Following a period of relatively calm market activity, Bitcoin has resumed its upward trajectory, reaching a new high of $37,531.00, a value at the time of writing according to the data available on CoinMarketCap. While this may excite bullish investors, it’s essential to delve into the underlying drivers fueling this latest surge.
One potential catalyst could be the anticipation surrounding pending spot Bitcoin exchange-traded fund (ETF) applications submitted by major financial players like BlackRock and Invesco in recent months. Simultaneously, the newest crypto that appeared on the market, conveniently called Bitcoin ETF, raised more than $200,000, delighting many crypto enthusiasts across the globe!
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Bitcoin ETF Embodies The Crypto Enthusiasts’ Desire For SEC’s Decision
The concept of a Bitcoin Exchange-Traded Fund (ETF) has been on the minds of many investors for years because that would completely change the way people invest in Bitcoin. This innovative approach enables them to acquire shares representing the digital asset through traditional brokerage accounts, bypassing the complexities of direct Bitcoin purchases.
The backing from big players in the investment world, such as BlackRock, the investment company with headquarters located in New York City, gives the necessary credibility. Regulatory bodies, particularly SEC, are expected to play a crucial role in this evolution. If these ETFs secure approval, they could inject billions into the cryptocurrency market, marking a pivotal moment for investors.
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Analysts Eric Balchunas and James Seyffart, foreseeing the SEC’s eventual approval of all 12 applications for product launches, noted that the comment periods for seven applicants are set to conclude on Wednesday. This suggests that the SEC might commence issuing approval orders from Thursday, November 9th, through November 17th. If nothing happens by the end of this week-period, there is a 90% chance that the decision will be announced by January 10th, 2024, which is around the corner.
The fact that these decisions could be announced very soon increases the importance of Bitcoin ETF Token even more. This token was launched just a few days ago, but the investments keep pouring in, and so far, more than $150k has been raised. Since the price will increase very soon, the early investors will benefit the most from securing their tokens now!
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BTCETF Tokenomics and Roadmap Unveiled
BTCETF’s tokenomics is designed with precision to reduce supply and enhance value for token holders systematically. The entire token supply, amounting to 2,100,000,000 BTCETF, is allocated across different sectors, encompassing presale, staking rewards, liquidity, and token burning.
When it comes to the allocation of tokens, 40% of the total BTCETF token supply will be offered to early investors during the presale phase. In addition, 25% of the token supply will be reserved for staking, while the same portion of tokens is reserved for burning with the goal of decreasing supply and increasing demand, ultimately leading to a price pump.
According to the official Bitcoin ETF Token website, the estimated rewards are 1862% p/a, which surely cannot be overlooked, and it is one of the reasons investors want to buy BTCETF tokens. Lastly, 10% will be reserved for liquidity.
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The goals of the team behind Bitcoin ETF will be reached one by one over time. The initial step is already underway, which is gathering the community and giving them a chance to earn before the initial Bitcoin ETF decision becomes a reality. Burning the first portion of BTCETF tokens will occur right after BTCETF gets launched on DEX.
Reaching the $1 billion mark in ETF assets signifies broad adoption. Upon the total assets under management (AUM) for Bitcoin ETFs hitting this threshold, 5% of the overall BTCETF token supply will be burned, and the transaction tax will decrease from 2% to 1%. With the comprehensive plan and the immense interest in this token, it is clear that the crypto investors are very interested in acquiring this token. Join them and watch the value of BTCETF soar!
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Will The Price of BTC Reach $38k?
Options traders are currently showing the most bullish sentiment toward Bitcoin in the last 31 months. The 25-delta one-month call-put skew, which measures the pricing difference between calls and puts expiring in four weeks, has surpassed 10%, marking its highest level since April 2021, according to Amberdata. This indicates a stronger demand for calls or bullish bets compared to puts, suggesting a preference for upside potential and hedging against potential downsides.
The surge in BTC above $37,000, fueled by spot ETF optimism, suggests a shift in investor strategies. Selling calls above the cryptocurrency’s spot price, a common method to generate extra yield, may have slowed down. On the flip side, speculators might be acquiring call options for amplified upside exposure. The longer duration call-put skews indicate a favoring bias towards sustained BTC strength over two, three, and six months.
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Recent data from the leading exchange Deribit reveals that long call (buy call option) trades constitute 44% of the total activity in the past 24 hours, according to Amberdata. In simple terms, a call option provides the purchaser with the right to buy the underlying asset at a certain price on a set date, or before it.
With that said, the price of Bitcoin could easily reach $38k or even surpass it in the following days. However, if buying Bitcoin is outside of your budget and you want to wait for the Bitcoin ETF to become a reality, then investing in Bitcoin ETF Token is the way to go!
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Conclusion
The crypto market is changing, and it seems that the good times lie ahead. While waiting for the Bitcoin ETFs to make investing in BTC easier, getting your hands on Bitcoin ETF Token can fill your pockets faster than expected. Besides the name of this token that puts it under the spotlight, its utility will ensure its stability in the long run, so you better get it in time!
The post Bitcoin Ventures Beyond $37,000 as New ETF Token Raises Over $200,000 appeared first on Analytics Insight.
Source: https://www.analyticsinsight.net/bitcoin-ventures-beyond-37000-as-new-etf-token-raises-over-200000/