The announcement that the SEC is ready to approve Bitcoin futures exchange-traded funds sparked the rise on Friday (ETFs). Bitcoin futures will allow investors to bet on the price of Bitcoin without having to buy any of the cryptocurrencies, and they are expected to be less volatile than BTC itself.
ProShares submitted a post-effective modified prospectus on October 15th, stating that the ETF would be launched on October 18th, however it might not be accessible for trading right away.
BTC volumes in the Options and Futures markets spiked on Friday. This is despite large premiums on these derivatives, indicating that smart money, which typically purchases these products, believes BTC will continue to increase. Bitcoin’s current price spike, according to Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, isn’t happening because speculators or shorts are being “squeezed” or caught out, but because large-volume purchasers are active on derivatives markets.
New ATH on Radar!
The world’s most valuable cryptocurrency is closing in on its all-time high of about $65,000, which it reached in April. On Friday, it surpassed the $60,000 barrier for the first time in six months.
Bitcoin (BTC) is regaining ground in the $62,000 range. The move isn’t followed by a surge in trading volume, indicating that BTC hasn’t amassed enough strength for a breakout.
It is holding steady at $62,333 this morning, close in on Thursday’s $62,911 high. Furthermore, BTC is only 3% short of May’s all-time high of $64,899.
The apparent upside target is $64,889, the all-time high. If the bitcoin price rises above the ATH, the largest crypto will certainly follow suit, pushing the price up to $70k.