Vladislav Sopov
Analytical team K33 Research (formerly Arcane Research) reveals the three most impressive implications of the BlackRock spot bitcoin ETF saga
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Contents
- Biggest inflows into futures ETPs, BTC basis rallies, open interest targets ATH: ‘BlackRock effect’ gaining traction
- Bitcoin (BTC) price was rejected for the second time at $31,300
Experts at analytics firm K33 Research have summarized the first impact on medium-term Bitcoin (BTC) performance, which pushed the price of the first cryptocurrency higher in June 2023. Although spot bitcoin (BTC) ETF applications have been rejected, they have already changed the game for bitcoin (BTC) bulls, the report said.
Biggest inflows into futures ETPs, BTC basis rallies, open interest targets ATH: ‘BlackRock effect’ gaining traction
In June 2023, institutions injected the largest volume of liquidity into exchange-traded spot bitcoin-based products (ETPs) since October 2021. Large inflows were registered simultaneously in products registered in America, Canada and the EU, analysts at K33 Research say in their latest Ahead of the Curve report. The dissertation was published today, July 4, 2023.
Aggregate Bitcoin-denominated exposure from 22 BTC ETPs globally rose 6.3% to 183,240 BTC in the last two weeks of June alone, the report said. Researchers attributed this huge spike to the “BlackRock effect,” which is the hype surrounding the potential approval of spot Bitcoin ETF applications.
At the same time, the CME base metric, which is commonly interpreted as a reliable interest rate indicator, is rising rapidly. On the CME, this metric is up over 16%, the highest in recent months.
Bitcoin spot ETF frenzy is the main trigger of this rally, says K33 research team:
CME sentiment is closely related to BTC-ETF competition, as evidenced by falling futures premiums on June 30 after the SEC said current filings contained insufficient information on its SSAs. Sentiment improved again after filings were resubmitted with more complete information.
As previously reported by U.Today, Marex Solutions’ Ilan Solot emphasized that the Bitcoin ETF filing campaign restores confidence in BTC as an asset, reduces complexity and risk for investors, and makes investing in the orange coin more tax-friendly.
Bitcoin (BTC) price was rejected for the second time at $31,300
Finally, the open interest metric on the CME recorded a two-week volume milestone. It almost reached the level it hit during the mid-November 2022 FTX dip.
Meanwhile, BlackRock, the largest asset manager, has filed another application with the US Securities and Exchange Commission for a Bitcoin spot ETF. New documents are more detailed and comprehensive, BlackRock said in a statement.
At the same time, Bitcoin (BTC) is attempting to stay above $31,000. It almost managed to clear $31,300 but was rejected by the bears yesterday.
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