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Bitcoin is on the move, and it looks like there’s isn’t much resistance from here to the $65,000 all-time high. Today, we went on to hit almost $61,500, and Bitcoins’ market cap surpassed $1.15 trillion. Currently trading above $61k, another move, and we’ll go straight for ATH. The leading cryptocurrency is now up more than 37% in October, so far. This latest euphoria in the market is due to the first Bitcoin ETF of the US finally coming next week. “ETFs open up a raft of avenues for people to gain exposure, and there will be a swift move to these structures,” said Charles Hayter, CEO of data firm CryptoCompare.
“It reduces the frictions for investors to gain exposure and gives traditional funds room to use the asset for diversification purposes.”
As we reported, there are very high chances that a Bitcoin Futures ETF would officially be trading before this month is over. Even the SEC is reminding investors to be careful when investing in a fund holding Bitcoin futures. https://twitter.com/JSeyff/status/1449010847074897933 While ProShares Bitcoin ETF’s deadline for approval, decline, or delay is coming on October 18, Valkyrie filed an 8-A on Friday. SEC has to decide on Valkyrie's ETF on October 25. This is “yet another step indicating they (Valkyrie) think they will be going effective. That said, I'm still waiting on ProShares' updated prospectus to get that 'home free' feeling,” said Eric Balchunas, a senior ETF analyst for Bloomberg. Earlier today, Bloomberg also reported that the SEC is set to allow the Bitcoin ETF to trade next week, citing people familiar with the matter. “It’s one of the final frontiers for mandate access,” said Joseph Edwards, head of research at crypto broker Enigma Securities.
“Plenty of Americans in particular have strings attached to how they deploy a lot of their wealth. It allows bitcoin to get in on the sorts of windfall that keep U.S. equities as consistently strong as they are.”
The approval of the ETF would certainly print a new ATH for Bitcoin. “The move to $1m is preordained,” says Su Zhu, CEO, and co-founder of Three Arrows Capital. https://twitter.com/krugermacro/status/1448868143674318860 In anticipation of the move, open interest on Bitcoin futures has increased to $22.29 billion, last seen in mid-April, according to Bybt. On CME, OI has already hit a new ATH at $3.36 billion, surpassing the February 21 high of $3.26 billion. As of writing, Bitcoin futures are trading at $60,950 on CME. Funding rates on Bitcoin perpetual contracts are also spiking. Last month, it was negative, and currently, the highest is at 0.0446% on Deribit. Additionally, the Crypto Fear & Greed Index is showing that ‘greed’ sentiments are back in the market with a reading of 79, last seen in late August. In tandem with Bitcoin, Ether went up to trade above $3,800 while the total cryptocurrency market cap hovers around its early May peak of $2.55 trillion.