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.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.