US Bitcoin spot ETFs saw net inflows continue for 18 straight days. The trend has helped to boost the market. upward momentum The leading cryptocurrency is moving closer to the all-time highest levels, set in March.
Bloomberg dataThese ETFs are managed by the largest financial institutions in the world. They have attracted net subscribtions of $15,6 billion dollars since they were launched on January 11. This has brought total assets to a significant $62,3 billion.
The demand for Bitcoin ETFs has reached a record-breaking level
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.
Read Related Articles
Sean Farrell of Fundstrat’s Digital Asset Strategy, highlighted the large inflows to spot Bitcoin ETFs. macroeconomic environment The cryptocurrency market is favored. 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 was initially cautious. digital assetsIn January, despite its reluctance to do so, due to the court’s decision in Grayscale’s lawsuit in 2023.
Recent efforts by Congress have gained 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 is the CEO of Deribit – the world’s largest cryptocurrency options exchange. noted Bullishness in the BTC option market. Traders are anticipating new record highs driven by the strong Bitcoin ETF, anticipation of US interest rates cuts, European Central Bank’s rate reductions and the approval of a ETH ETF.
Read Related Articles
Bitcoin has experienced a slight retreat from the highs of March when it reached 73,700 dollars. However, new inflows of money into Bitcoin exchange-traded funds and increased expectations have led to a rise in Bitcoin prices. interest rate cuts Traders are feeling more optimistic. 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 has gained 5% over the last 7 days. This favors its price and results in an current value of $71,320.
Chart from TradingView.com, image from DALLE
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
