The fervor around spot ETFs leads to a noteworthy increase in people trying to increase their exposure to Bitcoin through indirect investments.The king coin held on to its gains from last week’s fake news-induced rally, settling around the $34,000 levels at the time of publication, data fromThe fervor resulted in a noteworthy increase in people trying to increase their exposure to Bitcoin through indirect investments.
Unlike direct investments, which investors own themselves, indirect investments pool investor money to buy and sell assets. As a result, even if the investor does not have direct exposure to the asset, they buy in shares that normally respond to the underlying asset’s value.However, subsequent delays in approval by the U.S. Securities and Exchange Commission started to dampen investors’ spirits, causing the index to dip sharply.
However, the developments of last week led to a dramatic shift in sentiment. The total number of Bitcoin in such investment vehicles jumped to 691k from 683.5k. CryptoQuant also noted that the market’s next directions would heavily depend on SEC’s decision on the pending spot ETF applications.The heightened optimism spread to the derivatives market as well. As per Coinglass, Open Interest in Bitcoin futures leaped to $15.61 billion as of press time, the highest since the bear market roiled the markets in May 2022.OI has been on a steady uptrend over the last 10 days, complimenting a rise in Bitcoin’s market value.
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