●Bitcoin Spot ETF race has late entrants and updates from BlackRock, according to James Seyffart.
●BTC Spot ETF approval anticipation has fueled a rally in both spot and futures markets.
●Bitcoin price rally ushered $17.24 million in liquidations overnight.
Bitcoin Spot ETFs could see a batch approval in January. Eric Balchunas, a Bloomberg ETF analyst shared details of an updated application by asset manager BlackRock.
Bitcoin price resumed its rally, triggering $8.94 million in short liquidations.
Bitcoin Spot ETF issuers race sees late entrants, BTC price extends gains
The total number of Bitcoin Spot ETF issuers has climbed to 13, after Pando’s ETF application. European ETF giant Pando filed an S-1 for Pando Asset Spot Bitcoin Trust.
Eric Balchunas, Bloomberg ETF analyst noted the late filing and shared details of BlackRock’s meeting with the Securities and Exchange Commission’s Trading and Markets division. The analyst informed his followers through a recent tweet, that the asset management giant presented the regulator with a revised in-kind model design based on staff’s comments at their 11/20 meeting.
The US financial regulator has previously asked Bitcoin Spot ETF applicants to amend their filings in favor of cash creation. Applicants are likely to continue debating cash creation and in-kind delivery of the ETF with the regulator.
The anticipation surrounding the Bitcoin Spot ETF has fueled a rally in both spot and futures markets. Seyffart shared details of ProShares BITO, a Bitcoin futures ETF that hit an all-time high recently. Grayscale Bitcoin Trust’s GBTC discount narrowed, hitting a record low in lieu of likely Spot BTC ETF approvals.
Bitcoin holders continue to anticipate batch approval of all Spot BTC ETFs in January 2024.
Bitcoin price rally resulted in $8.94 million in shorts liquidations overnight, according to Coinglass data.
Bitcoin Derivatives Data Analysis
Technical Analysis: Bitcoin price eyes $40,000 target
Pseudonymous crypto analyst, Crypto Tony, evaluated the Bitcoin price chart and predicted a rally to $40,000 before a pullback in BTC price. According to Tony, BTC price could extend gains, climbing closer to $40,000 before the asset faces a correction and marks an initial drop, likely to $36,000.
BTC Liquid Index 1-day chart, Source: TradingView.
Consistent demand from market participants could strengthen Bitcoin’s rally and send BTC price higher, post breakout from the $40,000 level.
