The Bitcoin price has reached a milestone by surpassing $35,000 for the first time since May 2022. This surge in price is attributed to several factors. Firstly, there is growing anticipation surrounding the potential approval of a Spot Bitcoin ETF by BlackRock. Speculations were fueled by the revelation that BlackRock has obtained a CUSIP and may be looking to launch the ETF soon. The listing of BlackRock iShares Bitcoin Trust on the Depository Trust & Clearing Corporation (DTCC) further added to these rumors. However, it’s important to note that there is no set timeline for the approval.
Another significant factor is the conclusion of the dispute between Grayscale and the U.S. Securities and Exchange Commission (SEC). The court case ended with the SEC being compelled to revisit its earlier decision to decline Grayscale’s proposal for a spot ETF. This event suggests a potential approval of a spot ETF by the SEC. Additionally, Bitcoin short sellers have been squeezed, leading to a surge in price as they cover their positions. The options market and the emergence of TWAP buying, along with the Coinbase premium, also played a role in shaping Bitcoin’s price movement. Overall, these factors contribute to the recent rise in Bitcoin’s price.
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