Whales move ahead of upcoming event


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It seems that the whale movements have come in anticipation of this much-anticipated event, which the digital currency market has been waiting for regarding Bitcoin, as the first currency is registering notable price spikes.

Eric Balchunas, the chief analyst at Bloomberg, reiterated that there is a 75% chance that the Securities and Exchange Commission will approve a Bitcoin futures ETF this month.

Anticipation movement

He said the significant rise in bitcoin prices today could be due to growing speculation that an exchange-traded product could be approved in the coming weeks.

The price of bitcoin has risen 7% in the last 24 hours and 32% in the last week, as its market cap has surpassed $ 1,000 billion.


"This bullish bitcoin price may just be a form of forwarding bidding by baggage holders and whales, ahead of the approval of ETF futures by the state Securities and Exchange Commission. -United, ”said Balchonas.


Bloomberg Senior Analyst Eric Balchonas just responded to an exclamation from Morgan Creek Digital founder and partner Anthony Pompliano about the spikes, saying "things are getting crazy."

Confirming that around 75% will be approved, Balchonas said: "We are confident that Bitcoin futures ETFs will be approved very soon (in, say, two weeks)."

The Bloomberg analyst added: "While we are less confident that it will be as successful as ETFs, it is definitely a big step nonetheless."


"Based on comments made by SEC Chairman Gary Gensler, it is likely that a futures product will be approved first, allowing institutional investors to gain exposure to BTC and bet on its future price without holding anything. really, ”Balchonas said.


Buy whales


Crypto Quant CEO Ki-Young Joo noted that Whales are safe to buy as he released $ 1.6 billion worth of orders to the market within minutes on October 6.

Senior analyst Alex Krüger also said that the EFT endorsement hype is driving Bitcoin's price movement right now.


"By the time the SEC makes its announcement, the ETF will be half-valued," he added.


Mike Bukela, the general partner at cryptocurrency firm Blocktower, said he believed "people are prepping funds based on Bitcoin futures" after analyzing current market activity.

Matthew Depp, co-founder, and COO of Stack Funds echoed the same sentiment in his comment that “Rumors of a BTC ETF decision later in the month is spurring new demand for bitcoin.

5 positive news bringing cryptocurrency to life

100,000

In late September, Mike McGlone, a commodities strategist at Bloomberg Intelligence, predicted that the Securities and Exchange Commission would approve a bitcoin futures product "likely by the end of October."

On October 5, McGlone speculated that Bitcoin's price resistance at $ 50,000 was about to turn into long-term support in the fourth quarter.

This will lead the Securities and Exchange Commission to ultimately approve an exchange-traded fund (ETF) that tracks Bitcoin's performance, even if it is a futures fund, the chief commodities strategist added.

Indeed, I expect such an important milestone to be nearby the end of October, McGlone said.

Grayscale CEO McGlone agrees - Michael Sonninchin, along with Eric Balchunas, senior ETF analyst at Bloomberg, and James Seifart, an analyst at BI ETF, all believe that a BTC exchange-traded fund could be approved at the United States earlier than most people think, especially in October...

The Bloomberg strategist added this potential approval to his list of reasons he believes BTC could hit $ 100,000 by the end of the year.

alone noted that earlier in September Fidelity Investments - a company that has submitted SEC filings for its own BTC ETF - urged the regulator to approve such a product, which could strengthen the legitimacy of the assets with some investors...

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