Prices of cryptocurrencies surged last week due to a favorable ruling in the Ripple-SEC case, according to Joe DiPasquale, CEO of crypto fund manager BitBull Capital. “We are unlikely to see Bitcoin trading below $27K for long,” he said, “and the market is likely to consolidate around the current zone for now.”
The retail demand for spot bitcoin ETFs is also growing, with investors continuing to pile into Purpose Investments’ Bitcoin ETF, BTCC. Data from FactSet shows that BTCC is almost entirely held by retail traders, with only 0.03% institutional ownership.
The difference between the first market and the second market was a couple of days, and the first-place product has about a billion dollars in assets, while the second place has less than 100 million, said Ophelia Snyder, 21Shares’ Senior ETF Strategist.
The current Bitcoin price is expected to dip and then rise due to nearby short-term liquidity and resistance, according to Johnny Teng, Senior Researcher at LBank Labs. He added that Ether and other altcoins’ trading volumes are set to increase.