U.Today - Experts at analytical firm K33 research summarized the first effects for midterm Bitcoin (BTC) performance that pushed the price of the first cryptocurrency higher in June 2023. Despite being rejected, spot Bitcoin (BTC) ETF filings have already changed the game for Bitcoin (BTC) bulls, the report says.
Largest inflows to futures ETPs, BTC basis rallies, open interest targets ATH: "BlackRock (NYSE:BLK) effect" gains traction
In June 2023, institutions injected the largest volume of liquidity into spot Bitcoin-based exchange-traded products (ETPs) since October 2021. Large inflows were registered simultaneously in America, Canadian and EU-registered products, K33 Research analysts say in their latest Ahead of The Curve . The thesis was released today, on July 4, 2023.The aggregated Bitcoin-denominated exposure of 22 BTC ETPs globally increased by 6.3% to 183,240 BTC during the last two weeks of June only, the report says. Researchers attributed this whopping upsurge to the "BlackRock effect," i.e., hype around spot Bitcoin ETF filings potentially being approved.
At the same time, the CME basis metric, which is usually interpreted as a reliable interest indicator, is surging rapidly. On CME, this metric spiked over 16%, which is the largest level in recent months.
The Bitcoin spot ETF frenzy is the main catalyst of this rally, the K33 Research team says:
As by U.Today previously, Marex Solutions' Ilan Solot stressed that the Bitcoin ETF filing campaign rebuilds trust in BTC as an asset, reduces complexity and risks for investors and makes investing in the orange coin more tax-optimized.
Bitcoin (BTC) price rejected at $31,300 for second time
Last but not least, the Open Interest metric on CME registered a two-week volume milestone. It almost reached the levels it touched amid the FTX collapse in mid-November 2022.Meanwhile, BlackRock, the largest asset management company, refiled for a Bitcoin Spot ETF with the U.S. SEC. New documents are more detailed and comprehensive, a BlackRock statement says.
At the same time, Bitcoin (BTC) is attempting to stay above $31,000. It almost managed to conquer the $31,300 level but was rejected by bears yesterday.