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What next for Bitcoin as a BTC ETF approval seems imminent

2min Read

Fox News reported that a BTC ETF could be approved by January. However, bearish trader sentiments persist.

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  • Fox reporter said that ETF approval may happen in January.
  • Trader behavior remains slightly bearish, even though BTC’s price soars.

As the market adapted to the recent Ethereum [ETH] ETF news, a Bitcoin-related ETF development also came to light.

Good news coming soon?

Fox News reported that BlackRock is hopeful the SEC will approve its spot Bitcoin ETF by January. This follows BlackRock, a massive $9 trillion asset management company, filing for an Ethereum Trust.

Several financial institutions, BlackRock included, aim to launch the first Spot Bitcoin ETF in the US. Among the applications waiting for approval, BlackRock’s and Grayscale’s have drawn the most attention.

Although the SEC has many Bitcoin ETF applicants under review, BlackRock is confident that its proposal will get the go-ahead by January 2024.

The exact timeline for the ETF’s launch remains uncertain. The financial space is keeping a close eye on the progress of this significant development.

BlackRock’s ETF could offer an easy entry point for investors into the Bitcoin market.

If it gets the green light, there might be more people entering the Bitcoin space, which could boost its price.

Along with that, this development could increase Bitcoin’s credibility as it gains acknowledgment from established financial institutions.

However, there are hurdles and unknowns. The SEC’s decision is still pending, and regulatory clearance is not guaranteed. Even if approved, the timeline for launching the ETF remains uncertain.

Nonetheless, this news showcases the growing interest in Bitcoin within the traditional financial sector.

Traders react

Looking at trader behavior, we observed that there were 32,000 BTC options set to expire. The Put Call Ratio, which was at 0.68, indicates slightly bearish sentiment in the market.

The “max pain point” at $34,000 signifies the price where option holders would feel the most financial discomfort.

However, despite these factors, BTC has recently reached new price highs. This has resulted in an increase in Implied Volatility (IV).

Currently, BTC’s Daily Volatility is at a high of 65%, suggesting an anticipation of larger price swings.

Source: Greeks.Live

Is your portfolio green? Check out the BTC Profit Calculator

At press time, BTC was trading at $36,629. The MVRV ratio of BTC was high. This meant that BTC holders were in profit.

It also suggested that many of these holders would be tempted to sell their holdings in the future. However, the volume at which BTC was trading was high and it rose with BTC’s price.

Source: Santiment


Himalay is a full-time journalist at AMBCrypto. A Computer Science graduate, Himalay writes about crypto with a special focus on the latest coin-based updates. He is a fan of gonzo journalism, transgressive fiction, heavy metal, and Manchester United.
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