BTC Open Interest Dominance Spikes; BlackRock Launches Crypto-Exposed ETF

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Chart of the Day

The broader crypto market seems to be recovering well on Wednesday. BTC initiated a recovery wave after reaching a local bottom near the $37.5k level, and has, as of the time of writing, managed to stabilize above the $39k handle after rising by 2.5% in the last 24 hours. Currently, the largest cryptocurrency by market cap is faced with multiple hurdles within the $39.6k to $40k zone. If said resistance levels are cleared, BTC will likely see a rally. However, and against the backdrop of the U.S. Federal Reserve's hawkish monetary policy as well as deteriorating macroeconomic conditions, some analysts are questioning if the current recovery wave is truly sustainable.

In a similar vein to BTC, ETH has now inched up towards the $3,000 handle after posting a 1.5% gain from 24 hours ago. Most major altcoins have flipped green, while memecoins like DOGE and SHIB are still in the red. Within the derivatives market, BTC perpetual swaps' open interest dominance (relative to BTC's market cap) has experienced several spikes in recent times, indicating that leveraged positions (most likely shorts) within the market have become increasingly biased.

Talk of the Town

BlackRock, the world's largest asset manager with a little under $10 trillion worth of assets under management (AUM), has recently launched its first crypto-exposed exchange-traded fund (ETF), the iShares ETF. The application for the iShares Blockchain and Tech ETF was filed to the Securities Exchange Commission (SEC) in January of this year. According to the filing, the fund is looking to invest in companies involved in the "development, innovation, and utilization of blockchain and crypto technologies".

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