Bitcoin ETFs Will Be Approved in Early 2024: Report

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A K33 report indicates that approval for a spot exchange-traded fund (ETF) based on the first cryptocurrency is likely to happen by January 10, 2024.

Experts believe that the recent surge of updated documents regarding Bitcoin ETFs is a sign of their imminent launch.

They also observed the positive growth of Bitcoin’s digital gold status and its increasing spot trading volume.

The company stated that this positive trend attracts new buyers and motivates sellers to profit, ultimately leading to price consolidation.

However, researchers cautioned that open interest in BTC perpetual contracts has reached new yearly lows.

On the other hand, institutional investors at the Chicago Mercantile Exchange (CME) have shown an increased interest in Bitcoin. In the past week, open interest on the platform has risen by 3,100 BTC, showcasing a bigger risk appetite among investors.