Bitcoin ETF: it’s the green light!  Official announcement imminent!

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

Approvals of spot Bitcoin ETFs: see you at 10 p.m.!

In a context of confusion following the false announcement on the SEC’s X account, excellent news is emerging. Effectively, Bitcoin ETF approvals imminentand theofficial announcement will be expected later today.

It was Eric Balchunas, senior ETF analyst at Bloomberg, whoad on his X account (Twitter).

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

According to him, the formal approvals Bitcoin ETFs will be announced between 4 p.m. and 6 p.m. (New Jersey time) today, i.e. between 10 p.m. and midnight, French time.

Futures Open Interest on BTC reaches a peak on the CME

Faced with this imminent approval of spot Bitcoin ETFs, we also notice a growing presence of institutional investors in the derivatives sector. Indeed, according to the Glassnode data, Bitcoin Futures Open Interest on the CME reached a peak of 36% in relative dominance.

Bitcoin - graph showing the evolution of Open Interest Futures on BTC on the CME exchange
Glassnode on X

On the Glassnode chart, the Open Interest on Bitcoin futures on the Chicago Stock Exchange currently stands at $6.34 billion.

This suggests that institutional investors are heavily engaging in Bitcoin futures trading on the CME. The flagship crypto market could thus receive large inflows of capital. Moreover, one analysis estimates that spot Bitcoin ETFs could attract up to $100 billion in inflows in 2024.

Obviously, the Bitcoin market should experience repercussions. This includes changes in terms of liquidity and volatility, as well as increased interest from institutional investors. For the moment, the price of BTC on Binance is stabilizing around $45,150, with a variation of -2.2% over the day.

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