Sentiment Sweet Spot (Core Strategy Rebalance)
Early Proof of “Catch-Up” Trade
Last week witnessed a significant development as traditional market participants, most notably BlackRock, entered the cryptocurrency space with a spot-based ETF application. This move not only carried implications for market structure but also sparked a noteworthy narrative shift. Despite Bitcoin's relative resilience to regulatory pressures compared to other cryptoassets, it still faced some performance drag. However, the entry of BlackRock, Citadel, and other prominent players into the market changed the perspective of U.S. market participants toward the asset class. This development attracted individuals back into the crypto market.
We think that bitcoin appears well-positioned to serve as investors' preferred "catch-up" trade to tech stocks. The rally of the Nasdaq index this year has been met with skepticism, leaving many investors on the sidelines. With the largest asset manager now entering the Bitcoin sphere, the narrative-driven momentum seems to be favoring Bitcoin in the latter half of the year.
This shift in sentiment among the public is reflected in fund flows. Digital asset investment products experienced their largest weekly inflows since July 2022, totaling $199 million. Bitcoin was the primary recipient, receiving $187 million, ac...Unlock this article by joining our Community!
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