CME: Investors 'Expect' Spot Bitcoin ETF Approval

By Katherine Ross, Blockworks; Compiled: Pine Snow, Golden Finance

Gio Viciioso, head of CME’s cryptocurrency business, noted that his company is “ready” for the bitcoin rally that will occur on Tuesday.

Bitcoin briefly touched $35,000 on Monday before stabilizing around $33,000. The rally was driven by hopes of spot approval for the Bitcoin ETF, which the market may not see approval until early next year.

Viciioso said: "The investor community is generally looking forward to the approval of the spot Bitcoin ETF. ”

Not just retail investors. Viciioso noted that very diverse players are entering the space, “which includes both cryptocurrency investors and cryptocurrency-focused funds.” But we’re also seeing some institutional macro hedge funds and some banks also active in this area. ”

He went on to say that there is a “new interest” and “appetite” in cryptocurrencies, mainly Bitcoin.

Viciioso’s comments were supported by CME Group’s third-quarter report, which found that interest in both bitcoin and ethereum derivatives reached high levels.

Although Viciioso’s comments are in line with other analysts that there may be some basis for the rally, it may be too early to say that cryptocurrency spring has arrived.

“It’s hard to predict the future,” he said. But after CoinTelegraph misreported that BlackRock’s Bitcoin ETF had been approved by the SEC, the momentum emerging in the market suggests that “investors [the community] are gearing up for this particular event and positioning their portfolios accordingly.” ”

Viciioso isn’t the only one with this idea.

eToro’s Callie Cox said on Tuesday: "I’m not sure it’s crypto spring right now, but there seem to be a lot of positive catalysts for cryptocurrencies. ”

Meanwhile, Michael Silberberg, head of investor relations at Alt Tab Capital, believes the rally could continue into April next year, given the potential catalyst for spot bitcoin ETF approval and halving.

“With [halving] looming, Bitcoin acts as a safe haven in the current market, and wealth managers with trillions of dollars enter a market with a market cap of only about $2 trillion, which I expect is just the beginning of what will last until next April.”

“Frankly, I’m surprised by the time it takes to go up, but overall, the longer the integration, the bigger the next move,” Silberberg said. ”

However, Viciioso noted that this is not just the potential of spot Bitcoin ETFs, as “institutions are now discussing issues such as tokenization and how they can deploy or adopt tokenization strategies in their businesses.” ”

"So this sparked more interest in Bitcoin and Ethereum because… The backbone of tokenization is blockchain technology. We’re seeing more and more institutions talking about how to implement this technology, and I think that will also help drive value across individual tokens, led by Bitcoin.

Source: Golden Finance