Bitcoin Smashes $70K, Ethereum Pumps 12% On ETF Approval Bombshell: 'Odds Of Approval 75%,' Tweets ETF Analyst

Cryptocurrency markets are surging on strong Spot Bitcoin ETF weekly inflows and a bombshell development that spot Ethereum ETFs may have a good chance of being approved after all on Thursday.

What Happened: Major cryptocurrencies are trading higher at the time of writing.

Prices as of 4 p.m. Eastern Time:

Bloomberg senior ETF analysts Eric Balchunas and James Seyffart sent markets into a frenzy after updating their ETF approval odds from 25% to 75%. Balchunas attributes the pivot to “chatter” that the Securities and Exchange Commission “could be doing a 180,” for potentially political reasons.

Notable Statistics:

• Coinglass data indicates Bitcoin open interest at $36.6 billion, an increase of 5.4% in a single day, the highest level in more than a month.
• IntoTheBlock data notes a 1.8% increase in large transaction volume and a 2.7% increase in daily active addresses. A 104.8% surge was seen in exchange net flows.
• A solid spot bid for Bitcoin is coming from Coinbase today, indicating the possibility of another day of inflows from the Spot Bitcoin ETFs.
• Bitcoin exchange reserves dropped to an all-time low of 1.7 million indicating an incoming supply shock.

Notable Developments:

• NY AG Secures $2B Settlement Against Genesis Trading, Largest In New York’s Crypto History
• Venture Capital Interest In Crypto Revives: $2.4B Poured Into Bitcoin And Crypto Firms In Q1 2024
• Grayscale CEO Michael Sonnenshein Steps Down, Peter Mintzberg Appointed As Successor

Top Gainers:

Also Read: Bitcoin Fear And Greed Index Turns Bullish: 10x Research Highlights Key Trade Strategy

Analyst Notes: Cryptocurrency traders and analysts are bullish following the new developments:

Part-time researcher and crypto trader Bitcoin Ape notes the historic pattern that most market cycles follow and the current bull cycle "looks like it will be imitating a pattern from the last one."

He writes that "the current consolidation is setting the stage for a run to another ATH before the market peaks." Additionally, as many altcoins have not yet made a new peak and so it is "unlikely that we have seen the market top yet."

Bitcoin technical analyst CryptoCon predicts that Bitcoin is still on track for a layer 7 price target of $149,000 by the end of the year, while the more conservative layer 6 has a target of $108,000 by that time, which is the layer that marked the 2013 cycle top.

What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bitcoin Is Working Its Way Towards This ‘Liquidation Zone’ But There Is One Danger, Trader Warns

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