Bitcoin is poised to experience a surge in institutional investments as anticipation mounts for the approval of a United States exchange-traded fund (ETF).
Dan Tapiero, the founder and CEO of 10T Holdings, has joined the ranks of Bitcoin bulls who believe that institutional adoption is on the horizon.
As the excitement surrounding the potential approval of a U.S. Bitcoin spot price ETF continues to grow, the price of BTC has responded with enthusiasm. BTC/USD reached its highest level in 18 months.
Simultaneously, institutional interest is showing signs of a significant shift. Open interest in CME Group’s Bitcoin futures markets, a traditional institutional platform for BTC derivatives, has surpassed that of Binance for the first time.
For Tapiero, this development marks a pivotal moment. He stated on November 10th, “Now begins the renewed drumbeat of ‘institutional adoption’ of Bitcoin, driven by real facts rather than hope.
As CME BTC futures open interest surpasses Binance in the #1 spot, a torrent of capital from the traditional financial world is about to enter.”
READ MORE: SEBA Bank Receives License from Hong Kong Regulator to Offer Crypto Services in Asia Pacific
Aggregate Bitcoin futures open interest reached over $17 billion on November 9th, marking a seven-month high. As of the current moment, it stands at around $15.5 billion.
The optimism surrounding the ETF approval, expected in early 2024 but potentially sooner, is widely shared in the market.
QCP Capital, a trading firm, highlighted the potential impact of a spot ETF for Ether in its latest market update, suggesting it could further boost the crypto market.
However, amidst this overall bullish sentiment, QCP cautioned that Bitcoin’s daily relative strength index (RSI) has been forming lower highs, signaling a potential cooling-off period from recent highs.
They emphasized the importance of caution as BTC faces crucial resistance levels and a triple bear divergence with the RSI, which historically indicates a slowdown in momentum.
At the time of writing, BTC/USD was trading near $36,500, while ETH/USD had surpassed the $2,000 mark with a daily gain of over 4%.
As institutional interest continues to grow, the crypto market remains on edge, eagerly awaiting the potential approval of a U.S. Bitcoin spot price ETF and the subsequent influx of capital from traditional finance.
Discover the Crypto Intelligence Blockchain Council
