Bitcoin May Continue Its Outperformance in Next Six Months; Spot BTC ETF Applications Revive

Daily Top Mover  — Bitcoin (BTC) 

The U.S. tech stocks resumed the gaining streak after a three-day breather, while the broader cryptocurrency barely moved. The top mover for today is BTC, which surged above $30K for the second time in 2023 as the market anticipates it could become the primary beneficiary from institutions’ mounting interest in crypto.

Bitcoin may continue to outperform other top tokens for the following reasons. First, Blockrock’s spot BTC ETF may be a game changer as the largest asset manager has a track record of a 99% success rate track record in ETF applications due to its close relationship with the U.S. government and unparalleled experience. Undoubtedly, a spot BTC ETF, if approved, would bring unprecedented traditional institutional capital into BTC. Second, EDX Markets, the newly created crypto exchange backed by financial service giants including Fidelity, will permit the trading of BTC, ETH, LITE, and BCH, as these tokens are widely regarded as commodities instead of securities. Third, the clock for the next BTC halving in 2024 is ticking, and the previous cycle suggests a bullish run for BTC before the halving happens.

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Talk of the Town

Valkyrie has joined several other financial firms in applying for a Bitcoin spot exchange-traded fund (ETF) and has filed an S-1 registration form with the SEC on June 21. It plans to list its fund on the Nasdaq under the symbol BRRR. Valkyrie already operates a Bitcoin futures ETF, Valkyrie Bitcoin Strategy ETF (BTF), and the Valkyrie Bitcoin Miners ETF (WGMI). The firm had also submitted an application for a BTC futures ETF called Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD) in May, which would be a fund instead of a trust like its proposed BTC spot ETF.