Last night, the price of Bitcoin experienced a short-term breakthrough of $30000, rising by 3.33% within 24 hours, and the current quotation is $29576

Last night, the price of Bitcoin experienced a short-term breakthrough of $30000, rising by 3.33% within 24 hours, and the current quotation is $29576.

This is the second time since October 16th that Bitcoin has tested the resistance line of $30000, and both attempts are closely related to Bitcoin spot ETFs.

Market Review: Bitcoin led the way, while Ethereum performed weakly. Due to high expectations in the market compared to Bitcoin spot ETFs and the Federal Reserve's slowing interest rate hike policy, Bitcoin saw a significant increase this week, rising from its lowest price of $27137 to its highest price of $30206, an increase of 11.3%.

However, unlike Bitcoin's strong performance, most counterfeit coins perform relatively weakly. In the past 24 hours, Ethereum has only increased by 3.4% and is currently quoted at $1607. However, the ETH/BTC trading pair has continued to decline, reaching a new low in nearly 16 months and currently quoting 0.05433.

Among today's top ten cryptocurrencies in market value, only Solana's growth (11%) and XRP's (7.6%) surpassed Bitcoin's; Among the top 50 tokens in market value, BSV (24.9%), STX (14.6%), and BCH (5%) performed well, while other tokens did not show as much growth as Bitcoin.

Affected by the overall market rise, the total market value of cryptocurrencies has exceeded $115.89 billion, an increase of 3.3% within 24 hours. The trading enthusiasm of cryptocurrency users has significantly increased, with today's panic and greed index reaching 53 (last week's average of 45). The level of greed has increased compared to last week, transitioning from neutral to greedy.

In terms of derivatives trading, over the past 24 hours, there have been $111 million in net outflows, with Bitcoin outflows of $51.32 million and Ethereum outflows of $15.37 million. A total of 35588 people have suffered outflows losses.

In addition, the discount situation of grayscale products is still not optimistic, and the net asset discount rate of GBTC is currently -13.12%. However, the discount range of GBTC has been narrowing recently, with the current discount level reaching a new low in nearly two years, indicating that the market's confidence in converting grayscale GBTC into spot ETFs is constantly increasing.

The discount rates for grayscale trusts in other major currencies are as follows: Ethereum (-46.84%), Ethereum Classic (-45.15%), Litecoin (-10.69%), Bitcoin Cash (-9.05%), and Cybercoin (-21.76%). At the same time, eight other products showed positive premiums, including Filecoin (+522.90%), Solana (+264.58%), Chainlink (+175.62%), Horizen (+20.00%), BasicAttentionToken (+19.50%), Decentraland (+86.05%), StellarLumens (+124.19%), and Livepeer (+7.84%).

Listed companies related to the cryptocurrency market have also been affected by the upward trend, with their stock prices generally rising by over 10% in the past week. Among them, the stock price of Coinbase (NASDAQ: COIN), a compliant encryption platform in the United States, rose 4.53% today, quoting $76.33; The stock price of MicroStrategy (NASDAQ: MSTR), the listed company that holds the most Bitcoin, rose 5.1% today, quoting $359.80.

Reason: Expected digestion of Bitcoin spot ETF approval

This round of market rise is mainly driven by the expected approval of Bitcoin spot ETFs. Even if the six spot ETFs originally scheduled for this week's resolution were postponed, it did not dampen the market's enthusiasm. Many well-known project parties and institutions have expressed optimistic views on the future approval of Bitcoin spot ETFs.

Coinbase is confident that the US SEC will approve Bitcoin ETFs. The SEC may soon approve spot Bitcoin ETFs and emphasize its failure to prevent grayscale from converting its GBTC into ETFs in court.

JPMorgan analysts say that as the US SEC has not appealed against the recent litigation ruling of Grayscale, it is expected that the SEC may approve multiple spot Bitcoin ETF applications within "a few months". Spot Bitcoin ETFs are most likely to be approved before January 10, 2024, i.eArkInvest and 21SharesBefore the final deadline for application.

The probability of the US SEC approving Bitcoin spot ETFs is increasing. The fact that the SEC chose to raise questions rather than reject the relevant application documents submitted by people indicates its willingness to continue advancing this matter. Wood emphasized the growing optimism of the crypto community compared to the Bitcoin ETF.

ETF 2023 2024 SEC 2024 1 10 ARK Wood ArkInvest ETF

The global 5-year search value for the phrase 'spot bitcoin ETF' is expected to reach a high of 100 this week.

Future: Expected to be officially approved by the end of the year for Bitcoin spot ETFs

Has Bitcoin broken through the $30000 mark and opened the door to a new bull market? There are several positive factors regarding the future trend of Bitcoin.

One is to halve the market price. Whenever the Bitcoin blockchain generates 210000 blocks, the miners' block rewards will be halved; This halving occurs approximately every four years, which will slow down the issuance speed of Bitcoin. The next round of Bitcoin halving will occur on May 9, 2024.

The multiple halving in history is closely related to the bull market cycle of the entire crypto market. According to past data statistics, Bitcoin will reach its peak around 368-550 days after halving, and then reach its bottom within 779-914 days after halving;

The second is the expected approval of Bitcoin spot ETFs. On October 19th, both Grayscale and BlackRock updated their relevant documents on Bitcoin spot ETFs. In addition. SEC Chairman Gary Gensler also expressed a relatively neutral answer to the spot ETF application for Bitcoin, without a clear rejection attitude, conveying a positive signal.

The emergence of spot ETFs will also bring more incremental funds to the market, driving up the price of Bitcoin.

If BlackRock's spot Bitcoin ETF is approved by the US Securities and Exchange Commission, the price of Bitcoin may rise to between $42000 and $56000. In addition, Matrixport's analysis of 15000 registered investment advisors in the United States predicts that funds worth approximately $12 billion to $24 billion may flow into such ETFs.

According to market feedback, the recent rise in Bitcoin may be due to the expectation of pre digestion of ETF passage.

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