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Why Bitcoin’s Price Isn’t Booming Despite ETF Demand & Controversial ZKSync Airdrop
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Matt breaks down why Bitcoin’s price is not surging despite there being such strong ETF demand. He also covers the big week ahead for macro, Coinbase Smart Wallet, continued institutional adoption, and altcoin updates.
Key Takeaways
- Spot Bitcoin ETF demand continued to surge, yet prices held steady. It is becoming increasingly evident that more hedge funds are buying these ETFs while shorting BTC on the futures market (i.e. executing a cash-and-carry trade).
- The big macro event to watch this week will be the U.S. Federal Reserve’s interest-rate decision (June 12). The U.S. CPI data release (June 12) will also be closely watched. If these are in line with expectations, a relief rally is highly likely.
- Coinbase announced its smart wallet in an effort to dramatically simplify onboarding, eliminate network fees, and remove recovery phrases.
- Among the altcoin updates covered: Arweave’s upcoming AO token, Optimism’s important upgrade, and airdrop details for ZKsync (ZK).
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