US BTC-Spot ETF Holdings Justify the Trump Focus on the Crypto Vote
On Sunday, MicroStrategy (MSTR) founder and chairman Michael Saylor shared BTC holdings across the global BTC-spot ETF market, saying,
“34 Spot BTC ETFs hold 1,031,973 BTC.”
Despite only launching in January 2024, the US BTC-spot ETF market held 883,978 BTC as of June 7. The Global ex-US BTC-spot ETF market held 1,031,973 BTC. Notably, the Global ex-US BTC-spot ETF market comprised 23 ETFs compared with the 11 US BTC-spot ETFs.
Before the US BTC-spot ETF market, Coinbase (COIN) kicked-started the #StandWithCrypto campaign to raise crypto awareness on Capitol Hill. The campaign highlighted that 52 million Americans held crypto at the time. The crypto vote could be significantly higher, considering the US BTC-spot ETF holdings as of June 7.
Political pressure on the SEC to curb its regulatory through enforcement agenda could increase investor interest in the US digital asset space.
Technical Analysis
Bitcoin Analysis
BTC sat above the 50-day and 200-day EMAs, sending bullish price signals.
A BTC breakout from $70,000 could signal a move to the Friday (June 7) high of $71,992. A break above $71,992 could give the bulls a run at the $73,808 all-time high.
US lawmaker chatter, BTC-spot ETF market flow data, and SEC activity need consideration.
Conversely, a BTC fall through the $69,000 support level could bring the 50-day EMA into play.
With a 57.26 14-Daily RSI reading, BTC may rise to the all-time high of $73,808 before entering overbought territory.
