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Bitcoin surged 10% on Monday, propelling it to levels not seen in 18 months. This remarkable rally was accompanied by an upward trend in crypto-related stocks, triggered by mounting speculation surrounding the potential approval of a Bitcoin exchange-traded fund (ETF).
Reuters noted that as this possibility gained traction, short-sellers hurriedly exited their positions, further amplifying the bullish sentiment.
Crypto Stocks Respond to Bitcoin's Uptrend
Investing reports that Coinbase Global, miner Marathon Digital, and Bitcoin holder MicroStrategy witnessed a substantial rise in their share prices. This positive momentum carried over into after-hours U.S. trade as these crypto-related shares made further gains.
The enduring surge in Bitcoin's value led investors to pay attention to its smaller rival, ether, which saw an impressive 6% increase, surpassing its 200-day moving average and reaching a two-month high.
Reports revealed that the U.S. Securities and Exchange Commission (SEC) is unlikely to appeal a previous ruling that deemed their rejection of Grayscale Investments' ETF application incorrect. With this development, anticipation for a Bitcoin ETF reached new heights.
Introducing a spot Bitcoin ETF would result in a broader influx of funds into the cryptocurrency market, facilitating access for a wider range of investors without the complexity of direct trading.
Data from cryptocurrency derivatives analytics platform Coinglass revealed significant liquidation of Bitcoin short positions within the past 24 hours. As short-sellers retreated, this further propelled Bitcoin's upward trajectory.
Market Forecasts Suggest Imminent Approval
Market experts believe that the market is proactively projecting the approval of a physical BTC ETF. The prevailing consensus is that approval is imminent, possibly within the next three months.
Market players would closely watch the activities of institutional giants such as BlackRock, VanEck, WisdomTree, Fidelity, Bitwise, and Invesco, all of whom have pending Bitcoin ETF applications.
Broader Market Concerns and Bitcoin's Upsurge
The broader financial markets experienced a ripple effect of concern due to the growing risks associated with Israel's ongoing conflict with the Islamist group Hamas.
Fears of a potential escalation to a wider regional conflict supported the upward momentum of Bitcoin and its associated stocks as investors sought refuge in the perceived stability provided by digital assets during geopolitical uncertainty.
"We have seen recent geopolitical tensions drive demand for scarce assets, including both physical gold and Bitcoin, which many investors view as digital gold," said Zach Pandl, managing director of research at Grayscale Investments, a crypto asset manager.
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