Bitwise Asset Management European Head Bradley Duke talked with Proactive's Stephen Gunnion about the latest developments in the cryptocurrency market, highlighting significant movements in Bitcoin and Solana, as well as regulatory changes in the UK.
Duke noted that Bitcoin recently traded "around or above $110,000 and higher on some exchanges," adding that it has "really established itself now well above $100,000 where it's been trading for the last month or so." He pointed out that just two months ago, Bitcoin was trading at around $76,000, illustrating the strong upward momentum.
Discussing the source of current demand, Duke said, "We have seen the demand at the moment coming mostly from corporate investors," citing MicroStrategy's accumulation of over 580,000 Bitcoin and highlighting that "Bitcoin corporate holdings [have grown] by more than 500,000 Bitcoin" over the past year.
In regulatory news, Duke welcomed the UK FCA's plan to lift the ban on retail investment in crypto ETPs, which has been in place since January 2021. "We expect to see a nice surge in demand from the UK-based retail investor," he added.
Turning to Solana, Duke stated that SEC approval for a Solana ETF appears imminent, as issuers have been contacted regarding their S-1 filings. "It seems very likely now that Solana will be the next approved US crypto ETF after, of course, Bitcoin and Ethereum," he said.
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