Equilibrium

David

Bitcoin

Gold

Navigating through turbulent times, the cryptocurrency market has displayed distinct patterns, most notably, Bitcoin’s ability to maintain its steadiness amid volatile surroundings. 
Its movement in recent months, particularly an 8% rise since mid-June, starkly contrasts with that of Ether (ETH), which saw a dip of 7.5%, Bitcoin, according to <a href="https://www.tradingview.com/symbols/ETHBTC/" rel="nofollow noopener" target="_blank">TradingView</a> data. 
<figure id="attachment_24548" aria-describedby="caption-attachment-24548" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="size-full wp-image-24548" src="https://crypto.ro/en/wp-content/uploads/2023/10/ETHBTC_2023-10-13_14-14-31.png" alt="ETH/BTC" width="1835" height="869" srcset="https://crypto.ro/en/wp-content/uploads/2023/10/ETHBTC_2023-10-13_14-14-31.png 1200w, https://crypto.ro/en/wp-content/uploads/2023/10/ETHBTC_2023-10-13_14-14-31-300x142.png 300w, https://crypto.ro/en/wp-content/uploads/2023/10/ETHBTC_2023-10-13_14-14-31-1024x485.png 1024w, https://crypto.ro/en/wp-content/uploads/2023/10/ETHBTC_2023-10-13_14-14-31-768x364.png 768w, https://crypto.ro/en/wp-content/uploads/2023/10/ETHBTC_2023-10-13_14-14-31-750x355.png 750w, https://crypto.ro/en/wp-content/uploads/2023/10/ETHBTC_2023-10-13_14-14-31-1140x540.png 1140w" sizes="(max-width: 1835px) 100vw, 1835px" title="Bitcoin Outperforms ETH as traders eye ETF approval 15">
 <figcaption id="caption-attachment-24548" class="wp-caption-text">
 ETH/BTC
 </figcaption>
</figure> 
This divergence is not incidental and can be attributed to traders preemptively accounting for the potential approval of spot-based exchange-traded funds (ETFs). 
<h2 id="traders-and-analysts-eye-bitcoin-etf-approval">Traders and analysts eye Bitcoin ETF approval</h2> 
David Duong from Coinbase Institutional shared an insight, indicating that the potential approval of Bitcoin Exchange-Traded Products (ETPs) might already be partially reflected in its current performance. 
Although a nod from the U.S. Securities and Exchange Commission (SEC) might further elevate Bitcoin, it’s uncertain how significant this outperformance could be. 
With traditional finance stalwarts like BlackRock (BLK) showing interest and filing for spot-based BTC ETFs, the cumulative effect of such moves on the cryptocurrency is worth noting. 
A spot-based bitcoin ETF has been a focal point for the crypto market for quite some time, with enthusiasts and traders alike viewing it as a potential gateway for significant mainstream investment. 
A speculation from NYDIG posits that bitcoin spot-based ETFs could usher in $30 billion in new demand for the paramount digital asset. However, inflows into highly-anticipated ETFs, like the first spot gold ETF in the U.S., SPDR Gold Shares ETF (GLD), often materialize over an extended period, hinting at the possibility of a gradual influx for Bitcoin. 
The geopolitical strife and consequential economic tremors have led to a somewhat steadying of the major tokens, amidst a market rife with potential hazards and downturns. 
With Bitcoin marginally hovering over $26,800 after a 3% reduction over the preceding week and ETH trading just over $1,500 after a 5% weekly dip, the crypto market mirrors adjustments to escalating oil prices and a drop in traditional equities, which could impact international trade. 
<h3 id="equilibrium-persists-amidst-anticipation-and-caution">Equilibrium persists amidst anticipation and caution</h3> 
Andy Bromberg, CEO of Beam, perceives the current price action in the Bitcoin markets to be neither inherently bullish nor bearish. He underscores a prevailing balance, stating, 
<blockquote>
 “Significant movement is unlikely to happen until after some sort of catalyst, such as the halving or the introduction of spot ETFs.”
</blockquote> 
This relative stability post-initial sell-off might reflect a degree of confidence in Bitcoin as a long-term “quality” asset, with Dan O’Prey from Bakkt acknowledging a notable flight to quality in both providers and assets over recent years.

Bitcoin Outperforms ETH as traders eye ETF approval

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