CoinShares Chief Strategist Analyzes Path Forward for Bitcoin, Says There’s Lots of Cash Sitting on the Sidelines
CoinShares’ chief strategy officer Meltem Demirors thinks that Bitcoin is ready to rise over the next few months as sidelined investor capital gets pushed into the crypto asset.
In a recent interview on CNBC Television, the digital asset management firm executive highlights the potential catalysts that can push the value of Bitcoin to greater heights in the coming months.
“Right now, we’re hearing rumblings around a potential Bitcoin ETF approval. That would be cash-settled, contract-based ETFs, but still, there’s a lot of ‘buy the rumor, sell the news behavior’ in crypto, that’s a big catalyst we’re looking at in Q4.
There’s also not a lot of open longs in the Bitcoin position anymore, so we’re seeing a lot more firms taking on more bullish long calls. In fact, there are a number of six-figure long-dated option calls that are seeing some action going into the end of Q4 and early Q1.”
She also mentions that the wide variety of platforms developed to buy Bitcoin will likely accelerate the asset’s growth heading toward the end of this year.
“And I think most importantly, honestly, is there’s a lot of cash sitting on the sidelines, and a lot of investors are now seriously contemplating an allocation to Bitcoin in their portfolios. There are now so many different avenues through which to do that, whether it’s through a publicly listed investment vehicle, or through assets themselves on platforms like Coinbase, or Robinhood, or Square. There [are] just an absolute plethora of options that are opening up the channel for retail and professional investors to get exposure to the asset class.”
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Author: Daily Hodl Staff
