SEC’s Potential Bitcoin ETF Approval Spurs $17.7T Institutional Influx Hopes

SEC’s potential Bitcoin ETF approval spurs $17.7t institutional influx hopes. Anticipating a seismic shift in Bitcoin’s trajectory, former BlackRock executive Steven Schoenfield foresees a colossal influx of $17.7 trillion from institutional investors once the Security and Exchange Commission approves spot Bitcoin ETFs. Despite skeptics, optimism persists, with insiders projecting probable approval within the next three to six months, defying earlier estimations for early 2024.

Check out what Senior ETF Analysts for @Bloomberg posted on X:

Another good chart from the report is this one: North America accounts for 98% of all the crypto ETF trading volume in the world. If/when spot ETFs come out in US this will likely go to like 99.5%. pic.twitter.com/nEF7dcaQu4

— Eric Balchunas (@EricBalchunas) August 10, 2023

Bloomberg analysts now rate the approval likelihood at 75%, fueling excitement. This potential approval has already catalyzed a surge in BTC applications. If the SEC gives the nod, it could revolutionize the digital asset landscape, propelling Bitcoin to unprecedented heights. Notably, BlackRock, along with financial heavyweights such as WisdomTree, Invesco Galaxy, Valkyrie, and VanEck, eagerly awaits this pivotal decision, poised to reshape the financial sector profoundly.

Bitcoin Critical Levels To Watch – October 8

BTCUSD converged within a bullish pennant after the aggressive, expansive move in March 2023. The formation of the bullish pattern lasted until mid-June 2023. The bullish trend resumed afterwards, until a new high formed at $31862.00. As the Bitcoin market reflexes, traders and investors monitor the price movements and speculate on the next big move.

Price declines exuberantly after the $31862.00 high formed. Following the bullish divergence signal from the Stochastic Oscillator, the uptrend eventually resumed. As the market’s order flow flipped bullish, BTCUSD is likely to continue its uptrend for a long time.

BTC/USD Critical Levels

Resistance Levels: $28661.00, $31862.00, $36800.00
Support Levels: $24750.00, $22655.00, $19569.00

BTC Metrics

Total Market Capitalization: $1.09T
Bitcoin Market Capitalization: $545B
Bitcoin Volume: $7.6B
Market Rank: #1

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