• Bitcoin inspired hope in the market as it crossed the $40k mark. 
• Trader activity reached new highs.

Optimism around Bitcoin [BTC] has been at an all-time high as BTC crossed $40,000. The surge in BTC’s price has caused institutional investors to get even more eager in their pursuit of BTC’s ETF.

Its ETF season

According to Bloomberg analyst James Seyffart, BlackRock has resubmitted a modified document for a Bitcoin spot ETF (ETFS-1) to the US SEC.

The SEC has reportedly given similar instructions to multiple issuers, including Bitwise, which previously submitted a second revised S-1 document.

This indicates concerted efforts between the SEC and these issuers to address and resolve outstanding issues.

The increased accessibility might drive more people to invest in Bitcoin. It could potentially impact its demand and value positively as well.

UPDATE: They’re just pouring in. We have another spot #Bitcoin ETF S-1 (prospectus) amendment tonight. This one is from @BlackRock. SEC is obviously giving multiple issuers the same or very similar instructions. pic.twitter.com/nk1yImZpXk

— James Seyffart (@JSeyff) December 4, 2023

Coupled with that, Open Interest in BTC was also rising.

Traders go all in

Open interest in bitcoin perpetual futures on Deribit has hit a yearly peak at $740 million, a level last observed in November 2021 during bitcoin’s all-time high above $68,000. Additionally, CME’s bitcoin long open interest has reached an all-time h

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Author: Himalay Patel

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