Bitcoin grows before ETF launches

The market revolves around Bitcoin ETF information

Bitcoin continued to hover around the $ 62,000 price range yesterday. At this price, BTC is very close to the old high, only about 4.7% away from the old high. Although the BTC price is close to the old high, altcoins have not seen strong growth. Many investors are looking forward to this. Often times BTC continues to accumulate or slowly increases, we see the growth of altcoins.

At the beginning of the week, the crypto market was still about information about Bitcoin ETF. The Proshares Bitcoin Strategy ETF is the first officially approved and traded BTC futures ETF.

There are also many other Bitcoin Future ETF funds that are expected to be approved in October and November as well, such as those from Valkyrie, Invesco, VanEck, etc. Bitcoin ETFs with real BTC are guaranteed to be accepted in the future. BTC will be more accessible to mutual funds and ordinary investors.

The well-known Bitcoin and crypto investment fund Grayscale has also decided to switch to a Bitcoin ETF. The company has confirmed that it intends to request the conversion of its Bitcoin escrow service into a Bitcoin ETF product. Grayscale has a pre-existing advantage in that the company already stocks BTC and knows how to store it safely. This point can give the SEC more security before making a decision.

On-chain analysis

Since the adoption of the first Bitcoin Future ETF, the GBTC shares issued by Grayscale are no longer attractive to investors. The Grayscale Premium Index fell further (-20%). Hence, it is necessary for this company to change in order to keep growing.

Bitcoin grows before ETF launches

The current price of BTC has made the amount of BTC profitable up to 98.9%. The high BTC win rate is always accompanied by the pressure to take profit and when there is a BTC price correction this is understandable.

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The amount of Bitcoin that is deposited and withdrawn from exchanges doesn’t fluctuate much. Overall, Bitcoin continues to decline on the stock exchanges.

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The Funding Rate Index is trending up, but not much compared to when the BTC price topped $ 60,000 from February to April, but we are still seeing traders having more confidence in the market.

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As for the second largest coin after Bitcoin, Ethereum continues to be withdrawn from the exchange more than it is deposited. Despite the price increase, ETH continues to decline on the stock exchanges.

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On-chain indicators are still showing a positive trend in the market. Still, we have to be prepared for any eventuality.

Some other information:

  • Interactive Brokers Group, a global brokerage company, today announced the launch of cryptocurrency trading for Registered Investment Advisors (RIAs) in the United States. With this decision, they allow these RIAs to trade and deposit Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) through the Paxos Trust Company on behalf of their customers.

  • According to data from the Brazilian central bank Bruno Serra, the people of this country bought cryptocurrencies worth $ 4.27 billion in 2021 alone. The highest amount was purchased in May, valued at $ 756 million, after assets like Bitcoin hit record prices near $ 65,000. One of the reasons Brazilians buy BTC is because of the unstable economy and the experience of inflation, hyperinflation and deflation.

  • The Financial Stability Board (FSB) has stated that any regulation of cryptocurrencies should take into account the risks involved while protecting the innovation brought about by the sector. The agency also advised countries to learn, regulate, and still facilitate the development of the digital currency market.

  • The number of wallet addresses on the Polygon (MATIC) network recently hit a new all-time high of over 100 million as users continue to take advantage of the low transaction fees on its network to access financial applications. .

  • Polkadot, created by Wood, currently has 18,936,300 DOT ($ 774 million) in its vault, according to the founder. Rather than slowly getting burned by the protocol, the founders of Polkadot have announced that they will be spending this money funding innovative ideas to expand their network.

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