Bitcoin ETF Excitement Sends BTC to $37K

Bitcoin (BTC) surged to 18-month highs on November 9th amid excitement over the United States Securities and Exchange Commission (SEC) approving spot Bitcoin exchange-traded funds (ETFs) very soon.

Nearing the $37,000 mark for the first time since May 2022, CryptoSlate research and data analyst James Van Straten took to X (formerly Twitter) to voice his opinion on the subject:

“Zooming out, this is the most bullish U.S. has been on Bitcoin since early 2022. Asia price change was last seen as bullish as October 2021."

Van Straten cited data from the on-chain analytics firm Glassnode, which showed that US buyers were keeping the rally going.

“Americans carrying this thing,” added William Clemente, co-founder of crypto research firm Reflexivity.

Others speculated that the renewed bullish tone could be related to the potential approval of a Bitcoin spot price exchange-traded fund (ETF) in the United States.

While the long-awaited announcement from regulators is not expected until 2024, Nov. 9 marks the beginning of the period during which it is theoretically possible.

“We still believe 90% chance by Jan 10 for spot Bitcoin ETF approvals,”  wrote James Seyffart, research analyst at Bloomberg Intelligence.

Sources:

https://cointelegraph.com/news/bitcoin-etf-excitement-returns-btc-price-37k

https://twitter.com/jimmyvs24/status/1722369064272625997/photo/1

https://studio.glassnode.com/metrics?a=BTC&m=market.Amer30DPriceChange

https://twitter.com/WClementeIII/status/1722340611884270014

https://twitter.com/JSeyff/status/1722321412218638632