Rumors are growing that asset managers have a tsunami of capital prepared for their Bitcoin ETFs before their expected launch later this week.
Bitcoin (BTC) just reclaimed $47,000 for the first time since March 2022, shortly after multiple Bitcoin ETF applicants filed finalized updates for their S-1 forms with the Securities and Exchange Commission (SEC).
As of Monday, Bitcoin is up 6.63% on the day, and over 10% since January 1. It trades for $47,130 at writing time.
Over $136 million in shorts on crypto trades have been liquidated in the past 24 hours, according to Coinglass.
That includes 124,000 traders, on which the largest single liquidation was a BTC-USDT swap on OKX for $9.36 million.
Numerous Bitcoin ETF applicants including BlackRock revealed new and updated management fees for their products on Monday, many of which were between 0.2% and 0.3% – cutting beneath analyst’s expectations.
“ETF issuers lowering their fees to absolute bargain basement levels implies massive expectations on their part around AUM,” posted CoinMetrics co-founder Nic Carter to X on Monday.
Bitcoin’s last rise above $47,000 was largely triggered by defunct stablecoin issuer Terraform Labs’ massive BTC accumulation in early 2022, which was later dumped back onto the market as its coins went bust.
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
Contact: Medium | LinkedIn | Twitter
