Investors are piling into Bitcoin exchange-traded funds, betting the supply overhang that’s pushed the token lower in past weeks has created a buying opportunity.
US Bitcoin ETFs have seen a net inflow of $438 million over the past two trading sessions, data compiled by Bloomberg show. The original cryptocurrency has tumbled about 20% since early June, squeezed by concerns that creditors of failed exchange Mt. Gox will start to offload tokens the estate is distributing.
“So many investors still don’t own Bitcoin, and that underpins the long-term bull case,” Charlie Morris, chief investment officer at ByteTree, wrote in a note. “This supply storm will soon pass.”
Bitcoin’s decline from its March record accelerated last week after Mt. Gox’s administrators started the process of returning about $8 billion worth of the token to creditors. At the same time, German police started selling some of the 50,000 Bitcoin it had seized earlier from a piracy website.
Bitcoin rose as much as 2.6% on Tuesday to $57,723, but it remains some $16,000 below March’s record high.
“Supply has been a big concern and the known overhang from the liquidation related to Mt. Gox and the German Federal Criminal Police Office – that said, the markets know there is an endpoint to the liquidation of these coins,” Chris Weston, head of research at Pepperstone, wrote in a Tuesday note.
Nearly half of single Americans think their net worth shapes their fate in dating, but the biggest financial green flags tell a different story.
The hybrid RIA is the latest firm to face allegations that it enriched itself at customers' expense by paying unfairly low interest rates in its cash sweep programs.
Installed after Dan Arnold's abrupt termination, the new leader at LPL Financial is highlighting the firm's refocusing on the individual advisor.
The clearing and custody giant is kicking the tires on new cash sweep plan with broker-dealer clients.
LPL Financial welcomes a $345 million investment and planning team from Ameriprise as RayJay's employee advisor arm adds a seasoned Well Fargo breakaway.
From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.
Blue Vault features expert strategies to harness for maximum client advantage.