Market updates

Bitget Hot Takes (June 26 - July 02)

Beginner

2023-07-03 | 5m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

The latest Bitget Hot Takes can be found here.

Central Themes

• Indicators are showing a new bullish momentum for BGB. Its liquidity is also on the rise.

• Bitcoin ETFs: now available via HSBC Hong Kong; leveraged Bitcoin futures ETFs began trading on June 27, 2023.

• The SEC commented on the inadequacy of Bitcoin spot ETF filings; asset managers refiled their applications en masse.

• Bitcoin futures OI on CME and CEXs soared following the news.

A New Bullish Momentum For BGB

It is safe to expect a new local high over the next 7 days for BGB. RSI is currently around 50, meaning there is still much room until overbought, whereas MACD shows a reversal of trends has just occurred. Accum/Dist line has been going up with prices since June, supporting the trend.

A New Bullish Momentum For BGB

Source: TradingView

BGB's volatility of the last three weeks is consistently lower than the Top 3. It makes BGB safer than others, because it clearly doesn't react as much to outside events (such as Bitcoin spot ETF applications) and historical data shows that those periods of high volatility are mostly results of BGB's reaching highs.

7D Rolling Volatility

BGB’s liquidity is, on the other hand, held stable at a good level of over 0.02 and has been on its way up. For most of the last four weeks, the liquidity of BGB has remained higher than that of Bitcoin, except for the period from June 23 to June 30. It's now crossed Bitcoin's figure again.

Volume-to-Market Cap Ratio of Major Cryptocurrencies

Here's a recap of BGB activities from June 26 to June 29, 2023:

BGB Weekly Report

Check out our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

BGB Sail: December Edition

BGB Sail: November Edition

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

Bitcoin And The ETFs Hype

Volatility Shares 2x Bitcoin Strategy ETF (BITX), the first leveraged Bitcoin futures ETF already began trading on the Chicago Board Options BZX Exchange on 27 June, 2023. On its debut day only, the ETF saw US$5.5 million in volume, with US$500,000 already in the first 15 minutes. This is a clear signal for the traditional market's interest in Bitcoin.

ProShares Bitcoin Strategy ETF (BITO:NYSE Arca) also had the largest weekly inflow since July 2022, per Factset, with its current holdings of Bitcoin futures exceeding US$1 billion. Meanwhile, Asian investors can now easily trade three Bitcoin and Ethereum futures ETFs of CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF on the investment platform of HSBC Hong Kong.

Subscribe to our daily market updates to track Bitcoin ETFs: Bitget Bites (July 03, 2023)

All eyes are still on the long-awaited approval of a Bitcoin spot ETF, which, according to Michael Saylor, would serve as a ‘milestone on the road to institutional adoption'. The SEC commented that BlackRock's, Fidelity's and others' filings for their Bitcoin spot ETFs are not ‘sufficiently clear and comprehensive' when it comes to the surveillance-sharing agreement. That is, asset managers need to include a partner exchange who must share their market trading activity, clearing activity and customer identity with regulators for the purpose of better investor protection. The U.S.-based Coinbase has been selected by many fund sponsors for their re-applications, especially those who work with the CBOE. As there is renewed hope for the conversion of Grayscale Bitcoin Trust (GBTC: OTCQX) to an exchange-traded product, its discount to NAV has been significantly reduced.

The Latest Bitget News

Bitget Spot Trading has had an awesome week with 5 pairs achieving a 24-hour change of over 100%. The best daily gainer is MAV/USDT with an increase of 437.2%, followed by PEPE2/USDT (+314.2%), TREEB/USDT (+185.4%), FAVOR/USDT (+138.9%) and RED/USDT (+105.7%).

Accompanying our new spot listings of TREEB/USDT and ALPHA1/USDT are multiple earning events, including Super Airdrops for BGB holders! A total of 4,187,020 TREEB and 170,000,000 ALPHA1 will be distributed to qualified users FOR FREE, and that’s how you make your investments grow!

Bitget Futures Markets also reported a rise of 8.7% for the average crypto OI and 9.4% for the average Bitcoin OI in the last 7 days. That is a direct result from the hype around Bitcoin ETFs and the market expectations on TradFi's broader crypto adoption.

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