“Crypto investors have geared-up their bullish bets,” Marco Iachini, senior vice president of research at Vanda, said in a note to investors on Wednesday.
BTF’s structure is also important given bitcoin’s recently tight correlations to risk assets such as stocks.
“Bitcoin prices have moved in tandem with traditional risk assets for several months.
“Beyond that, Vanda highlighted a Goldman Sachs study showing 60% of surveyed clients expect to increase their crypto holdings in the next year or two.