BlackRock and WisdomTree File Updated S1 for Bitcoin ETF
BlackRock and WisdomTree have made significant progress towards a spot Bitcoin exchange-traded fund (ETF) by filing updated S1 amendments. BlackRock’s amendment signals a shift in strategy, prioritizing cash creations over in-kind creations. This move is seen as a positive sign for the progression of their proposed ETF. WisdomTree has also submitted their S1 amendment, further contributing to the evolving landscape of cryptocurrency exchange-traded products.
Bitcoin Price Analysis: Descending Triangle Pattern
Crypto analyst Ali Martinez highlights the formation of a descending triangle pattern on Bitcoin’s hourly chart. Key levels at $41,900 and $40,700 are crucial points to watch, as a decisive close above or below this range could trigger a significant price shift of 8% to 9%. Bitcoin wallets holding 1 Bitcoin or less have reached an all-time high, indicating increased coin ownership. Mid-tier wallets have slightly declined while larger whale wallets show an upward trajectory in their holdings.
Hot Take: Positive Developments Boost Bitcoin’s Price Momentum
The recent filing of updated S1 amendments by BlackRock and WisdomTree for their Bitcoin ETFs has provided a boost to Bitcoin’s price momentum. This signifies progress in the journey towards the approval of a spot Bitcoin ETF, which could potentially open doors for more institutional investors to enter the crypto market. Additionally, the analysis of Bitcoin’s price dynamics and wallet sizes reveals interesting trends that can help traders make informed decisions. Overall, these positive developments and market trends contribute to the growing confidence in Bitcoin’s future prospects.
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