BTC evaluated as ‘alternative safe asset’, increasing investor demand
Altcoins alternately pump while protecting BTC price
SEC-Grayscale ‘Spot ETF Negotiation Rumors’ as good news
Tom Lee: “If spot ETF is approved, $100 million inflow per day”
As the armed conflict between Israel and the Palestinian armed group Hamas continued for nearly a month, the preference for gold and Bitcoin increased. According to the Korea Exchange on the 30th, the product with the highest return among domestic exchange traded funds (ETFs) over the past two weeks was Korea Investment Trust Management's 'ACE Gold Futures Leverage (Synthetic H)', which uses gold as a tracking asset. Bitcoin is also steadily holding on to $34,000, driven by strong capital inflow in the futures market.
As the price of Bitcoin rose, the trading volume on domestic cryptocurrency exchanges also surged. Over the past day, the trading volume of large domestic cryptocurrency exchanges recorded 3.9416 trillion won. In particular, on the 24th, the trading volume of domestic exchanges soared to the 8 trillion won level, surpassing the daily trading volume of KOSPI.
Funds flowing into Bitcoin were spread evenly throughout the cryptocurrency market, and altcoins also showed significant rises in turns.
◇Bitcoin = As of Upbit at 5 p.m. on the 31st, the price of Bitcoin (BTC) is recording 46.49 million won. Bitcoin market share (dominance) was 53.72%.
Market expectations for the approval of the Bitcoin spot ETF have grown further. The U.S. Securities and Exchange Commission (SEC) announced a closed-door meeting on the 2nd of next month, and given the circumstances, the interpretation that this meeting is a negotiation meeting with Grayscale to approve the Bitcoin spot ETF is further raising expectations for the approval of the spot ETF.
As the possibility of approval of the Bitcoin spot ETF became more likely by the day, opinions appeared both inside and outside the market predicting a further rise in Bitcoin, citing the market ripple effects of the approval of the Bitcoin spot ETF.
Tom Lee, founder of Fundstrat, a market research firm on Wall Street, pointed out in an interview with CNBC on the 31st that if a Bitcoin spot ETF were to appear in the market, $100 million of institutional funds per day would flow into Bitcoin.
The reason why he predicts the entry of large institutional funds is because the Bitcoin spot ETF is a financial product that contains both the value of Bitcoin as a 'hedging asset' and the sense of safety of global asset management companies.
He explained, “Optimism about Bitcoin is still a firm position,” and “Bitcoin trading volume and price have risen significantly due to recent rumors related to the approval of the Bitcoin spot ETF, which has largely played a role in institutional buying.”
He continued, “Institutions are showing interest in a new asset called Bitcoin, which is showing excellent performance in a situation where the value of the dollar is threatened, and the Bitcoin spot ETF will be an excellent option.”
◇ Rising coin = The cryptocurrency that rose most steeply on the 31st based on Upbit was Stratis (STRAX), which rose by about 22%.
STRAX is a Bitcoin-based cryptocurrency that allows companies to build customized blockchains without the burden of operating their own blockchain network infrastructure through the main Stratis blockchain and private chains. -Service) platform.
Stratis provides hosting and consulting for Dapps, and allows other major blockchain platforms such as Ethereum (ETH), Bitshare, and Risk to be listed in a private manner.
◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative is 66 points, entering the ‘Greed’ stage. The greed stage is the stage where price volatility and trading volume increase, and is the stage where prices rise. There is a high possibility of a short-term peak forming, so one must be cautious when selling.
Reporter Seungwon Kwon ksw@
