Europe's largest speed trader bets on crypto, Bitcoin yawns in response

Flow Traders NV, he Europe's largest ETF, based in Amsterdam, has jumped the crypto bandwagon, ignoring skeptical stance of the regulator. The Dutch Authority for the Financial Markets (AFM) has been warning traders, consumers and institutions to stay away from digital assets as they are too risky.

Flow Traders NV provides market-making services in the first Bitcoin and Ether based exchange-traded notes, according to Co-Chief Executive Officer Dennis Dijkstra. 

“People underestimate crypto. It’s big, and it is to be regulated very soon. The market participants are much more professional than people think. Institutional investors are interested -- we know they are because we get requests,”  Dijkstra said in an interview with Bloomberg.

Meanwhile, the cryptocurrency reaction has been muted so far. Bitcoin is trading at $6,530, squeezed in a tight range limited by $6,500 on the downside and $6,700 on the upside, mostly unchanged on daily basis. However, the sleepy market may be very deceitful especially ahead of the weekend as the majority of sharp movements happen during this time of the week. 

Looking technically, $7,000 is the critical resistance level that needs to be taken out for a sustainable recovery. The support is seen at $6,300 followed by $6,000.

BTC/USD, the daily chart