Bitcoin ETF high throughput, FOMO has arrived

Bitcoin surged over $ 61,000 and at one point was close to $ 63,000. Followed by a number of altcoins also grew. Some altcoins like ETH, DOT etc. With this growth, Bitcoin is about 7.79% away from the old high of 64,800. If BTC continues to rise at this rate, it will quickly hit new highs. Bitcoin ETF

The situation on the chain was still quite calm yesterday. BTC deposited on the exchange increased, but not by much. The purchasing power in the market is still very strong.

This rapid spike in BTC price is believed to be the influence of the information about the Bitcoin ETF that could be leaked this month. We can see the Fomo in the existing market. However, there are not many newcomers yet, mainly those who have been on the market for a long time.

The current price of BTC is high, but it hasn’t really broken the old high. The current Fomo is here, but it’s mostly coming from investors who are in the market. When BTC breaks old highs it creates new highs, media reports that drive higher Fomo in the market and the participation of newcomers.

Additionally, today’s expiration date of the $ 830 million bitcoin option was largely influenced by the 20% bull run that began on October 4th and most likely eliminated 92% of the put option (sale).

BTC price over $ 58,000, there are 6,230 upward call options versus 190 bets. With BTC holding above $ 58,000, those who place these long options will make $ 350 million. Hence, many people think that this group is trying to keep the BTC price above $ 58,000 so that they can get the greatest profit.

According to Bloomberg analyst Eric Balchunas, there are more than 400 BTC ETF proposals so far, including that of a real Bitcoin-based ETF and futures. In particular, the SEC chairman would like a bitcoin ETF based on futures. As for a real BTC-based BTC ETF, the SEC isn’t ready yet.

Eric Balchunas also said that Bitcoin futures ETFs may not face objections from the SEC, according to multiple sources confirming this. Bitcoin ETFs are almost certain to be adopted. He believes there is a 90 percent chance the BTC Futures ETF will be approved.

Yesterday, Bitwise company filled out an application for a real BTC-based BTC ETF. And the company also advises the SEC to choose an ETF that supports real bitcoins.

In the meantime, the company Valkyrie has issued a document (Prospector) with regulations and definitions on how BTC ETF works. Usually this document is not processed until a company has officially approved the product. Hence, many people think that this is a possible sign that the company’s proposal is about to be approved. To date, the SEC hasn’t contradicted the Bitcoin ETF today as the Proshares ETF has passed, but we’re still waiting for the SEC’s official announcement.

Not only in October, but also in the last months of the year such as November and December, many ETF proposals are waiting to be answered by the SEC. The SEC also posted on Twitter, “Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.” This sign is widely recognized. Believe it, this is a reminder for the SEC if it wants to approve a Bitcoin ETF, and the earliest Bitcoin Future ETF can be approved on October 18th.

Bitcoin ETFs are preferred by ETFs that operate under US law and have more investor protection mechanisms. It makes it easier for traditional investors to access BTC through ETFs through established and very popular ETF exchanges. Much more flexibility and easier payment than investing in a fund like Grayscale Bitcoin Trust.

As in 2017, before the CME exchange announced it would launch a Bitcoin Future product on its platform, the price of BTC soared. After the announcement, the price fell like the “buy rumors, sell real news” phenomenon. But the real Fomo happened and the price of BTC soared to $ 20,000, the culmination of the 2017 bull run once the official date of the Bitcoin Future product listing was on the CME. Let’s see how the price of BTC fluctuates during an event with an official Bitcoin (Future) ETF.

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