Bitcoin bull market ‘2nd leg has started,’ says BTC price model creator
PlanB’s accurate stock-to-flow model sees the latest Bitcoin price bounce from $60K as a sign of an extended rally towards $100K.

According to PlanB, the creator of the popular stock-to-flow (S2F) model, called Bitcoin's price retracement from the $60,000-level the "2nd leg" of what appeared like a long-term bull market.

In doing so, the pseudonymous analyst cited S2F that anticipates Bitcoin to continue its leg higher and reach $100,000-135,000 by the end of this year.

The price projection model insists that Bitcoin's value would keep on growing at least until $288,000 a token due to "halving," an event that takes place every four years reducing BTC's issuance rate by half against its 21 million supply cap.

Bitcoin after 2012, 2016, and 2020 halving. Source: PlanB

Notably, Bitcoin underwent three halvings so far in 2012, 2016, and 2020.

Each event decreased the cryptocurrency's new supply rate by 50%, which was followed by notable increases in BTC price. For instance, the first two halvings prompted the BTC price to rise by over 10,000% and 2,960%, respectively.

The third halving caused the price to jump from $8,787 to as high as $66,999,  a 667.50% increase. So far, S2F has been largely accurate in predicting Bitcoin's price trajectory, as shown in the chart below, leaving bulls with higher hopes that Bitcoin's post-halving rally would have its price cross the $100,000-mark.

Bitcoin S2F as of Oct. 26. Source: PlanB


South Korean pension fund to invest in Bitcoin ETF: Report
The Korean Teachers’ Credit Union is reportedly considering investing in Bitcoin ETFs by local asset managers like Mirae Asset Global Investments in the first half of 2022.

South Korea’s public pension fund, the Korean Teachers’ Credit Union (KTCU), is reportedly looking to gain exposure to Bitcoin (BTC) via a crypto exchange-traded fund (ETF).

KTCU, one of the largest institutional investors in South Korea, is considering investing in a pure Bitcoin ETF or Bitcoin-linked ETFs in the first half of 2022, local news agency The Korea Economic Daily reported Monday.

According to the report, KTCU is considering investing in several Bitcoin ETF products, including those by South Korean asset management firm Mirae Asset Global Investments. The company launched two ETFs tracking the value of Bitcoin futures via its Canadian subsidiary, Horizons ETFs, in April 2021.

“As there are some well-made cryptocurrency-linked ETF products by asset managers such as Korea’s Mirae Asset Global Investments, we plan to invest in the ETF products after consultation with domestic asset managers,” an executive at KTCU reportedly said.

The official also mentioned potential investment in a Bitcoin ETF by Mirae Asset’s subsidiary, Global X ETFs, which filed for a Bitcoin ETF with the United States Securities and Exchange Commission in July.


GBTC delivered better returns than Bitcoin ETFs last week
The new Bitcoin ETFs failed to beat GBTC for returns last week.

Bitcoin (BTC) investment vehicle the Grayscale Bitcoin Trust (GBTC) outperformed the newly launched exchange-traded funds (ETF) last week, data shows.

Figures shared by Grayscale executives among others confirm that GBTC has quietly delivered better investor returns since Oct. 19.

Grayscale “discount” hits one-month lows

While talk continues to revolve around Bitcoin futures ETFs and their market impact, industry stalwart Grayscale is biting back.

Amid claims that the newly launched funds are sucking custom away from GBTC, the firm’s chiefs were quick to note that the latter has in fact been a better bet since launch day.

GBTC vs. BITO performance chart. Source: TradingView

Over the seven days to Monday, GBTC returned around 8.8%, while the pioneering Bitcoin futures ETF, ProShares Bitcoin Strategy ETF (BITO), fell 0.5%.

This was thanks in part to the GBTC premium heading higher, reaching its lowest discount to spot price since early September this week.

Concerns previously centered on Grayscale’s potential inability to rescue the negative premium as more ETFs launched, this in turn countered by those who argued that the two instruments’ value proposition cannot be compared.

GBTC premium vs. holdings vs. BTC/USD chart. Source: Bybt

Barry Silbert, CEO of Grayscale parent company Digital Currency Group, further highlighted GBTC’s higher trading volumes. For Monday, Oct. 25, these totaled $374 million, while BITO managed $286 million.


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