After a price drop below $60,000 over the weekend, Bitcoin was pushing back up Monday, down from an all-time high near $67,000 hit last week. The cryptocurrency was trading about $63,300 at the time of this article, up 5% in the last 24 hours. According to Matthew Dibb, chief operating officer at Stack Funds, the most striking indicator noted over the weekend was a reduction in funding rates. "Given where we are," Dibb added, "this is incredibly bullish."
The exchange-traded fund (ETF) generated $570 million in assets under management (AUM) in just a few hours, making it one of the most successful ETF debuts in history. Within a few hours, that figure had nearly doubled. The Chicago Mercantile Exchange (CME), where BITO's assets are largely placed, witnessed an expected increase in both open interest and trading for bitcoin futures. One concern is if any of that activity is the consequence of traders positioning themselves to profit from the structure of this particular ETF.
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