tl;dr
Matt Hougan, Chief Investment Officer of Bitwise Asset Management, revealed a significant increase in cryptocurrency adoption among top financial advisors in the U.S. At the Barron’s Advisor 100 Summit, he noted that 70% of the attending advisors personally hold cryptocurrency, a substantial rise fr...
Matt Hougan, Chief Investment Officer of Bitwise Asset Management, revealed a significant increase in cryptocurrency adoption among top financial advisors in the U.S. At the Barron’s Advisor 100 Summit, he noted that 70% of the attending advisors personally hold cryptocurrency, a substantial rise from just 10-20% two years ago.
While advisors are increasingly confident in digital assets personally, few currently allocate them to client portfolios due to restrictions from broker-dealers. However, Hougan anticipates a shift in client allocations within 6 to 12 months, supported by bullish factors in the cryptocurrency market and improving financial infrastructure for crypto.
Reflecting on his speech at the Barron’s Advisor 100 Summit last Friday, Hougan noted that 70% of the attending financial advisors now personally hold cryptocurrency, a noteworthy increase from just two years ago when only 10% to 20% owned such assets. According to him, this shift shows growing confidence in digital assets among the financial elite.
“A wave of the most powerful people in finance are finally allocating to crypto,” Hougan wrote in a memo to clients on Tuesday. The summit brings together the top financial advisors in the U.S.
Despite this personal interest in crypto, the number of advisors allocating cryptocurrency to client portfolios remains low. “When I asked how many had allocations to Bitcoin in client accounts, very few kept their hands raised,” Hougan observed. This is largely due to restrictions from broker-dealers that do not yet allow advisors to purchase spot Bitcoin ETFs for clients. However, he believes this will change soon. He explained that advisors typically start by allocating to crypto in their personal portfolios before extending the opportunity to clients.
The memo also highlighted several bullish factors currently supporting the cryptocurrency market, including the U.S. Federal Reserve’s first rate cut in four years and the SEC’s approval of options on spot Bitcoin ETFs. He also pointed to the recent approval of these ETFs by one of the country’s largest wirehouses in Morgan Stanley as a sign that the financial infrastructure for crypto is steadily improving.
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O-I Glass, Inc. manufactures and sells glass containers to food and beverage manufacturers primarily in the Americas, Europe, and Asia Pacific. The company is headquartered in Perrysburg, Ohio.
Industry: Manufacturing
Product: Glass Containers
Revenue: $2,005,749,000
Net Income: -1.88
Stock Price: $43.37
Price Change: -4.32%
Market Cap: $6,706,000,000
PE Ratio: 16
EPS: -0.478
Dividend Yield: -0.085
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Key Takeaways:
- The S&P 500 index has approached a critical support level around 3,200, signaling potential downside risk if breached.
- The RSI indicator suggests an oversold condition, indicating a possible short-term rebound in the market.
- The 50-day moving average has crossed below the 200-day moving average, indicating a potential 'death cross' bearish signal.
- Apple Inc. stock shows a classic head and shoulders pattern, suggesting a potential trend reversal to the downside.
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Industry: MANUFACTURING
Primary Sector: SHIP & BOAT BUILDING & REPAIRING
Market Cap: $83,716,612,000
Dividend Yield: 2.77%
P/E Ratio: 12.82
Current Price: $164.48
Beta: 0.0789
Revenue: $44,946,002,000
EPS: $323.16
Profit Margin: 20.7%
Operating Margin: 18%
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Sector: Real Estate Investment Trusts
Market Cap: 18,033,482,000
Current Price: $267.5
Price Change (%): 3.74
Dividend Yield: 0.52
P/E Ratio: 25.99
EPS: 0.0199
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RSI: 0.003
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Industry: MANUFACTURING, SEMICONDUCTORS & RELATED DEVICES
Market Cap: 119,424,000
Dividend Yield: None
EPS: -0.31
PE Ratio: 1.915
ROE: -0.163
Volume: 103,577,000
52-Week High: 4.38
52-Week Low: -0.924
50-Day MA: -0.112
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Furthermore, the moving average convergence divergence (MACD) indicator has exhibited a bearish crossover, signaling a potential shift in momentum towards the downside. This aligns with the formation of a bearish head and shoulders pattern, adding weight to the bearish outlook.
Considering the historical price action, the stock has repeatedly struggled to breach this resistance level, indicating a formidable barrier for further upside movement. Traders should monitor the price closely for a potential breakout or a reversal from this critical juncture.
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Sector: TECHNOLOGY
Industry: GENERAL
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Dividend Yield: None
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EPS: -0.133
Revenue: 65,179,341,000
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Business: Real Estate Investment Trust investing in healthcare infrastructure
Sector: Real Estate & Construction
Industry: Real Estate Investment Trusts
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Dividend Yield: 2.5%
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Beta: 0.0828
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Sector: Services-Prepackaged Software
Market Cap: 6.776 billion
EPS: -0.87
P/E Ratio: 4.9
EPS Growth: -0.178
Volume: 822,090,000
50-Day Moving Average: 31
200-Day Moving Average: 0
Relative Strength Index (RSI): 0.326