Bitcoin (BTC) reached 17-month highs on October 24, fueled by excitement surrounding the potential launch of a Bitcoin spot price ETF in the United States. BTC/USD hit $35,198 on Bitstamp, marking a 17% gain since the previous weekly close and reaching its highest levels since May 2022. Although the price has dipped below $34,000 at the time of writing, the overall mood around the cryptocurrency remains optimistic. The iShares Spot Bitcoin ETF data listing appeared on the website of the Depository Trust & Clearing Corporation, hinting at an eventual approval. While the official green light has not yet been given, it is widely anticipated that it’s just a matter of time.
In response to this development, public Bitcoin ETFs worldwide witnessed significant inflows, totaling 10% of the year-to-date total in a 24-hour period.
“An SEC approval of the ETF would likely mean that many other Bitcoin ETF approvals are coming,” said financial commentary resource The Kobeissi Letter.
Bitcoin’s recent price movement has increased by 107% year-to-date, adding $300 billion in market cap. As geopolitical tensions worsen, Bitcoin is being viewed as a safe haven asset.
Despite the positive price action, there is a disconnect between traders and the market trajectory. Some market participants remain cautious, with several pointing out that no further CME Group Bitcoin futures gaps are left above the spot price.
Analysts and traders have taken profit amidst this uptrend, with one individual stating that they are offloading their holdings. Meanwhile, market makers are selling into buyers, and there is a possibility of a “sell the news” event following the ETF approval.
Filbfilb, co-founder of trading suite DecenTrader, expressed skepticism about the current gains, suggesting that Q1 2024 could see Bitcoin experience a significant decrease in price.
It is important to note that this article does not provide investment advice. Readers should conduct their own research and make informed decisions.
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