Home Altcoins News Increased US Investor Interest in Bitcoin Evident Following BlackRock’s ETF Bid

Increased US Investor Interest in Bitcoin Evident Following BlackRock’s ETF Bid

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In an intriguing turn of events, US investors have displayed a growing inclination towards Bitcoin (BTC) following BlackRock’s application for a spot-based Bitcoin exchange-traded fund (ETF). The insights provided by renowned on-chain analyst William Clemente shed light on three key indicators that substantiate the notion of heightened Bitcoin accumulation by US-based institutions since the announcement by BlackRock.

During a recent interview with prominent Bitcoin advocate Anthony Pompliano, Clemente unveiled valuable insights into the current dynamics of the market. His data provides compelling evidence of the growing interest in Bitcoin within the US investment landscape.

One pivotal observation made by Clemente revolves around the various trading sessions throughout the day, with a particular emphasis on the participation of US investors. An in-depth analysis of market participants’ activities during these sessions reveals a noticeable surge in trading volume by US entities, indicating their active involvement in accumulating Bitcoin.

To support this observation, Clemente refers to Velo data, a platform that provides a breakdown of cumulative returns by session, including the European Union (EU), Asia-Pacific (APAC), and US trading sessions. The analysis demonstrates that, particularly since the announcement of BlackRock’s ETF bid, the US trading session has exhibited a higher level of bidding activity for Bitcoin compared to other sessions.

Another noteworthy indicator highlighted by Clemente is the marginal price discrepancy observed on Coinbase, one of the leading cryptocurrency exchanges. His analysis reveals that Bitcoin’s price on Coinbase has consistently remained slightly higher compared to other exchanges. This suggests increased participation from US-based firms and institutions in the cryptocurrency market, further emphasizing their growing interest in Bitcoin.

Furthermore, Clemente draws attention to the significant surge in Bitcoin futures open interest on the Chicago Mercantile Exchange (CME), which serves as a vital factor indicating heightened interest from US institutions. Bitcoin futures open interest refers to the total number of outstanding futures contracts on the CME. Traditionally, the CME has primarily catered to traditional US-based firms rather than speculative traders. Notably, there was a substantial increase in Bitcoin futures open interest following the announcement of BlackRock’s ETF bid, with approximately $1 billion worth of open interest added during that period.

These three indicators collectively illustrate the growing interest and participation of US investors and institutions in accumulating Bitcoin. The news of BlackRock’s application for a spot-based Bitcoin ETF seems to have acted as a catalyst, propelling US-based entities to actively engage in the cryptocurrency market and seek exposure to Bitcoin.

As the interest from US investors continues to surge, it will be fascinating to observe the long-term impact on Bitcoin’s price trajectory and its broader adoption within the US investment landscape. The growing attention from US institutions serves as a reinforcement of the notion that cryptocurrencies, particularly Bitcoin, are increasingly recognized as viable investment assets within the realm of traditional finance.

In conclusion, the data presented by on-chain analyst William Clemente provides compelling evidence of heightened Bitcoin accumulation by US investors and institutions following BlackRock’s ETF application. The increased trading activity during US sessions, the marginal price disparity on Coinbase, and the surge in Bitcoin futures open interest on the CME collectively signify a growing interest and active participation in the cryptocurrency among US-based entities. This trend reflects the evolving perception of Bitcoin as a valuable investment asset within the US market, further solidifying its position in the broader financial landscape.

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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