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Bitget Hot Takes (June 26 - July 02)

Bitget Hot Takes (June 26 - July 02)

Beginner
2023-07-03 | 5m

Bitget Hot Takes is the exclusive weekly newsletter series by Bitget Academy, the 360-degree onboarding guide for all crypto enthusiasts.

The latest Bitget Hot Takes can be found here.

Central Themes

• Indicators are showing a new bullish momentum for BGB. Its liquidity is also on the rise.

Bitcoin ETFs: now available via HSBC Hong Kong; leveraged Bitcoin futures ETFs began trading on June 27, 2023.

• The SEC commented on the inadequacy of Bitcoin spot ETF filings; asset managers refiled their applications en masse.

• Bitcoin futures OI on CME and CEXs soared following the news.

A New Bullish Momentum For BGB

It is safe to expect a new local high over the next 7 days for BGB. RSI is currently around 50, meaning there is still much room until overbought, whereas MACD shows a reversal of trends has just occurred. Accum/Dist line has been going up with prices since June, supporting the trend.

A New Bullish Momentum For BGB

Source: TradingView

BGB's volatility of the last three weeks is consistently lower than the Top 3. It makes BGB safer than others, because it clearly doesn't react as much to outside events (such as Bitcoin spot ETF applications) and historical data shows that those periods of high volatility are mostly results of BGB's reaching highs.

7D Rolling Volatility

BGB’s liquidity is, on the other hand, held stable at a good level of over 0.02 and has been on its way up. For most of the last four weeks, the liquidity of BGB has remained higher than that of Bitcoin, except for the period from June 23 to June 30. It's now crossed Bitcoin's figure again.

Volume-to-Market Cap Ratio of Major Cryptocurrencies

Here's a recap of BGB activities from June 26 to June 29, 2023:

BGB Weekly Report

Check out our BGB Sail Series to see how impressive BGB monthly performance is:

BGB Sail: May Edition

BGB Sail: April Edition

BGB Sail: March Edition

BGB Sail: February Edition

BGB Sail: December Edition

BGB Sail: November Edition

BGB Sail: October Edition

BGB Sail: September Edition

BGB Sail: August Edition

BGB Sail: July Edition

BGB Sail: June Edition

BGB Sail: May Edition

Bitcoin And The ETFs Hype

Volatility Shares 2x Bitcoin Strategy ETF (BITX), the first leveraged Bitcoin futures ETF already began trading on the Chicago Board Options BZX Exchange on 27 June, 2023. On its debut day only, the ETF saw US$5.5 million in volume, with US$500,000 already in the first 15 minutes. This is a clear signal for the traditional market's interest in Bitcoin.

ProShares Bitcoin Strategy ETF (BITO:NYSE Arca) also had the largest weekly inflow since July 2022, per Factset, with its current holdings of Bitcoin futures exceeding US$1 billion. Meanwhile, Asian investors can now easily trade three Bitcoin and Ethereum futures ETFs of CSOP Bitcoin Futures ETF, CSOP Ethereum Futures ETF and Samsung Bitcoin Futures Active ETF on the investment platform of HSBC Hong Kong.

Subscribe to our daily market updates to track Bitcoin ETFs: Bitget Bites (July 03, 2023)

All eyes are still on the long-awaited approval of a Bitcoin spot ETF, which, according to Michael Saylor, would serve as a ‘milestone on the road to institutional adoption'. The SEC commented that BlackRock's, Fidelity's and others' filings for their Bitcoin spot ETFs are not ‘sufficiently clear and comprehensive' when it comes to the surveillance-sharing agreement. That is, asset managers need to include a partner exchange who must share their market trading activity, clearing activity and customer identity with regulators for the purpose of better investor protection. The U.S.-based Coinbase has been selected by many fund sponsors for their re-applications, especially those who work with the CBOE. As there is renewed hope for the conversion of Grayscale Bitcoin Trust (GBTC: OTCQX) to an exchange-traded product, its discount to NAV has been significantly reduced.

The Latest Bitget News

Bitget Spot Trading has had an awesome week with 5 pairs achieving a 24-hour change of over 100%. The best daily gainer is MAV/USDT with an increase of 437.2%, followed by PEPE2/USDT (+314.2%), TREEB/USDT (+185.4%), FAVOR/USDT (+138.9%) and RED/USDT (+105.7%).

Accompanying our new spot listings of TREEB/USDT and ALPHA1/USDT are multiple earning events, including Super Airdrops for BGB holders! A total of 4,187,020 TREEB and 170,000,000 ALPHA1 will be distributed to qualified users FOR FREE, and that’s how you make your investments grow!

Bitget Futures Markets also reported a rise of 8.7% for the average crypto OI and 9.4% for the average Bitcoin OI in the last 7 days. That is a direct result from the hype around Bitcoin ETFs and the market expectations on TradFi's broader crypto adoption.

Bitget Rewards Center has been upgraded! New users can now get up to 5,027 USDT for free and earn additional bonus when you log in to your account daily. Sign up immediately to get the most out of our promotion campaign!

Bitget Earn is updated with an exclusive Beginner product! Choose Bitget to enjoy up to 30% APR for your USDT! If you are a BABYDOGE, DOGE, KAS, PEPE or SHIB owner, Bitget Earn offers BGB yields with limited quota available - do not let this opportunity pass by!

Bitget Academy was established with the mission of bringing expert knowledge to the masses. So far we have released over 500 educational articles in 20 different languages on Bitget Academy, covering everything from in-depth guides and practical tips to market updates.

New Events

Spot Margin Bonus Week! Try out margin trading to claim double rewards and win 3000 USDT!

BGB Giveaway! Buy Crypto with Visa or Master Card

Bitget futures weekly challenge! The weekly trading volume champion will get 3000 USDT!

FRE$H DAY! Sign up and trade on Bitget to enjoy perks and a special gift pack!

Weekly Lucky Draw with guaranteed rewards! Trade and win rewards from the Lucky Draw!

Rise to the Challenge: Crypto Battle Royale! Predict, Trade, and Win 60,000 USDT!

Invite friends to Earn and get a 20% rebate!

Rainbow (RBW) will be listed on Bitget — grab a share of 1,200,000 RBW from Launchpool!

Retreeb (TREEB) will be listed on Bitget — grab a share of the 3,349,616 TREEB!

Deposit to List: Outer Ring MMO (GQ) - Deposit and Share $20,000 worth of GQ Rewards!

TYPE Super Celebration: Grab a Share of the 3,000 USDT Prize Pool!

Favor (FAVOR) listed on Bitget — join to grab a share of 1,395,000 FAVOR!

Good Reads

Smart Listing, Bright Future: The Perks of Token Listing on Bitget

How to Claim Maverick Protocol (MAV) Airdrop

A Survey of Cryptocurrency Copy Trading

The Tether Depeg in Summer 2023: What Happened to USDT?

Simply create an account, and start exploring the incredible Bitget-Verse today!Start Trading with Bitget





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