ETF Approval Hopes Push Bitcoin Prices Up 10% As Traders Bet on Further Upside

Monday's false BTC ETF approval report briefly spiked prices 10% to $30K, showing plenty of demand waiting for an actual approval.

The price pop challenges the notion that ETF approval is already priced in.

Failure to appeal the Grayscale BTC Trust conversion makes spot ETF approval likely in early 2023.

The rally in call options shows traders are positioning for further upside.

Bitcoin options skews have turned bullish in the short and medium term, while ETH lags.