Bitcoin’s price hike today could be attributed to increased speculation that a publicly traded product could finally be approved in the coming weeks.

BTC price has risen 7% in the past 24 hours and has soared 32% over the past week, according to CoinGecko. This bullish action is BTC only, possibly a form of advance notice by those with big pockets pending approval of ETF futures by the US Securities and Exchange Commission.

On October 7th, Bloomberg Senior Analyst Eric Balchunas answered to an exclamation from Morgan Creek Digital founder and partner Anthony Pompliano, who said that “things get crazy” when an ETF is approved in the fourth quarter. Balchunas reiterated that he was 75% certain that the permit was imminent.

“While we [are] confident that a Bitcoin futures ETF will be approved soon (like within two weeks), we [are] less confident that they will hit the same big hit as a physically backed ETF. In any case, it’s a big step forward. “

With comments from SEC chief Gary Gensler, a futures product that would allow institutional investors to gain access to BTC and bet on its futures price without actually holding any product will likely be approved first. Balchunas said he doesn’t think a physically backed ETF will be approved anytime soon, but said that it will ultimately:

“At some point, physics will happen. The time just shouldn’t be clear. Someone guess. Monthly or yearly challenge. “

He cited “several technical and anecdotal reasons” for the two-week ETF listing forecast, adding that he was 75% confident.

The prominent analyst Alex Krüger also names the EFT approval hype as the driving force behind the BTC price campaign:

This is what the crypto market is trading for today. The dominant story is a Bitcoin ETF. Failure or not is something you can worry about later. https://t.co/aIv3BFZqI4

– Alex Krüger (@krugermacro) October 6, 2021

“Until the SEC announces this, an ETF will be offered at half price,” he added. General partner of crypto venture firm Blocktower, Mike Bucella, also said he believes “everyone is running a BTC ETF based on futures” after analyzing current market activity.

Related: Futures-based Bitcoin ETF has “75% chance of approval” in October

Matthew Dibb, Co-Founder and CEO of Stack Funds, reiterated the sentiment, commenting, “Rumors of a BTC ETF decision at the end of the month are generating additional demand,” before adding that the rally was pending approval of the Proshares ETF on October coincides. 18th

As observed by Crypto Quant CEO Ki Young Ju, who posted $ 1.6 billion in market orders in just minutes in October.

Someone bought $ 1.6 billion $ BTC through market orders in just 5 minutes.

Short-term liquidations at the time appeared to be relatively less at $ 17 million.

This is like buying a whale, not a cascade liquidation. https://t.co/dD3OsykiET pic.twitter.com/0NnvbmaYYm

– Ki Young Ju (@ki_young_ju) October 6, 2021

In late September, commodities strategist Mike McGlone of Bloomberg Intelligence predicted that the SEC would approve a BTC futures product “likely by the end of October.”

On October 5, McGlone speculated that bitcoin price resistance at $ 50,000 would turn into long-term support in the fourth quarter.

In late September, commodities strategist Mike McGlone of Bloomberg Intelligence predicted that the SEC would approve a BTC futures product “likely by the end of October.” On October 5, McGlone speculated that bitcoin price resistance at $ 50,000 would turn into long-term support in the fourth quarter. In late September, commodities strategist Mike McGlone of Bloomberg Intelligence predicted that the SEC would approve a BTC futures product “likely by the end of October.” On October 5, McGlone speculated that bitcoin price resistance at $ 50,000 would turn into long-term support in the fourth quarter.