First Mover Asia: Bitcoin Holds Firm Above $30.1K As Investors Relish BlackRock, Other Spot BTC ETF Filings

© CoinDesk (Global) Bitcoin weekly chart is provided . (coindesk)

Good morning Here's what's going on:

Price: Bitcoin rose above $30.7k before settling near $30,000 as investors were cheered by news of multiple bitcoin ETF applications.

Summary: Crypto is "in the midst of a crisis of confidence, but recent Bitcoin ETF filings have helped boost crypto markets," said Kelly Cox, an analyst at US-based eToro Investments.

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Bitcoin will return to its place above $30,000

After several weeks of lull, Bitcoin rallied for a second month in a row as investors began to believe the bullish claims of BlackRock and other major BTC ETF asset management firms.

The largest cryptocurrency by market cap was last seen trading around $30,140, ​​up about 5% in the past 24 hours. The last time BTC surpassed $30,000 was in April.

Bitcoin closed on Tuesday after the June 19 holiday, as markets fully digested the impact of BlackRock's auction. Later in the day, the bitcoin space continued to gain momentum with new filings from Invesco and WisdomTree, providing further evidence of growing institutional investor interest in the crypto space. fight .

Read more: Invesco re-applies for Bitcoin ETF and accepts more crypto investment products

"There is a wave of optimism in the crypto market today as large institutional players look to actively participate in the industry," wrote Nihar Nelakanthi, CEO and founder of Ecosapiens Carbon-backed Digital Collections. Email CoinDesk.

Neelakanti also mentioned "rumors" that Fidelity may apply for ETFs. On Tuesday, a Fidelity spokesperson told CoinDesk that the company had not officially announced any deposit plans. Invesco, which manages $1.4 trillion in assets, offered digital wealth manager Galaxy Digital. The Securities and Exchange Commission (SEC) rejected WisdomTree's first Bitcoin ETF application in 2022.

"These players, along with other big names, are adding liquidity to the market and giving investors more confidence to buy Bitcoin again," Nilakanti wrote. As the regulatory environment in the United States continues to challenge the industry, major organizations in the crypto space will continue to advocate for Bitcoin.

Ether had the same vibe to keep the momentum going. The second-largest cryptocurrency by market value changed hands above $1,900 for the first time in three weeks, up more than 6% since Tuesday. Other major cryptocurrencies had a deep day: ADA and MATIC, smart contract platforms Cardano and native cryptocurrency Polygon were each up 7%, with popular memcoin DOGE. The CoinDesk Market Index, a measure of cryptocurrency market performance, has risen more than 5% recently.

US stocks snapped a weekly losing streak, and technology stocks led the decline. The Nasdaq Composite and the S&P 500 Tech Index ended up 1.2% and 0.5%, respectively. Asian markets opened strongly, with the Hang Seng and Shanghai indexes recently down 2% and 1.3% respectively.

Ecosapiens' Nilakanti believes Tradfi will apply "crypto-regulatory pressure" to encourage new digital asset initiatives, although he is unsure of the long-term benefits of the partnership. However, he added that each cryptocurrency "wave" attracts new entrants.

"The recent excitement has been a lot of retail speculation and fits the pattern of how new asset classes have performed over time," he wrote. “There are the early believers, then more retailers and then the third wave of more companies joining the flock. Now we are starting to see the beginning of the third wave. And this wave includes large organizations, but 401,000. and other major forms of funding such as pension funds and university endowments.

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The cryptocurrency "crisis of confidence" and the plethora of applications for bitcoin spot ETFs

Cryptocurrencies have "survived the crisis of confidence," but last week's "spot-on bitcoin ETF migration" caused "some excitement" in the markets, especially for "popular" qualities like bitcoin and ethereum. Callie Cox, US investment analyst at social investment platform eToro, spoke on CoinDesk TV's First Mover show on Wednesday.

"Institutional organizations, this industry is growing, like it or not, it's the story of a lot of new markets," Cox said. "And when some of the biggest issuers in the world come in and say, 'We want to offer this product,' that says something about investor appetite or interest."

Last Thursday, the iShares arm of fund management giant BlackRock (BLK) filed with the United States Securities and Exchange Commission (SEC) to create a Bitcoin (BTC) ETF. Earlier this week, investment management firms Invesco ( IVZ ) and WisdomTree resubmitted their money ETF applications.

IVZ, which has $1.4 trillion in assets under management, is partnering with digital wealth manager Galaxy Digital. He called for a spot bitcoin ETF in early 2021. The Securities and Exchange Commission (SEC) denied WisdomTree's first filing in 2022, following a flurry of denials.

The uptick in institutional interest in US SEC exchanges comes on the heels of a regulatory review of exchanges Binance and Coinbase earlier this month, sending markets reeling.

After strong gains in the first four months of the year, bitcoin, ethereum and other major assets have been on a downward spiral, with BTC recently falling below $25,000 for the first time since mid-March as investors speculate on SEC surveillance, inflation and other macroeconomic factors. . will rise uncertainties But institutional interest continues to rise as the environment matures.

Cox sees the ETF as a "positive sign" and believes the market is doing the same. "It shows that Wall Street still believes in some parts of cryptocurrency and that the price of bitcoin is not going to go to zero. We have to understand what the price is. There is a price."

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CoinDesk TV

In case you missed it, here's the latest episode of CoinDesk TV's "First Mover."

Bitcoin Briefly Surpasses $29,000 As Invesco Blocks Jack Dorsey's Bitcoin ETF Plans For Bitcoin Portfolio

Bitcoin (BTC), the world's largest bitcoin by market value, surged in the past 24 hours after several traditional financial firms announced their entry into the crypto market. Callie Cox, US Investment Analyst at eToro shares her analysis of the cryptocurrency markets. In addition, Bitkey's CEO teamed up with BlockBitcoin Wallet First Mover and Coinbase and the Cash app, as well as launching Bitkey's external beta registry. And Sergey Gorbunov, CEO and founder of Acceler, shared his reaction to the Uniswap Foundation's latest bridge review report.

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Circle starts buying US Treasuries from the USDC reserve fund managed by BlackRock . The reimbursement agreement will remain part of the reserve fund, Circle's chief financial officer said in a call with the company on Wednesday.

MakerDAO US Treasury Holdings backs DAI stablecoin with $700 million in real assets. The purchase is the latest step in strengthening the role of real assets in the DAI stablecoin inventory of the platform.

"Storage Proofs" are considered an alternative to hack-prone bridges in the Multichain World: Storage Proofs , a feature that reduces on-chain mining by allowing users to store their assets on one chain and their presence on another verification channel will be lost. . Coming soon to Starknet.

Polygon introduces an AI interface based on ChatGPT to support application developers . An artificial intelligence interface called Polygon Copilot helps developers derive analytics and insights for applications on the Polygon blockchain.

Asia Trail: Bitcoin Holds Above $30.1K as Investors Take Advantage of BlackRock and Other Spot BTC ETFs