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Cumberland Morning Color
Good Morning and Happy Monday from Cumberland APAC! BTC is still hovering below $70k, having touched above it briefly but for the most part not yet breaking through. The ETF flows continue to play an active role in moving the price of BTC. Last week saw $2.2b of net inflow into the ETFs; this is despite GBTC outflows picking up. Ex-GBTC, last week saw $3.9b of creations, the largest week to date by about 25%. We’re not done for the year with ETF-related headlines; while there is some disagreement about the likelihood of an ETH ETF, it does seem likely that we will see options on the BTC ETF later this year. I spent last week in HK, and it seems increasingly likely that there will be exchange-listed BTC products there in the...