Topics to watch out for in October

The Bitcoin ETF is looking forward to

Over the past day, BTC has surged to around $ 43,000 after falling back to $ 41,000. Altcoins also rose in this trend. According to Plan B’s prediction three months ago based on the on-chain situation, BTC could end at just $ 43,000 in September and September ended with the BTC price matching that prediction. In the months ahead, we’ll see if Plan B’s prediction is correct.

The annual GFM report says institutional investors should keep pushing for the expansion of the crypto fund market as the market expects the SEC to approve an ETF within a year. To date, there are more than 20 BTC ETF proposals from companies waiting to be reviewed. There are many suggestions in it from big companies like Vanark, Morgan Stanley, … so many expect at least one Bitcoin ETF mutual fund to be approved on a futures basis.

The SEC is examining more than a dozen ETF filings for Bitcoin and Bitcoin futures products, among other things, but none have been approved. Gary Gensler, chairman of the US Securities and Exchange Commission, renewed its support for Bitcoin futures on Wednesday. However, he said he doesn’t like real BTC-based BTC ETFs.

When it is said that the price of BTC fluctuates too much, it is not good to have an ETF. However, previous markets such as gold or shares in technology companies also fluctuated strongly for small caps. When the first gold ETF first appeared in Australia and then in the larger economies, the price of gold began to rise sharply and steadily. Then BTC is similar, for a more stable price, the larger the capitalization. With a BTC ETF, market capitalization will grow faster.

On-chain situation

After almost a week of continuous withdrawals from the exchange as deposits, BTC had a day of higher deposits than withdrawals the day before, but the difference was not significant.

The funding rate indicator is at (-0.0016), which shows that the ratio of long / short orders is quite balanced. The volume of the futures order is also at a low level after the major liquidation at the beginning of September.

BTC’s rate of profit has also dropped to 77%. When the BTC win rate is less than 85%, the risk of profit taking is lower.

After a number of BTC ETH funds were launched, Canada only recently added the first mixed ETF mutual fund, which was launched on the Toronto Stock Exchange. Evolve Company will launch an ETC ETF with around 67% BTC and 33% ETH.

The company’s CEO Evolve said that BTC has been proven to be electronic gold, while ETH is considered electronic oil. Economies with a small stake in the world like Canada will easily experiment with large mutual funds like the BTC ETF.

Some other information:

• Ripple has unveiled an NFT fund with the aim of bringing more benefit to the XRP ledger. In a recent blog post, the San Francisco-based company announced the launch of a $ 250 million fund to help create NFTs on the XRP ledger. Ripple’s Creator Fund will focus on motivating creators, brands, and markets to explore new use cases for NFT.

• Brad Garlinghouse, CEO of Ripple, said the San Francisco-based payment company is ready to negotiate with the SEC to expedite the SEC’s lawsuit against the company on one condition. Ripple’s condition is that the SEC must clearly define the regulatory status of XRP and not have to recognize XRP as a security. This is highly unlikely and this lawsuit could drag on into next year.

• Ark Invest acquired more Coinbase for its largest ETF and is focusing on innovative companies as the fund group remains bullish on cryptocurrencies. The company bought an additional 184,199 shares of Coinbase for the Ark Innovation ETF (ARKK), valued at approximately $ 42 million. To date, ARKK manages approximately $ 21 billion in assets and holds a 5% allocation to crypto exchanges, making it the fourth largest holding company in the portfolio (according to the website). Ark’s website).

• SEBA Bank is the first bank in Switzerland to receive a license to store crypto for customers.

• Cardano Coin is listed on the Lykke Swiss Exchange. Currently, this exchange is helping users trade ADA for free when they connect to the exchange’s wallet.

• Elon Musk said, “I think it is impossible to destroy crypto”. The world has 11588 bitcoin nodes that we know about, there are innumerable nodes that we don’t know about. Nodes are everywhere and every machine stores the same version of the ledger … so it’s impossible to destroy BTC.

• Missouri Mayor Jayson Stewart plans to give $ 1,000 worth of BTC to each Cool Valley family on condition that they hold it for several years. Cool Valley is a small town in St. Louis, has about 1,500 residents. The amount of the fund is sufficient and is waiting for the implementation date.