Bitcoin ETF Approval Date: Traders Bet 89% Chance By January 15
Portfolio Pulse from Murtuza Merchant
Traders on Polymarket are betting on an 89% chance that the U.S. will approve a Bitcoin ETF by January 15. The optimism, which has grown from 50% a month earlier, has contributed to Bitcoin's price surge above $45,000. The SEC may inform the 14 spot ETF applicants of their approval status soon. Some traders are hedging with 'No' contracts against potential price drops if the ETFs are not approved.
January 02, 2024 | 7:41 pm
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The anticipation of a Bitcoin ETF approval has contributed to Bitcoin's price surge above $45,000. Traders are hedging bets in case the SEC postpones the ETF launch, which could lead to a price drop.
The high probability of a Bitcoin ETF approval has led to increased optimism and a surge in Bitcoin's price. However, there is also a risk of price volatility if the SEC does not approve the ETFs as expected. Traders are using 'No' contracts as insurance against their long positions, indicating a significant impact on Bitcoin's price based on the SEC's decision.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100