The fateful date of January 10, announced as the date for the approval of a Bitcoin spot ETF, is approaching. American investors are anticipating this eventuality by massively purchasing crypto assets in bitcoin (BTC). This, in defiance of the alert from Arthur Hayes who predicted a substantial correction in the flagship crypto.
Investors are actively buying bitcoin (BTC) before January 10
American investors are showing great enthusiasm for bitcoin (BTC). According to recent reports, they are investing heavily in the digital asset ahead of the January 10, 2024 deadline.
As a reminder, this is the deadline set by crypto experts and analysts regarding the approval, by the Securities and Exchange Commission (SEC), of a bitcoin spot ETF. A perspective considered historic for the crypto industry.
The rush towards bitcoin (BTC) is observable when examining the disparity in asset prices on crypto exchanges Binance and Coinbase. We see a growing gap ranging from a few dollars to more than 50 dollars.
The trend suggests a sharp increase in BTC purchasing activities carried out by US investors. For CryptoQuant, this suggests an intensification of bitcoin acquisitions as the deadline for approval of the Bitcoin Spot ETF approaches.
However, there are risks
Amid this fervor around the flagship crypto, Arthur Hayes, the co-founder of BitMEX, recently sounded a cautious note. In particular, he predicts a potential correction of 40% in the price of bitcoin (BTC).
The investor’s prediction is mainly due to financial reasons. In particular, the availability of liquidity in US dollars, in connection with the prospect of a reduction in interest rates by the US Federal Reserve (Fed) in 2024.
This projection contrasts with the optimistic forecast from Standard Chartered bank which envisions the price of the flagship crypto reaching six figures by the end of the year. A prospect for which some institutional investors like MicroStrategy are preparing.
The company, which is already the world’s largest institutional holder of bitcoin, is a notable player in the aggressive accumulation of BTC. Despite having a bitcoin portfolio of around $6 billion, the company recently increased its holdings by purchasing $615 million worth of bitcoin. Proof of unshakeable faith in the flagship crypto and its prospects, supported in particular by the next bitcoin halving.
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