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.
After the close of trading on September 7, changes will be made to the components of the S&P 500 and S&P 100 indexes.
S&P 100
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Kraft Heinz Co (NASDAQ: KHC) will replace EMC Corporation (NYSE: EMC) in the S&P 100. EMC will be acquired by the privately held Dell. Investors should also attention to the price action in VMware, Inc. (NYSE: VMW), as EMC owns 80 percent of the issue.
Kraft Heinz price action has been muted as only 400,000 shares are needed to be purchased (0.2 days worth of volume) in order for index funds to make the necessary adjustments to their portfolios.
S&P 500
On the other hand, index funds are scrambling to include Charter Communications, Inc. (NASDAQ: CHTR) in their portfolio as 24.3 million shares need to purchased (17.1 days worth of volume). Funds are competing to buy the issue and have pushed shares higher by $13 to $270.18 in Thursday's session, well beyond its former all-time high of $261.75.
The huge spike in volume in the issue is the direct result of this aggressive buying. With less than one hour remaining in the session, 6.3 million shares have changed hands compared to its 20-day average of 1.7 million.
Although indexers own 219.9 million shares of EMC, arbitrageurs will likely snatch up a lion's share of it and parlay it into a small profit when the Dell deal is completed.
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.