The aggregated Bitcoin-denominated exposure of 22 BTC ETPs globally increased by 6.3% to 183,240 BTC during the last two weeks of June only, the report says. Researchers attributed this whopping upsurge to the"BlackRock effect," i.e., hype around spot Bitcoin ETF filings potentially being approved.
At the same time, the CME basis metric, which is usually interpreted as a reliable interest indicator, is surging rapidly. On CME, this metric spiked over 16%, which is the largest level in recent months.The Bitcoin spot ETF frenzy is the main catalyst of this rally, the K33 Research team says: CME's sentiment is closely related to the BTC ETF race, evident by the declining futures premiums on June 30, following SEC statements indicating that the current filings offered inadequate information on their SSAs. Sentiment again grew rosy following resubmitted filings with more comprehensive information.by U.
Meanwhile, BlackRock, the largest asset management company, refiled for a Bitcoin Spot ETF with the U.S. SEC. New documents are more detailed and comprehensive, a BlackRock statement says.
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