The world’s largest cryptocurrency Bitcoin (BTC) continues to realize sturdy momentum surging previous $59,000 ranges earlier at this time. As of press time, Bitcoin (BTC) is buying and selling 2.74% up at a worth of $59,650 and a market cap of $1.120 trillion.
The rumors of the primary Bitcoin ETF approval linked to Bitcoin futures are gaining power including extra gas to the BTC worth surge. Thus, forward of the SEC approval, the Bitcoin futures premium has tripled this month.
#Bitcoin futures premium has greater than tripled this month forward of SEC’s potential approval of an #ETF subsequent week. pic.twitter.com/1Ztk6tyQ3z
— Holger Zschaepitz (@Schuldensuehner) October 14, 2021
On Thursday, October 14, the open curiosity (OI) for Bitcoin futures touched a file excessive on CME. As per the data by Bybt, the overall BTC futures open curiosity is at the moment at 21.77 billion. Whereas alternatively, the BTC futures OI on CME has touched an 8-month excessive at $3.32 billion. The open curiosity on CME is much more than when Bitcoin was buying and selling at $65,000 ranges.
The rising open curiosity and premium for BTC futures recommend extra money coming into the market. It implies that extra buyers are prepared to hunt publicity to the world’s largest cryptocurrency. Moreover, the rising OI in Bitcoin futures additionally means that extra institutional cash is coming into the market.
Sources: Bitcoin Futures ETF Received’t Face SEC Roadblock
As per the most recent report from Bloomberg, the Bitcoin futures ETF is prone to face the least resistance from the U.S. Securities and Trade Fee (SEC). Individuals acquainted with the matter mentioned that SEC is prone to approve Bitcoin ETF this month.
It appears to be like like even the large market gamers have already sensed this. On Wednesday, October 13, Ark Make investments was the most recent to newest to use for a Bitcoin ETF approval monitoring BTC futures.
The rumors are gaining power with each passing day as we’re already midway via October. Nonetheless, not one however 4 Bitcoin futures are poised for October approval.
If Bitcoin (BTC) ETF efficiently makes its method to the U.S. market, the BTC worth can skyrocket to $64K and past very quickly.
