Bitcoin Its price exceeded $38,000 for the first time in 17 months, gaining 5% on a weekly basis. BTC’s rise comes amid growing expectations that the U.S. Securities and Exchange Commission (SEC) may soon approve the spot exchange-traded fund (ETF).
SECDespite recent disruptions such as Hashdex and Grayscale delaying decisions on ETF applications, the Bitcoin price has shown resilience. These delays have not dampened market optimism, as evidenced by BTC’s continued upward trend.
Investors are also keeping an eye on Franklin Templeton’s Bitcoin ETF application, which is due today. While the decision is expected to be made in a short time, other spot ETF applications seem to be finalized in January 2024. Bloomberg Intelligence analysts predict that approvals for these spot ETFs could come as early as the first week of January 2024, potentially facilitating exposure to BTC for both institutional and retail investors.
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The potential for increased institutional demand is a key factor in the bullish outlook for Bitcoin. The approval of spot BTC ETFs is expected to simplify the process for investors to add Bitcoin to their portfolios, leading to further price gains due to increased demand.
BTCDirect’s data showing that a significant portion of BTC supply remains dormant also contributes to this positive mood. Notably, 69% of the total supply did not see any movement over the past year, contributing to a decrease in circulation volume and selling pressure. This stagnant supply is considered an important support for Bitcoin’s recent price increase.