The main dishes to remember:
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Data from the Avenir and Glassnod group conclude that a significant part of the BTC ETF Spot Entrances is not covered positions, in the long term, indicating a real institutional conviction rather than remembering short -term arbitration strategies.
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BTC continues to behave like a traditional macro-active with strong correlations with actions, gold and liquidity cycles, while in conversely the high-performance and high yield credit differences.
A new study reveals that an important part of Bitcoin Spot (BTC)) FNB inputs are not motivated by arbitration strategies or covered future, but by the long -term non -covered demand for traditional markets, and this is only a layer of a deeper transformation in class.
A collaborative report By Glassnode and Future Group mentioned that if the launch of US Spot Bitcoin ETF has marked an important step for the cryptography market, the questions remained, that the capital of capital was authentic or simply the result of basic transactions exploiting the price differences between the term contracts and the SPOT CME markets.
It has been assumed that all the short positions in the future Bitcoin of CME of asset managers, dealers and hedge funds are perfectly covered by ETF Holdings. To answer this question, a new framework has been developed.
The researcher of the Avenir Helena Lam group and analysts of Glassnode Ukuriaoc and Cryptovizart declared that despite their strict model which filters the arbitration activity, the data reveal a strong correlation between the unfit demand and Bitcoin Etf spot Entrances. This indicates that a large part of the capital entering the FNB reflects an authentic directional exhibition, which suggests that institutional investors do not just approach the market, but are convinced.
Analysts said that the regular increase in Spot ETF Holdings reports a structural change in the Bitcoin market profile. Bitcoin is increasingly treated as an institutional asset. This change brings more stable capital, improved liquidity and signs of a maturation market.
Related: Bitcoin hashrate down approximately 15% since June 15, the highest drop in 3 years
Bitcoin’s identity crisis is over
Beyond ETF Spot flows, the study noted that Bitcoin is more and more involved as a macro asset, its performance now closely linked to broader financial conditions. The data show increasing positive correlations with traditional risk assets such as S&P 500, NASDAQ and Gold, while in conversely the American dollar index and credit constraint indicators such as high yield deviations.
Its reactivity to the global liquidity index (GLI) highlights this change while bitcoin gathers during the expansion of liquidity and vacillates when the financial conditions are tightened.
Support this evolving trend, André Dragosch, research manager at Bitwise Europe, highlighted The link between the global money supply and the price of Bitcoin.
While warning against the use of global liquidity measures for short -term forecasts, the analyst noted that “the statistical evidence suggests a long -term relationship”, believing that each increase of $ 1 dollars of the global money mass could result in an increase of $ 1,1861 of the Bitcoin price.
Related: Anthony Poseho Crypto Venture buys $ 386 million in bitcoin
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