Bitcoin Soars Past $36K as Massive Short Squeeze Fuels Momentum Toward Spot ETF
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Bitcoin prices crossed $36K, extending the largest digital asset's rally. A "short squeeze" was triggered, driving prices higher.
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Over $21M in shorts were wiped on BitMEX exchange, followed by OKX and Binance, suggesting the move was driven by Asia-based trades.
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The surge came as reports emerged that Grayscale's GBTC could be on track to convert to a spot ETF, a milestone for crypto investing.
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Analysts at Bloomberg Intelligence reiterated a 90% chance of a spot bitcoin ETF approval in January.
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If the SEC wants to allow all 12 ETF filers to launch, this is the first window since Grayscale's court victory was affirmed.