[Bitcoin Now] Spot ETF Launch Expectations Push Price to $34,000... Investor Sentiment 'Greed'

Image source=Reuters·Yonhap News

Bitcoin prices are holding in the $34,000 range amid anticipation of the launch of a Bitcoin spot exchange-traded fund (ETF).

According to CoinMarketCap, a global cryptocurrency market tracking site, as of 1:33 PM on the 29th, Bitcoin was priced at $34,020 (approximately 46.2 million KRW), down 0.12% from the previous day. It has risen 13.56% over the past week.

Bitcoin prices have trended upward on expectations for the launch of a spot ETF. Earlier, news spread that BlackRock, a global asset management firm, had registered its Bitcoin spot ETF with the U.S. Depository Trust & Clearing Corporation (DTCC), increasing anticipation for the launch. Additionally, Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), stated that there are a total of 8 to 10 Bitcoin spot ETF products under review.

If a spot ETF is approved, it is analyzed that institutional funds will flow into the cryptocurrency market, which could act as a positive factor. ETFs can be relatively easily incorporated into institutional portfolios. Moreover, institutional funds managed through stocks, retirement accounts, and other means could flow into Bitcoin, potentially impacting its price.

Cryptocurrency investor sentiment recorded a greed phase. According to data from Alternative, a cryptocurrency data provider, the Fear & Greed Index, which expresses investor sentiment as an index, rose 7 points from 65 (greed) the previous day to 72 (greed). Compared to 53 (neutral) a week ago, it increased by 19 points. Alternative’s Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating optimism.