Posted 11/28/2023, 3:42:41 PM
Bitcoin Surges 40% in 3 Months as Investors Bet on Spot ETF Approval
- Bitcoin (BTC-USD) is up over 40% in the last 3 months as investors await a spot bitcoin ETF approval from the SEC
- Inflows into bitcoin have surged for 5 straight weeks, nearing $300 million - the highest of the year
- Bitcoin broke out in mid-October above key levels like $30k and $35k where there had been price resistance
- The regulatory environment seems more crypto-friendly; Binance may just face a $4B fine and the industry will bounce back
- While a spot bitcoin ETF may be priced in, more enthusiasm could emerge around it; bitcoin recognition seems tied to price pops