Bitcoin (BTC) price pushed above the $31,000 mark on Oct. 23, notching a near 4-month high last seen when BTC price traded at $31,800.
The fresh upside push comes as analysts and investors express their excitement over new developments which could point to the impending launch of a spot Bitcoin ETF.
So two things caught my eye from the latest iShares (Blackrock) S-1 amendment:
– They’ve obtained a CUSIP in prep for a launch
– They may be looking to seed with cash this month (which is earlier than I would’ve thought, but may be nothing) pic.twitter.com/lMDaKxiIbB— Scott Johnsson (@SGJohnsson) October 23, 2023
Referring to Johnsson’s post, Bloomberg Senior ETF analyst Eric Balchunas cautioned his followers to not get overly excited, and explained that the amended iShares (Blackrock) S-1 document shows BlackRock could be preparing to seed their ETF and that “disclosing it shows another step in the process of launching.”
Balchunas clarified the process, saying:
“Background: Seeding an ETF is when initial funding is provided (typically) by a bank or broker dealer used to purchase a few creation units (in this case bitcoin) in exchange for ETF shares which can be traded in open market on Day One.”
Related: Bitcoin ETF to trigger massive demand from institutions, EY says
Bitcoin spot volumes and institutional investor activity make waves
From the vantage point of market analysis, Bitcoin’s swift move through the $30,000 zone appears driven by spot volume.
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Author: Ray Salmond
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