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:
| Cryptocurrency | Price | Gains +/- |
| 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:
- 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:
| Cryptocurrency | Price | Gains +/- |
| 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
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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