Experts had different expectations for July, but no one predicted the start of Mt. Gox’s 10-year FUD repayments. The fear that had been anticipated for years is now ending. A significant portion of the massive supply has been returned, and investors realized they exaggerated their fears. Bitcoin is back above $67,500. Moreover, good news is coming.
Cryptocurrencies Will Rise
We mentioned that 13F filings would be submitted to the SEC from early July to mid-August. What does this mean? It means companies, pension funds, and others report their holdings to the SEC. So, we will see who bought BTC ETFs in the past three months.
Large investment companies, pension funds, and other buyers adding BTC to their reserves (even in ETF form) reflect interest in the king cryptocurrency. Today, the Michigan State Retirement System admitted in its filing with the U.S. Securities and Exchange Commission that it bought BTC ETFs. As of June 30, the company holds 110,000 ARKB ETFs in its reserves. This roughly amounts to $6.6 million.
If we see more interesting companies and funds adding BTC to their reserves in the first two weeks of August, all these could help boost the upward momentum as separate pieces of good news.
July and August Predictions
We got rid of Germany, and Bitstamp and Kraken exchanges made Mt. Gox repayments. So, what problems remain? Before the year ends, interest rate cuts, Trump embracing crypto, Harris leaning towards crypto, more investment companies offering BTC and ETH ETFs to their clients, the sell-the-news story for ETH ETFs turning into a real rise, and much more. These are what remain. Of course, there can always be a big bad surprise awaiting cryptocurrencies. Global internet outage, power cuts, a new war?
If we think optimistically, the upcoming 13F forms by mid-August can continuously boost morale. Bloomberg’s senior ETF analyst Eric Balchunas said;
“This is a start. Thus, the third pension company has started holding BTC ETFs.”
If this continues like a snowball, ETF inflows could strengthen. The Wisconsin State Investment Board and Jersey City also hold $100 million and $64 million worth of BTC ETFs.
