The approval of a spot Bitcoin ETF is likely to occur by 10 January 2024, according to a report by K33.
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Experts say the recent wave of updated documents for the Bitcoin-ETF signals their imminent launch.
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In addition, analysts noted positive momentum for digital gold and its growing spot trading volume.
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\”This points to a strong Bitcoin rally, drawing in new buyers, and prompting profit-taking by sellers, which leads to price consolidation,\” the K33 team noted.
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However, researchers warned that open interest in perpetual BTC contracts has fallen to new yearly lows.
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On the other hand, institutional investors on the Chicago Mercantile Exchange (CME) have only increased their appetite for risk related to Bitcoin. Open interest on the platform rose by 3,100 BTC over the last week.
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\”Active traders are likely to profit from the current long positions. Taken together, this creates conditions for a decline in CME’s dominance in the future,\” the K33 team noted.
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Altcoins act as a valve on positive price pressure for thrill-seekers, providing healthier leverage conditions for Bitcoin, the experts concluded.
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On 15 June, BlackRock filed with the SEC an application for a Bitcoin-based investment product. Following the financial giant, similar requests came from Valkyrie, Fidelity Investments, WisdomTree and Invesco.
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On 31 August, the regulator delayed a decision on several Bitcoin ETFs at least until mid-October. In late September the agency pushed back the consideration of applications to January 2024.
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Earlier, in December, Bloomberg analyst James Seyffart also stated that there could be approval of the spot Bitcoin ETF in January.
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Prior to that, Hashdex predicted trading of the instrument would begin in the second quarter of 2024.