Bitcoin Futures Hit Record High Ahead of Potential SEC Approval of Bitcoin ETF
• MacroMicro's bitcoin futures smart money index rose to a record high of 13,711 last week, signaling record net bullish positions ahead of the SEC's bitcoin ETF decision
• The index tracks the spread between institutional investors' long and short positions on CME's bitcoin futures
• The smart money index has risen sharply this quarter with strengthening expectations of a Fed rate cut in 2024 and bitcoin spot ETF approval
• Observers expect record inflows into bitcoin following the launch of a spot ETF, which could set up a "sell the news" scenario
• Some analysts foresee bitcoin topping out between $45,000-$48,500 after the ETF launch before resuming its uptrend ahead of April's mining reward halving