Bitcoin continues to rally, with one indicator suggesting the bulls have room to roam. Zcash, the privacy-minded blockchain network, had its first halving. And acting Comptroller of the Currency Brian Brooks may stay on for a five-year term.
Top or not?
At least one obscure indicator suggests bitcoin’s bulls have room to roam. Already notching 80% gains in the past six weeks and fast approaching an all-time high of $20,000 set in 2017, the cryptocurrency’s Mayer Multiple – the ratio of price to the 200-day moving average – is showing the current rally may be in early stages. Standing at a 16-month high of 1.67, this indicator is still well short of the 2.4 threshold that has historically signaled the final leg of the bull markets. It was this key metric that preceded the end of the 2019, 2017 and 2013 bull runs. Things are different this time around, compared to three years ago there is less retail interest in bitcoin and significantly more institutional involvement.
Mariner Wealth Advisors, a registered investment advisory (RIA) with a network of financial planners managing some $29 billion, is the first to join a new bitcoin-focused separately managed account (SMA). This SMA will allow Mariner’s 346 wealth managers to offer bitcoin trading, custody and tax services for their 23,000 clients. Set up by crypto firm Eaglebrook Advisors, the SMA is targeting high-net-worth clients in the $5 million to $10 million range, offering many who did not participate in the 2017 bull run a chance to jump in. Eaglebrook is offering bitcoin custody services through Gemini Trust Company at launch. As of Tuesday, Mariner is Eaglebrook SMA’s only customer, though the company states it can easily scale to other RIAs.
Grayscale Investments has broken above $10 billion in digital assets under management for the first time. The New York-based firm, wholly owned by CoinDesk’s parent company DCG, now oversees $10.4 billion in assets including…