The ETF progress showed several positive signs, with BTC jumping above $35,000 overnight

Original | Odaily Planet Daily

Author | Loopy

! [ETF progress shows multiple positive signals, BTC jumps above $35,000 overnight] (https://piccdn.0daily.com/202310/24012351/0oof11qijx09ze13.webp!webp)

Bitcoin: "Big Boom, You Can't Imagine"

Crypto market sentiment quickly heated up due to multiple developments in the Bitcoin spot ETF overnight. Yesterday evening, Bitcoin ushered in an extremely rare sharp rise.

According to OKX quotes, BTC broke through 35,000 USDT in a short period of time, with the highest pin reaching 35,919 USDT, the largest increase of 20% within the day. It is extremely rare for mainstream coins to have such a large intraday gain. Even at current prices, it still represents a 24-hour gain of 11.38%.

! [ETF progress shows multiple positive signals, BTC jumps above $35,000 overnight] (https://piccdn.0daily.com/202310/24004448/fb4a6njwhiv1hm8b.png!webp)

The strong gains have smoothed out the hourly candlestick into a straight line. Driven by the "big pie", the long-dormant "two cakes" also slightly followed the rise, ETH price briefly exceeded $1800, is still hovering near $1800, 24-hour increase "only" 6.41%.

The ETH/BTC exchange rate is still in decline and has not yet shown a rebound trend.

! [ETF progress shows multiple positive signals, BTC jumps above $35,000 overnight] (https://piccdn.0daily.com/202310/24005150/b6y9jovhap3orih2.png!webp)

None of today's top ten tokens by market capitalization outperformed BTC in 24 hours. Only SOL (Solana) and DOGE (DogeCoin) rose close to BTC, at 10.8% and 10.4%, respectively.

Of course, the sudden rise of local small currencies has also occurred, especially the Bitcoin ecosystem. RIF (RSK Infrastructure Framework RIF) is now quoted at $0.14, up 21% in 24 hours; STX (Stacks) is now quoted at $0.74, up 16.3% in 24 hours; ORDI is now quoted at $5.4, up 33% in 24 hours.

Affected by the overall upturn, the total market capitalization of cryptocurrencies has also grown rapidly. According to Coingecko, the total crypto market capitalization currently exceeded $1.29 trillion, up 9.8% in 24 hours. Crypto users' enthusiasm for trading has increased significantly, and today the Panic and Greed Index has reached 66, graded as greed. Yesterday's figure was 53.

In terms of derivatives trading, according to Coinglass data, the whole network has exploded $352 million in the past 24 hours, of which $275 million was liquidated in short orders. In terms of currencies, BTC exploded $194 million and ETH exploded $47 million.

BlackRock ETF: Progress is clear

The rally was mainly stimulated by the approval of Bitcoin spot ETFs.

Yesterday evening, BlackRock's submission of the S-1 amendment revealed that BlackRock had been given a CUSIP number prepared for the Bitcoin spot ETF launch.

CUSIP stands for Committee on Uniform Securities Identification Procedures, which is also used as the Unified Securities Identification Code (SIID).

The documents also show that BlackRock is preparing Seed Capital for a Bitcoin spot ETF. Seed Capital is an underlying asset purchased by the issuing company at the launch of a new ETF to meet future demand for the product.

Although the passage of CUSIP numbers and ETFs is not inevitable, this news is still seen by the market as a significant development for ETFs. The same goes for Seed Capital.

At the moment, BlackRock's preparations are adequate and rapid. Although it is still unclear whether the ETF will be passed, the market generally interprets it as BlackRock itself is quite confident that its ETF will pass.

And this morning, an even heavier news story came out. **BlackRock iShares Bitcoin Trust is listed on the DTCC under the symbol IBTC. **

DTCC (Depository Trust & Clearing Corporation), or American Securities Depository Clearing Company, is an American financial services company founded in 1999, which consists of five clearing companies and one depository institution to provide clearing and settlement services for financial markets.
Assuming that the ETF is finally approved and the investor will move from the NASDAQ ETF, IBTC will be used as the ticker symbol for the investor's operation. This also injected strong confidence into the market, and the price of bits soared to its highest point today, at one point approaching $36,000.

Eric Balchunas, an analyst at Bloomberg ETF, said: "BlackRock has either received the green light or is just predicting and preparing for everything." We continue to believe that multiple ETFs will be launched together, rather than BlackRock being approved first. ”

More ETFs are still on the way

In addition to BlackRock, other pending crypto ETFs have brought more good news to the market.

The Washington D.C. Court of Appeals for the Circuit formally ruled on Grayscale's lawsuit against the SEC, which needed to reconsider its application to convert Grayscale GBTC into a Bitcoin spot ETF.

The SEC now has the option to approve Grayscale's application or deny it on other grounds. Grayscale spokeswoman Jennifer Rosenthal issued a statement after closing the case on Monday, saying: "The Grayscale team looks forward to continuing to work constructively with the SEC to convert GBTC into an ETF." GBTC is operationally ready and plans to act as soon as possible on behalf of investors. ”

Grayscale's Ethereum ETF also reached its own milestone moment and made significant progress.

Nate Geraci, president of The ETF Store, said in a post on the X platform that the U.S. Securities and Exchange Commission (SEC) has recognized Grayscale's spot Ethereum ETF filing, which will be the process of converting ETHE into ETFs. The advent of spot ETFs will also bring more incremental funds to the market and push the price of bitcoin up.

However, it is important to note that this recognition only represents the SEC's acceptance of its application and is about to enter the formal review process. Final approval is still quite some way off.

Singapore-based crypto financial services firm Matrixport said in a report that if BlackRock's spot bitcoin ETF is approved by the SEC, the price of bitcoin could rise to between $42,000 and $56,000. In addition, Matrixport, through an analysis of 15,000 U.S.-registered investment advisors, expects that approximately $12 billion to $24 billion worth of funds could flow into such ETFs.

Now that ETFs are passing stronger market expectations, how long will this rally last, is it a short-term rally or the beginning of a new cycle?

Odaily reminds everyone that investment is risky and needs to be treated with caution.