ETF Bitcoin: it's a green light! Imminent official announcement!

The wait is over for the crypto sphere: the approval of Bitcoin ETFs (and this time, it’s serious). Eric Balchunas shared this great news on his X account (Twitter) an hour ago. We are now awaiting the official SEC announcement.

Bitcoin spot ETF approvals: appointment for 10 PM!

In a context of confusion following the false announcement on the X account of the SEC, great news is emerging. Indeed, the approvals of the Bitcoin ETFs are imminent, and the official announcement is expected later in the day.

It is Eric Balchunas, senior ETF analyst at Bloomberg, who announces on his X account (Twitter).

“Happy ETF approval day (for real this time) to everyone celebrating. As far as we know, it’s ALL SYSTEMS GO.“

Happy ETF Approval Day (for real this time) to all those who celebrate.. as far as we know it's ALL SYSTEMS GO. Most likely is we see formal approvals ballpark 4-6pm today with the Derby starting on Thursday. We are ready at Bloomberg, getting DES pages up as we speak. pic.twitter.com/sh8aoYypdg

— Eric Balchunas (@EricBalchunas) January 10, 2024

According to him, the formal approvals of Bitcoin ETFs will be announced between 4 PM and 6 PM (New Jersey time) today, which is between 10 PM and midnight, France time.

The Futures Open Interest on BTC reaches a peak on the CME

With this imminent approval of spot Bitcoin ETFs, there is also a growing presence of institutional investors in the derivatives sector. Indeed, according to data from Glassnode, Bitcoin Futures Open Interest on the CME has reached a peak of 36% in relative dominance.

On the Glassnode chart, the Open Interest on Bitcoin futures contracts of the Chicago exchange is currently at $6.34 billion.

This suggests that institutional investors are heavily engaged in trading Bitcoin futures on the CME. The leading crypto market could thus receive significant capital inflows. Moreover, an analysis estimates that cash-settled Bitcoin ETFs could attract up to $100 billion in inflows by 2024.

Of course, the Bitcoin market is expected to experience repercussions. This includes changes in terms of liquidity and volatility, as well as an increase in interest from institutional investors. For the moment, the BTC price on Binance stabilizes around $45,150, with a variation of -2.2% on the day.