OPINION: BTC price tops $63,000 as institutions stop shorting on a large scale

The BTC price reportedly broke through $63,000 at the opening of trading on Wall Street on 19 September, hitting a three-week high. This comes after the Federal Reserve announced a significant 0.5 per cent interest rate cut, sparking optimism in the market.

QCP Capital notes that the US 2-year/10-year Treasury spread has been inverted since July 2022, but has recently steepened to +8 basis points, reflecting market optimism and risk asset appetite.

Traders Byzantine General and Michaël van de Poppe said the BTC market has been strong and prices are expected to continue to rise.

Institutions are no longer shorting BTC on a large scale, with the CME's net bitcoin futures position down 75 per cent in the past five months, according to CryptoQuant founder Ki Young Ju.

UK-based investment firm Farside Investors confirmed net outflows from US spot bitcoin ETFs on 18 September, in contrast to net inflows of $187 million the day before.

#BTC #ETF