BlackRock and WisdomTree File S1 Amendments for Bitcoin ETF, BTC Price Surges Past $43,000 Amid Market Optimism
Crypto News – The cryptocurrency market, particularly Bitcoin, has been experiencing remarkable volatility recently. In an impressive surge, Bitcoin’s value has soared by 5.5%, crossing the $43,000 threshold. This upswing has resulted in a staggering $50 billion increase in Bitcoin’s market capitalization in just 24 hours.
This surge in Bitcoin price aligns with significant advancements in the realm of Bitcoin Exchange-Traded Funds (ETFs). Leading this charge are BlackRock and WisdomTree, who have both submitted updated S1 amendments for their respective Bitcoin ETFs. This move follows closely on the heels of similar updates from Ark Invest and 21Shares.
A Strategic Shift in Bitcoin ETFs
The latest development in the Bitcoin ETF saga comes from BlackRock. Bloomberg analyst James Seyffart recently highlighted this in his report. BlackRock has made a notable amendment to its S-1 filing, a move signaling a major progression in their pursuit of a spot Bitcoin ETF. This update indicates a strategic pivot, as BlackRock has now adopted a cash-only approach for their ETF, in compliance with the directives from the Securities and Exchange Commission (SEC). This decision to focus on cash creations, deferring in-kind creations to a later date, marks a pivotal moment in BlackRock’s ETF strategy and sets the stage for future developments.
WisdomTree, not far behind, has also followed suit, updating their S1 amendment, indicating a similar strategic direction.
Bitcoin Price Dynamics and Market Trends
Renowned crypto analyst Ali Martinez has shed light on Bitcoin’s current price movements, highlighting a descending triangle pattern emerging on the hourly chart. According to Martinez, traders should closely monitor the $41,900 and $40,700 levels, as a decisive move beyond this range could trigger a substantial 8% to 9% shift in Bitcoin’s price.
There’s also a noteworthy shift in Bitcoin ownership patterns. Wallets holding one Bitcoin or less have reached an all-time high, indicating a vigorous accumulation phase since early November. In contrast, mid-tier wallets have seen a slight decrease in their holdings, while larger ‘whale’ wallets have increased their Bitcoin stakes. This shift suggests a nuanced change in Bitcoin accumulation across different wallet sizes, reflecting evolving trends in the cryptocurrency market.
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