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On the 4th, the Bitcoin trading price briefly rose by over 4%, nearing the $44,900 mark, and then retraced some of the gains. Throughout 2023, Bitcoin saw a surge of nearly 160%, as optimism grew regarding the formal approval of Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), which is expected to significantly boost overall demand for Bitcoin.
Matthew Hougan, Chief Investment Officer at Bitwise Asset Management, stated, "The market is very focused on the possibility of ETF approval, so as leveraged positions are unwound, even relatively minor news can trigger relatively large market fluctuations. That's what happened on Wednesday, as the successful issuance of Bitcoin ETFs is being reconsidered by the market, and today the market is rebounding." Bitwise Asset Management has mentioned that the company is applying for the issuance of a Bitcoin ETF.
A new wave of applications from potential Bitcoin ETF issuers like ARK Invest and 21Shares has brought relief to cryptocurrency traders. Both ARK and 21Shares have submitted revised registration documents for their Bitcoin ETFs. However, some analysts warn that these revised documents do not necessarily guarantee the approval of Bitcoin ETF applications.
"The recent price movements are related to the expectation that Bitcoin ETFs will be approved in the coming days and quickly launched," said Cosmo Jiang, Portfolio Manager at Pantera Capital, one of the oldest and largest funds in the industry. "We have many reasons to believe this, including changes in ETF filings." |
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Post time 10-1-2024 21:18:52