BlackRock ETF trading is happening for Bitcoin as US investors are actively accumulating BTC, says an on-chain analyst
On-chain analyst William Clemente says US investors have been investing in Bitcoin (BTC) since news of BlackRock’s exchange-traded fund (ETF) offering took center stage.
In a new interview with BTC bull Anthony Pompliano, Clemente says there are three pieces of evidence suggesting US-based institutions have been actively accumulating the crypto king since BlackRock submitted its application for a spot-based Bitcoin ETF has announced.
Clemente looks over the various trading sessions throughout the day and points to the increased activity from market participants in the US.
“We can see that ETF trading has come into its own in a variety of areas. But who primarily ran this trade? It appears they are US based companies…
There are two things I take as evidence of this. The first is the so-called cumulative return per session, which we can look at using the Velo data. We have divided them into the EU, APAC and then US trading sessions. What we can see is that, particularly since the BlackRock filing but also a bit earlier, we can see that the US has been more actively bidding for BTC compared to these other trading sessions.”
Source: William Clemente/Twitter
Clemente also says that bitcoin is trading “slightly higher” on Coinbase compared to other exchanges, noting increased participation from US-based companies.
Finally, the on-chain analyst is also keeping a close eye on the Chicago Mercantile Exchange (CME) open futures contracts for BTC. According to Clemente, open interest in Bitcoin futures has skyrocketed in the global derivatives market since BlackRock’s ETF filing, suggesting US institutions are investing more heavily in BTC.
“Also the last piece of evidence is looking at the open interest in CME futures. So here we are looking at the total number of futures contracts outstanding on the CME. Who normally trades on the CME? They are not crypto degenerates looking to leverage. They are US-based companies of a traditional nature. After the BlackRock ETF (application), we can see a significant increase in open interest for CME futures. During this period, approximately $1 billion worth of open positions were added.”
Source: William Clemente/Twitter
At the time of writing, Bitcoin is trading at $30,357.
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