#BTC 2024 started strongly for the futures market as the Chicago Mercantile Exchange Bitcoin (CME) Bitcoin (BTC) futures traded at $47,040 on January 2. This is reported to be higher than the spot price as analysts explore the cause for this price move. Crypto traders have also questioned whether the movement was only limited to CME, and if it has any significance in the future price move.
In an attempt to answer this, some analysts have linked the feat to the market anticipation of the potential approval of the spot Bitcoin Exchange-Traded Fund (ETF). It can be recalled that a senior analyst at Bloomberg, James Seyffart, recently stated that a chance of ETF approval by January 10 has a 90 percent probability.
Okay, we’re nearing in on deadline dates for 3 spot #Bitcoin ETF applications. I want to get ahead of it because there’s a pretty good chance we’ll see delayed orders from the SEC. Delays WOULD NOT change anything about our views & 90% odds for 19b-4 approval by Jan 10, 2024.
Explaining the market behavior, analysts disclosed that a typical healthy market sees monthly futures contracts trading between 5 percent to 10 percent basis rate to account for a longer settlement time. A look at the CME’s Bitcoin futures between January 2023 and November 2023 shows that there was a very low premium relative to the BTC spot market. It has barely exceeded $350, a 14 percent increase annually.
