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    Bitcoin ETF liquidity set to surge after SEC options approval — QCP

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    The US Securities and Exchange Commission (SEC) has given approval for the New York Stock Exchange and the Chicago Board Options Exchange to list options for Bitcoin exchange-traded funds (ETFs). QCP Capital predicts a significant increase in money flowing into Bitcoin ETFs, potentially pushing Bitcoin’s price to new heights. Crypto analyst Rekt Capital states Bitcoin needs to close the week above $68,700 to confirm a significant price leap. Bitcoin ETFs recently surpassed the record for $20 billion in total net flows within ten months of launching.

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    Bitcoin exchange-traded funds (ETFs) are getting a big boost in liquidity, thanks to a thumbs up from the U.S. Securities and Exchange Commission (SEC). On October 18, the SEC gave the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE) the green light to list options for Bitcoin ETFs. This means the 11 approved Bitcoin ETF providers can now offer options trading.

    Trading firm, QCP Capital, believes this approval could lead to a big increase in money flowing into Bitcoin ETFs. In fact, continued cash inflows like this could help Bitcoin’s price to hit a brand-new record. And considering ETFs made up about 75% of all new investments in Bitcoin as it passed the $50,000 mark on February 15, it’s not an unlikely scenario.

    As the U.S. presidential elections in 2024 get closer, investor interest in riskier assets like Bitcoin and other cryptocurrencies could go up too. QCP Capital thinks this could give assets like this a big boost leading up to election time.

    Meanwhile, everyone’s gearing up for election day, which is just under three weeks away. Former president Donald Trump’s chances of winning the election, according to Polymarket, rose to a record 60.2% on October 16.

    Crypto analyst Rekt Capital says that to confirm a potential big jump up from its current price, Bitcoin needs to end the week above $68,700. If that happens, it could be a good sign for Bitcoin’s value.

    Also, this week’s increased cash inflows into ETFs might support Bitcoin in possibly breaking out. For instance, Bitcoin ETFs already passed the record for $20 billion in total net flows on October 17, within just 10 months of launching. Compare that to gold-based ETFs which took almost five years to reach the same $20 billion milestone.

    Source: Cointelegraph

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