The big story of the second half of the year is the Bitcoin ETF, with the June finale looming

ETFs are a topic that can never be escaped. 13 financial institutions are already applying for bitcoin ETFs, and if they really can’t get through, these institutions won’t be front-running this application at the same time.

The big story of the second half of the year is the Bitcoin ETF, with the June finale looming

The last two days have been relatively quiet on the domestic news front, with more influential news still reacting abroad, and mainly in the US.

The ETF is a topic that can never be escaped, there are already 13 financial institutions applying for bitcoin ETFs, if they really can’t pass, these institutions won’t apply for this at the same time, and once one passes, it will definitely not be the only one that can pass, as to whether there is a limit and limit to how many ETFs, depends on the regulations of the US regulators.

In addition, although SkyBridge Capital has already applied for a bitcoin ETF in March, it also seems to be eager to continue applying for an ethereum ETF. Anthony Scaramucci, founder of SkyBridge Capital, said that SkyBridge Capital plans to launch a private ethereum fund on July 1, and then will plan to apply for an ETF for ethereum.

There may be a number of reasons why the SEC is not currently passing on a bitcoin ETF, but “control” is certainly one of the biggest factors the SEC is considering, according to one lawmaker.

U.S. Rep. Bill Foster said that ransomware poses a threat to Bitcoin’s legal status and that the ransomware issue could be fatal to the cryptocurrency’s reputation in Congress. In addition, Foster said the government must have the power to reverse cryptocurrency transactions that have already been completed. He claims that many members of Congress believe bitcoin users are actual participants in criminal activity, so laws must be passed to allow U.S. federal courts to identify holders of digital assets and then invalidate transactions completed using bitcoin and other digital currencies.

This one would symbolize the absolute control of the US over Bitcoin, but it’s certainly the policy that cryptocurrency investors hate the most, and the decentralized product is much less meaningful after being in full control, so perhaps the SEC is still considering how to find a balance between the two.

And it doesn’t all seem to be good news at the moment, as demand and interest in bitcoin itself seems to have started to decline, except for these financial services institutions that are still punching above their weight with bitcoin ETFs.

Glassnode says that the Grayscale Bitcoin Trust (GBTC) is currently trading consistently below its net asset value (NAV), meaning that it is now cheaper to buy shares in the Grayscale Bitcoin Trust than it is to buy bitcoin itself. total net flows in Purpose and 3iQ’s bitcoin ETFs have also decreased, with 8,037 BTC flowing out of the product last month. products. In addition, cryptocurrency balances at Coinbase, the largest cryptocurrency exchange in the US, remain stagnant. This shows that institutional demand still seems to be somewhat sluggish.

And two days ago, JPMorgan Chase also said, “More than a month after the May 19 cryptocurrency crash, bitcoin funds continue to lose money, although flows into physical gold ETFs have stopped.” This suggests that institutional investors, who tend to invest via publicly listed bitcoin funds or regulated products like CME bitcoin futures, still have little interest in buying bitcoin on the cheap.

This is certainly no coincidence, combined with the fact that cryptocurrency funds have been continuing to flow out for some time now, these US institutions seem to be fed up with the delayed uncertainty of policy, which seems like a bad sign, and it’s also possible that these institutions are also waiting for an ETF to come out for bitcoin, which in total is definitely the main event for the rest of the year.

Back to the market, since bitcoin broke through $36,000 last night, there was no hesitation for long, it began to fall back into the channel, the lowest is back near $34,500, currently has rebounded, maintained at $35,000 near.

This position is not too surprising, $36,000 this position is still debatable, the dividing line between long and short sentiment, there is controversy is normal, in addition we have said before, set people in this position if you do not see too strong rise, that may be to sell to unsettle the main, so far it is still relatively consistent.

However, there is still a chance to continue to break upwards at night, after all, there is no big negative now, in a way this is also a positive, you can pay a little attention to the day concern whether to stabilize $ 36,000, or even impact a little $ 37,000, in the last day of June to close a monthly cross.

Posted by:CoinYuppie,Reprinted with attribution to:
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