Bitcoin ETFs Could Receive Greenlight from US SEC Soon: Spectators
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Speculators are optimistic that the US Securities and Exchange Commission (SEC) could approve a set of Bitcoin (BTC) future exchange-traded funds (ETFs) applications soon.
The Commission should reach a verdict on four BTC ETF applications, including ProShares Bitcoin Strategy ETF, Invesco Bitcoin Strategy ETF, VanEck Bitcoin Strategy ETF, and Valkyrie Bitcoin Strategy ETF.
BTC futures ETFs allow institutional investors to gain exposure to the benchmark cryptocurrency without directly holding out owning any coins.
If approved, the US will have four Bitcoin futures ETFs by the end of October, after several years of delay. Approval by the SEC will positively rock the $6.7 trillion US ETF industry.
ETF analyst with Bloomberg James Seyffart noted that he is optimistic the watchdog would greenlight the financial products soon. This renewed optimism comes after comments from SEC Chair Gary Gensler that Bitcoin futures products filed Under the Investment Company Act of 1940 would receive a favorable review from the Commission.
Also, the SEC recently asked two Ethereum futures ETFs issuers to withdraw their applications without demanding the same of Bitcoin-based applications. This action sparked hope among spectators that BTC ETFs would receive favorable rulings.
Issuers have filed—to no positive end—for BTC ETFs for over eight years now. That said, President of the advisory firm the ETF Store Nate Geraci noted that it could come across as “somewhat disingenuous” for the SEC to encourage ETF filing only to turn them down.
Key Bitcoin Levels to Watch — October 10
Following a parabolic bull run from the $41K region in late September, BTC has fallen under a range-bound bias amid struggles to claim the $56K level.
That said, a break above the $56K resistance or below the $54K support ($56K – $54K pivot zone) should dictate the next line of action for the primary cryptocurrency in the coming days. While the overall bias falls in bullish territory, traders should take caution as market conditions enter “greed mode.” Failure to break out of this pivot zone should leave BTC in a range-bound momentum.
Meanwhile, our resistance levels are at $56,000, $56,700, and $57,000, and our key support levels are at $54,000, $53,000, and $52,500.
Total Market Capitalization: $2.32 trillion
Bitcoin Market Capitalization: $1.03 trillion
Bitcoin Dominance: 44.8%
Market Rank: #1
