Executive Summary: Macro Brief Q2 2023: The Institutions Are Coming
In this article, I cover the increased institutional interest in crypto during Q2 2023. I discuss the optimistic market reaction but uncertain macroeconomic outlook and examine the potential impacts if a spot ETF is approved.
Summary: Major financial institutions like BlackRock showed increased interest in crypto in Q2 2023, spurring optimism about the approval of a Bitcoin spot ETF, but the macroeconomic situation remains uncertain.
Institutional interest in crypto:
- BlackRock, Deutsche Bank, Mastercard, Santander showed crypto interest.
- Specific applications like BlackRock's Bitcoin spot ETF filing.
- Optimism SEC may approve a spot ETF with NASDAQ agreement.
Market reaction:
- Bitcoin price rose, indicators like spot buying turned positive.
Macro situation:
- Hawkish Fed pausing rate hikes but warning markets against exuberance.
- Unclear if equities bear market is over, could be bearish for crypto.
- Crypto likely still in an accumulation phase leading up to the halving.
Outlook if ETF approved:
- Could bring influx of institutional money into crypto.
- Unlikely to immediately spike prices.
- Adds legitimacy and mainstreaming.
- Potential benefits like increased liquidity.
Full article:
Macro Brief Q2 2023: The Institutions Are Coming | CoinMarketCap
A quarter full of ups and downs — from the SEC clampdowns to major institutional players stepping into the fray. Read on for a rundown of Bitcoin and macro updates.
CoinMarketCap