New ETFs boost investor sentiment and allow Bitcoin to outpace Ethereum in popularity.
Spectrum Markets data shows a rising bullish sentiment on the biggest cryptocurrency.
Over the
last few months, investor sentiment towards individual cryptocurrencies has
favored Ethereum (ETH) over Bitcoin (BTC). However, the release of the
first-ever spot exchange-traded funds (ETFs) for BTC has changed the balance of
market forces, and now there is a much more bullish positioning towards the
oldest cryptocurrency. This is especially true as its price has reached the
highest levels in two years, exceeding $50,000.
Europeans Show Greater
Interest in BTC over ETH
Spectrum
Markets, a pan-European trading venue, released data showing diverging
sentiment among retail investors regarding BTC and ETH cryptocurrencies in January 2024.
The
company's Spectrum European Retail Investor Index (SERIX) for BTC rose to
109 points, indicating bullish sentiment, while the index for ETH dropped
from 120 points to 103 over the same period. The SERIX scale designates numbers
above 100 as bullish and numbers below as bearish.
This shift
coincided with the US Securities and Exchange Commission (SEC) approving
several BTC ETFs on January 11. The regulatory move opened BTC investments to a wider range of investors. No similar approval has occurred yet
for ETH products.
Michael
Hall, the Head of Distribution at Spectrum Markets, commented that the SEC
approval addresses demand for "enhanced regulatory standards" around
cryptocurrencies.
“Meanwhile,
in the EU, a bitcoin ETF is still not possible under existing regulation as
UCITS regulations do not allow a single reference price for an ETF underlying,”
Hall added. "To stay competitive with the US, EU rules must be adjusted in order
to prevent the diversion of flows, executed in Europe, abroad.”
Spectrum
Markets began offering derivatives linked to both cryptocurrencies in May 2022,
allowing traders to gain exposure without needing separate crypto wallets. The
company said it saw an increase of 2.5 times in BTC trading volume in January
2024 compared to monthly averages for 2023.
Spectrum Reports Volume
for January 2024
In January
2024, Spectrum's total order turnover reached €311.5 million, with 32.1% of
trades taking place outside of traditional hours. The top three underlying
assets traded were Germany's DAX 40 index, the US Nasdaq 100, and the Dow Jones
Industrial Average.
“Looking at
the SERIX data for the top three underlying markets, the DAX 40 sentiment
increased slightly from 97 to 99,” the company commented. “Similarly, the
NASDAQ 100 and DOW 30 both remained bearish at 98, from 98 and 96 respectively
in the previous month.”
Amid
challenging market conditions, the pan-European platform for securities
trading, has set a new record for trading volume in 2023. The company revealed
in its most recent report that its total order book turnover increased 9% to
€3.62 billion over the last year.
The volume
of traded securities in 2023 surged 14%, reaching 1.62 billion securities, a
significant rise from 1.42 billion in the prior year. This activity spanned
nearly 2.5 million transactions, with 33.9% of these trades executed outside conventional trading hours. This supports the previous year's finding that
approximately one-third of all trades are conducted after normal trading hours.
Over the
last few months, investor sentiment towards individual cryptocurrencies has
favored Ethereum (ETH) over Bitcoin (BTC). However, the release of the
first-ever spot exchange-traded funds (ETFs) for BTC has changed the balance of
market forces, and now there is a much more bullish positioning towards the
oldest cryptocurrency. This is especially true as its price has reached the
highest levels in two years, exceeding $50,000.
Europeans Show Greater
Interest in BTC over ETH
Spectrum
Markets, a pan-European trading venue, released data showing diverging
sentiment among retail investors regarding BTC and ETH cryptocurrencies in January 2024.
The
company's Spectrum European Retail Investor Index (SERIX) for BTC rose to
109 points, indicating bullish sentiment, while the index for ETH dropped
from 120 points to 103 over the same period. The SERIX scale designates numbers
above 100 as bullish and numbers below as bearish.
This shift
coincided with the US Securities and Exchange Commission (SEC) approving
several BTC ETFs on January 11. The regulatory move opened BTC investments to a wider range of investors. No similar approval has occurred yet
for ETH products.
Michael
Hall, the Head of Distribution at Spectrum Markets, commented that the SEC
approval addresses demand for "enhanced regulatory standards" around
cryptocurrencies.
“Meanwhile,
in the EU, a bitcoin ETF is still not possible under existing regulation as
UCITS regulations do not allow a single reference price for an ETF underlying,”
Hall added. "To stay competitive with the US, EU rules must be adjusted in order
to prevent the diversion of flows, executed in Europe, abroad.”
Spectrum
Markets began offering derivatives linked to both cryptocurrencies in May 2022,
allowing traders to gain exposure without needing separate crypto wallets. The
company said it saw an increase of 2.5 times in BTC trading volume in January
2024 compared to monthly averages for 2023.
Spectrum Reports Volume
for January 2024
In January
2024, Spectrum's total order turnover reached €311.5 million, with 32.1% of
trades taking place outside of traditional hours. The top three underlying
assets traded were Germany's DAX 40 index, the US Nasdaq 100, and the Dow Jones
Industrial Average.
“Looking at
the SERIX data for the top three underlying markets, the DAX 40 sentiment
increased slightly from 97 to 99,” the company commented. “Similarly, the
NASDAQ 100 and DOW 30 both remained bearish at 98, from 98 and 96 respectively
in the previous month.”
Amid
challenging market conditions, the pan-European platform for securities
trading, has set a new record for trading volume in 2023. The company revealed
in its most recent report that its total order book turnover increased 9% to
€3.62 billion over the last year.
The volume
of traded securities in 2023 surged 14%, reaching 1.62 billion securities, a
significant rise from 1.42 billion in the prior year. This activity spanned
nearly 2.5 million transactions, with 33.9% of these trades executed outside conventional trading hours. This supports the previous year's finding that
approximately one-third of all trades are conducted after normal trading hours.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
#fmls #fmls24 #fmevents #financemagnates #forex #payments #crypto #events #london #fintech #ai #generativeai #technology #onlinetrading #forex #investing #investors #tech
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
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