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

Zinger Key Points
  • Global crypto market capitalization is 5.6% higher as Bitcoin open interest peaks to one month highest and Ether ETF approval odds at 75%.
  • One trader notes Bitcoin’s current consolidation setting the stage for another peak, while another notes even $72,000 as a very low target.

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:

CryptocurrencyPriceGains +/-
Bitcoin BTC/USD$70,115.06+5.9%
Ethereum ETH/USD$3,443.39 +11.9%
Solana SOL/USD$187.19+10.2%
Dogecoin DOGE/USD$0.1576+5.8%
Shiba Inu SHIB/USD$0.00002508+5.4%

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:

Top Gainers:

CryptocurrencyPriceGains +/-
Pendle PENDLE/USD$5.92+25.6%
Pyth Network PYTH/USD$0.4596+21.6%
Beam BEAM/USD$0.02927+18.6%

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

Image: Shutterstock

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