Galaxy Digital’s chief investment officer, Christopher Ferraro, is listing two factors that will likely determine the direction of Bitcoin (BTC) for the rest of this year.
In a new CNBC interview, Ferraro says that the greenlighting of spot Bitcoin exchange-traded funds (ETFs) in the US and regulatory developments relating to crypto will serve as the key catalysts for the flagship digital asset in the third and fourth quarters of 2023.
“There are really two stories in the crypto markets. We’re looking at the likely issuance, or we all hope the likely issuance in the US specifically, of regulated access products. That is ETFs by some of the biggest global traditional financial providers in the market for Bitcoin, at least to start. I think that’s going to be far and away the biggest catalyst in the markets.
And we’ll look into regulation and where a number of the existing very public court cases head over the next three months.”
According to the Galaxy Digital CIO, institutional interest in Bitcoin is growing while retail investors are also buying BTC on fintech platforms such as Square and Revolut.
“We’ve seen inflows here at Galaxy [Digital] across a number of different forums. We’ve seen the retail platforms today, think of that as Square and Revolut and those kinds of global platforms… we’ve seen net positive inflows from retail just buying and holding spot all throughout the year in part of this run-up.
On the institutional side, we’ve seen clients of the firm at our desk buying long-dated upside on Bitcoin in pretty healthy clips.”
I
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxGenerated Image: Midjourney