Bitcoin price rose above the $35,000 level about an hour ago on multiple exchanges and continued to maintain impressive bullish momentum. The reason for the increase is again related to the anticipation surrounding a possible approval of the BlackRock Spot Bitcoin ETF and the expectation that this will cause a bull market.
BlackRock Spot Bitcoin ETF List Surfaces
The Bitcoin price rally was sparked by an image that has been circulated many times on social media platforms such as
Source: X
Typically, listing on the DTCC is a step for ETFs to prepare for approval by the Securities and Exchange Commission (SEC). Additionally, BlackRock, the world’s largest asset management firm, has reportedly told the regulator that it plans to launch its Spot Bitcoin ETF in October. So it seems that the asset manager is also preparing for a launch in October.
Related reading: ARK Invest’s Cathie Wood Reveals Why Bitcoin Will Reach $1.48 Million
Like Bloomberg analyst Eric Balchunas explains“Seeding an ETF is when initial funding is provided (typically) by a bank or broker-dealer that is used to purchase a few creation units (in this case bitcoin) in exchange for ETF shares listed on the can be traded on the open market on the first day.”
It should be noted that just because an ETF is listed on the DTCC does not mean it will be immediately approved. Some ETFs remain on the DTCC for months or years before receiving approval to trade, while others simply never launch. However, given BlackRock’s influence, expectations are that the company is doing this in preparation for approval.
BTC price crosses $35,000 briefly | Source: BTCUSD on Tradingview.com
Following the Bitcoin price growth trend
Bitcoin’s price rise has largely been an ‘up-only’ trend, with some pits and stops along the way. In the last 24 hours, the digital asset is already up more than 14%, with other metrics soon to follow, such as market capitalization and daily trading volume.
Bitcoin’s daily trading volume has increased by more than 257% since the start of the rally and currently stands at $44.7 billion. Similarly, Bitcoin open interest has increased by 6.36% across all exchanges, bringing its total open interest to $15.05 billion at the time of writing.
The Bitcoin Fear & Greed Index has also risen to a six-month high, at a very greedy 66. This means that investors are more willing to jump into the digital asset and the proof of this can be found in the rising daily trading volumes, as indicated. above.
Bitcoin price has since bounced back from the $35,000 level but continues to trade just above $34,500 where the bulls appear to have established support. A successful retest of the $35,000 resistance would put Bitcoin price on a path to $40,000.
