US Bitcoin spot ETFs saw net inflows continue for 18 straight days. The trend has helped to boost the market. upward momentum As it approaches its March highs, the cryptocurrency market leader is gaining ground.
Bloomberg dataThese ETFs are managed by the largest financial institutions in the world. financial Since their launch, on 11 January 2011, institutions have received net subscriptions totaling $15.6 billion. This brings the assets managed to an impressive $62.3 billion.
A record demand for bitcoin ETFs
Bloomberg reports that the Bitcoin ETFs launched by BlackRock Investments and Fidelity Investments have been among the most successful launches of all time. ETF sector’s history.
The products are a major factor in shifting the focus of cryptocurrency investment from Asia to America.
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Sean Farrell of Fundstrat’s Digital Asset Strategy, highlighted the large inflows to spot Bitcoin ETFs. macroeconomic environment Favors the crypto market. The economic growth rate is increasing. “non-recessionary pace” The signs of inflation are not fading.
Grayscale’s Bitcoin Trust of $20.1 billion (GBTC), with assets totaling $21.4 billion, was recently surpassed as the largest Bitcoin fund in the world by BlackRock’s iShares Bitcoin Trust. The Fidelity Smart Origin Bitcoin Fund (FBTC), which has $12.3 billion of assets, is currently ranked third.
US Securities and Exchange Commission, which was cautious before digital assetsDue to an upcoming court ruling in Grayscale’s 2023 lawsuit, the company reluctantly allowed spot Bitcoin ETFs.
Recent efforts by Congress have gained more momentum in establishing clearer legal frameworks for cryptocurrency.
BTC options traders target $100.00
Option traders, in addition to Bitcoin ETF investors, are becoming more positive about Bitcoin’s prospects. The majority of open interest is focused on call options Strike prices are $75,000, $80,000, and $100,000.
Luuk Strijers CEO Deribit the largest Crypto Options Exchange noted Bullishness in the BTC option market. Traders expect new highs due to strong Bitcoin ETF flow, expectation of US rate cuts, European Central Bank rate cuts and recent approval of an ETH ETF.
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Bitcoin has experienced a slight retreat from its March record high of $75,700. However, new inflows of money into Bitcoin exchange-traded funds and the expectation of a rise in Bitcoin prices have led to heightened expectations. interest rate cuts The traders are feeling optimistic again. The call options that expire in December and late June are the most active. This indicates a good outlook for both short and long term.
The largest cryptocurrency has reached the milestone of $70,000 as we go to press. BTC’s value has increased by 5% in the last seven days, resulting from its gains.
Chart by TradingView.com. Image from DALL.E.
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Source: www.newsbtc.com