©Reuters
GLOBAL – K33 research analysts have forecast the potential approval of a spot Bitcoin Exchange-Traded Fund (ETF) by January 10, 2024. This forecast is based on recent updates in the ETF industry and on the current price of , which stands at $43,876. Anticipation of ETF approval contributes to the positive market outlook today.
Growing institutional interest in bitcoin is evident from the increase in open interest on CME, which rose by 3,100 BTC. On the other hand, individual participation seems to be weakening, as there is a notable drop in interest in BTC perpetual contracts. Analysts are bracing for possible short-term price volatility following the expected ETF approval, which could result from profit-taking by institutions.
Market sentiment ahead of the ETF decision is cautiously optimistic. An increase in trading activity has been observed as investors and traders await the outcome. There is a widespread belief that institutional investors will play an important role in the future evolution of the price of bitcoin.
While the market anticipates this move, it remains to be seen how the approval of a Bitcoin ETF will affect the cryptocurrency landscape and whether it will lead to sustained institutional engagement with Bitcoin.
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