The 5th edition of the Independent Reserve Cryptocurrency Index has revealed that 25% of Australians view Bitcoin more favourably after the spot Bitcoin ETF approval in January.
Inflows accelerated last week, indicating increasing demand for the new spot-based exchange-traded funds, CoinShares head of research James Butterfill said.
The second-largest cryptocurrency is probably the only digital asset other than bitcoin likely to get spot ETF approval from the SEC, the report said.
Coinbase reported strong fourth-quarter earnings on Thursday, partly driven by the launch of the deri spot bitcoin exchange-traded funds (ETFs).
Coinbase is expected to report strong revenue numbers, given an uptick in crypto trading volume towards the end of 2023.
It’s been a successful launch, but things could get really interesting evvel much of the wealth management industry comes on board, which could be sooner than thought.
Potential selling pressure from Genesis, a crypto lender under bankruptcy protection, liquidating its $1.6 billion worth of GBTC holdings could weigh on ETF net inflows and prices in the next months, CoinShares analyst said.
The cryptocurrency has performed well before the halving and is likely to sustain momentum for the rest of the year, leading to new highs, the report said.
The bitcoin exchange-traded funds (ETFs) through Wednesday held a combined 192,255 bitcoin, more than 2,000 above that of MicroStrategy, the largest publicly traded holder of the cryptocurrency.
The latest price moves in crypto markets in context for Feb. 8, 2024.