Corporations Outpace ETFs in Bitcoin Purchases for the Third Consecutive Quarter

The price of the leading cryptocurrency remains stable due to demand from public companies. Simultaneously, the SEC is expediting the approval of cryptocurrency-based exchange-traded funds (ETFs). This information was shared by analysts from QCP Capital.

For the third consecutive quarter, public companies are outpacing ETFs in terms of Bitcoin purchases. Firms like ProCap BTC LLC, Strategy, and Metaplanet are increasing their holdings in Bitcoin, viewing it as a strategic asset. This strengthens the narrative of buying on price dips, as noted by QCP.

The SEC has approved the launch of ETFs based on Ethereum and Solana with staking options and has also given the green light to the Grayscale fund, which includes BTC, ETH, XRP, SOL, and ADA.

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

There is a rising trend of adding digital assets to corporate balance sheets:

Infrastructure players are also expanding their presence. The issuer of the USDC stablecoin, Circle, has applied for a banking license in the United States. Meanwhile, Robinhood is actively growing in Europe, launching perpetual futures and tokenized stocks.

Liquidity in the cryptocurrency derivatives market continues to rise, with Solana futures volume on the CME reaching a record 1.75 million contracts, and trading volume for XRP futures surpassing $500 million in the first month.

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

Analysts have noted that retail traders have taken a breather, while institutional investors are steadily increasing their positions. Experts anticipate a potential shift in volatility regime in the third and fourth quarters.

The macroeconomic environment in the United States remains favorable for risk assets, including cryptocurrencies. President Donald Trump has criticized Federal Reserve Chair Jerome Powell, indicating his intention to appoint a successor more inclined toward lowering interest rates.

Markets are already pricing in more interest rate cuts than the Federal Reserve forecasts. This positive sentiment has also spilled over into digital assets, although the atmosphere 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, American ETFs based on Bitcoin experienced an outflow of $342.2 million, breaking a 15-day streak of inflows totaling $4.7 billion.