Bitcoin ETF

Bitcoin

David

Velo

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 Bitcoin started the week with a bang, but the real question is, what is driving the move and is it sustainable?
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<div class="cointelegraph">
 Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> pushed above the $31,000 mark on Oct. 23, notching a near 4-month high last seen when BTC <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> traded at $31,800.&nbsp;
 The fresh upside push comes as analysts and investors express their excitement over new developments which could <a rel="noopener noreferrer nofollow" title="point" href="https://thebittimes.com/tag/point.html">point</a> to the impending launch of a spot Bitcoin ETF.
 <blockquote class="twitter-tweet">
 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
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 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 “and disclosing it shows another step in the process of launching.”
 Balchunas clarified the process, saying:
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 “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.”
 </blockquote>
 Related: Bitcoin ETF to trigger massive demand from institutions, EY says
 <h2 id="bitcoin-spot-volumes-and-institutional-investor-activity-make-waves">Bitcoin spot volumes and institutional investor activity make waves</h2>
 From the vantage point of market analysis, Bitcoin’s swift move through the $30,000 zone appears driven by spot volume.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/24/65c049aa855fec05fb0cdf1533fec897.webp">
 <figcaption style="text-align: center;">BTC/USDT 1-hour chart. Source: Velo
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 Data from CoinMetrics also shows an uptick in weekly crypto asset inflows by institutional investors into digital asset investment products.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/24/8aec717d670ddf5251e69a84d588bc9b.webp">
 <figcaption style="text-align: center;">Weekly crypto asset flows. Source: CoinShares
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 CoinShares analyst David Butterfill said,
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 “Digital asset investment products saw inflows for the 4th consecutive week totalling US$66m, bringing the last 4 week run of inflows to US$179m. Following recent price appreciation, total Assets under Management (AuM) have risen by 15% since their lows in early September, now totalling nearly US$33bn, the highest point since mid-August.”
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 Volumes for CME futures also doubled, a reflection that spot and futures traders have fresh bullish sentiment about Bitcoin’s recent price action.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/24/5e270bbd059963bd2ce4b048beb83c25.webp">
 <figcaption style="text-align: center;">Bitcoin futures volume and open interest. Source: CME Group
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 <figure><img src="https://cdn.thebittimes.com/images/2023/10/24/e87c97adbd9e0535e51801c4139b9b92.webp">
 <figcaption style="text-align: center;">Bitcoin futures volume and open interest. Source: CME Group
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 The uptick in CME volumes and spot volume, as opposed to a surge in Binance futures open interest suggests that this week’s move could be more than just the standard leverage-loving retail trader attempting to open margin longs and shorts on the recent price move.
 From the technical analysis side, Bitcoin’s 20-day moving average has slightly pushed above the 200-day moving average, which is a positive move, but many traders will be waiting for the supposed all-important golden cross where the 50-day moving average moves above the 200-day moving average.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/24/638dc40a94aa88d4838ed4451d4a5dda.webp">
 <figcaption style="text-align: center;">BTC/USDT daily chart. Source: TradingView
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 In terms of Bitcoin’s market structure on the longer timeframe, successive daily closes above the $31,700 level would be notable as daily or weekly higher high candles above this level puts the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> above a key <a rel="noopener noreferrer nofollow" title="pivot" href="https://thebittimes.com/tag/pivot.html">pivot</a> <a rel="noopener noreferrer nofollow" title="point" href="https://thebittimes.com/tag/point.html">point</a> and enters territory not seen since May 2022.
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 This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-price-trades-near-key-31-7k-pivot-point-can-btc-bulls-keep-up-the-volume-tbt67484.html">https://thebittimes.com/bitcoin-price-trades-near-key-31-7k-pivot-point-can-btc-bulls-keep-up-the-volume-tbt67484.html</a>

Bitcoin price trades near key $31.7K pivot point — Can BTC bulls keep up the volume?

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