Prices froze in anticipation of ETFs: New Year's review of the cryptocurrency market
Bitcoin
Bitcoin lost 3.3% over the week. All seven days passed in a fairly narrow range: from $44,027 to $41,639. Not once during the trading session did the price of BTC change by more than 2.5%.
While the crypto market is frozen in anticipation of the opening of the window when the Securities and Exchange Commission (SEC) can approve spot Bitcoin ETFs. In the meantime, companies continue to submit and update applications. On December 28, the American regulator received an amended application from Ark21Shares. Previously, the SEC ordered everyone to make changes before December 29.
While Bitcoin is trading 38% below its highs, the number of bullish institutional investors has reached an all-time high. This is signaled by The Bitcoin Futures Smart Money Index from MacroMicro.
Source: macromicro.me
Investors are in anticipation of important news. This is also evidenced by the fact that the volume of trading in Bitcoin options has reached its all-time high. The current value exceeds $39 billion.
