Bitcoin has enjoyed steady growth in trading volume as anticipation of the US Securities and Exchange Commission (SEC) granting the Exchange-Traded Funds (ETF) on its table grows.
Bitcoin volume grows as price dips
As the specter of war looms over the Palestine-Isreali conflict, experts are hopeful that Bitcoin will continue to enjoy a bullish trend.
Coinshares latest report points to an increase in investment into the benchmark crypto, with a total of $78M entering the market.
This appears to be the second week of positive inflow in BTC, with a ×4 increase over the previous week’s $21M. It is also the largest inflow since July this year, according to the report.
“Bitcoin was the main beneficiary, seeing inflows totaling $43m last week, although some investors saw recent price strength as an opportunity to add to short-Bitcoin positions, which saw inflows of $1.2m over the same period,” wrote the CoinShares analyst.
What is happening this week?
A DC Circuit Court of Appeals unanimously ruled in favour of Grayscale regarding its decision to convert its Bitcoin Trust (GBTC) into a spot Bitcoin ETF. The court deemed the SEC denial as arbitrary and capricious on August 29, 2023.
October 13 is the SEC’s last day to appeal this decision. And if they fail to appeal, this may be a sign that the SEC may approve multiple spot Bitcoin ETF applications soon.
Market data will be released on Thursday as investors wait with bated breath. According to data from last month, inflation was 3.7% year over year. Although it is projected that September’s figures will show a modest 0.3% month-to-month inflation, the annual rate may teeter on the verge of 3.8%.
Core CPI, which excludes volatile food and energy costs, might provide more insight. The number is anticipated to fall to 4.1% y/y in September, continuing a 12-month lower trend and maybe supporting the idea that inflation is slowing.
Binance v. SEC
Thursday will also see the continuation of the legal battle between Binance and the SEC. The SEC has accused the largest exchange in the world of operating without proper licence, and earning $11.6B from the US market since July 2017.
At the time of writing, Bitcoin trades at $27,604, dipping 1.18% in the last 24 hours.
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