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Analysis
21 Jun 2023

A tidal wave of positive institutional headlines

It's getting increasingly harder not to be optimistic about the future outlook for BTC towards the tail-end of the year and Q1 2024.
Opinion Vetle
Preview
This is a brief opinion take based on the recent institutional moves in crypto, referencing topics covered in this week's market update.
Catalysts ahead
It's getting increasingly harder not to be optimistic about the future outlook for BTC towards the tail-end of the year and Q1 2024. BlackRock's recent ETF filing should receive its verdict in late February, coinciding neatly with BTC's quadrennial halving, creating a very opportune environment for strong cyclical momentum in BTC. This summer should be an excellent period to accumulate as we gradually approach a plethora of solid catalysts.
Longevity
Apart from the immediate to medium-term price effects of the recent announcements, one should be acutely aware of the signaling effects of BlackRock, Fidelity, Deutsche Bank, and Citadel, all aiming to provide Bitcoin infrastructure and investment vehicles. These are all highly pragmatic institutions aiming to service client needs in industries where they expect long-term traction. Further, the timing of these announcements amidst the current slumber in the crypto markets is fundamentally different from the hype-motivated Metaverse and VC announcements throughout 2021. This signals longevity.It's also very interesting to note that these recent developments spin out of an environment where we've seen a very hands-on approach from the SEC following the FTX collapse. A subset of the crypto market is rapidly headed towards increased robustness, compliance, and infrastructure reminiscent of traditional equity markets.
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