With the imminent launch of Bitcoin spot ETFs, many institutions are also looking to gain increased exposure to BTC.
Investors will be eyeing major announcements ahead this week such as jobs report, Federal Reserve rate decision, and Apple’s earnings.
Analysts expect 10-20% of the Gold ETF money moving into Bitcoin post the BlackRock ETF approval i.e. $12 billion to $14 billion worth of inflows in BTC.
Meanwhile, Galaxy Digital estimates that a spot Bitcoin ETF could attract enough capital to drive the price of Bitcoin up by 74%.
With the US SEC opting not to appeal the Grayscale Investments case, amid ongoing application amendments, experts believe the approval of spot Bitcoin ETF is a matter of when and not if.
After Bitcoin price closed above $32k last week, the macro bullish outlook was confirmed amid heightened institutional demand.
CME’s rise to prominence is often viewed as a sign of an institutional-led rally in the cryptocurrency market.
In anticipation of this pivotal event, there has been a substantial uptick in trading volume for products launched by ProShares and Grayscale.
The Bitcoin network has set a new historic mining hashrate record as the market prepares for next year’s halving.
The recent uptick in amendments to filings awaiting SEC approval could be a sign of progress in negotiations between asset managers and regulators.
According to the analyst, November will pave the way for a plausible BTC surge above the $45,000 mark.
While the prospect of a Bitcoin ETF is undoubtedly exciting, it is essential to acknowledge the potential challenges and roadblocks that may surface.
Market observers believe that Bitcoin is nearing a pullback after its momentum this week.
The report by Matrixport revealed that the fifth Bitcoin bull market officially began on June 22, 2023, with further gains anticipated amid momentum gain.
Bitcoin market dominance measures the degree of the market capitalization of Bitcoin relative to that of the overall crypto market.