BTC price hovers above $61K amid fresh concerns over fate of physical Bitcoin ETF

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Bitcoin (BTC) noticed some uncommon calm on Oct. 16 because the market continued to digest the approval of the US’ first exchange-traded funds (ETFs).

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Lack of religion over non-futures ETF approvals

Knowledge from Cointelegraph Markets Pro and TradingView confirmed BTC/USD circling $61,500 on Saturday, nonetheless up by 4% in 24 hours. 

The pair had hit $62,940 hours after the Wall Road open on Friday as information hit that regulators had green-lit two ETF purposes after years of failed purposes.

These ETFs could have CME Bitcoin futures because the underlying asset, slightly than Bitcoin itself, with the Securities and Trade Fee (SEC) set to start deciding the destiny of “bodily” ETFs subsequent month.

Futures-based ETFs have had a combined reception, with opinions various significantly on their market influence and total impact on Bitcoin worth motion.

“We aren’t positive if these futures-based ETFs will have the ability to draw sufficient new cash to set off an exponential transfer larger just like the one we noticed in This autumn 2020,” crypto buying and selling agency QCP Capital acknowledged in its newest market replace.

“We do count on influx from buyers switching out of Gold ETFs into BTC. Nonetheless, with BTC above 60k, the market capitalisation is above $1.1 trillion. It’s going to take quite a bit to maneuver the needle.”

QCP identified that the character of futures ETFs meant that the merchandise would seemingly enchantment extra to retail slightly than institutional buyers, with the lion’s share of potential capital influx into Bitcoin thus reserved for bodily merchandise.

These, nevertheless, could also be a very long time coming, as buyers pile into current Canadian and European bodily Bitcoin ETFs as an alternative of ready for a possible change of play from the SEC and its new Chair, Gary Gensler.

“We suspect that after SEC Chair Gensler not directly dominated out a bodily BTC ETF within the US for the foreseeable future, buyers capable of entry these abroad markets have determined to take part there slightly than investing within the upcoming futures ETFs within the US,” QCP added.

Bitcoin futures open curiosity chart. Supply: Bybt

Bulls out in drive regardless of “priced in” ETF

As Cointelegraph reported, the outlook for the remainder of 2021 nonetheless stays rosy within the eyes of analysts, with Bitcoin tipped to succeed in wherever as much as $300,000.

Associated: Bitcoin gets green light for price discovery with ‘almost no supply’ on exchanges above $59K

A subsequent bearish section, even on a macro scale, will seemingly have a ground of no less than $47,000, knowledge suggests.

In the meantime, institutional buying and selling agency Bakkt is ready to begin trading on the New York Inventory Trade subsequent week.