2024

Bitcoin

The crypto community is buzzing about the US Securities and Exchange Commission (SEC) approving spot Bitcoin Exchange-Traded Funds (ETFs). This anticipation has permeated market discussions and significantly influenced social media metrics around Bitcoin. 
According to Santiment, a leading on-chain analytics platform, there has been a notable <a href="https://twitter.com/santimentfeed/status/1744428987374588198?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">increase</a> in Bitcoin’s social dominance in recent times, particularly in short-term periods. 
<h2 id="bitcoin-social-dominance-surge-and-market-response">Bitcoin Social Dominance Surge And Market Response</h2> 
Santiment’s data reveals a spike in Bitcoin ETF-related conversations since mid-October, marking the highest level of social interest since the bullish rally. The top eight trending topics in these discussions include ETF, BTC, week, approval, BTC ETF, Monday, spot, and Gary, signifying the community’s focus on the potential ETF approval. 
<blockquote class="twitter-tweet"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> The potential <a href="https://twitter.com/hashtag/BitcoinETF?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#BitcoinETF</a> approval is seemingly on all of the <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#crypto</a> community’s mind as <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">$BTC</a> has surged above $46.1K for the first time since April, 2022. Wide expectations presume several <a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">#ETF</a> applications will be approved simultaneously, which would immediately 
 (Cont) <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/60fc77UUp8" target="_blank" rel="noopener nofollow">pic.twitter.com/60fc77UUp8</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1744428987374588198?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 8, 2024</a>
</blockquote> 
This trend is not just a reflection of growing investor interest but also points to the impact of social sentiment on market dynamics. As conversations around Bitcoin ETFs dominate social platforms, they highlight the significant role of community expectations and speculative discussions in <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-spot-etf-analyst-predicts-2-scenarios-for-price-beforehand/" target="_blank" rel="noopener ">shaping market trends</a>. 
Amid this heightened social chatter, Bitcoin’s <a href="https://www.newsbtc.com/all/bitcoin-enters-uncharted-territory-with-first-ever-golden-cross/" target="_blank" rel="noopener ">market performance</a> has mirrored the optimistic sentiment. Yesterday, the flagship crypto <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rallies-48k-imminent/" target="_blank" rel="noopener ">surged past the $47,000 mark</a>, a notable achievement since April 2022. 
Although there has been a slight retracement, with Bitcoin currently trading around $46,721, the asset maintains a <a href="https://www.newsbtc.com/news/bitcoin/jim-cramer-bitcoin-topping-off/" target="_blank" rel="noopener ">3.8% increase</a> over the past day. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/kUpPwvzZ/" alt="Bitcoin (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com" width="2770" height="1556"> 
<h2 id="etf-approval-anticipation-analysts-offer-perspectives-on-sec-s-swift-response">ETF Approval Anticipation: Analysts Offer Perspectives On SEC’s Swift Response</h2> 
Notably, Bitcoin’s rally underscores the market’s responsiveness to the <a href="https://www.newsbtc.com/news/bitcoin/spot-bitcoin-etfs-8-above-fair-value/" target="_blank" rel="noopener ">spot ETF</a> buzz and the potential impact of the anticipated approval. So far, experts in the field have been closely monitoring these developments, offering their insights into the unfolding scenario. 
One significant observation comes from James Seyffart, an ETF sector analyst, who offers an alternative <a href="https://twitter.com/JSeyff/status/1744521691605209512?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">view</a> to the speculation of an approval delay by the US SEC. 
Seyffart acknowledges the SEC’s recent comments on the S-1 filings of aspiring issuers, particularly regarding fee structures. However, he interprets these developments not as signs of postponement but as indications of the SEC’s readiness to progress. 
<blockquote class="twitter-tweet"> 
 1. This is true, comments came back on those S-1 documents with the fees that we all went crazy over this morning (this isn’t out of ordinary) 2. Expect to see more amendments tomorrow because of this 3. That said — I don’t think this is necessarily a delay signal <a href="https://t.co/o2m0lIBSct" target="_blank" rel="noopener nofollow">https://t.co/o2m0lIBSct</a> 
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1744521691605209512?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 9, 2024</a>
</blockquote> 
The promptness in the SEC’s feedback, Seyffart <a href="https://x.com/JSeyff/status/1744522095692825080?s=20" target="_blank" rel="noopener nofollow">notes</a>, is unusual for the agency and suggests an eagerness to advance the approval process. <a href="https://twitter.com/SGJohnsson/status/1744540687041704223?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">Echoing</a> Seyffart’s opinion, ETF specialist Scott Johnsson remarked on the unusual swiftness of the SEC’s recent feedback. 
Johnsson remembered how past ETF approvals, such as the futures-based ones in 2022, did not require fully completed S-1 forms for 19b-4 approval. Johnsson suggests that the current swift response from the US SEC likely indicates a deliberate effort to accelerate the approval and introduction of spot&nbsp;Bitcoin ETFs. 
<blockquote class="twitter-tweet"> 
 Yes, it’s unheard of. And to remind everyone, S-1s do not NEED to be complete when 19b-4s are approved. Take futures ETFs in 2022. Hashdex didn’t even get initial comments until after its 19b-4 was approved. More than anything, these quick comments demonstrate SEC working to push… <a href="https://t.co/SjIUIHxQD4" target="_blank" rel="noopener nofollow">https://t.co/SjIUIHxQD4</a> 
 — Scott Johnsson (@SGJohnsson) <a href="https://twitter.com/SGJohnsson/status/1744540687041704223?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">January 9, 2024</a>
</blockquote> 
This perspective offers a ray of hope to the crypto community, eagerly awaiting a favorable decision that could significantly impact the market and solidify Bitcoin’s position in the broader financial landscape. 
Featured image from Unsplash, Chart from TradingView

Bitcoin Social Dominance Soars As Spot ETF Approval Nears: Santiment

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