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Happy Tuesday Folks! Bitcoin is trading up at $34,441.80. Bitcoin is on fire as a result of an imminent announcement about the approval of a Spot Bitcoin ETF; it popped above $35K briefly. I will continue to update this throughout the day so check back later.
SUMMARY
Yesterday, BlackRock listed it's ticker for the iShares ETF on Nasdaq and if that doesn't say approved I don't know what does. Bitcoin unleashed another thrilling short squeeze with epic 12% spike; bears lose $178M. Last Tuesday we were questioning if Bitcoin would remain above $28K; well I think we got our answer.
Today, Bitcoin is in "anti-gravity" phase as dominance soar to 2.5-year high rockets past $34K with ETF excitement growing; triggering liquidations across the board.(4) Bitcoin price surge sees significant asset outflow on crypto exchanges and 4th week of inflows into Crypto products. Institutions race for Bitcoin as open interest for the CME's bitcoin product hit 100,000 BTC ($3.4 billion) for the first time ever. Options sellers are facing a call option squeeze and future indicators are growing less bullish as markets adapt to bitcoin’s sudden ascent.
On-chain indicators have shown that the market is in a period of volatility, which will grow in the coming months. The BTC Fear and Greed Index pointed to 66 for the first time since April, 2023. MicroStrategy's BTC holdings give it huge unrealized profit as Bitcoin pumps.
Meanwhile, Ark Invest sells Coinbase and GBTC shares as bitcoin price rallies because what goes up, must come down. Gold prices soared 300% after first ETF approval, will Bitcoin follow? Bitcoin may have hit 17-month highs, but the ETF launch could end up being a “sell the news event” and engender fresh BTC price downside, one theory argues. Bitcoin hater Peter Schiff warns of possible peaks as BTC price hits $35,000. Crypto investing isn't just a fad, CFTC Commissioner Mersinger says amid latest ETF-fueled bitcoin rally. There is tremendous unpent demand for bitcoin (BTC) that can't touch the crypto unless it's received a regulatory blessing such as U.S. Securities and Exchange Commission (SEC) approval of a spot exchange-traded fund, Paul Brody, EY's global blockchain lead, told CNBC early Monday.
So, is bitcoin’s ETF-fueled rally to $35K premature? Well, maybe. “Rumors are generating a buying signal, but the news might be a different story,” industry exec says amid apparent bullish signals for such proposals. BlackRock's bitcoin ETF disappears from DTCC list in latest update.(4)
Mining companies and other Bitcoin-adjacent firms are proving a better bet than the real thing.
Analyst are bullish on Solana as institutions pour $66 Million into Crypto markets amid Bitcoin ETF excitement, according to CoinShares.
Binance again seeks to nix ‘incendiary’ CFTC suit.(2) Meanwhile, Jonathan Farnell, who served as head of Binance U.K. and CEO of its payment service Bifinity – which was disbanded in August – left the firm in September. Coinbase hoses down rumors of weekly withdrawal limits on Bitcoin.(2) Wallet maker Ledger's "Recover" option is now live, prompting a fresh swath of criticism from some unimpressed crypto users.(2)
DCG says it was 'blind sided' and ‘cooperated for months’ with NYAG prior to lawsuit; DCG revenue rises 23% as court formalizes grayscale win. In addition, Grayscale launches crypto indices product with FTSE Russell. BlockFi can begin repaying creditors after emerging from bankruptcy.(4)
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Podcast of the Day: Bitcoin $30k: Uptober is Back on the Menu! | The Breakdown
