Crypto market sentiment quickly heated up due to a series of major developments in the Bitcoin spot ETF, and an incredible surge came as expected last night.
According to data from OKX exchange, the price of Bitcoin broke through 35,000 USDT in a short period of time, and even reached 35,919 USDT, with a daily increase of 20%. It is extremely rare for mainstream cryptocurrencies to have such a huge daily increase. Even at the current price, it still recorded a 24-hour increase of 11.38%.
This strong increase almost flattened the hourly K-line into a straight upward curve. In addition, driven by Bitcoin, the long-dormant Ethereum (ETH) also rebounded slightly. The price of ETH briefly broke through $1,800 and is still close to this level. The 24-hour increase is about 6.41%.
However, the ETH to Bitcoin (BTC) exchange rate is still on a downward trend and has not yet shown a clear rebound trend.
Among the top ten cryptocurrencies by market value today, all of them have risen more than Bitcoin. Only SOL (Solana) and DOGE (Dogecoin) have risen close to Bitcoin, reaching 10.8% and 10.4% respectively.
Of course, some small-cap tokens have also emerged significantly, especially those within the Bitcoin ecosystem. RIF (RSK Infrastructure Framework) is currently quoted at US$0.14, with an increase of 21% in 24 hours; STX (Stacks) is currently quoted at US$0.74, with an increase of 16.3% in 24 hours; ORDI is currently quoted at US$5.4, with an increase of as much as 24 hours 33%.
Affected by the overall market rise, the total market value of cryptocurrencies has also grown rapidly. Coingecko data shows that the current total market value of the encryption market has exceeded US$1.29 trillion, an increase of 9.8% in 24 hours. Crypto users’ trading enthusiasm has increased significantly. Today’s Panic and Greed Index has reached 66, which is a greed level, while yesterday’s data was only 53.
In terms of derivatives trading, according to Coinglass data, a total of $3.52 billion was liquidated in the past 24 hours, of which $2.75 billion was liquidated in long positions. Specifically, the liquidation amount of Bitcoin reached $1.94 billion, and the liquidation amount of Ethereum was $470 million.
One of the main reasons for this round of market gains is the prospect of approval of a Bitcoin spot ETF.
Last night, the S-1 amendment submitted by BlackRock showed that BlackRock had obtained the CUSIP number for issuing Bitcoin spot ETFs. CUSIP is the abbreviation of the Committee on Uniform Securities Identification Procedures, which is also used as the unique identification number for US securities.
The documents also show that BlackRock is preparing seed funds for the Bitcoin spot ETF. Seed funds are the underlying assets purchased by the new ETF issuer itself to meet future demand for the product.
Although there is no necessary direct connection between CUSIP numbers and ETF approval, the market generally sees this news as a signal of significant progress in ETFs. Similarly, Seed Capital's preparations have also attracted widespread attention from the market.
Currently, BlackRock's preparations are already quite sufficient and rapid. Although it is still uncertain whether the ETF will be approved in the end, the market is unanimously optimistic about BlackRock's confidence in obtaining approval for its ETF.
This morning, a more exciting news suddenly appeared. BlackRock iShares Bitcoin Trust has been listed in the DTCC (Depository Trust & Clearing Corporation) list with the stock code IBTC.
Assuming the ETF is eventually approved, investors will be able to trade the ETF through Nasdaq, and IBTC will become the stock code for the ETF. This news has greatly boosted market confidence, and the price of Bitcoin has soared to today's highest point, once approaching $36,000.
“BlackRock may have gotten the green light, or at least has everything ready,” said Eric Balchunas, an ETF analyst at Bloomberg. “We expect to see multiple ETFs launched, not just BlackRock getting approval alone.”
In addition, in addition to BlackRock, other crypto ETFs under application also bring more good news to the market.
The U.S. Court of Appeals for the District of Columbia Circuit officially announced its ruling on the lawsuit between Grayscale and the SEC, requiring the SEC to reconsider its application to transform Grayscale GBTC into a Bitcoin spot ETF.
The SEC can now choose to approve Grayscale's application or reject it on other grounds. Grayscale spokesperson Jennifer Rosenthal said in a statement after Monday's ruling: "The Grayscale team looks forward to continuing to work constructively with the SEC to transform GBTC into an ETF. GBTC is ready to take action operationally and plans to act on behalf of investors as soon as possible."
In addition, Grayscale's Ethereum ETF has also made important progress.
Nate Geraci, president of ETF Store, published an article on the X platform, saying that the U.S. Securities and Exchange Commission (SEC) has recognized Grayscale's spot Ethereum ETF filing, which marks the beginning of the process of transforming ETHE into an ETF. The launch of the spot ETF will inject more incremental funds into the market and boost the price of Bitcoin.
However, it should be noted that this recognition only means that the SEC has accepted their application and will enter the formal review process, which is still some distance away from final approval.
Singapore-based crypto financial services company Matrixport said in a report that if BlackRock's Bitcoin spot ETF is approved by the U.S. Securities and Exchange Commission, the price of Bitcoin could rise to between $42,000 and $56,000. Matrixport also estimates that about $12 billion to $24 billion will flow into such ETFs through an analysis of 15,000 U.S. registered investment advisors.
