WORLDWIDE – K33 research analysts have predicted the likelihood of spot Bitcoin Exchange Traded Fund (ETF) approval on January 10, 2024. This forecast is based on recent updates in the ETF and Bitcoin’s current price stands at $43,876. Anticipation of ETF approval is contributing to today’s positive market outlook.
The growing institutional interest in Bitcoin is evident from the increase in open interest on CME, which has increased by 3,100. Conversely, retail participation appears to be waning as there is a notable decline in interest in BTC perpetual contracts. Analysts are bracing for possible short-term price volatility following the ETF’s expected approval, possibly as a result of institutional profit-taking.
Market sentiment before the ETF’s decision was cautiously optimistic. An increase in trading activity has been observed as investors and traders await the results. There is a widespread belief that institutional investors will play a significant role in shaping Bitcoin’s price movements in the short term.
As the market anticipates this decision, it remains to be seen how the approval of a Bitcoin ETF will affect the crypto landscape and whether it will lead to sustained institutional engagement with Bitcoin.
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