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Last Friday, Bitcoin options saw aggressive buying of near-term calls that are set to expire on Oct. 22 and Oct. 29, with most calls falling in the $60k-65k range. Put options were bought as well to hedge against the risk of a “buy rumor sell news” situation. With the IV pumped and basis squeezed, the price of BTC rallied to $62k in the early hours of Oct. 16, but retraced to tight range trading shortly after. As the ETF approval deadline approaches, market sentiments once again picked up after BTC found its support around the $60k level; it is currently accelerating towards $65k. Meanwhile, the momentum cascades into ETH, propelling the price above the $3.8k resistance zone.
We’re just hours from potentially witnessing another milestone in the crypto industry, as the decision of approving the first U.S. Bitcoin exchange-traded fund (ETF) is in its final countdown. The Bitcoin ETF application will become effective if the Securities Exchange Commission (SEC) allows the mandated deadline to pass, without raising objections or requesting additional filings. The approval of the first futures-based ETF will likely become the harbinger of even broader adoption, opening doors to funds with massive AUM, and propel the spot market to greater heights.