Is Bitcoin's renewed surge a lure to buy or a way to accumulate strength?

比特天使 · 2023-11-29T15:01:54.000Z

Bitcoin prices rose somewhat today, once again reaching around $38,400 before falling back. This situation seems to be caused by new developments in ETFs. Bloomberg analyst James posted on Twitter that Franklin has submitted a revised Bitcoin spot ETF prospectus to the SEC, retaining the possibility of physical or cash redemptions. This means that all 12 Bitcoin spot ETF applicants have submitted revised prospectuses. At the same time, the SEC is publicly soliciting feedback on whether it should approve a Bitcoin spot ETF, and there are only two applicants involved, Franklin and Hashtags. The SEC wants to analyze whether the application complies with the rules of the national securities exchange, prevents fraud and manipulation, and protects investors and the public interest. Feedback needs to be submitted within 21 days, after which the rebuttal period will last two weeks. Perhaps stimulated by these two factors, Bitcoin started to rise from US$37,200 and is still maintaining elasticity. It seems that it will stabilize at US$38,000 in the future. A rare pattern has recently emerged in the CME Bitcoin and Ethereum futures markets, showing a strong preference among investors to go long or place leveraged bullish bets on the major cryptocurrency. The futures market is in contango, a term used to describe when futures prices are higher than spot prices and where forward futures are more expensive than futures near expiration. Increased buying pressure often results in premiums widening. Bitcoin and Ethereum futures have experienced the same situation recently, according to data tracked by K33 Research Institute. K33 analysts believe this indicates that sentiment in the CME market is very bullish, with people strongly wanting to add to long positions, leading to a surge in earnings expectations. Now let’s focus on current trends. Bitcoin futures trading appears to be attracting a large number of buyers, with a 5% to 10% chance of growth if the price of Bitcoin begins to rise significantly. It should be noted that after $38,000, the buying volume is not large, and the Bitcoin price may face certain limits. However, if a Bitcoin spot ETF is approved, not only the futures market but also the spot market will attract large inflows. It is worth mentioning that Arthur Hayes, a former Bitmex co-founder and now the company’s chief technology officer, pointed out an important factor: the Chinese government is discussing some incentives to stimulate the economy and attract more funds.These measures may lead to a large inflow of funds into the Chinese market, thereby driving up the price of Bitcoin. Therefore, it is inferred that the upward trend is gradually revealed. At which point are you ready to enter the market? Transfer some information to the Internet

Bitcoin prices rose slightly today, hitting $38,400 again before falling back. This situation seems to be caused by new progress in ETFs. Bloomberg analyst James posted on Twitter that Franklin has submitted a revised Bitcoin spot ETF prospectus to the SEC, retaining the possibility of physical or cash redemption. This means that all 12 Bitcoin spot ETF applicants have submitted revised prospectuses.
At the same time, the SEC is publicly soliciting feedback on whether a Bitcoin spot ETF should be approved. There are only two applicants involved, Franklin and Hashtags. The SEC hopes to analyze whether the application complies with the rules of the National Securities Exchange, whether it can prevent fraud and manipulation, and protect investors and the public interest. Feedback must be submitted within 21 days, and the rebuttal period will last for two weeks. Perhaps stimulated by these two factors, Bitcoin has started to rise from $37,200 and is still maintaining its resilience. It seems that there is a trend of stabilizing at $38,000 in the future.
A rare pattern has recently emerged in the Chicago Mercantile Exchange, West Yanli Bitcoin and Ethereum futures markets, showing a strong preference among investors to go long or make leveraged bullish bets on major cryptocurrencies. The futures market is in contango, a term used to describe a situation where futures prices are higher than spot prices and prices of forward futures are higher than those nearing expiration. Increased buying pressure typically causes the contango to widen. According to data tracked by K33 Research, futures for Bitcoin and Ethereum have recently experienced the same situation. K33 analysts believe this shows that sentiment on the CME market is very bullish, and people strongly want to increase long positions, leading to a surge in earnings expectations.
Now let's focus on the current trend. Bitcoin futures trading seems to be attracting a lot of buyers, and if the price of Bitcoin starts to rise sharply, it is possible to increase by 5% to 10%. It should be noted that after $38,000, the buying volume is not large, and the price of Bitcoin may face certain limitations.
However, if the spot ETF of Bitcoin is approved, not only the futures market, but also the spot market will attract a large amount of capital inflow. It is worth mentioning that Arthur Hayes, former co-founder of Bitmex and current chief technology officer of the company, pointed out an important factor: the Chinese government is discussing some incentives to stimulate the economy and attract more funds. These measures may lead to a large amount of capital flowing into the Chinese market, which in turn drives up the price of Bitcoin.
Therefore, it can be inferred that the upward trend is gradually emerging. At which point are you ready to enter the market?
Some information transferred to the Internet