Ethereum

United

Bitcoin

Bitcoin, the leading cryptocurrency, is poised to experience a significant influx of institutional capital, with industry experts anticipating a surge in demand driven by the potential approval of a United States exchange-traded fund (ETF). As Bitcoin’s price reaches 18-month highs, the shift towards institutional adoption is evident, with CME Group’s Bitcoin futures market overtaking Binance in open interest. This development marks a significant turning point, according to Dan Tapiero, founder and CEO of 10T Holdings, who believes that a “torrent” of institutional investments is about to flow into Bitcoin. 
Institutional interest in Bitcoin has been steadily growing, and recent data suggests that it is gaining momentum.<a href="https://www.cryptopolitan.com/cme-inches-closer-to-overtaking-binance/"> CME</a> Group’s Bitcoin futures market, a well-established institutional platform for BTC derivatives, has surpassed Binance in open interest for the first time. This shift underscores the increasing preference among institutional investors for CME Group’s offering. 
Aggregate open interest in Bitcoin futures reached a milestone on November 9, exceeding $17 billion, marking a seven-month high. Although the current figure stands at approximately $15.5 billion, as reported by CoinGlass, it still represents a substantial amount of institutional capital at play. 
Dan Tapiero, a prominent figure in the cryptocurrency space, views this development as a pivotal moment for Bitcoin. He predicts that the renewed focus on “institutional adoption” will serve as a catalyst for Bitcoin’s continued growth. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Now begins the renewed drumbeat of "institutional adoption" of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a>   . Real facts driving idea now rather than hope. As CME <a href="https://twitter.com/hashtag/btc?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#btc</a>    futures open interest surpasses Binance in the #1 spot. Torrent of capital from the traditional world about to hit. h/t adi <a href="https://t.co/PaoK3InSkx" rel="nofollow" target="_blank">pic.twitter.com/PaoK3InSkx</a>— Dan Tapiero (@DTAPCAP) <a href="https://twitter.com/DTAPCAP/status/1722769263352586325?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">November 10, 2023</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="bitcoin-and-ethereum-s-etf-outlook">Bitcoin and Ethereum’s ETF outlook</h2> 
While Bitcoin enjoys growing institutional support, Ethereum is also poised for potential gains. Market analysts believe that an ETF approval for Ethereum could further boost its adoption and price performance. 
Trading firm QCP Capital, in its November&nbsp; market update, <a href="https://twitter.com/DTAPCAP/status/1722769263352586325?s=20" rel="nofollow noopener" target="_blank">discussed</a> the possibility of a spot ETF for Ethereum. While they anticipate the approval for a spot BTC ETF to be delayed until January 2024, the prospect of an Ethereum ETF could ignite investor enthusiasm and drive cryptocurrency prices higher by the end of the year. 
Despite the overall bullish sentiment surrounding Bitcoin, there are indications that caution may be warranted. QCP Capital highlighted a series of lower highs on Bitcoin’s daily relative strength index (RSI) values, signaling a potential cooling-off from the recent price highs. 
Investors and traders are advised to monitor these RSI signals closely, as they could influence short-term price movements. However, the broader institutional trend remains positive, with Bitcoin continuing to attract significant attention from institutional players. 
Bitcoin’s journey towards mainstream institutional adoption appears to be reaching a critical juncture. The recent shift in open interest from Binance to CME Group’s Bitcoin futures market signifies a growing preference among institutional investors for established and regulated platforms. With the potential approval of a U.S. Bitcoin spot price ETF on the horizon, Bitcoin’s future looks promising. 
Ethereum, another major cryptocurrency, is also set to benefit from the ETF boost, as market experts anticipate renewed interest in the asset class. While caution is advised due to the lower highs on Bitcoin’s daily RSI, the overall trajectory for institutional involvement in cryptocurrencies remains positive.

CME takes the lead as institutional adoption grows

Table of Contents

Cryptopolitan_News

Other articles published on Nov 10, 2023

How to get Kyber Network?

Maker (MKR) Price Action Sends Short Traders into Profit – What’s Behind it?

Analyst claims bear, bull cycles do not affect crypto adoption

Why Bitcoin Price is Poised to Break $50K- Insight from Onchain Hints Bull Run to $110k

Bitget Exchange Lists SATS

Bitcoin (BTC) Price Analysis for November 10

Join our free newsletter for daily crypto updates!