Grayscale Launches Bitcoin Adopters ETF (BCOR), Providing Exposure to Firms with Significant BTC Holdings

Grayscale Investments has launched its Bitcoin Adopters ETF (BCOR), providing equity market exposure to firms with significant BTC holdings, while Glassnode's analysis suggests Bitcoin is transitioning out of its recent correction phase.

Grayscale’s latest product is the Bitcoin Adopters ETF (BCOR), an ETF that will provide equity market exposure to firms that have applied a treasury reserve strategy with substantial BTC holdings, beginning with at least 100 BTC.

The ETF is linked to the Indxx Bitcoin Adopters Index, which includes over 33 companies from 15 sectors, all boasting market capitalizations exceeding $100 million and collectively holding over 170,000 BTC at the last reporting period.

These companies are engaged in varied industries, spanning technology, energy, and consumer staples, among others. The commonality among them is their integration of Bitcoin into their treasury reserves.

As more companies incorporate Bitcoin into their balance sheets, BCOR offers a forward-looking strategy to capture this momentum through traditional equity markets,” said David LaValle, Global Head of ETFs at Grayscale.

Grayscale is venturing into a space where Bitwise has already launched its ETF focused on firms with Bitcoin on their balance sheet. However, the arrival of BCOR could further introduce Bitcoin to equity-focused investors who might not otherwise have engaged with the cryptocurrency market.

Glassnode: BTC in Structural Reset, Not Bear Market Territory

According to a recent analysis by Glassnode, Bitcoin’s recent drawdown should not be viewed as a full-fledged bear market but rather as a natural transition out of the recent parabolic correction phase.

This analysis focuses on key observations:

After a year-long consolidation in a $40k–$50k range, Bitcoin finally broke out, quickly rising above $95k. This breakout follows a period of minimal investor stress, evident in the MVRV Ratio, Percent Supply in Profit, and SOPR.

Bitcoin has recently broken above both of these levels, signaling potential for renewed bullish momentum, provided the price sustains above this range.

Moreover, metrics like the MVRV Ratio, Percent Supply in Profit, and SOPR indicate that investor stress has eased, and the majority of BTC holders are back in profit.

The MVRV recently bounced off its long-term mean (1.74), a historical support level during consolidations. A reading above 1.74 suggests that on average, investors are in profit.

Glassnode further notes that $95k–$98k poses a critical resistance zone due to the 3.618 Fibonacci extension from the 2011–2015 bear market cycle bottom.

A break above this zone could pave the way for a vacuum of resistance up to 4.236 Fib, which stands at $104,935.