<\/p>\n
Gio Vicioso, CME\u2019s head of crypto, told Blockworks that his firm has \u201cbeen prepared\u201d for the bitcoin rally taking place on Tuesday.\u00a0<\/p>\n
Bitcoin briefly touched $35,000 on Monday before settling around $33,000. The rally is fueled largely by the hope for a spot bitcoin ETF approval \u2014 something that the market may not get until early next year.\u00a0<\/p>\n
\u201cThe investor community in general is really abuzz with anticipation for the approval of a spot bitcoin ETF,\u201d Vicioso said.<\/p>\n
It\u2019s not just retailers either. Vicioso told Blockworks that a very diversified mix of participants are coming into the space, and \u201cthose participants include both crypto natives as well as crypto focused funds. But we\u2019re also seeing some of the institutional macro hedge funds, some banks, active in this space as well.\u201d<\/p>\n
There\u2019s a \u201crenewed interest\u201d and \u201cappetite\u201d for crypto \u2014 largely bitcoin, he continued.<\/p>\n
Read more<\/strong>: Is bitcoin\u2019s ETF-fueled rally to $35K premature? Well, maybe<\/a><\/p>\n Vicioso\u2019s comments are backed up by CME\u2019s third-quarter report, which found that interest in both bitcoin and ether derivatives hit highs<\/a>.\u00a0<\/p>\n While Vicioso\u2019s comments align with other analysts<\/a> that the rally may have some legs to stand on, it may be too soon to say that crypto spring is here.\u00a0<\/p>\n \u201cIt\u2019s difficult to predict the future,\u201d he said. But the momentum that the market saw after CoinTelegraph falsely reported that BlackRock\u2019s bitcoin ETF<\/a> had gotten the green light from the US Securities and Exchange Commission shows that the \u201cinvestor [community] is preparing themselves for that particular event and positioning portfolios accordingly.\u201d<\/p>\n Vicioso isn\u2019t alone in his thinking, either.\u00a0<\/p>\n \u201cI\u2019m not sure it\u2019s time for crypto spring just yet, but crypto seems to have a lot of positive catalysts ahead of it,\u201d eToro\u2019s Callie Cox told Blockworks Tuesday.<\/p>\n Meanwhile, Michael Silberberg, head of investor relations at Alt Tab Capital, thinks that this rally \u2014 with the potential catalysts of the spot bitcoin ETF approvals and the halving \u2014 could last until April of next year.\u00a0<\/p>\n \u201cWith the [halving] looming on the horizon, Bitcoin acting like a safe haven in the current market, and wealth managers with trillions of dollars entering a market that has only ever reached about a $2 trillion market cap, I expect this to be just the very beginning of a run up through to April of next year.\u201d<\/p>\n \u201cFrankly, I am surprised by how long this move-up took, but generally, the longer the consolidation, the greater the coming action,\u201d Silberberg said.<\/p>\n But, Vicioso notes, it\u2019s not just the potential for spot bitcoin ETFs as \u201cinstitutions are now talking about things like tokenization<\/a> and how do they deploy or employ, say, a tokenized strategy into their business.\u201d<\/p>\n \u201cSo that is driving more interest in bitcoin and ether as\u2026a backbone for tokenization is blockchain technology. We\u2019re seeing many more say institutions talking about how to implement the technology and I think that that\u2019s also helping to drive value in the individual coins led by bitcoin.\u201d<\/p>\n Don\u2019t miss the next big story \u2013 join our\u00a0free daily newsletter<\/a>.<\/strong><\/p>\n
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