The post Bitcoin price churns under $37K as markets hold breath for ETF news appeared on BitcoinEthereumNews.com.

Equities traded sideways while cryptos were mixed Friday morning, rounding out a tumultuous week for markets across the board.  Bitcoin (BTC) gained as much as 1% Friday afternoon while ether (ETH) dipped into the red, posting a 1.6% loss. Stocks were trading almost completely flat, extending their sideways movement from Thursday.  Bitcoin’s rally, which has seen the largest crypto gain close to 30% in the past month, has largely been attributed to optimism that the US Securities and Exchange Commission will soon green light a BTC exchange-traded fund.  The speculation continued Friday when Bloomberg Intelligence ETF analyst Eric Balchunas posted on X that he’d heard the securities regulator has been in talks with exchanges regarding cash creates (where redemptions would be handled in cash rather than bitcoin), a narrative traders took to mean approval may be imminent.  The frenzy may have been premature — the SEC on Friday once again delayed its decision on an issuer’s proposed Ethereum product — but if and when a spot bitcoin ETF becomes a reality, traders have good reason to expect a price bounce.  “There does seem to be a relationship between inflows as a percentage of [assets under management] and change in price,” CoinShares head of research James Butterfill said in a note Friday. “The highest inflows were witnessed when the prices were rising, suggesting many ETP investors are momentum trading.”  Analysts from Galaxy are calling for 10% of American investors to put 1% into bitcoin ETFs within the first year, should the product make it to market, which would equate to inflows of $14.4 billion.  “A spot ETF could be suited for any investor that wants direct exposure to bitcoin without having to own and manage the bitcoin through self-custody, offering numerous benefits over current bitcoin investment products,” Galaxy analysts wrote.  Bitcoin…

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Filed under: News - @ November 18, 2023 1:12 am