Summary: The cryptocurrency market has experienced a surge and a fall in the past three days. Venture capital company QCP Capital believes that the clearance of Bitcoin spot ETF may be delayed until March next year. The market in the fourth quarter is still in the low and volatile range, and the real rising market is predicted to be Launched in the first quarter of next year.
The cryptocurrency market received good news on the 29th. GrayScale (GrayScale) and the U.S. Securities and Exchange Commission (SEC) reached a milestone in the legal battle over the conversion of its Bitcoin Trust Fund GBTC into a spot ETF. This helped push the BTC price to $28,142, but the rally failed to continue. BTC fell rapidly earlier today, giving up all the previous gains.
QCP Capital: Spot ETF clearance may be delayed until March next year
Regarding the current market situation, cryptocurrency venture capital firm QCP Capital said in a statement yesterday that GrayScale's ruling is a good result for the entire industry, and the rise in GBTC prices and Coinbase stock prices is reasonable. However, QCP analysts believe that this will have little short-term impact on spot prices, and it is just an opportunity for spot prices and volatility to rise sharply.
Although QCP analysts also believe that Grayscale’s victory consolidates the possibility of the final approval of the Bitcoin spot ETF, on the other hand, it also means that the SEC has a greater chance of postponing the decision on the Bitcoin spot ETF until the final deadline in March next year.
In summary, the agency believes that at the beginning of the fourth quarter of this year, due to the delaying tactics from the SEC and the lack of innovation in the field of cryptocurrency, there is no theme to drive the market, so there is a high probability that the first half of the fourth quarter will still fluctuate in a low price range.
Bullish on the first quarter of next year. However, QCP believes that the cryptocurrency market will be able to welcome the approval of the Bitcoin spot ETF in March next year, and coupled with the Bitcoin halving and the signal that the US economy may slow down sharply in the second quarter of next year, it is predicted that there will be a very large rise in the first quarter of 2024.
Therefore, they chose to buy high-level options at the end of March 2024 to realize the bullish view of the first quarter of 2024, one of which has an exercise price of $30,000 and the other of $40,000. If the market rises in the future and the price exceeds $40,000 when the option expires, a return of up to 450% will be obtained. #BTC
