Corporations Continue to Outpace ETFs in Bitcoin Purchases for Third Consecutive Quarter

The price of the first cryptocurrency remains stable due to strong demand from public companies. Meanwhile, the SEC is speeding up the approval process for exchange-traded funds (ETFs) based on crypto assets. This was reported by analysts at QCP Capital.

For the third consecutive quarter, public companies have outpaced ETFs in terms of Bitcoin purchases. Firms like ProCap BTC LLC, Strategy, and Metaplanet are continuing to build their positions in Bitcoin, viewing it as a strategic asset. This supports the narrative of buying during price dips, as noted by QCP.

The SEC has approved the launch of ETFs based on Ethereum and Solana with staking features, and has also greenlit the Grayscale fund, which includes BTC, ETH, XRP, SOL, and ADA.

The SEC is examining standardized listing requirements for token-based funds. According to QCP, this initiative could simplify and accelerate the approval process in the future.

There is a growing trend of companies adding digital assets to their balance sheets:

Infrastructure players are also expanding their presence. The issuer of the USDC stablecoin, Circle, has applied for a banking license in the U.S. At the same time, Robinhood is actively evolving in Europe by launching perpetual futures and tokenized stocks.

Liquidity in the cryptocurrency derivatives market continues to increase. The volume of Solana futures on the CME has reached a record of 1.75 million contracts, while trading volume for XRP futures surpassed $500 million in the first month.

Despite this, implied volatility remains near historical lows. Trader positions indicate accumulation of the asset. Bitcoin’s dominance remains at a multi-year high of 65-66%.

Analysts have observed that retail traders have taken a step back, while institutional investors are quietly building their positions. Experts anticipate a potential shift in volatility patterns in the third and fourth quarters.

The macroeconomic conditions in the U.S. are favorable for risk assets, including cryptocurrencies. Former President Donald Trump has criticized Federal Reserve Chair Jerome Powell and indicated he would appoint a successor who favors lower interest rates.

Markets are already pricing in more interest rate cuts than the Federal Reserve predicts. This positive sentiment has spread to digital assets, although the outlook in the altcoin sector remains cautious.

It is worth noting that in June, QCP stated that Bitcoin would benefit from global uncertainty.

On July 1, U.S. ETFs based on the first cryptocurrency recorded an outflow of $342.2 million, breaking a 15-day streak with a total of $4.7 billion.