Bitcoin, the largest digital currency by market capitalization, is showing signs. It surpassed the psychologically important $65,000 level and is higher by nearly 3% for the week ending July 21.
It remains to be seen if months of cryptocurrency frustration are nearing an end. The same is true regarding a bitcoin bottom. However, with the CLARITY Act close to passing and bullish price action of late, crypto investors may have credible reasons to get back in the game. Thanks to the (BTCI ), market participants can earn compensation while waiting for the bitcoin dust to settle.
The $1.12 billion BTCI turns two years old in October and has rapidly become royalty in the bitcoin income ETF space. The actively managed BTCI writes or sells options on a pair of well-known spot bitcoin ETFs, ensuring a solid liquidity profile. It’s a smart income move, as highlighted by a 30-day SEC yield 2.13% — a percentage previously unthinkable with crypto ETFs.
BTCI’s status as an income-generating bitcoin avenue is potentially attractive at a time when some market participants are apprehensive about what comes next for the dominant digital currency.
“While it is too early to say if a new Bitcoin bull run has commenced, such a development would certainly improve the immediate outlook. The combination of multiple factors which have contributed to the short-lived reversal could become a basis for further BTC gains if the price manages to hold above the key level,” reported Yuri Molchan for The Bitcoin Foundation.
It’s worth noting that even with its high-income profile, the NEOS ETF offers investors some participation in bitcoin’s upside. That trait compels regardless of the market environment. However, it may be all the more attractive now that $65,000 has been reclaimed.
“The recent development has given the bulls a much-needed boost, with BTC finding itself near key resistance. Turning the level into support would improve the technical outlook considerably, and multiple consecutive days of BTC trading above $65,000 would improve the situation even more,” added Molchan.
Data indicating professional investors are reentering the market supports bitcoin’s recent bullishness. In the first trading day of this week, spot bitcoin ETFs hauled in nearly $227 million in fresh capital, indicating professionals are, at the very least, nibbling at bitcoin again. If those flows prove durable, BTCI could benefit.
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