Daily Bitcoin On-Chain Snap #17
Open Interest down 30% from April highs suggest markets have yet to reach a state of FOMO
Open interest surged last week on speculation that the approval of a Bitcoin ETF by the SEC was around the corner. However, trade volumes, as reflected by Open Interest, remain well below the April highs of ~28bn.
ETF Inflows by Institutional Investors were muted for most of the year
Bitcoin is in a state of muted inflows via traditional ETF instruments, as displayed above with the Purpose Bitcoin ETF. As such, we expect a positive impact of passive inflows, similar to that experienced by global equities, as more bitcoin-related ETFs come online. Especially in the context of heightened interest for bitcoin by the younger ‘millennial’ and Gen Z generations.