Bitcoin spot market is still a little ‘weird,’ ProShares strategist says
Bitcoin spot market is still a little ‘weird,’ ProShares strategist says The Bitcoin spot market still has deficiencies, including price discrepancy across exchanges and platform risks, according to Simeon Hyman, a global investment strategist at ProShares. On Bloomberg TV on Wednesday, Hyman said there are multiple prices for Bitcoin, while futures in the cryptocurrency rely on a combination of prices for settlement everyday. Hyman also cast doubt on how cash creation and redemptions will function in practice. In that process, broker-dealers exchange cash — as opposed to the underlying security — with the issuer, who then shoulders the responsibility of buying and selling Bitcoin. ETFs typically employ the in-kind mechanism, in which broker-dealers deliver the asset itself to issuers and receive shares of the ETF in return. In the past, US SEC chair Gary Gensler has voiced concerns about the potential for fraud and manipulation in crypto markets. These factors could impact the regulators as it deliberates whether to approve a spot Bitcoin exchange-traded fund. Bitcoin fell 5.6% Wednesday to $42,283, reversing course ahead of an upcoming Jan. 10 deadline that could see the US SEC approve the first exchange-traded fund tied directly to the asset’s spot price. Follow us onTwitter,Facebook,LinkedIn
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Last Friday, WTI and Brent slid 3% after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China’s recovery remains a key driver for oil prices.
“If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies,” Birol told Reuters on the sidelines of a conference in India.Price caps on Russian products took effect on Sunday, with the Group of Seven (G7), the European Union and Australia agreeing on caps of $100 per barrel on diesel and other products that trade at a premium to crude, and $45 per barrel for products that trade at a discount, such as fuel oil.
“For the moment, the market expects non-EU countries will increase imports of refined Russian crude, thus creating little disruption to overall supplies,” ANZ analysts said in a client note. “Nevertheless, OPEC’s continued constraint on supply should keep the market tight,” they said.
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