Bitcoin (BTC) has witnessed a striking rally, surging by an extra 4%, flagging renewed bullish sentiment in the cryptocurrency market. This surge lines up with the expectation encompassing a huge Bitcoin ETF approval window, as highlighted by James Seyffart, a senior ETF strategist at Bloomberg.
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90% Chance Of Spot Bitcoin ETF Approval
Seyffart took to Twitter to communicate his conviction that a pivotal window for potential Bitcoin ETF approvals would open on November 9. In collaboration with BI Senior ETF Analyst Eric Balchunas, Seyffart emphasized a 90% chance of spot Bitcoin ETF approvals by January 10th.
“A brief window opens on November 9 for the SEC to potentially approve all 12 US Spot Bitcoin ETF applicants, including Grayscales’s GBTC. It will be open for at least eight days. Even if approvals don’t arrive this month, we still believe there a 90% chance approval by Jan 10”. He says.
Bitcoin Surges To 3 Months High
The market reaction to these assumptions has been clear, with Bitcoin proceeding to draw in enthusiastic investors effectively taking part in its market. As BTC hits three-month highs and the total open interest on exchanges surges to $7.2 billion, traders are increasingly opening all the more long and futures positions bearing in mind the end goal of seeing a $40,000 $BTC valuation soon.
Ratio Of Bullish Position Hits New High, Following ETF Approval Expectation
🤑 #Bitcoin, now up +37% in 2 months, has seen its ratio of traders opening #bullish positions (vs. #bearish) hitting 3-month highs. Also, the total open interest on exchanges has ballooned to $7.2B. Ideally, $BTC will continue rising after #FOMO settles. https://t.co/YImIUMGRyl pic.twitter.com/4TyZe5YfFz
— Santiment (@santimentfeed) November 8, 2023
Bitcoin’s new run, with an exceptional +37% increase in the past two months, has prompted a surge in the ratio of traders opening bullish positions compared to bearish ones. This ratio has arrived at three-month highs, demonstrating developing certainty and positive sentiment among market participants.
In the evolving landscape of cryptocurrency, the expectation of a potential ETF approval fills in as a critical catalyst, driving market elements and impacting trader behavior. As the industry anticipates further regulatory clarity, Bitcoin’s upward trajectory keeps on catching the attention of both institutional and retail investors alike.
Final Thoughts
To summarise, the ongoing rally in Bitcoin, combined with the uplifted expectation of a spot Bitcoin ETF approval window, lays out a positive picture for the cryptocurrency market. The possibility of mainstream adoption through ETFs adds a new aspect to Bitcoin’s engaging quality, and investors are intently checking developments as the market explores this essential second.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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