Today another Bitcoin spot ETF product showed presence on the DTCC website.
BTCO is a Bitcoin spot ETF fund by Invesco and Galaxy. They applied for this product with the United States Securities and Exchange Commission (SEC) in July of this year. This Bitcoin investment vehicle is still under review, just like other Bitcoin spot ETF applications.
On 1 Nov 2023, the exchange-traded fund (ETF) by Invesco & Galaxy called BTCO appeared on the Depository Trust and Clearing Corporation’s (DTCC) website.
Here we can conclude that Invesco & Galaxy are one step closer to securing regulatory approval for their bitcoin spot ETF application.
Earlier this year, BlackRock’s Bitcoin spot ETF called IBTC appeared on the DTCC website. So here we can conclude that there are two Bitcoin spot ETFs, BTCO & IBTC, that are very close to getting approval but uncertainty on the approval possibilities will exist.
Last time, a couple of weeks ago, when BlackRock’s IBTC appeared on the DTCC website, the Bitcoin trade price surged by nearly 17% within 24 hours but this time in case of BTCO appearance the trade price remain unfazed.
The current trade price of Bitcoin is $34,436 & this trade price is 22% higher over the last 30 days of trade price.
According to veteran Bitcoin traders, Bitcoin is currently standing in the initial phase of the next Bitcoin bull phase, and by the middle of 2024 it will hit at least $80k.
Bitcoin Greed & Fear Index
At present, the majority of Bitcoin traders are not feeling any kind of panic and expecting more increment in the trade price of Bitcoin, as the date of Bitcoin spot ETF applications approval is nearing.
The current Greed & Fear index point is 66, which is itself a very big number that shows the positivity level of Bitcoin investors.
Lower index number tends to be a perfect situation to purchase crypto assets, in order to gain profit in a short time period. Obviously this is not the best time to invest in Bitcoin.