Euphoria is Back Ahead of ETF Listings: Bitcoin Hits $63k and Ether Nearly $4k as NYSE Certifies “Approval for Listing”
OI on Bitcoin futures has hit a new ATH on both Binance and CME, while annualized daily basis on Binance is closing on 13%.
Bitcoin is just inches away from hitting its all-time high of $65,000.
Much like Bitcoin, Ether is rallying and back to surpassing $4,000. Climbing to $3,970, Ether is less than 10% away from its mid-May ATH of $4,380. The price of ETH had briefly reached $4k in early September. ETH -0.96% Ethereum / USD ETHUSD $ 3,829.41
-$36.76-0.96% Volume 16.5 b Change -$36.76 Open $3,829.41 Circulating 117.96 m Market Cap 451.7 b
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While Bitcoin is in the lead, and Ether following, altcoins are lagging behind but still managing to see greens. This has the total crypto market cap making a new all-time high at $2.62 trillion earlier today.
Thanks to positive price active driving greed, the funding rate is also trending up ever since late September when it was negative. BTC’s annualized daily basis on Binance is closing 13%, but there’s still a lot of room to grow as, during the April peak, it went to 41.4%.
Open interest on Bitcoin futures is fast approaching mid-April ATH $27.38 bln, currently sitting at $22.85 billion. On Binance and CME, OI is already at a new high of $5.38 billion and $3.61 billion, respectively, and leading the futures market.
Ether’s OI is rising even at a much faster pace, sitting at $11.04 billion, not far from $11.55 bln high from early May. On CME again, OI on Ether futures is already at a new ATH of $1.01 bln.
Approval for Listing
All of this excitement is due to the Bitcoin Futures ETF finally starting trading next week. The market is extremely confident that the US will finally see a Bitcoin exchange-traded fund listing.
While there is no confirmation, ProShares is ready to roll out its fund, having filed paperwork. The fund will go by the ticker BITO with a 0.95% expense ratio and would only hold Bitcoin futures contracts, having removed the language for investing in Canadian ETFs.
“If anyone needs more evidence that this is happening on Tuesday. Proshares’ 8A just hit which registers the ETF’s shares with the SEC for trading on an exchange,” commented James Seyffart, ETF analyst at Bloomberg Intelligence.
The amended filing from ProShares indicated that the ETF would begin trading next week, which suggests the SEC is unlikely to block the listing at this point. NYSE Arca also certified “its approval for listing,” meaning the exchange will allow investors to trade the funds as allowed under federal law without the interruption of the regulatory agency.
Ten such applications for a Bitcoin futures ETF have been filed ever since SEC chief Gary Gensler first hinted at his support for such a product in August. In the weeks ahead, Valkyrie and Investor could also follow ProShares into the market.
Late on Friday also came the reports that the largest digital asset manager Grayscale Investments plans to file an application to convert its bitcoin fund into a spot ETF next week. GBTC is currently trading at a 15.12% discount.