Is Bitcoin's Recent Price Surge Due to ETF Excitement? 🏦
Bitcoin surged to its highest levels since April 2022, reaching $45,922, driven by renewed excitement over the potential approval of the first US spot Bitcoin exchange-traded fund (#ETF ).
Traders anticipated this approval, with #BTC trading as if an ETF was imminent. While some selling occurred, it didn't significantly affect Bitcoin's price, which is expected to target $48,000 around the ETF decision.
Surprisingly, despite Bitcoin's 8% gain in 2024, shorters betting against it saw minimal losses, with only $38 million in BTC shorts #liquidated .
This suggests that earlier shorts were caught off guard, indicating potential volatility, especially around the $45,000 mark, as the perpetual market tries to catch up with the spot price.
Cross-crypto short liquidations reached $62 million, further signifying the market's response to the ETF-related price movement.
