While bitcoin today jumped more than 7% on a positive ruling regarding Grayscale’s attempt to convert its Grayscale Bitcoin Trust into a spot bitcoin ETF, Jeff Dorman, Chief Investment Officer at Arca, says the world’s largest digital asset will need a “significant catalyst” to break out of its range-bound ways.
"If you're looking for a short-term move in bitcoin, it's probably going to be if we start to see rates start to go back down or inflation going back up, and therefore real rates going down," Dorman said.