Preface: Investment carries risks and caution is necessary everywhere. This content is for reference only
Preface: Investment carries risks and caution is necessary everywhere. This content is for reference only.
News flash:
1. Bloomberg analyst: The probability of spot Bitcoin ETFs being approved by January 10th is 90%
Eric Balchunas and James Seyfart, senior analysts at Bloomberg, have raised the probability of spot Bitcoin ETFs being approved by January 10th to 90%.
BitLab: ETF is an investment tool that provides investors with investment opportunities targeting specific assets such as stocks, commodities, or cryptocurrencies by listing and trading on a stock exchange. The spot Bitcoin ETF will allow investors to obtain the public exposure of Bitcoin by purchasing the ETF, while consuming direct holding or trading of Bitcoin.
2. Bitwise CIO: The demand for spot encrypted ETFs will be 100 times that of futures
Bitwise CIOMatt Hougan stated in an interview that the demand for spot encrypted ETFs will be 100 times that of futures ETFs. Hougan stated that spot gold ETFs manage approximately $100 billion in assets. The gold futures ETF is actually zero, as the only existing ETF is closed due to a lack of interest. Therefore, investors want spot Bitcoin and spot Ethereum ETFs, and they will use futures based ETFs as a transition until they have these spot products.
BitResearch: Spot ETFs allow investors to obtain the actual supply of cryptocurrency by purchasing fund donations, rather than relying solely on futures contracts. Hougan believes that the demand for cryptocurrency ETFs will clearly exceed that for futures cryptocurrency ETFs, similar to the demand gap of spot gold ETFs that have recently exceeded gold futures ETFs.
3. The Bank of India has launched a CBDC pilot in the demand money market, including asset tokenization
MoneyControl quoted sources familiar with the pilot of the Bank of India's wholesale CBDC as saying that the Central Bank of India has started testing its wholesale central bank digital currency (CBDC) in the demand money market and has already conducted some transactions. Sources said that more use cases will be tested in the coming days, and the roadmap should cover the entire wholesale field, such as asset tokenization, where securities will be tokenized, repurchase transactions, etc.
BitResearch: The Bank of India is actively promoting the central bank's digital currency initiative, especially through testing in the wholesale market. The introduction of CBDC may provide higher efficiency and security for financial transactions, while promoting innovation such as asset tokenization.
4. New York Times: US authorities are monitoring Bitcoin miners related to China
According to a report by the New York Times on October 13th, US government officials are closely monitoring certain cryptocurrency mining operations related to China due to national security concerns. According to reports, one of the locations being monitored by the authorities is a encrypted mining operation area in Wyoming, located near the Microsoft Data Center, which supports some of the Pentagon's operations.
Bitcoin Research Institute: The US government monitors Bitcoin miners related to China due to national security concerns. This may be because cryptocurrency mining activities involve a significant amount of computing power and power consumption, which carries certain security risks.
5. Reuters: The SEC does not intend to appeal the grayscale ruling
According to Reuters, the SEC does not intend to appeal the grayscale ruling, which is in line with many industry insiders' predictions of the situation. This decision will increase the possibility of converting the grayscale Bitcoin Trust Fund (GBTC) into a more investor friendly ETF.
BitResearch: In addition to the reasons for the court's response, the institution still has the right to refuse the request for other reasons. This means that the final grayscale still needs to wait for the SEC's decision, and it cannot be ruled out that the SEC may have other reasons to refuse to convert Bitcoin trust funds into ETFs.
BTC Market Analysis:
On a daily basis, the market closed a positive line yesterday, with its highest point at 27130 and its lowest point at 26685. It can be seen that the m-shaped pattern above the upward trend line has completed, and there is currently a upward trend of pullback. If the subsequent market does not fall below the trend line, it may still be an upward trend.
From the 1-hour level, it can be seen that the bulls broke through the resistance above the box twice, but failed to stand firm and were pushed back by the bears. This indicates that the bears are still relatively strong, with insufficient upward momentum, and later fell back above the mid track line. At present, the Bollinger belt is in an open shape, and the coin price runs between the middle and upper tracks. The MACD fast and slow lines form a golden cross above the zero axis, and the green energy column runs in a reduced amount. The KDJ three lines are bonded, and overall, it is still within a wide range of fluctuations.
ETH Market Analysis:
The Ethereum market has finally gained another positive line after several consecutive days of multiple negative and single positive events. It can be seen that in the previous few days, the support position of pin 1539 was inserted downwards, but it was not physically touched or broken. It was finally touched the day before yesterday and yesterday, but the resistance of pin 1595 above was still relatively strong. The pin was inserted upwards multiple times, but only once. If the subsequent market can break the resistance level of 1595 upwards, then the market may approach near the resistance level of 1646, or it may fluctuate and retreat above the support level of 1539 and rise in a wave.
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