The world’s largest cryptocurrency Bitcoin (BTC) continues to achieve robust momentum surging previous $59,000 ranges earlier right this moment. 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 document excessive on CME. As per the data by Bybt, the overall BTC futures open curiosity is at present at 21.77 billion. Whereas then again, 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 more cash coming into the market. It implies that extra traders are keen 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 more likely to face the least resistance from the U.S. Securities and Alternate Fee (SEC). Folks acquainted with the matter stated that SEC is more likely to approve Bitcoin ETF this month.
It appears to be like like even the massive 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 by October. Nevertheless, not one however 4 Bitcoin futures are poised for October approval.
If Bitcoin (BTC) ETF efficiently makes its approach to the U.S. market, the BTC worth can skyrocket to $64K and past very quickly.