ETFs on a heater
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 7th June 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
What’s up
Bitcoin Funds On Quite The Hot Streak
Yesterday marked the 18th-straight trading day that spot Bitcoin ETFs saw net inflows in what could be a prelude to a new, epic leg up.
About a dozen newly launched funds investing directly in BTC have garnered roughly $15.6 billion in U.S. investor assets since early January when federal regulators gave the products permission to launch. A partial SEC green light for ETFs tied to the spot price of Ethereum's Ether (ETH) came out of nowhere last month, and now a slew of these funds await final approval which could arrive by the end of this month.
Ophelia Snyder, president of 21 Shares, told Bloomberg that, as far as institutions adopting digital-asset funds, "we’re still in early innings.”
As of Friday at 7:29 a.m. (EST), BTC was sitting just under $71,300 and seemingly on the verge of challenging the all-time high near $73,700 reached on March 14.
The largest crypto has risen 5% in the past week. It is up 14% in the past month. Since the start of 2023, BTC has more than quadrupled.
What's down
Pair Of Alts Riding High A Week Ago Take Plunge
We didn't seek to laser in on Beam but the gaming-focused network's native token turned in such a dismal seven-day stretch that we felt we had no choice.
BEAM, 84th-largest coin, honing in on the $0.035 level as recently as May 31, has since declined by 16% to $0.025. Back in mid-March, right around the time Bitcoin hit its ATH, BEAM reached its pinnacle of $0.04416.
Probably the BEAM pullback owes to gravitational forces playing out following a major listing in South Korea that led to a freakish one-day spike of 45% on that last day of May.
Another glaringly lousy week was turned in by BGB, a token tied to Bitget, a Seychelles-based centralized exchange riding a wave of enthusiasm for its launchpads and its program that lets inexperienced traders mimic strategies deployed by experts, as well as an overall lusty environment for newly minted coins.
BGB, since hitting its ATH near $1.50 six days ago, has lost 18%.
What's next
Whiffs Of A Potentially Big, Imminent Rally Continue To Waft
An unprecedented hot streak of flows for Bitcoin ETFs hasn't exactly catapulted the largest crypto to new heights – what's up with that?
Funds that trade publicly on exchanges, easily accessed, are a powerful on-boarding force for an industry still shrouded in mystique. But the crypto fund products don't actually carry that much clout, analysts tell Cointelegraph.
“ETFs are important, but the price of BTC is more heavily influenced by macroeconomic factors and geopolitical events,” one crypto exchange executive points out.
And while macro dynamics (more specifically the direction of interest rates) could whip up a tailwind toward the latter part of this year, the nearer-term forecast seems to be "choppy with a good chance of a break out toward a new high;" unless, that is, employment data in the U.S. runs hotter than expected and the $69K support level confronts pressure from stubborn bears, a scenario very much in play heading into the weekend.
Nevertheless, signs of an imminent BTC rally keep stacking up. Option flows are leaning bullish while futures positions have soared to never-seen levels, usually a harbinger of an upswing in the works. Plus, there's supposedly a post-halving impact that still hasn't fully manifested. CoinDesk early today found analysts who were confident BTC was bound for $83K.
