The world’s largest cryptocurrency Bitcoin (BTC) continues to gain strong momentum surging past $59,000 levels earlier today. As of press time, Bitcoin (BTC) is trading 2.74% up at a price of $59,650 and a market cap of $1.120 trillion.
The rumors of the first Bitcoin ETF approval linked to Bitcoin futures are gaining strength adding more fuel to the BTC price surge. Thus, ahead of the SEC approval, the Bitcoin futures premium has tripled this month.
— Holger Zschaepitz (@Schuldensuehner) October 14, 2021
On Thursday, October 14, the open interest (OI) for Bitcoin futures touched a record high on CME. As per the data by Bybt, the total BTC futures open interest is currently at 21.77 billion. While on the other hand, the BTC futures OI on CME has touched an 8-month high at $3.32 billion. The open interest on CME is even more than when Bitcoin was trading at $65,000 levels.
The rising open interest and premium for BTC futures suggest more money coming into the market. It means that more investors are willing to seek exposure to the world’s largest cryptocurrency. Furthermore, the rising OI in Bitcoin futures also suggests that more institutional money is coming into the market.
Sources: Bitcoin Futures ETF Won’t Face SEC Roadblock
As per the latest report from Bloomberg, the Bitcoin futures ETF is likely to face the least resistance from the U.S. Securities and Exchange Commission (SEC). People familiar with the matter said that SEC is likely to approve Bitcoin ETF this month.
It looks like even the big market players have already sensed this. On Wednesday, October 13, Ark Invest was the latest to latest to apply for a Bitcoin ETF approval tracking BTC futures.
The rumors are gaining strength with every passing day as we are already halfway through October. However, not one but four Bitcoin futures are poised for October approval.
If Bitcoin (BTC) ETF successfully makes its way to the U.S. market, the BTC price can skyrocket to $64K and beyond in no time.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.