Bitcoin is up more than 40 percent since June, and money is flowing back into the spot ETFs. Marco Poblete, Regional Director Nordics at Bitwise, is more positive – but says the recovery only convinces once buyers stay through a difficult week.
Caption: Marco Poblete is Regional Director Nordics at Bitwise, based in Stockholm.
Bitwise is one of the largest international issuers of crypto ETPs and ETFs, with its own research department tracking the market daily. In this Kaupr TV interview, Marco Poblete, Regional Director Nordics at Bitwise, gives the firm's view of the market right now.
Bitcoin fell from around $125,000 last October to around $58,000 in June. Yesterday, the price was back around $83,000.
– Bitcoin is up more than 40 percent from June, but still a third below the previous peak. That is why people can look at the same market and experience it completely differently, Poblete tells Kaupr TV.
What makes him more positive is that he also sees buying through the spot ETFs. But he holds back.
– The recovery only becomes convincing once buyers stay through a difficult week, not just a good one, he says.
According to the figures Poblete refers to, around $2.4 billion went into US spot Bitcoin funds last week. Monday and Tuesday this week added around $100 million.
– The direction is still positive, but the pace is slower. Two trading days say little about how the whole week will turn out, Poblete says.
He points out that the recovery is happening even though the Federal Reserve recently raised its policy rate to 3.75–4 percent.
– You can get a good return just sitting in cash, and still we are seeing this. That says something about the strength of the recovery.
The Clarity Act failed in a procedural vote in the US Senate on 15 September, 49 to 50. Poblete calls it a setback, but not a final rejection – and points out that the uncertainty has a practical cost.
– A company deciding where to invest needs to know which activities it can carry out, which permissions it needs and what obligations it has to customers. As long as that remains open, decisions take longer, he says.
Europe, for its part, now has MiCA in place. Poblete notes that crypto ETPs fall outside the framework, as they count as financial instruments.
– Clarity helps a market develop because responsibilities become easier to understand. But it does not remove price risk, and it is no reason in itself for a token to rise, he says.
In the interview, Poblete also describes how Bitwise has fared in the Nordics since launching in Stockholm in January this year. Bitwise listed seven ETPs at the start, and an eighth with exposure to Hyperliquid was added recently. The largest, the bitcoin product BTC1, has just passed two billion Swedish kronor in assets under management.
Sources: Kaupr TV, Bitwise
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