Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
According to analysts at Jefferies, promotional activity they observed at store visits were higher sequentially this weekend but "remained fairly controlled" on a year-over-year basis. The one exception the the observation was in the intimates spaces where American Eagle Outfitters (NYSE: AEO)'s Aerie concept was "upping the ante" with $15 bralettes.
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In fact, American Eagle has been "driving the best traffic and conversion" within the teen space, especially this weekend when it offered a buy-one-get-one (BOGO) 50 percent off the entire collection.
Gap Inc (NYSE: GPS)'s Old Navy brand also "saw a favorable response" to various promotions, including $12 select jeans, 30 percent off all jeans, 50 percent off tees and 40 percent off dresses along with sx Super Cash issuance.
The analysts also observed that Francesca's Holdings Corp (NASDAQ: FRAN) continued its BOGO 50 percent off most categories, and it also added 20 percent off dresses, shoes, handbags and wallets.
Bottom line, the analysts concluded that while the retail environment remains in a state of heightened competition, more retailers are now "opting to use their 'A game' promotions" ahead of the peak back-to-school shopping weekend, which typically occurs during Labor Day weekend.
"We think the discounting environment is fairly rational for this time of the year, as retailers have become more strategic around their promotional usage and inventories are generally well controlled," the analysts concluded.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.