Daily Brief - Bitcoin's Stealth Rally

TLDR: As equity markets basked in the glow of the S&P 500 hitting the 5K milestone, Bitcoin was quietly scripting its own headline-grabbing narrative.

Last week, the cryptocurrency notched a 10% surge, edging tantalizingly close to the $50,000 mark.

In the lead-up to Bitcoin's anticipated supply cut, the entry of financial titans into the Bitcoin ETF market signals a potential supply shock poised to squeeze prices higher.

This strategic accumulation by the likes of BlackRock and Fidelity is not just portfolio diversification—it's a bet on the scarcity-induced premium post-halving. With these ETFs now controlling nearly 1% of Bitcoin's finite supply, the shift from speculative trading to institutional endorsement is palpable.

The impending halving event, traditionally a precursor to major price movements, is cast in a new light against the backdrop of the burgeoning ETF market. Insights from analysts at Ryze Labs and Grayscale suggest a fundamentally altered market structure that could mitigate the traditional post-halving sell-off driven by miner revenue crunches.

As the countdown to the halving continues, the crypto sphere remains on edge. Toggle highlights that BTCUSD could hit ~$60,000 in the next few months, based on previous episodes when the coin's native transaction value was at a low.

Now the question is not just about how high Bitcoin can climb, but whether the institutional embrace, symbolized by the ETF boom, can redefine market volatility.

Market Movers: If BTCUSD crosses $50,000?

Here is the 1-month performance of the largest altcoins when BTCUSD has historically crossed $50,000:

1. Solana (solusd): 29.69%
2. Binance Coin (bnbusd): 29.20%
3. Bitcoin (btcusd): 12.83%
4. Dogecoin (dogeusd): 8.49%
5. Ethereum (ethusd): 6.63%
6. Avalanche (avaxusd): 4.38%
7. Chainlink (linkusd): 2.88%
8. Tether (usdtusd): 0.00%
9. USD Coin (usdcusd): 0.00%
10. Cardano (adausd): -0.10%
11. Ripple (xrpusd): -3.55%

Earnings Update: Coca-Cola reports tomorrow morning

Coca-Cola Co. has raised its annual sales and profit forecasts, buoyed by resilient demand for its beverages and higher prices. The company topped expectations for its third-quarter results and announced a significant increase in average selling prices alongside a modest uptick in overall unit case volumes.

This has led to a positive outlook, with Coca-Cola now expecting full-year organic revenue growth of 10% to 11% and annual core earnings per share to rise between 7% and 8%.

Discover how other companies could react post earnings with the help of TOGGLE's WhatIF Earnings tool.

Asset Spotlight: SPY after big price jumps

In the 11 past occurrences when SPY saw a big price jump, analysis from Toggle indicated a pattern of a median upward movement in the stock price over the next 1 month.
This week's release of the CPI and PPI is poised to sway markets, as investors parse through the data to forecast the timing of the market's first rate cut.