The price of BTC continues to push higher, and the bullish momentum remains intact as news around the Bitcoin ETF (Exchange Traded Fund) improves overall sentiment. In the wake of the recent rally, some trading firms doubled down on their bullish positions.
As of this writing, the price of Bitcoin stands at $24,200 with sideways movement in the last 24 hours. The cryptocurrency rose by over 20% the previous week, operating as the top performer in the top 10 by market capitalization.Bitcoin ETF To Trigger Larger Rally: What’s The Target?
Via social media platform X, trading desk QCP Capital their positions coming into the rally. The firm longed Bitcoin volatility with options contracts, taking some profits on their positions as the cryptocurrency rallied.(…) we believe the SEC will avoid playing the role of kingmaker, sticking with its own precedent set during the BTC/ETH futures ETF approval process and will wait to approve multiple managers at the same time. Nonetheless with this bullish break of 32k, we believe the market has started to price in an approval as the base case. The only question now is when the approval will happen.
SEC To Avoid Kingmaking In Bitcoin ETF Approval.
The trading firm believes the financial instrument will get approved in 2024. The SEC will likely avoid favoring one firm to prevent BlackRock or other asset managers from taking a large portion of the clients and the trading volume, as when the future Bitcoin ETF was approved. The firm believes the financial instrument could get approved “much later than the market expects now.” As mentioned, investors have begun pricing in any price action associated with the ETF, which could lead BTC to another range until 2024. The firm players from taking late long positions:(…) we are seeing stretched positive perp funding rates especially on Deribit (BTC over 70% and ETH over 100%) as well as elevated short-end ATM vols (BTC up to 75%!) – typically indicative of an exhausted short-term move.Cover image from Unsplash, chart from Tradingview