Journalist
Posted:
- Fox reporter said ETF approval could happen in January.
- Trader behavior remains somewhat bearish even as the price of BTC rises.
As the market adjusted to the recent Ethereum [ETH] ETF news, a Bitcoin-related ETF development also came to light.
Good news soon?
Fox News reported that BlackRock is hopeful the SEC will approve its spot Bitcoin ETF by January. This follows BlackRock, a major asset management firm worth $9 trillion, filing for an Ethereum Trust.
Several financial institutions, including BlackRock, are looking to launch the first Spot Bitcoin ETF in the US. Of the applications awaiting approval, those from BlackRock and Grayscale have attracted the most attention.
While the SEC has many Bitcoin ETF applicants under review, BlackRock is confident its proposal will get the green light in January 2024.
The exact timetable for the ETF’s launch remains uncertain. The financial world is closely monitoring the progress of this important development.
BlackRock’s ETF could provide an easy entry point into the Bitcoin market for investors.
If it gets the green light, more people may enter the Bitcoin space, which could increase the price.
In addition, this development could increase Bitcoin’s credibility as it gains recognition from established financial institutions.
However, there are obstacles and uncertainties. The SEC’s decision is still pending and regulatory approval is not guaranteed. Even if approved, the timeline for the ETF’s launch remains uncertain.
Nevertheless, this news shows the growing interest in Bitcoin within the traditional financial sector.
Traders respond
Looking at traders’ behavior, we see that there are 32,000 BTC options about to expire. The Put Call Ratio, which stood at 0.68, indicates slightly bearish sentiment in the market.
The “max pain point” of $34,000 indicates the price at which 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%, indicating that larger price swings are anticipated.
Source: Greeks.Live
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At the time of writing, BTC was trading at $36,629. BTC’s MVRV ratio was high. This meant that BTC holders made a profit.
It also suggested that many of these holders would be tempted to sell their holdings in the future. However, the volume on which BTC traded was high and increased with the price of BTC.
Source: Santiment