Highlights
With the approaching Bitcoin Halving, investors have been bullish on Bitcoin. The hope of a possible bull run post-halving has resulted in investors hoarding Bitcoin-related assets. One such asset is BTC leveraged ETF.
According to Forbes, with its focus on leveraged and inverse ETFs, Volatility Shares, an exchange-traded fund (ETF) issuer based in Palm Beach Gardens, Florida, launched the 2X Bitcoin Strategy ETF (BITX) in 2019. In recent weeks, it has risen to become the largest holder of bitcoin futures contracts at the Chicago Mercantile Exchange (CME).
Currently the largest of its kind, this bitcoin futures ETF saw a 135% return in Q1, double that of spot Bitcoin ETFs.
Read Also: Federal Reserve Yielding To Political Ploy To Stiffen Innovation, Caitlin Long
As the highly anticipated Bitcoin Halving approaches, investors have been piling up BTC assets. A good example of this is Marathon Digital’s wallet.
Marathon Digital’s wallets, which had 23 addresses and more than $1.1 billion in Bitcoin, were recently found. By mining 12,85K Bitcoins in 2023, these on-chain wallets brought in $387.5 million in revenue. Before the halving of Bitcoin, the discovery of the Marathon Wallet coincided with a sharp increase in interest in BTC ETFs.
A surge in inflows just before the halving implies that BTC holders are probably hoarding the cryptocurrency in anticipation of the code upgrade. People who are expecting a bull run after the halving keep their BTC profiles strong.
The main reason why market players are stockpiling Bitcoin and clamoring for BTC ETFs is because of the upcoming halving. Even with the recent volatility in the market, Bitcoin whales have been actively buying up enormous amounts of the cryptocurrency. Previous Bitcoin halvings have shown that, following a code upgrade, supply and demand typically become unbalanced. Given the increase in demand and price, this causes a Bitcoin bull run.
Read Also: Uniswap Vs SEC: Adam Cochran Critiques SEC’s Case as Contradictory
The U.S. Senate Banking Committee has released an updated version of the draft Crypto Market…
Strategy, led by Executive Chairman Michael Saylor, has been left out of the latest S&P…
SOL Strategies Inc. has received approval to be listed on the Nasdaq Global Select Market.…
Ethereum (ETH) price fell sharply as Fidelity, Grayscale, and VanEck drove heavy ETF outflows, but…
SharpLink has reaffirmed its full compliance with Nasdaq rules, dismissing speculation about shareholder approval requirements.…
A deal with Crypto.com has led to the establishment of a Cronos Treasury by the…