To confirm a potential breakout from its current crab walk, Bitcoin needs to close the week above $68,700, according to market analysts. <\/p>\n
<\/span> 13097 <\/span> Total views <\/span><\/p>\n 15 <\/span> Total shares <\/span><\/p>\n<\/div>\n Spot Bitcoin exchange-traded funds (ETFs) could see a significant liquidity boost, after the latest approval of the United States Securities and Exchange Commission (SEC).<\/p>\n On Oct. 18, the US SEC approved applications<\/a> from the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) to list the long-anticipated options for spot Bitcoin (BTC)<\/a> exchange-traded funds (ETFs).<\/p>\n This will make options trading available for the 11 approved Bitcoin ETF providers.<\/p>\n The approval could significantly bolster Bitcoin ETF inflows, according to trading firm QCP Capital, which wrote in an Oct. 19 research note:<\/p>\n \u201cThe consistent inflows into the ETF highlight that institutional demand remains strong. With this morning\u2019s approval by the SEC\u2019s approval for BTC ETF options to be listed on the NYSE, we believe this will provide the ETF with the needed liquidity to attract sustainable inflows.\u201d<\/p><\/blockquote>\n Continued ETF inflows<\/a> could help Bitcoin\u2019s price reach a new all-time high. ETFs accounted for about 75% of new investment<\/a> in the cryptocurrency by Feb. 15 as it surpassed the $50,000 mark.<\/p>\n BTC\/USD, 1-year chart. Source: Cointelegraph<\/em><\/p>\n<\/figcaption><\/figure>\n The upcoming 2024 US presidential elections could significantly improve investor appetite for risk-on assets such as Bitcoin and other cryptocurrencies.<\/p>\n Related: <\/strong><\/em>Trump pump? Bitcoin climbs to 2.5-month high as Trump widens lead<\/strong><\/em><\/a><\/p>\n This will help risk-on assets stage a rally leading up to the election, noted QCP Capital:<\/p>\n \u201cWith US equities close to all-time highs and the Japanese yen on a fresh weakening trend, risk-on sentiment will only grow stronger as we approach the US election. This will propel risk assets higher and support our Uptober narrative.\u201d<\/p><\/blockquote>\n Market participants are preparing for the US Election Day<\/a>, which will occur in less than three weeks. Former president Donald Trump\u2019s Polymarket odds<\/a> of winning the presidential elections rose to a record high of 60.2% on Oct. 16, Cointelegraph reported.<\/p>\n To confirm a potential breakout from its current crab walk, Bitcoin needs to close the week above $68,700, according to popular crypto analyst Rekt Capital.<\/p>\n Related: <\/strong><\/em>MicroStrategy shares soar 1,540% since 2020, outperforming S&P 500<\/strong><\/em><\/a><\/p>\n The analyst wrote<\/a> in an Oct. 18 X post:<\/p>\n \u201cOn the cusp of confirming a breakout beyond the multi-month channel top resistance. A weekly close just like this would be bullish.\u201d<\/p><\/blockquote>\n BTC\/USD, 1-week chart. Source: Rekt Capital<\/em><\/p>\n<\/figcaption><\/figure>\n A potential breakout could be supported by this week\u2019s positive ETF inflows. Bitcoin ETFs surpassed<\/a> the record $20 billion milestone in total net flows on Oct. 17, within 10 months from launch.<\/p>\n In contrast, it took Gold-based ETFs nearly five years to cross this same $20 billion milestone.<\/p>\n Magazine: <\/strong><\/em>Bitcoin $500K prediction, spot Ether ETF \u2018staking issue\u2019\u2014 Thomas Fahrer, X Hall of Flame<\/strong><\/em><\/a><\/p>\n<\/picture><\/div>\n
Bitcoins Risk-on sentiment to grow leading up to US presidential elections: QCP<\/h2>\n
Bitcoins Bitcoin needs a weekly close above $68.7K<\/h2>\n