The leading cryptocurrency has been aiming upwards, targeting $49,000, while struggling to close above $45,300. With the opening of Asian markets in the morning, the rally gained momentum, and January started off on a positive note. Moreover, potential issuers of a spot Bitcoin ETF seem to be hinting at upcoming developments.
Following a cryptic message from Galaxy’s CEO, Michael, suggesting that big things were on the horizon, the CEO of Grayscale also posted a similar message shortly after. These companies, having applied for an ETF, have been in close communication with the SEC, conducting over 30 meetings in the past month. Their posts indicate a strong belief that the SEC will approve a Spot Bitcoin ETF this week, and they seem to be privy to information not yet public.
The SEC may have instructed these firms not to comment on the anticipated ETF approval prior to the official announcement. This could explain the surge of suggestive posts from industry leaders, reflecting a suppressed excitement. The Grayscale CEO’s post, following Michael’s, seems to be far from coincidental, hinting at significant developments expected this week.
The premium for GBTC, which had dropped to -5.5%, has now climbed to the -7.94% region. Indications are that this week will be particularly eventful for the crypto market.