By: Eva Baxter
With Bitcoin hitting new yearly highs, the current market atmosphere sees an unprecedented surge in the approval rate for a Bitcoin ETF. According to inside sources from the US Securities and Exchange Commission (SEC), Bloomberg's initial prediction of a 90% approbation rate has surged beyond 99%. An SEC insider, Andrew, stated on X (previously Twitter) that the foregoing likelihood now surpasses the prior weekly estimate of 99%.source
Reports also indicate a marked increase in the activity of dormant Bitcoin whales. On-chain data shows an awakening pattern among ten-year dormant whales that mirrors the 2021 bull run. The current price of Bitcoin trading around $42,400 with an increase of over 14% in the past seven days has also affected this development. source
Besides, Bitcoin futures open interest on the Chicago Mercantile Exchange (CME) is bordering on its 2021 all-time high, pitching at $5.2 billion. Analysts opine that the futures positioning on CME could potentially drive Bitcoin's price even higher. source
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