Original | Odaily Planet Daily
Author | Loopy
Bitcoin: "A huge surge that you can't imagine"
Crypto market sentiment quickly heated up due to multiple developments in Bitcoin spot ETFs overnight. Last night, Bitcoin saw an extremely rare sharp rise.
OKX market data shows that BTC briefly broke through 35,000 USDT, reaching a high of 35,919 USDT, with a maximum intraday increase of 20%. It is extremely rare for mainstream coins to experience such a huge intraday increase. Even at the current price, it still achieved a 24-hour increase of 11.38%.
The strong increase has flattened the hourly K-line into a straight line. Driven by the "big cake", the long-dormant "second cake" also slightly kept up with this rise. The price of ETH briefly broke through $1,800 and is still hovering near $1,800. The 24-hour increase is "only" 6.41%.
The ETH/BTC exchange rate is still declining and has not yet shown a rebound trend.
Among the top ten tokens by market value today, none of them outperformed BTC in 24 hours. Only SOL (Solana) and DOGE (DogeCoin) had increases close to BTC, at 10.8% and 10.4% respectively.
Of course, some small currencies have also emerged, especially the Bitcoin ecosystem. RIF (RSK Infrastructure Framework RIF) is currently priced at $0.14, up 21% in 24 hours; STX (Stacks) is currently priced at $0.74, up 16.3% in 24 hours; ORDI is currently priced at $5.4, up 33% in 24 hours.
Affected by the overall upward trend, the total market value of cryptocurrencies has also grown rapidly. According to Coingecko data, the total market value of cryptocurrencies has exceeded 1.29 trillion US dollars, up 9.8% in 24 hours. Crypto users' trading enthusiasm has increased significantly. Today's panic and greed index has reached 66, with a level of greed. Yesterday, this data was 53.
In terms of derivatives trading, according to Coinglass data, the total liquidation of the entire network in the past 24 hours was US$352 million, of which US$275 million was short position liquidation. In terms of currency, BTC liquidation was US$194 million and ETH liquidation was US$47 million.
BlackRock ETFs: Progress is clear
This round of market rise was mainly stimulated by the expectation of approval of Bitcoin spot ETF.
Last night, the S-1 amendment submitted by BlackRock showed that BlackRock had obtained the CUSIP number prepared for the launch of the Bitcoin spot ETF.
CUSIP stands for Committee on Uniform Securities Identification Procedures, and the number is also used as the uniform identification code for U.S. securities.
The document also shows that BlackRock is preparing Seed Capital for the Bitcoin spot ETF. Seed Capital is the underlying assets purchased by the issuing company itself when the new ETF is launched to meet future demand for the product.
Although the CUSIP number does not necessarily lead to the approval of the ETF, the news is still regarded by the market as a major progress for the ETF. Seed Capital is no exception.
Currently, BlackRock's preparations are sufficient and rapid. Although it is still unknown whether the ETF will be approved, the market generally interprets it as BlackRock's confidence in the approval of its ETF.
This morning, a more important piece of news came out: BlackRock iShares Bitcoin Trust has been listed on DTCC with the code IBTC.
DTCC (Depository Trust & Clearing Corporation) is an American financial services company founded in 1999. The company consists of five clearing companies and one depository institution, providing clearing and settlement services for the financial market.
Assuming that the ETF is finally approved and investors will buy the ETF from Nasdaq, IBTC will be used as the stock code for investors to operate. This has also injected strong confidence into the market, and the price of Bitcoin has risen to its highest point today, once approaching $36,000.
“BlackRock has either received the green light or is just anticipating and preparing for it,” said Eric Balchunas, Bloomberg ETF analyst. “We still believe that multiple ETFs will be launched together, rather than BlackRock getting approval first.”
More ETFs are on the way
In addition to BlackRock, other crypto ETFs under application have also brought more good news to the market.
The U.S. Court of Appeals for the District of Columbia Circuit officially ruled on the lawsuit between Grayscale and the SEC, requiring the SEC to reconsider its application to convert Grayscale GBTC into a Bitcoin spot ETF.
The SEC can now choose to approve Grayscale's application or reject it for other reasons. Grayscale spokesperson Jennifer Rosenthal issued a statement after the case was closed on Monday: "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 on behalf of investors as soon as possible."
Grayscale's Ethereum ETF also reached its own milestone and made significant progress.
Nate Geraci, president of The ETF Store, posted on the X platform that the U.S. Securities and Exchange Commission (SEC) has approved Grayscale's spot Ethereum ETF filing, which will be the process of converting ETHE into an ETF. The advent of spot ETFs will also bring more incremental funds to the market and push up Bitcoin prices.
However, it should be noted that this recognition only means that the SEC has accepted its application and will soon enter the formal review process. It is still a long way from the final approval.
Singapore-based crypto financial services company Matrixport said in a report that if BlackRock's spot Bitcoin ETF is approved by the U.S. Securities and Exchange Commission, the price of Bitcoin could rise to between $42,000 and $56,000. In addition, Matrixport estimates that about $12 billion to $24 billion worth of funds could flow into such ETFs through an analysis of 15,000 U.S. registered investment advisors.
Now that market expectations for the approval of the ETF are growing stronger, how long will this round of rise last? Is it a short-term rebound or the beginning of a new cycle?
Odaily Planet Daily would like to remind everyone that investment is risky and should be treated with caution.