K33 Research: Bitcoin Gained 30% During US Market Hours

BTC gained 30% during US trading hours and made up 50% of all trading volume, K33 Research found. The negative correlation between bitcoin and US stocks suggests that investors bought the token to change. "We may be at the age of a generation" in crypto investment, Hashdex CIO said. Investors in the United States have invested in bitcoin (BTC) as the company's activity has risen rapidly, boosting the recent rally in the cryptocurrency giant from the market capitalization.

BTC price movements and trading volumes were concentrated during US trading hours and were the primary driver of BTC strength, crypto research firm K33 said in a report. Bitcoin is up 85% so far this year, according to data from CoinDesk, outpacing most crypto markets. The price action comes as several financial heavyweights including BlackRock, Fidelity and Citadel Securities are increasingly investing in BTC, boosting investor optimism.

Small cryptocurrencies have struggled to cope with increased regulatory scrutiny, or unregistered securities. The trading system also eventually limited the issuance of known signals to avoid risk. BTC has seen a total gain of around 30% during US trading hours since it hit a low of $16,000, crossing the Asian and European trading hours.

Events in the United States increased after major asset manager BlackRock filed for a BTC exchange on June 14.

Bitcoin's new surge coincided with a pullback from the performance of US equities such as the S&P 500 and Nasdaq indices, with its 30-day correlation turning negative last week for the first time since January 2021, K33 said.

"This shows that US consumers are allocating BTC for different purposes" such as portfolio diversification, wrote Vetle Lunde, senior analyst at K33.

Investors And Companies Are Turning

BlackRock's move has also boosted the company's activity in the BTC market.

Open interest in the Chicago Mercantile Exchange (CME) futures market, a favorite destination for sophisticated investment firms, is reaching an all-time high, according to K33 data. Digital currencies saw $199 million inflows last week, the most in nearly a year, with bitcoin-focused funds receiving 94% of all inflows, according to a company that - asset manager CoinShares said earlier this week.

Recent events show the evolution of the crypto industry, said Samir Kerbage, chief investment officer at cryptocurrency management company Hashdex. "We may be in a generational period for crypto investors," he said.

"The current industry sentiment we're seeing is a far cry from the FOMO (fear of missing out) opportunities we've seen in the past that could drive prices higher in the short term," Kerbage wrote. Kerbage wrote. These companies are slowly and deliberately investing for the long term - once they're here, they're here."