and the benefits which they can afford, by celebrities and athletes alike.
Tom Brady Football
A game-ball which was used by Tom Brady to complete his 600th touchdown pass this past week is estimated to carry a value of roughly $500,000. In an unexpected turn of events, a fan which was given the ball was subsequently asked to return it by team staff. Tom Brady did not let this sacrifice go unnoticed however, rewarding the generous fan with a 1 BTC and various collectibles.
Matt Damon Endorsement
In a new advertisement for crypto.com, Matt Damon promotes digital assets at large through the deliverance of a motivational speech. Within the advertisement, which is jam-packed with Bitcoin references such as astronauts named ‘Satoshi’ taking off to the moon, Damon underlines one key point – “Fortune favours the brave”.
During a recent Dallas Mavericks game, a fan successfully completed an on-court shooting challenge. His winning prize? $100,000 in BTC. Although this event did not involve a celebrity or athlete directly, it did take place live in front of tens of thousands, while being broadcast to millions.
Market Reaction and Metrics
While Bitcoin and the overall digital asset market experienced its typical weekend blues to close out October, BTC still managed to post its best monthly close of the year. With a roughly 40% gain over the past 4 weeks, BTC looks poised to continue this trajectory as it enters November boasting some intriguing metrics.
Although traders utilize a plethora of metrics in an effort to predict what the future holds for Bitcoin, the following are two of the most commonly referenced – Hashrate, and Exchange Reserves.
As seen above, hashrate is approaching all-time-highs. This indicates that the Bitcoin network is nearly as strong and secure as ever, with a growing number of miners coming online or expanding their operations.
Exchange Reserves on the other hand continue to drop rapidly. As seen in the above chart, levels are the lowest they have been in over a year. When investors remove funds from exchanges, it typically indicates that they are being placed in long-term holdings. This decreases the supply available for purchase, giving leverage to sellers. Combined with increased mining difficulty/costs, this is expected to continue putting upwards pressure on prices.