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The CoinShares research team visited several Bitcoin mining facilities in Texas as part of a due diligence trip to evaluate Core Scientific, IREN, Riot Platforms, and Galaxy Digital, companies in which we have previously invested or that are currently included in our BLOCK Index and WGMI. We felt it was important to share some photos from the trip to help investors understand the immense scale of Bitcoin mining in 2024. Bitcoin mining is no longer a small-scale operation but has grown into a major industry, often becoming a significant regional employer and acting as a load balancer for electricity grids.
On July 8th, according to Coinglass data, based on the current mainstream CEX contract position, if Bitcoin falls to around $50,000, it is expected that CEX will have $658 million in long liquidation. On the other hand, in a unilateral downward trend, as long positions decrease and short positions increase, if Bitcoin rebounds to around $58,000, it is expected that there will be $1.522 billion in short liquidation.
Nate Geraci, the president of ETF Store, posted on social media that the revision of the spot Ethereum ETFS-1 is expected to end tomorrow, and it is not yet clear how quickly the US Securities and Exchange Commission will process it. Nate Geraci said he is more concerned about costs, and according to his previous predictions, spot Ethereum ETFs may be launched next week or within two weeks.
Citing multiple analysts from the Financial Times, former President Donald Trump's potential return to the White House could cause a significant surge in the value of Bitcoin. Due to the former president's "perceived stance and policies in support of cryptocurrencies," the concept of "Trump trades" is becoming increasingly popular among cryptocurrency traders.
Michael Saylor, the founder and chairman of MicroStrategy, reiterated his bullish stance on Bitcoin in his latest post on X, claiming that the design of this cryptocurrency is intended to surpass traditional investment tools. This statement was made amid a sharp drop in the price of Bitcoin, which led to a widespread reshuffling of the entire crypto market.
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