Bitcoin Eyes $37,000 Amid Spot Bitcoin ETF Buzz

Bitcoin’s price surged by 2.84% on November 9 as bullish momentum shows no mercy. Will Bitcoin hit $40,000 by the end of year as predicted?

Bitcoin Targets $37,000

Bitcoin hit $36,810 on Thursday, the highest level so far this year. At the press time, the flagship cryptocurrency is trading around $36,600, up by 2.84% in the last 24 hours. One of the drivers behind this uptick is the buzz surrounding the potential approval of a spot Bitcoin exchange-traded (ETF).

The U.S. Securities and Exchange Commission (SEC) is reportedly in talks with Grayscale Investment over the firm’s proposal to convert its Grayscale Bitcoin Trust (GBTC) to a spot product. According to a source familiar with the matter, Grayscale is said to have worked with two divisions – Division of Trading and Division of Corporation Finance – since the court ruling.

Craig Salm, Grayscale Investments Chief Legal Officer, also expressed optimism, saying that it is a matter of time, not the possibility.

The securities agency has yet to approve any spot crypto ETFs, but it appears that the regulators are open to discuss the offerings. Previously, CEO of ARK Invest Cathie Wood said that the SEC had changed behavior toward ARK Invest & 21Shares’ spot Bitcoin ETF.

While it doesn’t necessarily guarantee an absolute approval, for now it’s bullish enough for crypto members.

Bloomberg’s recent updates indicated a 70% probability of spot Bitcoin ETF approval by the end of 2023 and a 90% probability by January 10, 2024, the SEC’s deadline for deciding on ARK Invest & 21Shares’ spot Bitcoin ETF applications.

Bitcoin Supply Dips to Lowest

Data from on-chain analysis firm Glassnode shows that Bitcoin’s supply is now at the lowest, which indicates that Bitcoin’s accumulation is on the rise. Additionally, small, long-term holders tend to actively purchase more Bitcoin.

On the other hand, Bitcoin whales are still filling their bags. One such whale is MicroStrategy, which has consistently purchased Bitcoin this year. As of November 2023, the company owns a total of 158,400 Bitcoin.