Bitcoin ETFs Witness 18 Straight Days Of Inflows, Options Traders Eye $100,000
07 Junio 2024 - 1:00PM
NEWSBTC
US spot Bitcoin ETFs have experienced a noteworthy streak of net
inflows for 18 consecutive days, contributing to the upward
momentum of the leading cryptocurrency as it inches closer to its
all-time high levels set in March. According to Bloomberg
data, these ETFs, managed by some of the world’s largest financial
institutions, have attracted net subscriptions of $15.6 billion
since their launch on January 11, bringing total assets under
management to a substantial $62.3 billion. Record-Breaking Demand
For Bitcoin ETFs According to Bloomberg, the success of Bitcoin
ETFs introduced by BlackRock and Fidelity Investments has made them
some of the most successful launches in the ETF sector’s
history. These products have significantly influenced the
center of gravity for cryptocurrency investments, shifting it from
Asia to the United States. Related Reading: Buy Now, Crypto Bull
Market Returns, Says Arthur Hayes Sean Farrell, Head of Digital
Asset Strategy at Fundstrat, noted the significant inflows into
spot Bitcoin ETFs and highlighted that the macroeconomic
environment favors the cryptocurrency market. Economic growth is
advancing at a “non-recessionary pace” and signs of disinflation
persist. Recently, BlackRock’s iShares Bitcoin Trust, with $21.4
billion in assets, became the world’s largest Bitcoin fund,
surpassing Grayscale’s $20.1 billion Bitcoin trust (GBTC). On the
other hand, the Fidelity Wise Origin Bitcoin Fund (FBTC), with
$12.3 billion in assets, currently holds the third position. The US
Securities and Exchange Commission (SEC), which had been cautious
about digital assets, reluctantly permitted spot Bitcoin ETFs in
January due to a court reversal in its lawsuit against Grayscale in
2023. Although the SEC remains critical of the digital asset
industry’s compliance with regulations, recent efforts in Congress
to establish clearer legislative frameworks for cryptocurrencies
have gained momentum. BTC Options Traders Target $100.00 In
addition to the Bitcoin ETF inflows, options traders are
increasingly optimistic about Bitcoin’s future. Open interest is
concentrated on call options with strike prices of $75,000,
$100,000, and $80,000. Luuk Strijers, CEO of Deribit, the
largest crypto options exchange, noted the bullish sentiment in the
BTC options market. Traders anticipate new all-time highs, driven
by strong Bitcoin ETF flows, expectations of US interest rate cuts,
the European Central Bank’s rate cuts, and the recent approval of
an ETH ETF. Related Reading: Bitcoin Coinbase Premium Index Has
Turned Positive At 0.006, Why This Is Important While Bitcoin
experienced a minor retreat from its record high of $73,700 set in
March, renewed inflows into Bitcoin ETFs and expectations of
interest rate cuts have reignited optimism among traders. Call
options expiring in late June and December are particularly active,
indicating a positive short- and long-term outlook. As of press
time, the largest cryptocurrency on the market has successfully
consolidated above the $70,000 milestone. Its gains over the past
seven days amount to 5%, favoring the price of BTC and resulting in
a current value of $71,320. Featured image from DALL-E, chart
from TradingView.com
Optimism (COIN:OPUSD)
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Optimism (COIN:OPUSD)
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