HomeNewsBitcoin Nears 9-Month Record Weekly Close, $250M Awaits Bulls on Friday

Bitcoin Nears 9-Month Record Weekly Close, $250M Awaits Bulls on Friday

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  • Bitcoin is on track for its most robust weekly close since March, driven by an upswing in price and anticipation for the upcoming options expiry.
  • The potential approval of spot Bitcoin ETFs by prominent financial institutions has sparked significant enthusiasm in the cryptocurrency market.

Bitcoin (BTC), the world’s foremost cryptocurrency, is on course for its most substantial weekly close since March of this year. This surge follows a series of Bitcoin spot ETF applications from some of the world’s most substantial financial entities. Currently, Bitcoin is hovering around the $30,000 mark, building on the gains it made earlier in the week, thereby showcasing a market cap of $582 billion.

BlackRock, the world’s largest asset manager, has initiated a substantial wave of optimism in the crypto market by submitting its Bitcoin spot ETF application. According to Vetle Lunde, a senior analyst at K33 Research, an approved application would significantly impact Bitcoin’s market structure, making it easier for financial advisors to offer exposure to the token.

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The recent price spike came as a surprise to bearish traders who had anticipated a downturn in the wake of the Securities and Exchange Commission’s (SEC) stringent action against Coinbase and Binance. However, Bitcoin defied expectations, soaring by 10% in just two days, potentially delivering a hefty profit of $250 million to bullish traders during today’s expiry.

Bitcoin’s option expiry today showcases various likely outcomes based on BTC’s price range. For example, in the price range of $27,000 – $28,000, the buy options (calls) outnumber the sell options (puts) resulting in a net advantage of $60 million for the buy instruments. The advantage for buyers increases as the BTC price range escalates, potentially resulting in a profit of $310 million if the price range reaches between $30,000 and $31,000.

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Bitcoin’s price hovered around $30,180 after investor optimism spiked following the application for BTC spot ETFs by three significant financial services giants, including BlackRock. Although it temporarily dipped to $29,575 following BitGo’s announcement to call off the acquisition of rival Prime Trust, it quickly regained its momentum. This rise in the crypto market was partly driven by the pessimistic global growth outlook as global central bank tightening enters a new phase.

Finally, the potential approval of a Bitcoin ETF is a narrative shift that will likely spur the digital asset industry forward. Such approval, whether it’s BlackRock’s or from the flurry of recent filings, demonstrates the growing desire of traditional finance heavyweights to gain exposure to the digital asset industry.


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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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