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.
Commonwealth Financial joins a number of firm that have recently cut jobs.
A slow drip of disclosures, an executive exit, and a stock that fell hard before the suit landed
New research finds unpaid caregivers are more likely to struggle with debt, lower savings and diminished retirement confidence than non-caregivers.
Large broker-dealers and registered investment advisors have, since 2020, been developing or sticking to strategies and tactics to combat the pain of intense, short-term market volatility
Centaurus Financial touts its independence as a key selling point at a time when many firms are being swallowed up.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
