Cathie Wood: Lowering Bitcoin's target price to $1.2 million

[Tether Holds 87,000 BTC, Unrealized Profit of $4.549 Billion] On-chain data shows that Tether's current BTC reserve address holds 87,296 BTC, valued at approximately $8.84 billion, making it the sixth-largest BTC wallet. These BTC have been purchased by Tether since 2023 using 15% of the company's profits, with an average purchase price of around $49,121. Currently, Tether's BTC reserves have an unrealized profit of approximately $4.549 billion. Previously, Tether only withdrew the BTC purchased during the quarter from Bitfinex on the last day of each quarter.

[Elixir Has Processed 80% of deUSD Redemptions, Claim Page to Go Live Today] On November 7, the DeFi liquidity protocol Elixir announced that it has successfully processed 80% of deUSD holder redemptions (excluding Stream) over the past 48 hours. Currently, Stream holds approximately 90% of the deUSD supply (around $75 million), and a similar proportion of the remaining collateral assets held by Elixir exists in the form of Morpho loans to Stream. All remaining deUSD and sdeUSD holders will redeem at a $1 pegged value, with relevant balances already snapshotted. Later today, Elixir will launch a claim page where holders can claim USDC. Additionally, the minting/redemption infrastructure has been shut down, and deUSD will be gradually phased out. Elixir will collaborate with Euler, Morpho, Compound, and others to facilitate the repayment and allocation of Stream loans to liquidate related positions.

1. Federal Reserve Milan says it may cut interest rates by 50 basis points in December, while US layoffs in October hit a 20-year high, prompting the Fed to turn hawkish 2. Morgan Stanley claims that the fair value of Bitcoin is $170000, based on a gold investment model analysis 3. JPMorgan predicts that Bitcoin may rise to $170000 in the future, driven by factors such as leverage reset 4. BlackRock has deposited 4652 BTC and 57455 ETH into Coinbase, with a total value of approximately $673 million 5. Sun Yuchen withdrew 45000 ETH and deposited it into Lido for staking, with a value of approximately $154.5 million 6. Morgan Stanley claims that Bitcoin is more attractive than gold and has significant upward potential after deleveraging 7. Circle issues 750 million USDC in Solana network, casting a total of 5.25 billion USDC The above is a selection of hot topics from the past 24 hours. Click to see the full article: https://www.aicoin.com/article/498760

[Tether Increases Holdings by 961 Bitcoins, Total Value Approximately $973 Million] Tether recently completed an increase of 961 Bitcoins, with a total value of approximately $973 million. This increase further solidifies its asset allocation in the cryptocurrency market, demonstrating its confidence in Bitcoin as a reserve asset.

The price of Bitcoin is approaching the $100000 mark, and investor confidence has been dampened by the outflow of $2 billion ETF funds, weak corporate financial reports, and macroeconomic concerns. （Cointelegraph）