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Coinbase: Outlook for Bitcoin ETFs in the second quarter
Find out more about the current crypto indicators at a glance: Will the Bitcoin rally continue in the second quarter? Coinbase analyzes positive factors and the upcoming Bitcoin halving. Financial News to Keep an Eye on!
Coinbase: Outlook for Bitcoin ETFs in the second quarter
In the first quarter of 2024, cryptocurrencies experienced a huge surge. Above all, Bitcoin, which was trading at $62,664 at the time, recorded an impressive increase of 49.12 percent since the beginning of the year. On March 14, the leading cryptocurrency even reached a new all-time high of $73,798. Ether and some meme coins like Dogecoin and SHIBA INU also benefited from this rally. But recent weeks have seen a decline in risk appetite in cyber forex, raising questions about a continued crypto rally.
Crypto exchange Coinbase recently released a report highlighting bullish factors for the second quarter. Although the start of the quarter was quiet, positive developments are expected from the second half of April. A key aspect that could increase interest in Bitcoin ETFs is the end of due diligence checks by many financial institutions, which may increase demand for these funds. Already established players such as Morgan Stanley, Bank of America and others have invested in Bitcoin ETFs, and more asset managers are expected to follow suit.
An interesting development can be seen in the rise of leveraged short positions in Chicago Mercantile Exchange Bitcoin futures, indicating institutional interest in the crypto world. At the same time, short bets against companies like MicroStrategy, Coinbase and Marathon Digital increased significantly. This was interpreted by some market players as a sign that the crypto sector was overvalued and a potential crash was looming.
However, there were positive developments in on-chain derivatives, whose total value rose to a record $3.4 billion. This increase illustrates the continued interest in crypto assets. The focus is also on the upcoming Bitcoin halving in the second quarter, which will halve the rewards for Bitcoin miners and thus reduce the supply. The impact of this event on the market and the prices of cryptocurrencies will be of great importance for the rest of the quarter.