Bitcoin price is targeting the peak of April 2022, which is $48,189, and is currently above $46,300. The SEC is very likely to approve the Spot Bitcoin ETF on Wednesday. Subsequently, we will see simultaneous ETF listings on Thursday or Friday. The big week has started.
Significant Developments in Cryptocurrencies
BTC is currently continuing to push its peak higher, reaching up to $46,818. It will probably see an even higher peak by the time this article is finished. The increasing excitement is due to the ETF approval we have been warning about for weeks. After BlackRock filed for an ETF in mid-June, we talked about this being the likely outcome when BTC had not yet passed $30,000. The expected has happened.
Casey Wagner wrote the following regarding the current situation;
“The SEC is unlikely to vote on Bitcoin ETFs. If that were the case, they would need to schedule a meeting on their public calendars, and there is nothing until Thursday. The BTC futures approval and previous spot rejection were given ‘by delegated authority’.”
Material Indicators wrote today;
“ETF speculators will not be happy if there is no approval today, but the street rumor is that Wednesday is very likely the day. This means you should be prepared for another potential drop. Whales want to shake out weak hands and buy in lower.”
The problem is that whales had about 1.5 years to buy from weak hands. The king cryptocurrency experienced its peak of overselling in November 2022 and fell to $15,500.
Will Bitcoin Climb Higher?
Today, new positions worth $1 billion were opened in futures. After the ETF approval, we will likely see billion-dollar volumes on the first listing day. Trillion-dollar asset managers and billion-dollar funds have gathered massive demand. ETF issuers wanting to make a show on the first day are in fierce competition.
If things go as expected and we see billion-dollar inflows, this means BTC price might peak by Friday evening. We may see a price correction afterwards, there could be speculative drops, but as billions of dollars continue to flow into Bitcoin, how will investors be motivated to sell?
Spot Bitcoin ETFs, unlike futures ETFs, require the holding of physical BTC in reserves. This means that as institutional and accredited investors buy, the supply on exchanges should shrink and the price should increase due to supply scarcity. For now, the path ahead seems clear. Of course, cryptocurrencies are full of surprises and no one can see the future.
