Bitcoin Logs Biggest Single-Day Gain Since October: • Bitcoin surged 9.5% on Wednesday, reaching its highest level since November 2021.
• The rise is attributed to Wall Street’s embrace of spot-based Bitcoin ETFs.
• Analysts forecast a conservative price objective of $100,000-$120,000 by Q4 2024.
Market-Neutral Bets Yield 3x U.S. Treasury Notes: • The market-neutral Bitcoin cash and carry trade offers a 14% annualized return, according to Glassnode.
• This yield is more than three times the 10-year U.S. Treasury yield of 4.27%.
• The higher yield could attract more money to the crypto market and deepen market liquidity.
Key Insights: • The ETFs have introduced “passive demand” for Bitcoin, viewing it as a store of value.
• Non-directional traders can benefit from the cash and carry arbitrage, which yields three times more than the risk-free rate.
Stay tuned for more updates! #Bitcoin #CryptoMarket #ETFs
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