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Executive Summary: Macro Brief Q2 2023: The Institutions Are Coming

In this article, I cover the increased institutional interest in crypto during Q2 2023. I discuss the optimistic market reaction but uncertain macroeconomic outlook and examine the potential impacts if a spot ETF is approved.
Executive Summary: Macro Brief Q2 2023: The Institutions Are Coming

Summary: Major financial institutions like BlackRock showed increased interest in crypto in Q2 2023, spurring optimism about the approval of a Bitcoin spot ETF, but the macroeconomic situation remains uncertain.

Institutional interest in crypto:

  • BlackRock, Deutsche Bank, Mastercard, Santander showed crypto interest.
  • Specific applications like BlackRock's Bitcoin spot ETF filing.
  • Optimism SEC may approve a spot ETF with NASDAQ agreement.

Market reaction:

  • Bitcoin price rose, indicators like spot buying turned positive.

Macro situation:

  • Hawkish Fed pausing rate hikes but warning markets against exuberance.
  • Unclear if equities bear market is over, could be bearish for crypto.
  • Crypto likely still in an accumulation phase leading up to the halving.

Outlook if ETF approved:

  • Could bring influx of institutional money into crypto.
  • Unlikely to immediately spike prices.
  • Adds legitimacy and mainstreaming.
  • Potential benefits like increased liquidity.

Full article:

Macro Brief Q2 2023: The Institutions Are Coming | CoinMarketCap
A quarter full of ups and downs — from the SEC clampdowns to major institutional players stepping into the fray. Read on for a rundown of Bitcoin and macro updates.