Bitcoin ETF Approval Expected by Month"s End, Prominent Hedge Fund Puts More Weight Behind BTC
The price of bitcoin soared past the $55K handle on Wednesday for the first time in four months giving proponents hope the crypto bull run has been re-ignited. Speculators are predicting a bitcoin exchange-traded fund (ETF) will be approved soon and some believe bitcoin will outperform other crypto assets this month. ETF Analyst Eric Balchunas Discusses Bitcoin Exchange Traded Fund Approval Odds
While 13 digital currencies outperformed bitcoin (BTC) this past week, BTC has been a top performer gathering 34.2% over the last seven days. On Wednesday, statistics indicate that BTC gained more than 7% in value and tapped a daily high of $55,800.
One of the reasons behind bitcoin’s price spike is the rumor that an exchange-traded fund (ETF) may get the green light from the U.S. Securities and Exchange Commission (SEC). Bloomberg ETF analyst Eric Balchunas discussed his opinion of the possibility on October 2 and shared a screenshot of the odds. Balchunas also mentioned SEC chairman Gary Gensler, calling him “Genz,” and how he likes the futures version of the bitcoin ETFs.
“Yes, the SEC has kicked can on bitcoin ETF approval,” Balchunas tweeted. “BUT that is for the physically-backed ones under ’33 Act. The futures ETFs filed under the ’40 Act (which Genz loves) are very much alive and likely on schedule (we think 75% chance approved in Oct).”
The ETF analyst Balchunas’ odds are pictured below. The odds shared by Bloomberg ETF analyst Eric Balchunas on October 2, 2021. Titan Crypto Adds More Weight Behind Bitcoin
In addition to the odds from the ETF analyst, the mobile hedge fund and investment firm backed by a16z, Kevin Durant, Ashton Kutcher, and Will Smith, Titan, revealed that the actively managed crypto fund for Titan clients will be changing positions in the space to put more weight behind bitcoin.
“We’ve slimmed our other positions to put our weight behind bitcoin. We believe it’s bitcoin’s time to shine,” Titan said on Wednesday evening (EST). “After a very rocky end to September in the crypto markets, October has kicked off with meaningful gains. Some were surprised that bitcoin held $40K through September, despite an onslaught of bad news.” Titan added: But — as noted in our previous updates — on-chain data continued to show bullish broader accumulation trends by institutional investors and whales, who seemed wholly unfazed in spite of heightened volatility. We’ve now seen bitcoin spike as high as ~$55K this week, but we see more room to run. Chart via Titan’s research post published on October 6, 2021.
Titan gives four specific reasons why Titan researchers believe bitcoin’s value will “exponentially grow in October, while other crypto assets may plateau.” Titan’s reasons include: “We believe bitcoin ETFs are coming: Approval of U.S.-based bitcoin futures ETFs could come as soon as this month, with promising comments from SEC Chair Gary Gensler.” “Bitcoin is playing catchup: We’ve seen altcoins make new all-time highs over the last month, while bitcoin has consolidated between $40-50K. We believe Bitcoin is about to catch up to the pack.” “Taking a pause from altcoin season: The Altcoin Season Index shows that altcoin season may have already reached a local peak, with the market returning to bitcoin season in the short term.” “Institutional flows reversal: After suffering its longest run of institutional outflows, bitcoin has started to see strong inflows over the last two weeks. We believe this decisive turnaround in sentiment is due to growing confidence in the asset class among institutional investors. Once an institution buys bitcoin, you can generally expect them to HODL.” Crypto Derivatives Exchange CEO: ‘Money to Rotate Into Bitcoin From Alts Going Forward’
The crypto derivatives exchange Delta Exchange and its CEO Pankaj Balani share a similar view that BTC is expected to outperform other crypto assets. “Bitcoin has spiked up after its seasonal correction in September,” Balani said in a note sent to Bitcoin.com News. “The price action looks very bullish given that there is strength in bitcoin despite weakness in the global macro. Bitcoin has also digested all the negative news that has come out of China in the past few weeks which is a very positive sign.” Balani added: There has been fresh spot buying activity in bitcoin and looking at the price action we expect to see a fresh ATH in the coming weeks. We also expect bitcoin to outperform altcoins and the money to rotate into bitcoin from alts going forward.
What do you think about the prediction that the month of October will see bitcoin outperform other crypto assets? Do you think a bitcoin ETF will get approved? Let us know what you think about this subject in the comments section below. Youth Fashion Retail Chain Pacsun Now Accepts 11 Cryptocurrencies NEWS | 19 hours ago FBI Works With Europol to Arrest Ransomware Gang, $1.3 Million in Cryptocurrencies Seized NEWS | 1 day ago Tags in this story $55K, A16Z, Altcoin Season, approval, Ashton Kutcher, Bitcoin, Bitcoin (BTC), bitcoin etf, Bloomberg ETF analyst, BTC, Delta Exchange, Eric Balchunas, ETF Bitcoin, Gary Gensler, Genz, Kevin Durant, Odds, Pankaj Balani, SEC, sec approval, TITAN, Titan Crypto, Titan Hedge Fund, US SEC, Will Smith
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