Although the wave of major asset managers and other institutions filing for a spot Bitcoin (BTC) exchange-traded fund (ETF) has sparked a surge of renewed optimism in the cryptocurrency industry, not everyone is certain that the bulls will retain dominance, particularly at the forefront of other impactful developments.
Specifically, Bitcoin is facing its first recession and a potential equity bear market in the United States, as it trails the recent Nasdaq 100 Stock Index gains and under the effect of federal funds futures in one year (FF13) that are “showing little potential for additional liquidity fuel,” Bloomberg’s commodities specialist Mike McGlone said on June 23.
Bitcoin, Nasdaq, and FF13. Source: Mike McGlone/Bloomberg Intelligence
At the same time:
“Bitcoin’s key pivot point has been around $30,000 since 2021 when most risk assets appreciated on the back of the biggest money-supply surge in history. That the liquidity rug-pull is still happening, with most central
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