Wonder

Franklin

Bitcoin ETF

Bitcoin

<p class="is-style-lead">Senior analyst Vetle Lunde of K33 Research analyzes Bitcoin’s market trends ahead of the U.S. decision on the first spot Bitcoin ETF.</p> 
<p>Lunde’s <a href="https://k33.com/research/articles/markets-keep-climbing-on-etf-anticipation" data-type="link" data-id="https://k33.com/research/articles/markets-keep-climbing-on-etf-anticipation" target="_blank" rel="noopener">report</a> offers a detailed perspective on the crypto market and forecasts potential trends in the coming months.</p> 
<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">
   <p lang="en" dir="ltr">Update: Wow. SEC went super early on Franklin. They weren't due for another decision until Jan 1. Notably Franklin is the only issuer who didn't submit an updated S-1 yet. Wonder if that has any impact here. <a href="https://t.co/go4K1wSTpw" target="_blank">https://t.co/go4K1wSTpw</a> <a href="https://t.co/bA6aULvPCd" target="_blank">pic.twitter.com/bA6aULvPCd</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1729574910224150664?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 28, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p> You might also like: <a href="https://crypto.news/bloomberg-analysts-estimate-spot-bitcoin-etf-market-to-hit-100b/"> Bloomberg analysts estimate spot Bitcoin ETF market to hit $100b </a> </p> 
<p>Lunde attributes the <a href="https://crypto.news/btc-jump-to-44k-cost-traders-almost-270m/" data-type="link" data-id="https://crypto.news/btc-jump-to-44k-cost-traders-almost-270m/">recent positive momentum</a> in Bitcoin to the growing anticipation of the SEC’s decision, noting a significant rise since October, backed by strong institutional demand. He draws parallels with past events that have historically boosted Bitcoin’s value, such as the CME BTC futures launch in 2017, Coinbase’s IPO in April 2021, and El Salvador adopting Bitcoin as legal tender in September 2021. According to Lunde, these events indicate a potential bullish trend for Bitcoin in December as ETF decisions draw closer.</p> 
<p>The report points out the sustained institutional interest in Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>), evidenced by the substantial inflows in ETPs and record highs in CME open interest. Lunde interprets these trends and a 20% futures premium as indicators of Bitcoin’s resilience, largely driven by institutional investments, while retail participation remains unchanged.</p> 
<p>However, Lunde notes minimal offshore flows and a decline in Bitcoin-denominated open interest in BTC perpetuals, suggesting a lack of widespread enthusiasm among crypto natives. In his view, this is a positive sign for Bitcoin’s <a href="https://crypto.news/markets/" data-type="link" data-id="https://crypto.news/markets/">market</a> stability.</p> 
<p>With the deadline for the <a href="https://crypto.news/analyst-points-to-imminent-signs-of-spot-bitcoin-etf-approval/" data-type="link" data-id="https://crypto.news/analyst-points-to-imminent-signs-of-spot-bitcoin-etf-approval/">spot Bitcoin ETF</a> decision nearing, Lunde anticipates some traders might capitalize on the potential peak in Bitcoin’s value, following a pattern of front-running major events.</p> 
<p> Read more: <a href="https://crypto.news/bitcoin-primed-for-100000-says-crypto-analyst/"> Bitcoin primed for $100k, says crypto analyst </a> </p>

K33 Research: Bitcoin’s return to ATH will be soon thanks to Bitcoin ETF

crypto.news

Other articles published on Dec 6, 2023

Lugano Now Accepts Tax Payments in Bitcoin and Tether

Bitcoin Developer: Ordinals and BRC-20 Will No Longer Exist

Will Ethereum’s price prediction piggyback on Bitcoin’s rise?

BitMEX partners with PowerTrade for new crypto trading products

SEC Filings with Bitcoin Mentions Reach All-Time High in Recent Month

ARK Invest Sells $33M of Coinbase Shares, $5.9M of Grayscale Bitcoin Trust

Join our free newsletter for daily crypto updates!