Good morning,
Welcome to your daily crypto clarity
WHAT YOU NEED TO KNOW
Bitcoin continues working higher as equity markets failed to follow through on the weakness experienced earlier this week.
Coinbase rallies after posting its first quarterly profit in two years.
Genesis has been granted permission to sell $1.6B worth of its GBTC holdings. Outflows out of GBTC have lingered, while inflows into iShares's Bitcoin product recently topped $500M in a single day.
FEATURED CHART
Spot ETF inflows remain incredibly strong, with three consecutive days of net inflows exceeding $500M across all products. Traditional finance investors clearly have an appetite for Bitcoin.
So long as these inflows remain strong, it's an obvious tailwind behind Bitcoin's back.
WHAT TO LOOK OUT FOR
We're monitoring Ethereum futures markets as investors potentially begin pricing in the possibility of an Ethereum spot ETF. Open interest and conviction from asset managers on the CME toward Ethereum has been lackluster. Should this change, it could have implications to Ethereum's relative downtrend.
So long as Bitcoin remains above the previous consolidation area in the low 40,000s, our bias is higher for the asset class.
You’re all caught up.
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