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COINTURK NEWS > Bitcoin (BTC) > Investors Respond Positively to BlackRock’s Bitcoin ETF Approval
Bitcoin (BTC)

Investors Respond Positively to BlackRock’s Bitcoin ETF Approval

In Brief

  • Despite a recent drop to $87,000, Bitcoin (BTC) $ has made a significant recovery, currently reaching an all-time high of $94,477. Experts attribute this surge primarily to the approval of BlackRock’s iShares Bitcoin Trust (IBIT) for option trading. On its first day, IBIT achieved a trading volume of $1.9 billion, and analysts believe it could […]
Ömer Ergin
Ömer Ergin 7 months ago
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Despite a recent drop to $87,000, Bitcoin (BTC) $104,476 has made a significant recovery, currently reaching an all-time high of $94,477. Experts attribute this surge primarily to the approval of BlackRock’s iShares Bitcoin Trust (IBIT) for option trading. On its first day, IBIT achieved a trading volume of $1.9 billion, and analysts believe it could further elevate Bitcoin’s price. Many predict that BTC may surpass the $100,000 mark within a week.

Contents
BlackRock’s ETF Attracts Significant AttentionBitcoin Market Volatility May Decrease

BlackRock’s ETF Attracts Significant Attention

BlackRock, the world’s largest asset management firm, launched the first spot Bitcoin ETF approved for options trading. It reached a trading volume of $1.9 billion on its first day. Bloomberg Intelligence analyst James Seyffart noted that this figure corresponds to 354,000 contracts, with 289,000 being calls and 65,000 puts, indicating a positive market sentiment towards Bitcoin.

Eric Balchunas, a senior ETF analyst at Bloomberg, described the recorded trading volume as “unprecedented.” In comparison, the BITO ETF only managed a volume of $363 million on its first trading day. Balchunas emphasized that this massive volume reflects market optimism and expectations that Bitcoin’s price could double in the coming month.

Bitcoin Market Volatility May Decrease

The acceptance of Bitcoin by institutional investors is boosting confidence in the market. According to market expert Dennis Dick, the increase in Bitcoin ETF option trading volume could stabilize the market. He stated, “As open interest rises, natural buyers and sellers emerge, enhancing liquidity and reducing volatility.”

Moreover, major ETF providers Bitwise and Grayscale are preparing to launch their own Bitcoin ETF options, potentially increasing market activity. Currently, Bitcoin, trading at $92,700, continues to attract attention.

Prominent investor Kevin O’Leary suggested that Bitcoin could exceed $100,000 before the year ends, asserting that it would face little resistance in reaching this level. Experts anticipate that the market will expand significantly due to the impact of ETFs, paving the way for a new era for Bitcoin.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 20 November, 2024 - 11:02 am 20 November, 2024 - 11:02 am
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