as if Marcus Soterio, analyst A publicly listed digital asset broker GlobalBlock .
Bitcoin broke the $24,000 level this morning and is now up 37% in 8 weeks. It seems clear that the first 4 price hikes and technical failures have priced in risk assets as there has been massive and sustained selling pressure in anticipation of the events/news.
Giants like BlackRock and Wells Fargo showed their bullish stance on Bitcoin last week, with Wells Fargo saying cryptocurrencies have become a viable portfolio option.
ARK Invest, a US investment management firm with $50 billion under management, has been surprisingly bullish on Bitcoin during this downtrend. ARK CEO Cathy Wood said last month that Bitcoin mining will “turbocharge” solar and wind power. ARK’s latest report shows that the US was the largest buyer of Bitcoin in July, and a recovery path is set for Bitcoin as leverage unwinds.
This month is particularly interesting for ARK, as the SEC has pushed back its decision on ARK’s Bitcoin ETF application from July to August. If this ETF application is approved by the SEC (it seems unlikely that it will be rejected so far), this will be a spectacular tailwind for Bitcoin.
There are some signs that tell us whether the SEC will soon approve an application. Companies often update their plans when they’re all set to launch. We can see that there is an Ark Invest file with a symbol assigned to the Bitcoin Futures ETF, and Valkyrie has updated its own ETF prospectus with a ticker. This gives us a hint that another Bitcoin Futures ETF may be approved soon.