The crypto market continues to attract institutional interest as Fidelity refiles paperwork for its Wise Origin Bitcoin Trust, a spot Bitcoin exchange-traded fund (ETF), signaling its determination despite previous rejection by the U.S. Securities and Exchange Commission in 2022. Fidelity’s renewal comes hot on the heels of BlackRock’s iShares unit, and a number of other fund companies following suit, jockeying for position in the crypto ETF sphere.
Fidelity’s steps fall amid a plenitude of movements, such as Bitcoin Cash (BCH), rallying near blockbuster speed in the backdrop of announcements including EDX Markets’ decision to debut this June. With BCH among the only four coins available for trading on the exchange, the cryptocurrency has seen a staggering 183% cumulative growth since EDX’s debut, amplifying its appeal to traders. Trading activity levels on South Korea’s crown jewel crypto exchange, Upbit, have also seen significant upticks to substantiate BCH’s latest ascent.
Nevertheless, the Bitcoin titan stands vigilant, its price remaining relatively unshaken in this flurry, with an overnight rally briefly taking it over $31,000 before a gentle decline saw it rest at around $30,800.
Binance, the world’s latent giant in cryptocurrency exchange, has been tapping the pulse of its institutional clientele, collecting optimism forecasts for crypto’s future. Conducted by Binance Research and the Binance VIP & Institutional team between March and May 2023, nearly a quarter of the 208 surveyed clientele commandeered assets under management (AUM) upwards of $100 million, while just above half held less than $25 million AUM. The predominant sentiment leans towards positivity, with 63.5% endorsing a favorable outlook for the coming year, while a convincing 88% held optimism for the incoming decade.
The breadth and depth of enthusiasm for crypto, coupled with accelerating momentum from institutional spheres, could be a telling sign of cryptocurrency’s maturing outlook. Meanwhile, enhanced interest and trading activities around certain cryptos like BCH indicate market diversity and investor appetite for risk. However, the rollercoaster performance of different cryptocurrencies, along with potentially sweeping regulatory changes, keep the journey far from smooth.
Source: Coindesk
