Crypto:
29881
Bitcoin:
$68.503
% 0.87
BTC Dominance:
%52.7
% 0.31
Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
Bitcoin:
$ 68.503
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

Bitcoin ETF Approval Confirmed!

Bitcoin

According to experts, the K33 research report states that it’s certain that spot Bitcoin exchange-traded fund (ETF) will be approved by early 2024. The cash creation system acceptance by giants like BlackRock and ARK Invest for their funds means that approval is imminent in January.

You may find this interesting: UK Finance Minister to Investigate Crypto Exchanges!

In the report dated December 19, K33 research head Anders Helseth and senior analyst Vetle Lunde emphasise the strength of the Bitcoin price movement, stating that BTC’s spot trading volume has significantly increased compared to previous months. According to the analysts, this attracts new buyers and also allows sellers to profit, resulting in prices consolidating at high trading volumes.

The report also highlights that open interest in Bitcoin perpetual contracts has dropped to its lowest levels of the new year, but the interest of institutional investors in Bitcoin on the Chicago Mercantile Exchange (CME) is growing. According to K33 research, institutional derivative volumes have been steadily increasing since October.

However, the analysts point out that CME’s dominance may decrease after ETF approval. With the approval of spot ETFs, analysts expect a “significant rotation” from ETFs based on futures contracts on CME.

The report notes that altcoins that have gained 22%, 114%, and 338% in value in recent days have also attracted attention. According to analysts, the altcoin rally could have a positive impact on Bitcoin. Altcoins may be less affected by liquidation steps than ‘boring old Bitcoin’ and can allow for healthier leverage conditions for BTC.


In the comment section, you can freely share your comments about the topic. Additionally, don’ t forget to follow us on TelegramYouTube, and Twitter for the latest news and updates.

Leave a Reply

Your email address will not be published. Required fields are marked *