Bitcoin and ether end the week higher, following the announcement of BlackRock’s Bitcoin trust application.
Bitcoin and ether end the week higher, following the announcement of BlackRock’s Bitcoin trust application.
FOMC oran kararları, TradFi ayrışması ve bitcoin spot ETF tekliflerinin olduğu bir hafta, BTC ve ETH haftayı sırasıyla %0,88 ve %1,75 performansıyla tamamladı.
Beş CoinDesk Piyasa Endeksi (CMI) sektörü arasında Dijitalleştirme, son yedi günde genel olarak %1,4’lük bir gösterila başı çekti. Akıllı Platform Sözleşme bölümü, aynı dönemde %4,4 düşüşle tümünü takip etti.
Galxe’de (GAL) %14’lük bir dizi ve Braintrust’ta (BTRST) %2,2’lik bir dizi, Digitization’ın yükseliş hamlesini hızlandırdı. GAL koleksiyonunun tarihinde %10,6 artarken, BTRST yıl bazında %35 düştü.
GAL, 20 günlük hareketli ortalamasının %3,3 altında kalıyor ve mevcut Göreceli Güç Endeksi (RSI) değeri 44,06. RSI’sinin yönü, GAL fiyatlarındaki %21’lik artışa göre 10 Haziran’dan bu yana %69 artan bir yükseliş anlamına geliyor.
DeFi names Maker (MKR), Uniswap (UNI), and TruFi (TRU) also had strong weeks, rising 8.1%, 7.8%, and 7.5%, respectively.
Boba Network (BOBA), a Smart Contract Platform asset, was the week’s laggard, falling 5.5%.
Bitcoin and ether continued a recent decoupling from traditional finance, as their correlations with the S&P 500, Nasdaq and the Dow Jones Industrial Average (DJIA) trended negative.
BlackRock possibilities
The week’s most interesting development was BlackRock’s application to the Securities Exchange Commission (SEC) for a bitcoin spot exchange-traded fund (ETF).
Those well-steeped in the nuances of SEC applications will highlight that the application is technically for a “trust” and not a ETF.
Still, as BlackRock’s iShares Bitcoin Trust application is set to hold the asset as a commodity, it will operate in the same manner as existing commodity-based ETFs.
If approved, the ETF will offer exposure to retail investors via a third party, with the ability to enter and/or exit positions intraday.
The application’s timing coincides with an SEC crackdown on the industry, including last week’s lawsuits against crypto exchange giants Binance and Coinbase.
Given the SEC’s rejection of all prior spot BTC applications, and the perception of an agency that is hostile to digital assets markets, investors will be eager to see how it decides on the BlackRock filing.
With $9 trillion in assets under management, BlackRock is the largest asset manager in the world. Some observers may consider the application an endorsement of the asset class, as it will create a potentially sizable bitcoin buyer.
An approval would also cast doubts on previous rejections and likely spur a new wave of applications.
Since the announcement of BlackRock’s application, BTC is up approximately 4.5%.