TL;DR
- Bitcoin briefly reaches $35,182 as rumors of a Blackrock Bitcoin ETF approval spread around.
- The price rise concluded in more than $400M in liquidations across the crypto market, with $200M worth of liquidations coming from Bitcoin.
BlackRock Bitcoin ETF Approval Awaits
BTC is enjoying its highest trading figures since the previous May. The rise comes with speculation that BlackRock might introduce its much-awaited Bitcoin ETF very soon.
On October 23, finance attorney Scott Johnson noted an interesting update in BlackRock’s documents.
They plan to kickstart their iShares Bitcoin Trust with some initial funding this month. This move signals that BlackRock is gearing up to roll out the fund shortly.
Seeding an ETF is all about giving it the initial push. It involves buying some creation units, Bitcoin in our case, to exchange for ETF shares.
These shares are up for grabs in the open market from day one. While seeding doesn’t involve heaps of cash, it’s crucial for rolling the ball. The disclosure of such a step indicates that the launch is progressing.
This ETF appeared on the list managed by the Depository Trust & Clearing Corporation, the key entity handling trade settlements for NASDAQ transactions. This listing is essential groundwork for welcoming a new ETF to the market.
Bitcoin Liquidations Reach $200 Million
Bitcoin’s negative sentiment ended up costing traders a massive $178 million within 24 hours, as the cryptocurrency’s value shot up.
Records indicate that futures in Bitcoin were responsible for about half of the entire $300 million that got wiped out.
In comparison, futures in Ether, another cryptocurrency, saw lesser damage, with $50 million lost across various investment positions.
Among crypto trading places, Binance, Huobi, and OKX each had around $50 million worth of these forced closures.
The biggest closure happened on Binance, where one position was shut down, costing the trader $10 million.
SEC Commissioner Urges for Green Light on Bitcoin ETF
Hester Pierce expressed her disappointment regarding the delay in approving a Bitcoin ETF, an issue pending for too long.
It’s been five years of me believing we were ready to approve one. I’m baffled by the reasons we’ve been holding back. Our response to anything involving Bitcoin or other digital currencies has been subpar. I’m hopeful for a shift in attitude, prompting us to embrace a more constructive stance.
SEC Commissioner Hester Pierce
This comes as Grayscales scores wins after wins against the SEC. As of yesterday, the Judge ordered the SEC to re-review Grayscale’s bid for a Spot Bitcoin ETF.
On top of that, the SEC didn’t appeal Grayscale’s court victory for Bitcoin ETF conversion. If you want more information on that, read our article!
Do you think that the SEC will approve a Bitcoin ETF? And how will Bitcoin react to this decision?
Julia Zakharchuk
Julia is a professional crypto and blockchain writer known for her insightful YouTube channel "MoneyFest." She showcases her dynamic presentation skills as a host and moderator at blockchain conferences. Julia drives also business development at ChainUp and advises UNITBOX, an innovative NFT renting protocol. With her exceptional expertise, Julia is a highly valued industry contributor and is set to make a lasting impact. We at Coinweb are lucky to have her on board.
