The Bitcoin ETF Approval Window and Its Impact on BTC Price

After a week of consolidation at $35,000, Bitcoin (BTC) has made a strong move rallying another 3.5% and moving to $36,500. The move comes as Bloomberg’s senior ETF strategist James Seyffart updated that a crucial Bitcoin ETF Approval Window Opens on Friday.

Understanding the Bitcoin ETF Approval Window

In his recent note, Seyyfart updated that a brief window for the U.S. SEC to approve all 12 spot Bitcoin ETFs opens on Friday, November 9. Last month, the SEC has already issued delay orders for applications from giants like BlackRock, VanEck, Bitwise, WisdomTree, Fidelity, Invesco, and Valkyrie.

Joining this conversation, finance lawyer Scott Jhonson stated: “If there’s a hypothetical approval this week, there’s probably MINIMUM a month (and probably a couple) before any ETF actually launches.”

Bitcoin Price Surge and Investor Sentiments

The recent BTC Price surge comes as traders have opened up new long positions. On-chain data provider Santiment noted that Bitcoin has surged by an impressive 37% in just two months, and during this rally, the ratio of traders opening bullish positions (as opposed to bearish) has reached the highest point in three months.

Furthermore, the total open interest on exchanges has significantly expanded to reach $7.2 billion. While the current enthusiasm and fear of missing out (FOMO) are running high, ideally, Bitcoin will maintain its upward momentum even after these sentiments subside.

Hot Take: The Future of Bitcoin ETF Approval and Its Impact on Market Dynamics

The developments clearly show for a fact that Bitcoin ETF approval is most likely to happen by the first week of January. Thus, Bitcoin continues to enjoy active investor participation.